过去两周，来自中国湖北武汉的超跑电动车制造商路特斯，以及来自湖南长沙的互联网券商微牛，先后通过SPAC合并交易实现在美国纳斯达克上市，并两次刷新五年来中概股公司SPAC上市标的公司估值记录，再次提振了中概股赴美上市的信心。
路特斯
该交易中，世达国际律师事务所、汉坤律师事务所担任路特斯科技的国际、中国律师；凯易国际律师事务所、方达律师事务所担任特殊目的并购公司L Catterton Asia Acquisition Corp（LCAA）的国际及中国律师；谢尔曼·思特灵律师事务所、海问律师事务所则为交易中的财务顾问、资本市场顾问等提供法律服务。
LCAA总部位于新加坡，2021年SPAC上市时募资2.5亿美元，目的是寻找高增长消费类科技资产进行合并。
本次合并中，路特斯获得总额超过8.8亿美元的融资承诺，公司估值超过60亿美元，这使得路特斯的合并上市成为2021年7月以来最大规模的中概股赴美上市。
路特斯品牌源于英国，2017年被吉利收入麾下。其全球总部和全球智能工厂都位于武汉。
方达团队由公司组合伙人鲍晨等牵头，知识产权组合伙人祁放、反垄断组合伙人王瑾、资本市场组合伙人魏剑波等为本次交易提供支持；
海问本项目的负责合伙人为唐江山律师和马晨铃律师；
世达国际团队由公司业务合伙人黄小霈、杜枢、Brian Breheny领导，同时得到税务合伙人Victor Hollender，以及知识产权合伙人Bruce Goldner等的支持；
凯易团队由公司业务部合伙人Jesse Sheley、林邦、Joseph Raymond Casey和周游牵头领导；
谢尔曼主要团队成员包括资本市场合伙人Ilir Mujalovic、Harald Halbhuber、李庚远、胡芷筠、税务合伙人Laurence Crouch、知识产权合伙人JB Betker、私募股权合伙人Alain Dermarkar、诉讼合伙人Daniel Lewis。
微牛
本交易中，凯易、汉坤、奥杰担任微牛的法律顾问；美国威尔逊律师事务所、迈普达则为特殊目的并购公司SK Growth Opportunities Corporation（SKGR）提供法律意见。
SKGC由韩国SK集团旗下的SK Inc.公司发起，曾在2022年8月的SPAC上市中募资2亿美元。最初主要针对ESG类资产展开并购。
合并后，微牛估值约为73亿美元，继路特斯后，再次刷新近五年中概股SPAC上市标的公司估值纪录。
微牛成立于2017年，是一家建立在全球基础设施之上的数字投资平台，在10个主要市场拥有经纪交易商牌照，并在全球15个地区开展业务。
凯易团队由公司业务部合伙人Jesse Sheley，资本市场合伙人林邦、Christian Nagler和周游牵头领导。
Kirkland, Han Kun lead two major SPAC deals of China concept stocks
Chinese concept stocks recently saw two significant transactions. Lotus Technology, a supercar electric vehicle manufacturer from Wuhan, Hubei, and Webull, an internet brokerage from Changsha, Hunan, have both listed on the NASDAQ through SPAC mergers, setting new valuation records for Chinese concept stocks listed through SPACs in the past five years and boosting confidence in Chinese companies listing in the US.
LOTUS
In the Lotus transaction, Skadden, Arps, Slate, Meagher & Flom and Han Kun Law Offices served as international and PRC legal counsel for Lotus, while Kirkland & Ellis and Fangda Partners represented the SPAC, L Catterton Asia Acquisition Corp (LCAA). Shearman & Sterling and Haiwen & Partners provided legal services for financial advisors and capital market consultants in the deal.
LCAA, based in Singapore, raised $250 million in its 2021 SPAC listing, aiming to merge with high-growth consumer tech assets. The merger provided Lotus with over $880 million in financing commitments, valuing the company at over $6 billion and marking the largest Chinese concept stock listing in the US since July 2021.
Lotus, now majority-owned by Chinese multinational enterprise Geely, has its global headquarters and smart factory in Wuhan.
The Skadden team was led by corporate partners Peter Huang, Shu Du and Brian Breheny, with support from tax partner Victor Hollender, and intellectual property partner Bruce Goldner.
The Kirkland team was led by partners Jesse Sheley, Steve Lin, Joseph Raymond Casey, and Justin Zhou.
The Shearman team included partners Ilir Mujalovic, Harald Halbhuber, Kyungwon (Won) Lee, Wanda Woo, Laurence Crouch, JB Betker, Alain Dermarkar, and Daniel Lewis.
The Fangda team was headed by partner Bao Chen, with assistance from partners Qi Fang, Wang Jin, Wei Jianbo.
The Haiwen team saw the leadership of partners Jackson Tang and Ma Chenling.
WEBULL
In the Webull transaction, Kirkland, Han Kun, and Oiger served as legal advisors for Webull, with Wilson Sonsini Goodrich & Rosati and Maples and Calder providing legal counsel for the SPAC, SK Growth Opportunities Corporation (SKGR).
Initiated by SK Inc., a subsidiary of South Korea's SK Group, SKGR raised $200 million in its August 2022 SPAC listing, focusing initially on ESG assets. Post-merger, Webull was valued at approximately $7.3 billion, setting another record for Chinese concept stock valuations in SPAC listings over the past five years.
Founded in 2017, Webull is a digital investment platform with brokerage licenses in 10 major markets and operations in 15 regions worldwide.
The Kirkland team was again led by partners Jesse Sheley, Steve Lin, Justin Zhou, and Christian Nagler.
