On February 15, 2023, Zhejiang Zheneng Electric Power Co., Ltd. (Stock Code: 600023), a listed company on the main board of the Shanghai Stock Exchange (hereinafter referred to as “Zheneng Electric Power”), issued an announcement disclosing that 105,745,704 shares of Suzhou Zhonglai Photovoltaic New Materials Co., Ltd. (hereinafter referred to as "Zhonglai Co., Ltd.") had been transferred from the original controlling shareholder of Zhonglai Co., Ltd. to Zheneng Electric Power. On the same day, Zhonglai Co., Ltd. (Stock Code: 300393), a listed company on the ChiNext Board of the Shenzhen Stock Exchange, issued an announcement disclosing that the controlling shareholder of Zhonglai Co., Ltd. was changed to Zheneng Electric Power, and the actual controller was changed to the State-owned Assets Supervision and Administration Commission of Zhejiang Province, marking the completion of Zheneng Electric Power's acquisition project for the controlling rights of Zhonglai Co., Ltd.

The acquisition project of Zheneng Electric Power for the controlling rights of Zhonglai Co., Ltd. consists of two parts: share transfer agreement and voting rights entrustment, and the total transaction consideration is approximately RMB 1.817 billion. As the overall electricity business operation platform of Zhejiang Energy Group Co., Ltd. (hereinafter referred to as “Zheneng Group”), Zheneng Electric Power is mainly engaged in thermal power generation business, supplemented by the supply of thermal products and investment in nuclear power, and has developed into a regional energy leading enterprise in Zhejiang Province and even nationwide. Zhonglai Co., Ltd. has continuously focused on the photovoltaic industry, mainly specializing in the research and development, production and sales of photovoltaic backsheets, N-type high-efficiency single-crystal batteries and components, and focusing on the design, development, sales and operation and maintenance of photovoltaic application systems in the distributed household photovoltaic field.

In this transaction, T&C Law Firm acted as the legal advisor of the acquirer Zheneng Electric Power and participated in all stages of this control right acquisition transaction. T&C Law Firm assisted Zheneng Electric Power in participating in the transaction negotiations, was responsible for drafting and reviewing the relevant agreements, conducted a legal due diligence investigation on Zhonglai Co., Ltd. and issued a legal due diligence investigation report, and issued a special verification opinion on the attention letter issued by the exchange. In addition, T&C Law Firm assisted Zheneng Electric Power in handling the antitrust declaration for concentration of business operators and the approval process of state-owned assets supervision related to this acquisition, providing professional, efficient and high-quality legal services.

The team members of this project include partner Zhang Sheng and lawyers Fang Mengyuan and Jiang Yucheng.