Zhong Lun Law Firm, Clifford Chance and Grandway Law Offices have assisted Chinese home appliance giant Haier’s RMB2.5 billion (USD344 million) purchase of a controlling stake in industrial robotics leader Step Electric.
Zhong Lun acted as Haier’s legal counsel, with its team led by Beijing-based partner Mu Jingli, with assistance from partners Tang Zhoujun and Jiang Huikuang, as well as senior counsel Zhang Guoxun. Clifford Chance’s Beijing-based partners Bai Yong, Hong Kong-based foreign legal counsel Man Dayu and Düsseldorf-based partner Dimitri Slobodenjuk advised Haier on overseas antitrust and foreign direct investment regimes.
Grandway’s Hangzhou-based partner Zhao Xun acted as Step Electric’s legal adviser.
Shenzhen-listed Step Electric, which focuses on elevator systems and robotics R&D, has reported cumulative losses exceeding RMB1.6 billion over the past three years.
Haier expressed confidence in Step Electric’s technological expertise in industrial control systems and robotics, and believed this investment could support its development in the digital economy sector.
