2022.10.21
Recently, GAC Aion New Energy Automobile Co., Ltd., a new energy auto brand owned by GAC Group, successfully obtained investment from 53 new strategic investors and completed its series A financing in an amount of approximately RMB 18.3 billion. The post-investment value of GAC Aion is approximately RMB 103.3 billion. The financing is the largest single private placement in the Chinese new energy auto industry in recent years and is the highest company value among unlisted new energy auto companies.
China Southern Power Grid Company Limited (CSPG), Semiconductor Manufacturing International Corporation (SMIC), China Communications Construction Company Limited (CCCC) and other investors in the energy ecology, chip and vehicle and road integration industries, participated in the financing. Shenzhen Capital Group Co., Ltd. (SCGC), CITIC Goldstone, professional investors, the state-owned enterprise restructuring fund, the mixed-ownership reform fund, and other large policy direction investors also participated in the financing, which formed a powerful alliance and created a “industry + capital” model.
JunHe has been the legal counsel of GAC Aion for special issues since 2021 and has assisted GAC Aion with asset restructure, a financing round involving mixed-ownership reform, ESOPs and shareholding system reform. In the current Series A financing, JunHe on behalf of GAC Aion, participated in the design and demonstration of the transaction plan, conducted the vendor due diligence, drafted and negotiated the transaction documents, demonstrated and reviewed the shareholder eligibility, and performed the procedures for trading on an equity exchange and the closing of the transaction.
The project was led by partner ZHANG, Jianwei, partner AN, Ming, partner YAO, Jiwei (Jervis), partner ZHANG, Huili, partner ZHANG, Hongbin and partner HUANG, Wei. The team responsible for the due diligence was led by partner ZHANG, Ping and partner LAO, Chengzhe, and the team responsible for anti-monopoly issues was led by partner GONG, Mingfang.
