Recently, JunHe assisted Toyota Motor Corporation (“Toyota Motor”) in investing in and establishing United Fuel Cell System R&D (Beijing) Co., Ltd. (the “Joint Venture”) jointly with China First Automobile Co., Ltd., Dongfeng Motor Group Co., Ltd., Guangzhou Automobile Group co., Beijing Automotive Group Co., Ltd. and Beijing Sinohytec Co.,Ltd. in Beijing. The total investment in the Joint Venture is approximately JPY5.019 billion (equivalent to RMB330 million), in which Toyota Motor holds 65% equity interest. The core business of the Joint Venture is the design and development of fuel cell system for commercial vehicles. By promoting and popularizing hydrogen fuel cell vehicles (FCEV) in China, the Joint Venture is dedicated to the development of hydrogen energy in China and eventually contribute to better mobile travel in China.
As the Chinese legal counsel of Toyota Motor, JunHe provided legal services to Toyota Motor throughout the entire project including review of and revision to the transaction documents, completion of the relevant procedures for incorporation, and performance of services related to anti-monopoly.
This project has a tight schedule and coincides with the effectiveness of the new Foreign Investment Law. Therefore, many changes and uncertainties arose when going through the relevant procedures with government authorities during the later stage of the project. Also, during the key stage of the project, the outbreak of epidemics in and outside of China had more or less impacts on the Joint Venture. Our lawyers provided legal services for this project by leveraging their strong background and rich experience acquired in automotive, foreign investment, Japanese business, anti-monopoly and other fields, as well as their solid legal knowledge and foresights, so that they defeated the adverse impacts of the above objective factors and assisted the parties in successfully and timely establishing the Joint Venture and therefore were highly recognized by the parties.
New energy vehicles have been increasing in market and become a trend in the vehicle industry of China. The establishment of the Joint Venture is another important project where JunHe assists our clients in the automotive field, especially in the field of new energy vehicles. JunHe expects to further work with our clients in the field of new energy vehicles and use our rich experience to help them achieve significant development in this field.