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Clifford Chance advises Volkswagen Group on its technical collaboration and strategic minority investment in XPENG

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31 July 2023

Clifford Chance advises Volkswagen Group on its technical collaboration and strategic minority investment in XPENG

Leading international law firm Clifford Chance has advised the Volkswagen Group on the international aspects of its entry into a share purchase agreement in respect of a strategic minority investment in XPENG. Hong Kong and New York-listed XPENG is an electric vehicle manufacturer, headquartered in Guangzhou, China. XPENG will issue Class A ordinary shares representing 4.99% of its outstanding share capital to the Volkswagen Group at US$15 per ADS for approximately US$700 million. The closing of the investment is subject to customary closing conditions and obtaining regulatory approvals.

Simultaneously, the Volkswagen Group and XPENG have entered into a framework agreement on strategic technical collaboration to jointly develop two B-class battery electric vehicles (BEV) under the Volkswagen brand for sale in the Chinese market leveraging the strengths of both companies.  The discussion on the strategic technical collaboration is ongoing and is subject to the positive outcome of a project feasibility study.

Partners Kelly Gregory and Virginia Lee co-led a cross-border team comprising lawyers from our M&A, securities, IP and antitrust practices across Clifford Chance's Hong Kong, Shanghai, Beijing, Singapore, New York and Washington D.C. offices. The team included partners Terence Foo, Jean Thio, Ling Ho, Bai Yong and Jonathan Zonis, registered foreign lawyer Eunice Leung, foreign legal counsel Yuling Geng, counsel Zibo Liu, senior associates Peter Zhao and Jeannie Lam and counsel Jacqueline Landells.

Kelly said, "We are excited to bring a high calibre cross-practice team to assist the Volkswagen Group in its technical collaboration and minority investment in XPENG. This milestone transaction will help strengthen the Volkswagen Group's strategic position in China, which is one of the biggest and fastest growing electric vehicle markets globally."

Ling said, "We are proud to have advised on the technology and IP matters relating to the Volkswagen Group's framework agreement on strategic technical collaboration with XPENG on Smart EV technologies."

高伟绅就大众汽车集团对小鹏汽车进行少数股权投资并开展战略技术合作提供法律服务

国际领先律师事务所高伟绅就大众汽车集团对小鹏汽车进行战略少数股权投资并签订股权收购协议提供国际法律服务。小鹏汽车是一家总部位于中国广州的电动汽车制造商,在香港和美国两地上市。小鹏汽车将以每ADS(美国存托股票) 15 美元的价格向大众集团发行占其已发行股本约4.99%的 A 类普通股,总值约 7 亿美元。本次交易还需满足惯常的交割条件,并有待适用的监管审批。

同时,大众汽车集团和小鹏汽车还签订了战略技术合作框架协议,双方将发挥各自优势,共同开发两款B级电动汽车车型,以大众汽车品牌在中国市场销售。有关战略技术合作的讨论尚在进行中,并将受项目可行性研究的正面结果影响。

为本交易提供服务的高伟绅团队由合伙人Kelly Gregory和李婉雯 (Virginia Lee) 律师共同牵头,来自高伟绅香港、上海、北京、新加坡、纽约和华盛顿特区办公室的公司/并购、股权资本市场、知识产权和反垄断业务组的多位律师提供了专业法律支持。主要团队成员包括符国成 (Terence Foo)、张珮真 (Jean Thio)、何秀仪 (Ling Ho)、柏勇、Jonathan Zonis、梁咏愉 (Eunice Leung)、耿玉玲、刘子博、赵欣佳、林颖芝 (Jeannie Lam) 和 Jacqueline Landells。

本所上海办公室公司/并购业务组合伙人Kelly Gregory律师表示:我们非常高兴能够凭借这支高素质的跨业务领域团队,助力大众汽车集团与小鹏汽车开展技术合作并对其进行少数股权投资。中国是全球最大、增长最快的电动汽车市场之一,这一里程碑式的交易将有助于巩固大众汽车集团在中国的战略地位。

本所香港办公室合伙人及亚太区知识产权业务主管何秀仪律师也表示:我们非常荣幸能就大众汽车集团与小鹏汽车在智能电动汽车技术方面的战略技术合作框架协议提供技术和知识产权方面的法律服务。