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JunHe Advises Hainan Holdings on its Acquisition of Xiamen Huate Group


JunHe recently advised Hainan Development Holdings Ltd. (“Hainan Holdings”) in its acquisition of Xiamen Huate Group Corporation Ltd. (“Xiamen Huate Group”) through its second tier wholly owned subsidiary Hainan Haikong International Trade Co., Ltd. (“Haikong Trade”). Haikong Trade is now the controlling shareholder of Xiamen Huate Group.

Xiamen Huate Group is a prominent player in China's asphalt industry. The company specializes in the sale, warehousing, processing, research and development of asphalt materials and the provision of related technical services. It provides one-stop service that combines industry and supply chains. With over three decades of experience, the company boasts a diversified product portfolio and has leading-edge capabilities in product research and development. Its nationwide asphalt storage capacity ranks at the forefront of the industry in China.  Hainan Holdings serves as an important strategic investment platform and is a key operator in infrastructure construction. It is an emerging industrial force for the free trade port in Hainan Province and is dedicated to fostering comprehensive State-owned capital investment and operation initiatives. Hainan Holdings nurtures vital industry clusters, including airports and aviation-related sectors, regional integrated development, and commercial services, and aims to build two empowerment platforms for investment, capital operations and clean energy. The acquisition of Xiamen Huate Group is a significant milestone in Hainan Holdings' journey toward market-oriented transformation.

JunHe acted as legal counsel to Haikong Trade and delivered top-tier legal services throughout the transaction process. This included conducting comprehensive legal due diligence on Xiamen Huate Group and its subsidiaries, actively participating in discussions on transaction strategies, and drafting and negotiating transaction documents. JunHe’s team reported and communicated with the State-owned Assets Supervision and Administration Commission (SASAC) and the other regulatory authorities, managed merger control filings, and assisted in the closing of the transaction. The team advising on this project comprised of lawyers from JunHe’s Guangzhou, Haikou, Beijing and Shanghai offices, reflecting the benefits of the firm’s capabilities in providing integrated services. Their unwavering commitment to excellence and professionalism has earned high praise and recognition from the client.

The JunHe team was led by partners XIA, Ruhai, ZHANG, Ping and YAO, Jiwei (Jervis). JunHe partner GUO, Xi (Edward) was responsible for the specific work of this project, partner NI, Tianling (Carey Nee) was responsible for EHS compliance matters, and partner GONG, Mingfang was responsible for merger control filings.

JunHe is the only Chinese law firm to be admitted as a member of Lex Mundi and Multilaw, two international networks of independent law firms. JunHe and selected top law firms in major European and Asian jurisdictions are “best friends.” Through these connections, we provide high quality legal services to clients doing business throughout the world.
As the first carbon neutrality fund sponsored by a law firm in China, the BAF Carbon Neutrality Special Fund was jointly established by JunHe and the Beijing Afforestation Foundation (BAF) to promote carbon neutral initiatives, and encourage social collaboration based on the public fundraising platform to mobilize engagement in public welfare campaigns.