Overview

Shanghai Pudong Development Bank provided a loan to Seacross Pharmaceuticals for unspecified purposes

Commitment Year•2021Country of Activity•United KingdomDirect Recipient Country of Incorporation•United KingdomOverseas Jurisdiction•United KingdomSector•Industry, Mining, ConstructionFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date: Dec 6, 2021

Geospatial footprint

Map overview

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This project provided a loan to Seacross Pharmaceuticals, located at Stanmore Business & Innovation Centre, Howard Rd, London HA7 1BT, United Kingdom. More detailed locational information can be found at https://www.openstreetmap.org/way/325101398.

Stakeholders

Organizations involved in projects and activities supported by financial and in-kind transfers from Chinese government and state-owned entities

Ultimate beneficial owners

At least 25% Chinese ownership

Funding agencies

State-owned Commercial Banks

Shanghai Pudong Development Bank Co., Ltd. (SPDB)

Receiving agencies

Private Sector

Seacross Pharmaceuticals Ltd

Collateral providers

Private Sector

Seacross Pharmaceuticals Ltd

Loan description

Shanghai Pudong Development Bank provided a loan to Seacross Pharmaceuticals for unspecified purposes

Interest type•Unknown

Collateral

This loan was secured by a first fixed charge in the monies in a fixed deposit account at Shanghai Pudong Development Bank, London Branch with account number 30014002 and sort code 20-32-53 from Seacross Pharmaceuticals Ltd as stated in a charge over account deed dated December 6, 2021.

Narrative

Full Description

Project narrative

On December 6, 2021, the London Branch of Shanghai Pudong Development Bank (SPDB) entered into a facility agreement with Seacross Pharmaceuticals Ltd — a United Kingdom-based multinational pharmaceutical corporation engaged in research and development with Sichuan Huiyu Pharmaceutical Limited, a People's Republic of China-incorporated company, regarded as its ultimate parent company — for unspecified purposes. This loan was secured by (i.e. collateralized against) a first fixed charge in the monies in a fixed deposit account at SPDB London Branch with account number 30014002 and sort code 20-32-53 from Seacross Pharmaceuticals as stated in a charge over account deed dated December 6, 2021.

Staff comments

1. It is unclear how the proceeds of this loan facility were used; they may supported Seacross's activities in China, Ireland, or the United Kingdom. As of December 31, 2021, Seacross Pharmaceuticals owned 75% of the issued share capital of Seacross Pharmaceuticals (Sichuan) Limited, a People's Republic of China-incorporated company, and 100% of the issued share capital of Seacross Pharma (Europe) Limited, a Republic of Ireland-incorporated company. This issue merits further investigation.