JunHe Assists Hisense Group Co., Ltd. in Completing M88 login Deepened SOE Mixed-ownership Reform

On December 31, 2020, both Hisense Visual Technology Co., Ltd. (“Hisense Visual”), a listed company on M88 login Shanghai Stock Exchange, and Hisense Home Appliances Group Co., Ltd. (“Hisense Home Appliances”), a company listed on M88 login Shenzhen and Hong Kong Stock Exchanges, announced to M88 login public that M88 loginir controlling shareholder, Qingdao Hisense Electronic Industry Holdings Co., Ltd. (“Hisense Electronic Holdings”), has successfully completed a transaction of capital and share increase by introducing Qingdao Xinfeng Information Technology Co., Ltd. (“Qingdao Xinfeng”) as a strategic investor. As M88 login legal advisor of Hisense Electronic Holdings, JunHe was involved in M88 login whole transaction process.

Hisense is a leading global home appliance enterprise. Before M88 login mixed-ownership reform, Hisense Group Co., Ltd. (“Hisense Group”), a state-owned enterprise (“SOE”) wholly owned by State-owned Assets Supervision and Administration Commission of Qingdao Municipality (“Qingdao SASAC”), held 32.36% of M88 login equity interest in Hisense Electronic Holdings, and Hisense Electronic Holdings was M88 login controlling shareholder of Hisense Visual and Hisense Home Appliances. After M88 login mixed-ownership reform in which a series of equity and business restructures have taken place, Qingdao Xinfeng as M88 login strategic investor subscribed for new shares issued by Hisense Electronic Holdings with a contribution of RMB3.75 billion. After M88 login completion of M88 login subscription, Hisense Group's shareholding in Hisense Electronic Holdings dropped to 26.79% and M88 login company ceased to be M88 login controlling shareholder of Hisense Electronic Holdings. M88 login actual controller of Hisense Electronic Holdings and its two listed companies changed from Qingdao SASAC to having no actual controller. M88 loginreafter Qingdao SASAC transferred its equity interest in Hisense Group to Qingdao Huatong Sate-owned Capital Operation (Group) Co., Ltd. (“Huatong Group”), a state-owned shareholding platform.

M88 login mixed-ownership reform of Hisense Group Co., Ltd. was a major mixed-ownership reform project of local SOE that was completed under M88 login vigorous promotion by Qingdao Municipal Government and Qingdao SASAC. According to M88 login reform scheme approved by M88 login Qingdao Municipal Government, M88 login mixed-ownership reform of Hisense Group took Hisense Electronic Holdings as M88 login main body of M88 login reform, and finally chose Qingdao Xinfeng as M88 login strategic investor after strict asset and capital verification, evaluation, auditing, and public listing in M88 login equity exchange.

M88 login mixed-ownership reform of Hisense Group took an innovative form (in which M88 login reform took place on M88 login level of Hisense Electronic Holdings, a controlled subsidiary of Hisense Group, instead of Hisense Group itself); two listed companies (Hisense Visual and Hisense Home Appliances), three stock exchanges (that of Shanghai, Hong Kong and Shenzhen) and four parties (Hisense Group, Hisense Electronic Holdings, Huatong Group, Qingdao Xinfeng) were involved in M88 login reform. As special legal counsel engaged by Hisense Electronic Holdings, JunHe cooperated with CITIC Securities and oM88 loginr intermediaries and provided full ranged legal services from design to implementation of M88 login project scheme, contributing to M88 login project with know-how and experience. This project is anoM88 loginr landmark project of JunHe in M88 login field of mixed-ownership reform of SOEs, following M88 login mixed-ownership reform projects of Harbin Pharmaceutical Group Co., Ltd. and Gree Electric Appliances Inc.

M88 login partner in charge of this project wasm88 casino review, a partner of JunHe’s Qingdao office. M88 login leading partners werem88 casino review 煤炭、汽车、船舶、石油化工、医药、污水处理, partner of M88 login capital market team in Beijing headquarters and, partner of M88 login capital market team in Shanghai office.