2025.12.06
On December 1, 2025, the Shenzhen Stock Exchange-listed company Honghe Technology Co., Ltd. (stock abbreviation: Honghe Technology, stock code: 002955) announced that Chery Group's private equity fund manager, Hefei Ruicheng Private Fund Management Co., Ltd. (Hefei Ruicheng), had established a merger and acquisition fund, 'Anhui Ruicheng Hongtu Equity Investment Fund Partnership (Limited Partnership)' (Ruicheng Hongtu), and the fund had acquired 25% of Honghe Technology's shares. Honghe Technology provides educational information products and smart education solutions to the education industry. The transaction price for acquiring control of the listed company was approximately RMB 1.5 billion, and the deal was completed on November 28. Following the completion of this transaction, Ruicheng Hongtu became the controlling shareholder of Honghe Technology.
Chery Group established the merger and acquisition fund Ruicheng Hongtu through its private equity fund manager (Hefei Ruicheng) as the acquisition entity, to acquire control of Honghe Technology and become its controlling shareholder. This was a response to the policy direction of encouraging industrial capital to participate in the development of listed companies, as outlined in the Six M&A Guidelines. The private equity fund, with a focus on industrial investment and long-term value cultivation, acquired control of the listed companies in a market-oriented manner, showing innovation in merger and acquisition models and transaction structures.
In this project, JunHe represented the acquirer Hefei Ruicheng. JunHe's team participated in the design and demonstration of the transaction plan, provided Chinese legal advisory opinions on the transaction plan and conducted legal due diligence on Honghe Technology. JunHe drafted and revised the full set of transaction documents including the share transfer agreement, assisted Hefei Ruicheng in negotiating, signing, and completing the transaction documents, participated in the drafting and communication of the legal documents for the stock exchange, and provided legal opinions on the tax issues related to the share transfer. JunHe was also responsible for the antitrust review filing for operator concentration in this project.
SHAO, Chunyang was the lead partner for this project. ZHAO, Jikui was the internal review partner, ZHENG, Ziwei was the main handling partner and SHAO, Heyun was the consultant lawyer. Lawyer DONG, Zhe was responsible for the antitrust review filing for operator concentration, while lawyers CHENG, Hong (Julie) and XIANG, Fangfang (Lori) provided strong support for tax consulting in this project.
