Foley Represents Adrie Global Holdings Limited in its Combination With DT Asia Investments Limited (NASDAQ:CLDC)

27 July 2016 Media Contact: Jill Chanen News
Foley & Lardner LLP served as M&A and securities counsel to Adrie Global Holdings Limited (China Lending Group) in the acquisition through reverse merger of a substantial controlling interest in DT Asia Investments Limited (DT Asia). DT Asia’s common stock and other equity securities are publicly listed (formerly NASDAQ: CDAT). The combined company will now operate as China Lending Corporation (NASDAQ: CLDC). It is the first U.S. publicly listed finance company based in Western China. The deal value was approximately $192 million.

Headquartered in Urumqi, Xinjiang Uyghur Autonomous Region, the hub of China's Silk Road, China Lending is the largest direct lending company in Xinjiang in terms of registered capital. Its platform provides fast-growing micro, small and medium sized enterprises with flexible term loans, attractive rates and fast turnaround loan approval time. DT Asia went public in 2014 as a blank check company formed for the purpose of acquiring or engaging in a business combination with one or more businesses or entities.

“As the first public listing in the United States from Xinjiang in the financial services sector, it marks a significant milestone for Western China,” said Foley Partner Selig Sacks. “Xinjiang is a critical hub of the One Belt One Road Initiative. It underscores the critical role that financing for entrepreneurs and privately owned enterprises will play in the Silk Road Economic Belt. We at Foley are proud of our role in serving as legal counsel to China Lending and guiding them through the acquisition of DT Asia and the NASDAQ OMX process.”

The Foley team was led by Partners Selig Sacks and Mark Plichta, and included Associates Dana Sheahan and Garrett Bishop. The Foley team worked alongside China Lending Group’s PRC counsel, DeHeng Law Offices, China Lending Group’s BVI counsel, Appleby Global Group Services Limited and China Lending Group’s accountants, Marcum Bernstein & Pinchuk LLP. DT Asia was represented by Ellenoff Grossman & Schole LLP, who worked alongside DT Asia’s PRC counsel, King & Wood Mallesons, DT Asia’s BVI counsel, Ogier and DT Asia’s accountants, UHY Advisors.

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