Drew & Napier signed a Cooperation Framework Agreement (CFA) with Hainan Resort Software Community Administration Development Co., Ltd. on 17 March 2023
03 Apr 2023
We are pleased to share that our firm signed a Cooperation Framework Agreement (CFA) with Hainan Resort Software Community Administration Development Co., Ltd. which confirms the intention of both parties to cooperate and provide high quality legal service of international standards, tapping on the expertise and experiences of Drew & Napier, as part of a coordinated effort to build a comprehensive service-oriented platform base, to foreign-funded enterprises, and assist Chinese enterprises in their international expansion.
On 17 March 2023, a Drew & Napier team led by Director Julian Kwek and comprising Director Gary Wan and Senior Associate Ervin Seng held talks with a delegation from Hainan to discuss potential collaboration and after which Director Julian Kwek signed the CFA with the Chairman and President of Hainan Resort Software Community Administration Development Co., Ltd, Zhang Weiliang. The delegation from Hainan included Zeng Haiyan, Deputy Secretary of the Working Committee and Director of Management Committee of Old Town Economic Development Zone.
During the meeting, both parties focused on preferential policies of Hainan Free Trade port, as well as channels for external collaboration, and reached a mutual agreement to cooperate in various areas including but not limited to international commercial legal services, litigation and arbitration, and service Chinese enterprises and assets on overseas financing and capital operation, for promoting asset securitization.
Hainan Resort Software Community Administration Development Co., Ltd. is a Chinese state-owned holding company established by the Chengmai County Government with a registered capital of RMB5 billion. With a mission of "building an advanced and modern Chengmai County", they aim to accelerate the construction of a modern industrial system in Chengmai, so as to promote the development of key industries and industrial parks, propel the construction of major engineering projects in the county and attract investments to Chengmai. Presently, there are more than 3000 companies within Hainan Resort Software Community Administration Development Co., Ltd. 's industrial parks and these companies reported a combined operating income of RMB239,134 billion (approximately SGD47 billion) in 2022.