本所动态

美国纽交所主板上市公司首次迎来中国民企主人 ——胡光所促成重大交易并提供全程法律服务 该交易荣获国际权威专业法律杂志《商法》2014律所年度杰出交易

2015年01月26日

2014年12月15日,作为新能源领域全球知名的美国纽约证券交易所上市公司STR Holdings, Inc.(NYSE:STRI,下称“STR”)发布公告,宣布与中国民营企业振发能源集团有限公司(下称“振发”)在2014年8月12日签署的战略并购交易正式完成。胡光律师事务所(下称“胡光所”)作为STR的中国律师,促成该重大交易,为其向振发旗下的在美全资子公司出售代表其51%权益的普通股股票的交易提供了全程法律服务。此项交易是继双汇国际收购史密斯菲尔德案之后中国民企收购并取得全球最大证券交易所纽交所上市公司控股权的第一案,而与双汇案不同的是,重组后STR普通股将继续在纽交所挂牌交易。通过该交易中国民企首次入主纽交所主板上市公司,成为中国企业“走出去”的独特成功范例。该交易荣获China Business Law Journal《商法》2014年度律所年度杰出交易。

CBLJ Deals of the Year 2014.jpg

"This is a very exciting day for STR and its shareholders. Today we shift our focus from closing the transaction to opening new opportunities created by the synergy between STR and Zhenfa. As one of the top solar engineering, procurement and construction companies in China, and a leading solar independent power producer as well, Zhenfa is ideally positioned to directly benefit from the use of STR's market-leading encapsulant technology and also to advocate its use to Chinese module manufacturers. Zhenfa's substantial investment reflects their confidence in STR's ability to become profitable and grow in the rapidly expanding solar industry," stated Robert S. Yorgensen, STR's President and Chief Executive Officer.

“对于STR及其股东来说,这是一个值得纪念的日子。今天我们关注的不仅是STR和振发完成交易,更注意到其共同协作所创造的新机遇。振发作为中国顶尖太阳能工程、采购及建筑公司,同时作为太阳能独立发电公司的市场领袖,可成功从STR领先的密封技术中直接获益并将该技术推广给中国组件制造商。振发的重大投资反映了其对STR盈利能力的信心,并反映了STR在迅速发展的太阳能产业中的成长。”

——STR总裁兼首席执行官

 


"We expect our alliance with Zhenfa to significantly strengthen our existing relationships with many of the top-tier Chinese module manufacturers, and to help create important new relationships for STR within the world's largest solar module manufacturing market," stated Robert S. Yorgensen, STR's President and Chief Executive Officer.

我们期待我们与振发的合作能够极大增强与许多中国顶尖太阳能组件制造商之间的现有合作关系,并帮助STR在世界最大太阳能组件制造市场上获得新的突破——STR总裁兼首席执行官

交易简介

STR是一家美国纽约证券交易所上市公司,为全球光伏封装材料的先驱者和领导者,胡光所长期担任STR 的中国律师。STR一直十分看好中国太阳能市场,多年前就通过胡光所的协助,在中国苏州市设立工厂,开展其在中国的业务。而振发是一家专门从事太阳能业务以及光伏发电系统的建设、集成和运营的中国知名公司, 也是中国最大的太阳能光伏电站系统集成商之一,早先就开始布局全球太阳能光伏电站建设和运营。2014年5月,STR基于公司全球业务发展的需要决定寻求战略合作伙伴,重组其在全球的业务。胡光所作为STR中国律师,在听取STR全球业务发展规划及具体需求后,结合其运营状况,为STR的重组决策制定了优化方案;同时,胡光所广泛搜集研究新能源领域最新发展情况并开始在中国为STR甄选战略合作伙伴,最终选择将振发推荐给STR,为STR与振发的握手搭建了桥梁。

该交易从双方接洽到交易正式完成历时七个多月,胡光所为此项交易提供了全程法律服务,并与华尔街律所携手完成了交易架构设计、谈判、法律文件起草、收购项目审批与必要登记、监管部门的沟通与协商等。

该项交易先后取得了中国各监管部门批准、美国外国投资委员会(CFIUS)批准以及STR股东特别大会同意。2014年12月15日该项交易顺利完成交割。 

交易要点及意义

本交易虽然所涉交易金额不大,但为中国企业直接收购纽交所上市公司控股权提供了重要借鉴,将成为中国企业“走出去”的又一成功范例。胡光所认为,该交易体现了中美企业在三个层面的完美结合:

  • 中国投资与美国管理的结合

  • 中国市场与美国技术的结合

  • 中国企业家与美国规则的结合

在过去中国企业收购美国上市公司的交易案例中,中国企业多以收购纳斯达克证券交易所或者OTCBB(美国场外柜台交易系统)挂牌公司方式达到借壳上市目的,或者以投资为目的收购美国上市公司少部分股权。但此项交易为一次中美企业战略合作并购,在该项交易后,振发将取得STR的控制权,而STR将继续保持其主营业务、管理层及相关人员,同时振发将协助STR向中国太阳能组件制造商销售其产品,从而达到共赢的目的,体现了中美企业的完美结合。

尤其值得注意的是,在过往仅有的几个中国相关企业收购美国主板上市公司控股权的相似交易中(如中海油收购尼克森公司、双汇国际收购史密斯菲尔德),其交易金额均创该等年度交易额之最甚至刷新中国企业海外收购记录。究其原因,在于美国主板上市公司往往体量庞大,没有庞大的资金支持无法完成收购。此外,该等交易背后往往有着复杂的资本、政府与市场多方博弈(如双汇国际收购史密斯菲尔德交易中跨国银团贷款及境内外私募投资资金的参与)。上述这些因素无疑都成为中国民企走出去的实质性阻碍。此外,区别于中国民企收购美国主板上市公司并获得控制权首例的双汇收购案,被收购的史密斯菲尔德其普通股在交割日后即于纽交所退市,而此次重组后的STR普通股将继续在纽交所挂牌交易。

另外,双汇收购案的顺利完成同双汇国际的外资身份及其国际化的股东背景密不可分,因此双汇收购案更接近于一桩外资企业间的并购。若此,则振发与STR的战略并购将是一次真正意义上中国民企收购并控制运营纽交所主板上市公司的第一案。因此,本次交易有了更深层次的借鉴意义,将为今后中国企业的海外并购提供信心和经验。

公告部分摘录

December 15, 2015

STR Holdings Closes Sale of Controlling Interest to Zhenfa Energy Group and Declares Special Dividend

o    Zhenfa Energy to Strengthen STR Position in China

o    Special Cash Dividend of $0.85 per Share to be paid on 1/2/15

ENFIELD, Conn., Dec. 15, 2014 (GLOBE NEWSWIRE) -- STR Holdings, Inc. (NYSE:STRI) ("STR" or the "Company") today announced that it sold approximately 27.6 million newly issued shares of common stock, representing a 51% interest in STR, for an aggregate purchase price of approximately $21.7 million to Zhen Fa New Energy (U.S.) Co., Ltd. ("Zhenfa"). As part of the transaction, the STR Board of Directors declared a special cash dividend of $0.85 per share payable to stockholders of record, excluding Zhenfa, as of December 26, 2014. The dividend payment date is January 2, 2015 and the ex-dividend date is January 5, 2015.

"This is a very exciting day for STR and its shareholders. Today we shift our focus from closing the transaction to opening new opportunities created by the synergy between STR and Zhenfa. As one of the top solar engineering, procurement and construction companies in China, and a leading solar independent power producer as well, Zhenfa is ideally positioned to directly benefit from the use of STR's market-leading encapsulant technology and also to advocate its use to Chinese module manufacturers. Zhenfa's substantial investment reflects their confidence in STR's ability to become profitable and grow in the rapidly expanding solar industry," stated Robert S. Yorgensen, STR's President and Chief Executive Officer.

In addition to expected improvements to its encapsulant business, the Company will explore other potential strategic opportunities together with Zhenfa.

Zha Zhengfa, founder and Chairman of Zhenfa's parent corporation, stated: "We have a great deal of respect for STR as a pioneer in solar encapsulants and as a company that continues to innovate important new technology. We will work together with them to raise their profile among Chinese module manufacturers and expect to use solar modules incorporating STR's encapsulants in our own solar power stations to protect our long-term economic interests. We see many opportunities for collaboration with STR and will give them our full support to grow the Company for the benefit of all shareholders."

...... 

August 12, 2014

STR Holdings Announces Strategic Relationship With the Zhenfa Energy Group

......

EAST WINDSOR, Conn., Aug. 12, 2014 (GLOBE NEWSWIRE) -- STR Holdings, Inc. (NYSE:STRI) ("STR" or the "Company") today announced its entry into a strategic relationship with Zhenfa Energy Group Co., Ltd. ("Zhenfa"), a leading developer of solar PV power stations based in Chongqing, China. The contemplated transactions with Zhenfa, which are subject to approval by STR stockholders and satisfaction of other customary closing conditions, include (i) the sale of shares of common stock representing a 51% interest in STR (based on current shares outstanding) for an aggregate purchase price of approximately $21.7 million, (ii) the payment by the Company of a special dividend in the aggregate amount of approximately $22.6 million to STR stockholders of record after the closing date (excluding Zhenfa), and (iii) the execution of a Sales Service Agreement pursuant to which Zhenfa will, among other things, help drive sales of STR encapsulant to China-based solar module manufacturers (collectively, the "Transaction").

......

Transaction Advisors

Greentech Capital Advisors is acting as financial advisor to the Company and Brown Rudnick LLP and Martin Hu & Partners are acting as the Company's legal advisors. Dojane Capital is acting as financial advisor to Zhenfa, and Polsinelli PC is acting as Zhenfa's legal advisor.