Beijing Electric Vehicle Co., Ltd. (BJEV), advised by King & Wood Mallesons (KWM), successfully completed its series B round of financing, raising RMB11.118 billion. It was by then the largest financing project in China's new energy vehicle industry, and made a new record of SOEs’ capital increase in China Beijing Equity Exchange (CBEX).

BJEV, a subsidiary of Beijing Automotive Group Co., Ltd. (BAIC Group), primarily engages in the research and development (R&D), manufacturing, sales and service of pure electric passenger vehicle. As a leading enterprise in China's new energy vehicle industry, BJEV is the first qualified pure electric passenger vehicle manufacturer, and the first new energy vehicle enterprise to achieve profitability in China. A number of central enterprises, enterprises of Beijing-Tianjin-Hebei region and enterprises in the industrial chain, including China Cinda, Zhongji Investment, Star Network Industrial Park and Guoxuan Hi-Tech, participated in this round of financing. All funds raised will be invested in the R&D of new technologies and new products, test validation capacity building, high-end intelligent manufacturing, core parts and components investment, business model innovation & application and other aspects. Meanwhile, as one of the first batch of state-controlled mixed ownership enterprises in Beijing to pilot an employee stock ownership plan (ESOP), BJEV also successfully implemented the ESOP for approximately one hundred key employees through this round of financing, taking an important step in the reform of state-owned enterprises.

KWM acted as legal counsel for BJEV in the project and provided a comprehensive, professional, high quality and efficient service for the enterprise to complete its listing on the CBEX, competitive negotiations, the drafting of transaction documents, ESOP support, investors’ due diligence, closing and other issues, which was highly recognized by BJEV. The project was led by partners Wang Kaiding and Song Yanyan, supported by associates Huang Mengting and Dong Yangguang.

Wang Kaiding said, “We are pleased to assist BJEV, a subsidiary of our long-term client, BAIC Group, to complete this significant financing project. With the development of clients across different industries at various stages, we do not only provide professional legal services to help them achieve commercial objectives, but also focus on the future, grasp the opportunities for innovation, and create a more ambitious development blueprint jointly with the clients.”