Four firms have advised on China’s first equity investment into Uzbekistan this year. Jingtian & Gongcheng, Pinsent Masons and Dewey + LeBoeuf have advised a consortium of Chinese investors (Concert Party), which has made a conditional equity investment of US$185m in AIM-quoted Oxus Gold. Led by Baiyin Non-Ferrous Group and CITIC Construction Co, Concert Party also includes Chang Xin Yuan Su (Tianjin) Equity Investment Fund Management LP.  Denton Wilde Sapte, meanwhile, advised Oxus.

“There are a number of complexities both in relation to the necessary approvals for the investment by the Chinese government and related finance authorities, as well as approval within Uzbekistan of a foreign investment agreement,” said Sean Page, Pinsent Masons’ lead lawyer on the deal. “There is a considerable inter-governmental aspect to the transaction.”

Pinsent Masons have previously advised CITIC Construction on several of its transactions. “We have enjoyed a relationship with CITIC, particularly in our Beijing office. Previous work for CITIC and their subsidiaries has mainly involved advising them in relation to a wide range of matters relevant to their international business,” said Page.

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