5 October 2020
Baker McKenzie recently advised China Evergrande New Energy Vehicle Group Limited (the "Company" or “Evergrande Auto”), on its placing of existing shares and top-up subscription of new shares (“Top-up Placing”). Through the Top-up Placing, the Company has successfully raised approximately HKD 4 billion and introduced well-known international investors to the Company.
The Company is majority owned by China Evergrande Group, which is a Fortune Global 500 company. The Company has recently changed its name to reflect its new business focus on new energy vehicles.
The Baker McKenzie team was led by Partner Christina Lee, with support from Special Counsel Brian Wong and Associates Bonnie Lau and Stephanie Mak, all based in Hong Kong.
"The Top-up Placing marks another milestone of Evergrande Auto by raising significant equity capital and broaden the shareholder base of the Company," Christina Lee said. "We are honored to have assisted our client with their legal needs as they strive to become a market leader in the new energy vehicle space."
Baker McKenzie has advised China Evergrande Group on a number of other significant transactions, most recently including all of the Company's investments in electric vehicle-related businesses. These include the Company's acquisition of National Electric Vehicle Sweden AB (NEVS) and its establishment of a joint venture with hofer AG to develop electric vehicle powertrains.
Baker McKenzie is one of the leading firms for cross-border transactions, providing strategic advice on deals involving the world’s leading financial institutions and multinational companies. The Firm regularly advises target companies, offerors, selling shareholders and financial advisers on the acquisition and disposal of companies listed on stock exchanges in Hong Kong and other major financial centers. With many of its lawyers enjoying established working relationships with local regulators in Hong Kong and other key markets, the Firm is able to guide clients through all stages of the process, providing valuable insight on regulatory developments that could impact the value and feasibility of cross-border transactions, as well as on ongoing compliance issues. The team also assists listed companies in the restructuring of shareholdings, use of stock as consideration, and block trades.
For further information, please contact:
Ben McLaughlin, Partner, Baker & McKenzie
Ben.McLaughlin@bakermckenzie.com
