2022.09.03
On September 2, 2022, T-MAX (Hangzhou) Technology Co., Ltd. (“T-MAX” or the “Company”) was listed on the Beijing Stock Exchange (“BSE”) with stock code 836270. T-MAX is the first manufacturer of off-road winches to list on the BSE and JunHe acted as the Company’s legal counsel in the listing. T-MAX adopted a method of combining an online fixed-price offering to qualified investors and private placement to strategic investors in its issuance of shares, at a price of RMB 18.96 per share. RMB 189.60 million was raised (before the exercise of over-allotment options) with a P/E ratio of 24.24.
Established in 2000, T-MAX is a world-renowned manufacturer of off-road winches and electric power boards for off-road vehicles, pick-up trucks, military vehicles and SUVs. The Company holds more than 50 invention patents in China and other countries and is a state-level “specified, refined, characterized, innovative (SRCI)” small giant enterprise.
For more than 20 years, the Company has had a long-term cooperation with Great Wall Motors, Dongfeng Motors and other well-known off-road vehicle OEMs, and has an excellent brand image in the industry. The Company’s own brand “T-max” enjoys popularity in the global off-road market, and its winch products have been applied to popular factory-installed models such as the Tank 300, the Great Wall Pao and a military model.
As legal counsel to the issuer in the project, JunHe assisted the Company in its listing on the New Third Board. JunHe assisted in the transfer by agreement for specific matters concerning overseas shareholders, financing through private placement and T-Max’s listing on the BSE. The project took less than 100 days from application to obtaining CSRC approval. JunHe’s team won unanimous recognition from the Company and its partners for its efficient and pragmatic work style and meticulous and professional service quality.
This project had a defect in the foreign exchange registration in respect to round-trip investment. JunHe’s team came up with a proposal to solve the problem by means of a cross-border M&A. During the offering and listing, JunHe’s team once again assisted the issuer in demonstrating and communicating with the regulator regarding the rationality and compliance of the defect and the cross-border M&A as a solution. This solution was ultimately approved by the regulator.
The project was led by Mr. YOU, Yi, Mr. FENG, Ai, Mr. XIAHOU, Yinchu and Ms. SHEN, Na, and was internally reviewed by Mr. Joe Wan. Mr. Dennis Hu provided advice from a Hong Kong legal perspective, and Mr. LI, Qi (Adam) provided advice for the project from a U.S. legal perspective. Mr. CHEN, Xunan and Ms. SHI, Libin also provided great support for the project.
