In one of the largest China-China M&A deals of 2009, Hogan & Hartson advised green energy company GCL-Poly Energy Holdings in its US$3.4 billion acquisition of Jiangsu Zhongneng Polysilicon Technology Development. Jiangsu Zhongneng is a supplier of polysilicon and wafers to the solar energy industry.
GCL-Poly becomes one of the world’s five largest polysilicon suppliers, and the first large-scale polysilicon manufacturer to be listed on the Hong Kong Stock Exchange. In addition to its manufacturing operations, the company also operates 18 co-generation power plants, one incineration power plant and one wind power plant, all in China.
Also in the fast-growing field of solar energy, Orrick Herrington & Sutcliffe advised Comtec Solar Systems, a China-based manufacturer of monocrystalline solar ingots and wafers, in its US$67 million Hong Kong IPO, with international share placements under US Rule 144A and Regulation S.
Comtec has customers in Canada, Germany, India, Singapore, Thailand and the US.