Starting news article english 7 February 2013

Clifford Chance advises BAIC Motor on increased investment from Daimler AG

Beijing: Leading international law firm Clifford Chance has advised BAIC Motor, Beijing Automotive Group's passenger car unit, on the acquisition of a 12% stake by Daimler AG. The investment will be through the issuance of new shares and is subject to approval by the Chinese government. The deal represents the first time that a non-Chinese car company has taken a stake in a Chinese OEM (original equipment manufacturer) car manufacturer.

Tim Wang, lead partner on the deal said, "We were delighted to assist BAIC Motor and believe the company will have a better position in the increasingly competitive Chinese auto market through this transaction."

Tim was assisted by counsel Wei He, senior associate Paula Liu and associate Paul Tang.

BAIC is one of the leading automotive companies in China and sold more than 1.5 million vehicles in 2011.