Orrick has advised the acquiring consortium on the going-private acquisition of Highpower International, Inc. (NASDAQ: HPJ) (“Highpower” or the “Company”), a China-based developer and manufacturer of lithium ion and Ni-MH rechargeable batteries and battery management systems, by HPJ Parent Limited (“Parent”), through a merger with a wholly-owned subsidiary of Parent.
The consortium was formed by Mr. Dang Yu (George) Pan, the Company’s Chairman and CEO and a stockholder of the Company, Mr. Wen Liang Li, a director and stockholder of the Company, Mr. Wen Wei Ma, a stockholder of the Company, and Essence International Capital Limited.
Upon completion of the transaction on 31 October 2019, Highpower is now a wholly-owned subsidiary of Parent, and its shares will be delisted from the NASDAQ Global Market.
The Orrick team was led by San Francisco-based partner Richard Vernon Smith and China-based partner Jie (Jeffrey) Sun and, supported by senior associate Lu (Echo) Wang.
As one of the leading securities law firms with presence in China, Orrick has a particular focus on serving Chinese US listed companies in a broad range of going-private, corporate/M&A, and US capital markets transactions. In addition to the strong track record of going-private transactions for Perfect World, WuXi PharmaTech, Autohome, Sky-mobi, Pactera Technology, Sungy Mobile, Gridsum, AsiaInfo-Linkage, Qihoo 360, Nuokang Bio-Pharma, China GrenTech, Zhongpin, Winner Medical, and China TransInfo, Orrick’s China-US team members have extensive experience in significant cross-border M&A investment such as JD.com’s $1.5 billion acquisition of a U.S.-based multinational retail corporation’s Yihaodian and strategic alliance.