The spin-off structure featured a Bermuda company listing two classes of shares, an innovative approach on the Hong Kong Stock Exchange. Following the spin-off, CTEI will be involved in the biochemical and industrial industries. The biochemical business will focus will be on the production and sale of animal feed additive products, while the industrial focus will be on the trade of Caterpillar Products and the manufacturing and sale of carburetors and automotive parts. CPP Group will focus on animal feed production, breeding, farming and sale of livestock and aquatic animals and the manufacture and sale of value-added processed food products. Both CPP and CTEI are part of the Thai industrial conglomerate Charoen Pokphand Group.

Hong Kong law

The Appleby team was led by Judy Lee, a corporate partner in the Hong Kong office, assisted by counsels Paul Cheuk and Jo Lit. Linklaters advised CTEI as to Hong Kong law, and Davis Polk & Wardwell served as legal adviser to the sponsor and the underwriter as to Hong Kong law. Jun He Law Offices and Grandall Law Firm were the PRC legal advisers to the company and underwriters, respectively.