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Clifford Chance advises on Haier Smart Home's proposed privatisation of Haier Electronics Group

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5 August 2020

Clifford Chance advises on Haier Smart Home's proposed privatisation of Haier Electronics Group

Highly complex deal also involves the restructuring of exchangeable bonds and proposed listing of enlarged Haier Smart Home on HKEX

Leading international law firm Clifford Chance is advising Shanghai and Frankfurt listed Haier Smart Home Co., Ltd. (stock codes: SH 600690, 690D) on the proposed privatisation of its Hong Kong listed subsidiary Haier Electronics Group Co., Ltd. (stock code: 1169). The privatisation will be effected by a scheme of arrangement under which new H shares of Haier Smart Home will be offered in exchange for the shares held by the shareholders of Haier Electronics Group.

A novel element of the transaction will involve Haier Electronics Group making a cash payment of up to US$446 million to the scheme shareholders when the scheme of arrangement becomes effective. The privatisation proposal is one of the largest for a Hong Kong listed company announced thus far this year, valuing Haier Electronics Group at approximately US$11.4 billion.

In conjunction with the proposed privatisation, an application will be made to list the enlarged Haier Smart Home on the Hong Kong Stock Exchange. Upon the completion of the proposed privatisation and listing, Haier Smart Home will be listed on three major stock exchanges in Shanghai, Frankfurt and Hong Kong.

The deal also involves a proposed restructuring of certain listed exchangeable bonds issued by a member of Haier Smart Home. New convertible bonds will be issued to replace the exchangeable bonds.

China Co-Managing Partner Tim Wang who is leading the transaction said, "We are very honoured to be advising Haier Smart Home on this landmark transaction. This highly complex transaction showcases Clifford Chance's deep cross-practice and cross-border strengths and expertise across the fields of public company takeovers, listing, debt capital market, as well as Hong Kong and German securities regulatory practice."

The deal draws upon the firm's market leading practices across its Hong Kong, Beijing, Shanghai and Frankfurt offices. The team comprises:

  • Partners Amy Lo and Frank Yuen, senior associate Tommy Tam, associate Winnie Poon and trainee Ryan Siu, who are advising on the privatisation;
  • Partners Jean Thio and Xiang Tianning, counsel Wu Hao, senior associates Chen Sheng and Liu Gehuan, associate Fan Zhengyuan and trainee Jeffrey Lee, who are advising on the listing;
  • Partners Connie Heng, David Tsai and Mark Chan, and senior associate Torrance Shi, who are advising on the restructuring of the exchangeable bonds;
  • Partners Markus Stephanblome and Philipp Klöckner, who are advising on German securities and regulatory issues; and
  • Partner Rocky Mui, who is advising on Hong Kong securities and regulatory issues.

In 2018, Clifford Chance also advised on the IPO and listing of Haier Smart Home (formerly known as Qingdao Haier) on the German-Chinese stock exchange platform Ceinex in Frankfurt.

Haier Smart Home is a global leader in home appliances and smart home solutions, and a pioneer in smart home living.
 

高伟绅助力海尔智家私有化海尔电器

领先国际律师事务所高伟绅就中国及德国上市公司海尔智家股份有限公司( “海尔智家”,股票代码:600690.SH/690D.DE)拟以协议安排的方式私有化旗下香港上市子公司海尔电器集团有限公司(“海尔电器”,股票代码:1169.HK)提供国际法律服务。本次私有化交易将通过协议安排生效。在此协议安排项下,参与本次交易的海尔电器股东将获得海尔智家新发行的H股股份作为私有化对价。

本交易的特别之处在于海尔电器将在协议安排生效后向计划股东支付最高可达4.46亿美元的现金。此次私有化要约对海尔电器估值约为114亿美元,是今年迄今为止规模最大的已公布香港上市公司私有化交易之一。

在私有化海尔电器交易进行的同时,海尔智家也将向香港联交所提交上市申请。待拟议私有化交易和介绍上市完成后,海尔智家将在上海、法兰克福和香港三大主要证券交易所上市。

该交易还涉及对海尔智家某成员公司已发行的可交换债券拟进行的重组。海尔智家拟发行新的可转换债券替代此前发行的可交换债券。

海尔智家是全球最大的家用电器生产商,在世界各地均有运营和销售。海尔智家是全球家用电器和智慧家庭解决方案的领导者、智慧家庭生态模式的开拓者,主要从事冰箱/冷柜、洗衣机、空调、热水器、净水器、厨电、小家电、U-home智能家居产品等的研发、生产和销售,致力于为全球用户提供全面的智慧家庭解决方案。

本项目由高伟绅中国区联席管理合伙人王彦峰律师牵头负责。王律师表示:“我们非常荣幸能够代表海尔智家参与该项史无前例的交易。我们在这个结构复杂的交易中协助客户解决了涵盖上市公司收购、上市、债券资本市场及香港法和德国法证券合规等专业技术和商业问题,突显了高伟绅在跨业务领域和跨境业务方面的强大实力。”

高伟绅香港、北京、上海和法兰克福办公室业界领先的业务团队为本项目提供了全方位的法律服务。该团队包括:

  • 合伙人罗秀娴、阮家辉及律师团队谭诗聪、潘咏怡和萧伟恒就私有化方面提供法律服务;
  • 合伙人张珮真、向天宁及律师团队吴皓、陈盛、刘戈欢、樊征远及李彦衡就上市方面提供法律服务;
  • 合伙人王彦琳、蔡重阳、陈方中及律师团队施超就可转换债重组方面提供法律服务;
  • 合伙人Markus Stephanblome及Philipp Klöckner就德国证券及合规方面提供法律服务;
  • 合伙人梅家豪就香港证券及合规方面提供法律服务。

高伟绅曾参与海尔智家(原名“青岛海尔”)2018年于法兰克福中欧国际交易所的首次公开发行项目