A company owned by the son of former lawmaker Chim Pui-chung is buying into Shenyang Public Utility Holdings, a Hong Kong-listed company engaged in property development on the mainland. The deal is part of a growing trend where Hong Kong companies invest in mainland firms, sometimes cash-strapped ones, as China's economy continues to weaken and banks remain reluctant to lend to smaller companies. "If the price is right, it is a good opportunity for Hong Kong companies to gain exposure to mainland business and for the other party to raise funds," said Louis Tse Ming-kwong, a director of VC Brokerage. Ricky Chim Kim-lun is the son of the man known as the "Angry Man from Chiu Chow", who represented the financial services industry in Legco. Ricky Chim is using his British Virgin Islands incorporated company Sky Earth to buy all the H shares "other than those already owned or agreed to be acquired by the offeror and parties acting in concert with it" of Shengyang, according to a Hong Kong stock exchange filing. Shengyang is listed in Hong Kong and its total H shares amount to 41.2 per cent of outstanding shares. The company, which saw revenue plummet 62 per cent in the first half this year compared with a year earlier, is also undergoing a shareholder restructuring. The domestic shares, which amount to 58.8 per cent of shares on issue, are being transferred from Beijing Mingde Guangye Investment Consultant to Shenzhen Jinma Asset Management, the company said in the filing. Ricky Chim's company will acquire the H shares at a substantial discount of nearly 58.04 per cent to the closing price on the stock exchange on the last trading day before the shares were suspended. The 420.4 million H shares are valued at about HK$89.97 million, based on the offer price of 21.4 HK cents. Kingston Securities will act on behalf of Sky Earth to buy the shares. It is also giving it a loan facility of HK$82.8 million to seal the deal. Chim could not be reached for comment.