JunHe steers Chinese electric carmaker Aion’s RMB18.3b financing

0
51
JunHe steers Chinese electric carmaker Aion’s RMB18.3b financing

JunHe advises Chinese electric carmaker Aion’s RMB18.3 billion (USD2.5 billion) fundraising, ranking it second to Evergrande New Energy Vehicle Group’s HKD26 billion (USD3.3 billion) private placement in February last year.

Aion’s market capitalisation reached around RMB103.3 billion after closing the deal, making it the highest valuation among unlisted domestic new energy vehicle companies.

A total of 53 investors were brought in for this A round of financing, with leading backers including China State-owned Enterprise Structural Adjustment Fund, PICC Capital Equity Investment, a subsidiary fund of China Southern Power Grid, Shenzhen Capital Group, CITIC Securities, and Guangzhou Industrial Investment Fund Management, Aion’s parent company GAC Group said in an announcement.

Three national-level funds and high-profile companies, such as Ganfeng Lithium, Keda Industrial Group, China Fortune-Tech Capital and Guangzhou Cansemi Technology, were also on the list.

Zeng Qinghong, chairman of the GAC Group, said in March that Aion aimed to be listed in 2023.

JunHe has advised on the proposal’s design, due diligence, drafting the transaction documents and negotiations, shareholder validation and verification, the listing process and transaction delivery.

Partners Zhang Jianwei, An Ming, Yao Jiwei, Zhang Huili, Zhang Hongbin, Huang Wei, and counsel Joyce Chen led the whole team.

Due diligence was led by partners Zhang Ping and Lao Chengzhe, while anti-trust matters were led by partner Gong Mingfang.