Clifford Chance advises new power SOE on antitrust


Clifford Chance advised on antitrust related to restructuring between China XD Group and several subsidiaries of State Grid, the state-owned utility company.

The team was led by Bai Yong, a Beijing-based partner and head of antitrust practice for Greater China, with support from counsel Liu Zibo. The work involved the antitrust team in the Warsaw office and partner Torsten Syrbe in Dusseldorf who advised on Russian antitrust details.

Four listed companies including China XD, XJ Electric, Henan Pinggao Electric and Baoguang Vacuum Electronic Apparatus will be folded into China Electrical Equipment Group after restructuring, with nearly RMB120 billion (USD18.88 billion) in combined assets. The new SOE will focus on producing electrical transmission and distribution equipment.