On November 23, 2015, the Merger and Restructuring Committee of CSRC, on the 100th working meeting in 2015, approved unconditionally the project of CITIC Heavy Industries Co., Ltd. (stock code: 601608) to raise funds by issuing shares and cash to buy assets.
The deal is for CITIC Heavy Industries to buy 80% equity of Tangshan Kaicheng Electric Control Equipment Group Co., Ltd. by issuing shares and cash.
The target company, Tangshan Kaicheng, is the leading company of coal-mine smart security equipment in China, as well as the only national high-tech company which has the production qualification of robots for coal-mine security and rescue. While CITIC Heavy Industries is one of China’s largest heavy machinery manufacturers, the largest mining and cement machinery manufacturer in the world. After completion of the deal, CITIC Heavy Industries will enter China’s mining anti-explosion, hoisting, control and rescue markets, which complete its original service sectors and extend the mining automation business of CITIC Heavy Industries. It will expand high-performance automation, smart system from coal mines to ferrous, non-ferrous mines, and to make CITIC the leading mining smart equipment provider in the world.
Jingtian & Gongcheng is the legal counsel of the buyer. It’s fully engaged in designing deal structure, making plans, negotiations, drafting documents and issuing legal opinions. Besides, Jingtian & Gongcheng is also the legal counsel for anti-monopoly concentration of undertakings examination, providing legal services for the smooth approval by the Ministry of Commerce.
Jingtian & Gongcheng extends its warmest congratulation to CITIC Heavy Industries and Tangshan Kaicheng, and the heartfelt gratitude to all the partners involved in this deal.
