2026.06.29
On June 19, 2026, Shanshan Corporation (stock code: 600884) announced that 303,670,737 of its shares had been transferred to Anhui Wanwei Group (Wanwei Group) through judicial transfer. Shanshan Group signed a 'Concerted Action Agreement' with Wanwei Group, aligning the voting rights of its remaining 188,606,119 shares (accounting for 8.38% of the company's total share capital) with Wanwei Group. After the completion of the share transfer registration procedures and the signing of the Concerted Action Agreement, Wanwei Group will control a total of 492,276,856 ordinary shares of Shanshan Corporation (accounting for 21.88% of the company's total share capital) through direct holding and concerted action. Wanwei Group needs to complete the reorganization of Shanshan Corporation's board of directors to form control. Once the board reorganization and other matters are completed, Wanwei Group will become the controlling shareholder of Shanshan Corporation, and the Anhui Provincial State-owned Assets Supervision and Administration Commission will become the actual controller of Shanshan Corporation. After the restructuring matters between Wanwei Group and Anhui Conch Group Co., Ltd. (Conch Group), Anhui Provincial Investment Group Holding Co., Ltd., and Anhui Provincial State-owned Capital Operation Holding Group Co., Ltd. are completed, Conch Group will become the indirect controlling shareholder of Shanshan Corporation.
Shanshan Corporation is a well-known listed company and a dual leader in domestic lithium battery anode materials and polarizers. In 2025, Shanshan Corporation's controlling shareholder, Shanshan Group, and its affiliated company Ningbo Pengze Trading, entered into substantive consolidated restructuring procedures due to debt issues.
JunHe served as the legal advisor for the acquirer Wanwei Group in this project, as well as the special legal advisor for the business concentration declaration. We assisted the client in completing various legal tasks involved in this acquisition: (1) we assisted in formulating an innovative restructuring investment plan, helping the client stand out among many competitors in the selection of restructuring investors; (2) we negotiated with all the parties involved in the transaction and drafted and finalized the core legal documents such as the Restructuring Investment Plan and the Restructuring Investment Agreement; (3) we conducted due diligence on Shanshan Corporation's core assets, assisting the client in determining whether there were major issues affecting the transaction and proposing corresponding solutions; (4) we assisted the client in completing the delivery matters of this transaction; and (5) we assisted the client in the business concentration declaration. In the face of intense competition in project bidding, a tight schedule and intense public attention, the project team not only completed the various legal tasks but also leveraged JunHe's coordination advantages across different project teams. With rich experience in merger and acquisition projects and a professional and rigorous service attitude, the team assisted the client in successfully implementing this project, earning high praise and recognition from the client and the other intermediary institutions.
The project leaders were ZHANG, Jianwei, SHEN, Feng and YANG, Chuhan (Eli). The main partner responsible for the antitrust issues was GONG, Mingfang.
