KWM advises Zhejiang Zheneng Electric Power on successful SSE listing

King & Wood Mallesons (KWM) has advised Zhejiang Zheneng Electric Power on its successful listing on the Shanghai Stock Exchange (SSE) through a shares swap absorption merger with Zhejiang Southeast Electric Power Company (East Power B).

The transaction has initiated the first case of B-shares conversion into A-shares in China’s stock markets.

Zheneng Electric Power, as the merging party, was a large electric power company based in Zhejiang province in East China, while East Power B, the target company, was a B-shares company listed on the SSE focusing on thermal power.

As the merging party’s legal counsel, KWM provided full legal services in this deal. The project was led by partners Zhang Xingzhong and Jiao Fugang. Partners Yang Xiaolei, Susan Ning, Zhang Yongliang, Jiang Yifeng, Zhang Mingyuan, Zhou Ning and Mu Peng provided strong support to the project.