29 April, 2016, King & Wood Mallesons advised Zhejiang Haers Vacuum Containers Co., Ltd. (Haers, stock code: 002615) on acquiring 100% assets of SIGG Switerland Bottles AG (SIGG) for CHF 16.1 million (around US$16.874 million) in cash through its wholly-owned subsidiary in Hong Kong. The transaction marks the first cross-border M&A by a private enterprise in China’s vacuum containers industry.

Haers is a listed company mainly engaged in the research and development, design, manufacture and sales of daily stainless steel vacuum containers. SIGG is a leading drinking bottle manufacturer in the European market. The M&A transaction is Haers’ major step towards its globalization, which not only enables Haers to enjoy SIGG’s internationally renowned drinking bottle brand and its global promotion channels, but also opens up the global markets to Haers’ own-brand products.

Acting as the PRC legal counsel for the acquirer, KWM has advised on and led every stage in the transaction. The responsible partners for the project are Zhang Mingyuan and Zhao Xiaohong.

Partner Zhang Mingyuan said, “For Haers’ project, we redesigned the acquisition structure with special consideration of the practical circumstances and requirements from both parties, which effectively promoted the smooth execution of the transaction. It opened a new chapter of Haers’ globalization, and we are delighted to be part of this significant outbound project.”