20 August, 2020
Skadden is advising the Buyer Group in the proposed take-private of Nasdaq-listed Yintech Investment Holdings Ltd., a leading provider of investment and trading services for individual investors in China.
Yintech has announced that it has entered into a definitive Agreement and Plan of Merger with Yinke Holdings Ltd. and its wholly-owned subsidiary Yinke Merger Co. Ltd., pursuant to which it will be acquired by a group of rollover shareholders in a transaction implying an equity value of Yintech of approximately US$ 540.2 million.
The rollover shareholders include Mr. Wenbin Chen, co-founder, chairman of the board of directors and chief executive officer of Yintech, Mr. Ming Yan, co-founder and director of Yintech, Ms. Ningfeng Chen, co-founder and director of Yintech (collectively, the "Buyer Group"), and, certain other shareholders of Yintech.
The transaction is currently expected to close in the fourth quarter of 2020.
