PAG Capital Limited agreed to acquire 70.92% of stake in Shandong Fengxiang Co., Ltd (SEHK:9977) from GMK Holdings Group Co.,Ltd, Shandong Fengxiang (Group) Co., Ltd. and Shandong Fengxiang Investment Co., Ltd. on CNY 1.4 billion on October 16, 2022. CMB International Capital Limited acted as financial advisor to PAG. Octal Capital Limited acted as a financial advisor to Shandong Fengxiang. Christina Lee, Brian Wong and Derek Poon of Baker McKenzie acted as legal advisors for CMB International Capital Limited.

PAG Capital Limited completed the acquisition of 70.92% of stake in Shandong Fengxiang Co., Ltd (SEHK:9977) from GMK Holdings Group Co.,Ltd, Shandong Fengxiang (Group) Co., Ltd. and Shandong Fengxiang Investment Co., Ltd. on December 20, 2022. Baker McKenzie advised CMB International Capital Limited in transaction.