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Guantao wins CBLJ Deals of the Year 2023

On March 19, 2024, China Business Law Journal (CBLJ) officially published the Deals of the Year 2023. Two deals that Guantao has advised won  the "M&A Deal of the Year" and "PE/VC Deal of the Year"respectively. 

Deals of the Year:

M&A Deal of the Year

Shanxi Coking Coal Energy buys two coal affiliates

Leading Guantao Partner: Du En

Shenzhen-listed Shanxi Coking Coal Energy Group completed the RMB7.04 billion (USD980 million) acquisition of Huajin Coking Coal and Mingzhu Coal.  The acquisition involved cash payment and share issuance, with the buyer acquiring a 51% stake in Huajin Coking Coal and a 49% stake in Mingzhu Coal.  Additionally, Shanxi Coking Coal Energy Group issued RMB4.4bn of shares to a maximum of 35 specific investors. 

The controlling shareholder of Shanxi Coking Coal Energy Group has direct or indirect control over the two sellers. This acquisition can decrease inter-trade competition between the buyer and its controlling shareholder, minimise connected transactions, and standardise operations for the listed buyer. The acquisition can also protect the rights and interests of the listed buyer and its minority shareholders, release advanced capacity, and enhance the industrial concentration, market power, industry influence and core competitiveness of listed company in the coking coal sector. 

PE/VC Deal of the Year

Tianjin rail industry fund raises USD1.4bn

Leading Guantao Partner: Wang Yang

With China Insurance Investment acting as fund manager and Tianjin Railway Construction & Investment Holding, wholly owned by Tianjin Railway Transit Group, as the executive partner, Tianjin Rail Transit Industry Fund Partnership was established with a target fundraising size of RMB10 billion (USD1.4bn), with two general partners for the partnership PE fund.  This deal involved multiple shareholders of state-owned institutions, so the balance of shareholders’ interests needed to be considered. Tianjin Railway Construction & Investment Holding contributed 36.56%.  The fund is expected to invest in areas such as equity of unlisted companies, non-publicly issued or traded shares of listed companies, convertible and exchangeable bonds, market-based and legalised debt-equity swaps, and equity fund shares.

CBLJ has selected 191 deals that stood out as the Deals of the Year 2023 from a vast submission database of Chinese and international law firms, backed by CBLJ’s independent observation and continued coverage of China’s legal market, and taking into account factors including overall significance, complexity, innovative nature and deal size.