11 February 2021
Baker McKenzie advises China Evergrande New Energy Vehicle Group Limited (the "Company" or “Evergrande Auto”), on the proposed issuance of new shares to six investors, raising HKD 26 billion.
The proceeds from the sale will be used to further invest in the technology research and development, and production of the Company’s new energy vehicle business, repay indebtedness and for general corporate purposes, according to the Company’s announcement.
The Company is majority owned by China Evergrande Group, 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 Stephanie Mak and Adriana Chiu, all based in Hong Kong.
"We are pleased to advise Evergrande Auto on another strategically important capital markets transaction," Christina Lee said. "We are honored to have played a part in their growth story, and look forward to continuing to support them as they strive to become the world’s largest and most powerful new energy vehicle group," Christina added.
Baker McKenzie has advised Evergrande on a number of other significant transactions, most recently including HengTen Networks Group Limited's HKD 7.2 billion acquisition of Virtual Cinema Entertainment Limited, Evergrande Auto's HKD 4 billion top-up placing and Evergrande Auto's global investments in electric vehicle-related businesses.
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:
Jamie Kar, Senior Communication Manager, Baker & McKenzie
