AllBright Law Offices has advised SAIC Motor on the incorporation of a joint venture between Chinese oil giants PetroChina and Sinopec, the world’s biggest maker of electric vehicle batteries Contemporary Amperex Technology (CATL), and other stakeholders.
AllBright senior partner Jonson Zhang and partner Cai Cheng led the transaction.
The joint venture company, Shanghai Jieneng Zhidian New Energy Technology, involves registered capital of RMB4 billion (USD558 million).
Official business registration portal Qcc.com shows that SAIC Motor owns 37.5% of the new company, Sinopec owns 25%, PetroChina and CATL hold 12.5% each, while Shanghai International Automobile City and Fujian Mindong Shidai share 6.5% each.
Leveraging Sinopec and PetroChina’s network of more than 50,000 fuel stations in China, the new company will focus mainly on leasing batteries for electric vehicles. It will also conduct research and development, and promote battery swapping technology.
