Han Kun Law Offices announced in June that it had advised China Development Bank Capital Corporation on its part in a US$240 million investment in polysilicon manufacturer LDK Solar. LDK Solar, based in Jiangxi province, is listed on the New York Stock Exchange and is a manufacturer of photovoltaic products used in the production of solar panels.
The subscription agreement for preferred shares contains performance provisions. If the consolidated net profit of LDK and its subsidiaries fails to reach US$190 million in 2011, the company will be required to pay cash compensation of up to 23% of the subscription price.
Also in June, Zhonglun W&D Law Firm announced it had advised China National Blue Star in its US$2 billion acquisition of Elkem, a Norwegian manufacturer of solar-grade silicon and other advanced materials. Partner Marvin Min took the lead as Blue Star’s Chinese counsel in matters relating to due diligence, financing and anti-trust investigations in China and the European Union. Foreign counsel to Blue Star were the Norwegian law firm Selmer; Skadden Arps Slate Meagher & Flom; and Clifford Chance.
