JT&N recently helped China Resources Power Holdings Limited ("China Resources Power") invest in Shenyang City Public Group Co., Ltd. ("Shengjing Public Group") through a bankruptcy reorganization. Shenyang Intermediate People's Court approved the bankruptcy reorganization plan of Shengjing Public Group and its eleven subsidiaries, with a debt of RMB 12.843 billion.
In March of this year, China Resources Power and its subsidiary, Shenyang Shengjing Asset Management Group Co., Ltd., won the bid to become Shengjing Public Group's strategic investor. JT&N advised China Resources Power in its strategic investment in Shengjing Public Group through judicial restructuring.
The legal team is directed by senior partners Jiangxia LU, Xiaodong ZHENG, and Huan ZHENG, and includes more than ten lawyers and paralegals, including Ning FENG, Qiongjie WU, Zhiyu TIAN, Dou HONG, Yueting GU, and Kaijian YAO.
Our lawyers have been deeply involved in the project over the last two years. They assisted China Resources Power with early legal due diligence, coordination and communication with the Manager, Shenyang SASAC, and the Shenyang Municipal People's Government, demonstration, consultation, and negotiation of the restructuring plan, and preparation of legal documents, all of which helped the client participate successfully in the bankruptcy restructuring.
Following this transaction, China Resources Power will construct a green, low-carbon, smart, and efficient heating model in Shenyang, based on the technology-oriented and innovation-driven principle, in order to fulfill the central enterprise's social responsibility, improve the living quality of urban residents, and actively promote the achievement of the goal of "emission peak and carbon neutrality."
Shengjing Public Group was founded in 2011 and is controlled by the Shenyang Municipal State-owned Assets Supervision and Administration Commission. It is a group corporation that is primarily involved in urban central heating, heating engineering design, and other associated businesses, which span a variety of industries such as coal commerce, warehousing and logistics, environmental protection equipment, and real estate. It has dozens of subsidiaries, is Shenyang's largest domestic heating company, and is critical to the city's concentrated heating.
China Resources Power, a subsidiary of China Resources Group, was founded in August 2001 and listed on the Main Board of the Hong Kong Stock Exchange in November 2003 (share code 836). It is one of China's most efficient and lucrative integrated energy enterprises, with a business scope that includes wind power, photovoltaic power, thermal power, hydropower, distributed energy, electricity sales, integrated energy services, and coal. China Resources Power has HK$ 287.355 billion in total assets as of December 31, 2021, with 60,465 MW of installed operating capacity and 47,997 MW of power generation rights and interests. Renewable energy capacity installed accounts for 32.2 percent of total installed capacity. It has operations in 31 Chinese provinces, autonomous areas, centrally controlled municipalities, and special administrative regions. For the 15th year in a row, the company has been recognized by "S&P Global Platts Top 250 Global Energy Company Rankings" and "Forbes' Global 2000," ranking No. 74 and No. 937, respectively.
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