DeHeng Advised Techand on Obtaining CSRC's Approval
for Registration of Targeted Placement of Shares
2020-12-29
Shenzhen Techand Ecology & Environment Co., Ltd. ("Techand," stock code: 300197) intends to introduce strategic investors and issue stocks to them. On April 19, 2020, it signed the Strategic Cooperation Agreement and Conditional Non-public-Share Subscription Agreement with China Energy Conservation and Environmental Protection Group which will subscribe for 469 million targeted-placement shares of Techand at a price not more than RMB 1,407 million. On December 25, 2020, the targeted placement of shares was approved by the China Securities Regulatory Commission for registration.
Techand's principal business covers environmental protection, ecological landscaping, ecological tourism, and ecological agriculture. It has formed an integrated industrial chain including planning, design, R&D, investment & financing, construction, production, resource recycling and operation, and provides clients with integrated solutions and services in environmental development and operation.
China Energy Conservation and Environmental Protection Group is a central SOE founded with the approval of the State Council and based on the merger of China Energy Conservation Investment Corporation and China New Era Holdings (Group) Corporation in 2010. It is the only central SOE that specializes in energy conservation and environmental protection. Following the investment, the Group will help Techand develop into a comprehensive environmental governance platform for "mountains, rivers, forests, farmfields, lakes and grasslands," and promote its subsidiaries to cooperate with Techand and form synergy in order to seek complementary long-term common strategic interests.
The DeHeng team, led by partners Guo Weifeng and Tang Ruchuan, with primary support from partner Cao Qi, and lawyers Zhai Hao, Du Jiaji, Yin Fangzhao, Fu Chen and Zhang Wendi, provided whole-process legal services, including but not limited to drafting the corresponding strategic cooperation agreement, share subscription agreement and share pledge agreement, issuing legal opinions and lawyers' work report for the targeted placement, and special verification opinions on issuance and registration issues.
Despite the raging coronavirus outbreak, they worked closely with other parties of the deal and won full recognition for professional and efficient legal services.
