29 July 2021
On May 31, 2021, Hisense Home Appliances Group Co., Ltd. ("Hisense Home Appliances") (000921 .SZ/00921 .HK) announced that it had duly completed closing procedures for the acquisition of the shares of Sanden Corporation ("Sanden Holdings"). Hisense Home Appliances shall pay JPY 21.409 billion (approximately RMB 1,302 billion) for 83,627,000 ordinary shares of Sanden Corporation by holding about 75% of the voting rights and duly become the controlling shareholder of Sanden Corporation (this "Transaction"). In this transaction, JunHe successfully assisted Hisense Home Appliances in obtaining the approval of the concentration’s declaration by the Market Regulatory Administration.
Hisense Home Appliances Group was founded in 1984 and its controlling shareholder is Hisense Group Holding Co., Ltd. It is a listed company primarily engaged in the research and development, manufacturing, and sale of smart appliances. Its main business covers the research and development, manufacturing, marketing and after-sales service of refrigerators, household air-conditioners, central air-conditioners, washing machines, kitchen appliances, environmental electrical appliances, commercial cold chains and molds. Its products cover the five major brands of Hisense, Kelon, Rongsheng, Japan's "HITACHI" and YORK (China area). After the transaction is complete, Hisense Home Appliances Group will take Sanden Corporation as the core company to expand the industry of auto air-conditioner compressors and auto air-conditioners, and enhance the profitability of Sanden Corporation through resource sharing in the areas of technology, supply chains, talent and manufacturing.
JunHe acted as the attorney for Hisense Home Appliances 's merger filing in China, and participated in and led the entire merger filing process in China. Based on JunHe's rich experience and knowledge of the relevant industries and products, JunHe’s team effectively communicated with their clients to provide clear, accurate and comprehensive thoughts on several key issues in the declaration of concentration of undertakings, and assisted their clients in preparing the application materials. They achieved the case filing in a timely manner, and obtained the unconditional approval from the SAMR on April 12, 2021. It took less than a month for this filing to be approved from the initial submission. JunHe's meticulous, professional, efficient and experienced legal services laid the important foundation for the timely and smooth delivery of the transaction, and won high recognition from its clients.
