2026.03.04
Recently, the sub-fund Guangxi Chuangyi Zhenrui Venture Capital Fund Partnership (Limited Partnership) (Guangxi Chuangyi Zhenrui Fund) under the Central Enterprise Rural Industry Investment Fund successfully completed a strategic investment in Guangxi Huaxin Zhenbang Semiconductor Co., Ltd. (Huaxin Zhenbang). This investment represents a key deployment of national-level industrial capital in the Guangxi semiconductor industry, reflecting a proactive response to the national strategy for autonomous control of critical industrial chains. As a specialized and innovative small and medium-sized enterprise in the Guangxi Autonomous Region, Huaxin Zhenbang holds a core technological advantage in the field of wafer-level bump manufacturing and is the first company in the world to achieve the mass production of palladium bump technology. This strategic investment from a national-level fund will inject significant development momentum into its technological research and industrialization process.
The project had dual complexities in the transaction structure and compliance arrangements. It involved a composite transaction model of 'old stock transfer + simultaneous capital increase', addressing collaborative arrangements in delivery procedures and the coordination of state-owned asset regulatory processes. It also deals with the compliance impact of the Measures for the Supervision and Administration of Transactions of State-owned Assets of Enterprises (Document No. 17) on exit mechanisms and state-owned asset procedures. Ensuring the safety of state-owned assets and the legality of the transactions, JunHe designed innovative clauses balancing risk control of strategic investment and market demands, through joint communication and research with the client. The project team achieved an organic combination of regulatory compliance and commercial innovation based on the clear analysis and judgment of the new regulations on state-owned asset supervision, providing a blueprint for similar strategic emerging industry investments involving state-owned assets.
JunHe served as the special legal advisor for the management company of Guangxi Chuangyi Zhenrui Fund, (Guotou Chuangyi Industrial Fund Management Company) and provided professional and efficient legal services throughout the process. The JunHe team participated in the legal due diligence of the transaction, comprehensively sorting out the legal status and potential risks of the target company. They drafted, reviewed, and revised the entire set of transaction documents involved in the investment, including but not limited to the capital increase agreement, the company articles of association, and the other ancillary documents. JunHe led and participated in the negotiation, modification, and finalization of the transaction documents throughout the process and provided solid legal support and assurance for the smooth advancement and final implementation of the transaction.
The lead partner for this project was ZHANG, Jingyu (Eli), with important assistance from partners GONG, Mingfang and SHEN, Jian.
