Three law firms advised automotive technology company ECARX on its Nasdaq listing via a merger with US special purpose acquisition company (SPAC) COVA Acquisition Corp, valued at around USD3.82 billion.
Maples Group advised ECARX on Cayman Islands law, Skadden advised on US law while Han Kun Law Offices advised on PRC law.
A SPAC is a shell corporation listed on a stock exchange that acquires a private company, which allows the latter firm to go public without having to complete the conventional initial public offering process.
In this transaction, ECARX received USD300 million in cash held by COVA in trust and additional financing of USD45 million from strategic investors.
Partner Peter Huang, of the Beijing office, and partner Du Shu in Hong Kong led the Skadden team. Partners Bruce Goldner and Victor Hollender, of the New York office, provided intellectual property, data and tax consulting advice.
Orrick advised COVA on US law, Walkers advised on Cayman Islands law and Zhong Lun Law Firm advised on PRC law.
Partners Albert Vanderlaan and Hari Raman led the Orrick team, with assistance from partners Jeff Zhang, Shelley Zhang, Peter Elias, Sarah Schaedler, Steven Malvey, Shannon Yavorsky, Michael Wiesner and Jeanine McGuinness.
Corporate partner Jason Allison led the Walkers team. The Zhong Lun team was led by partners Scott Yu, Ding Heng, Rachel Li, Maria Z Hou and non-equity partner Joe Y Wang.
King & Wood Mallesons advised the joint financial consultants UBS AG Hong Kong branch, Morgan Stanley and CICC on PRC law. The team was led by partners Gong Mulong, Pan Yujia, Wang Ningyuan and Wu Han.
ECARX was co-founded in 2017 by Li Shufu, the founder and chairman of Geely Automobile, and Shen Ziyu. The company has completed three rounds of financing with investors, including Baidu, Geely Automobile and other enterprises. The series A financing in October 2020, led by Baidu and followed by Susquehanna International Group, reached RMB1.3 billion (USD189 million).