DeHeng Advised Legend Energy Technology on Completing the Deal with Xizi Clean Energy

2022-10-18

Recently, Xizi Clean Energy completed the acquisition of a controlling stake in Legend Energy Technology and realized an indirect holding of Elpanneteknik Sweden AB (hereinafter referred to as “ELP” for short). 

Legend Energy Technology (Shanghai) Co., Ltd. is a joint venture in Shanghai founded in August 2018 by an excellent domestic team specializing on clean energy and the shareholders of the ELP company. It is committed to becoming a world-class supplier of clean energy core products and a system integrator. It is ELP's only equipment sales and service provider in China, and has a stake in the latter. 

The Sweden-based ELP is a world-renowned supplier of immersion high-pressure electrode boilers, and one of the few patent holders in the world of high-pressure electrode boiler manufacturing technology. It specializes in manufacturing various high-pressure electrode boilers and auxiliary equipment, and targets their application in the overseas nuclear power market. It maintains a leading position in the Nordic market and has expanded its business into the United Kingdom, Australia and many countries under the Belt and Road Initiative.

Xizi Clean Energy (stock code: “002534, formerly known as Hangzhou Boiler Co., Ltd.) is a subsidiary of Xizi United Holding, one of the top 500 Chinese enterprises, and is committed to becoming the world's leading supplier of clean energy equipment and solutions.

The DeHeng team, led by partners Xu Dong and Han Ying, with primary support from lawyers Xu Zhangqi and Shen Wenlei, provided Legend Energy Technology with whole-process legal services including due diligence assistance, M&A transaction negotiation, M&A agreement text review, coordination with overseas shareholders and legal counsels, and assistance in delivery, thus assisting the client in completing the transaction. DeHeng lawyers' professional service and diligence won praises from client.