05 February 2021
Carey Olsen acts in two China Business Law Journal deals of the year
Carey Olsen has won two deal of the year awards from China Business Law Journal for its involvement in Full Truck Alliance's US$1.7 billion share issue and its role in defending the majority founding shareholders of WeRide Inc. against a winding-up petition.
Presented annually, China Business Law Journal selects the award-winning deals and cases from hundreds of nominations as well as research conducted by its own editorial team. Winners are chosen based on various factors such as significance, complexity and innovation.
The Full Truck Alliance deal saw Carey Olsen advise the Chinese startup and Uber-like service for the trucking industry on the Cayman Islands regulatory and legal aspects in connection with its US$1.7 billion issue of Series A-16 Preferred Shares to investors prior to a potential offshore initial public offering - the largest share issue of its kind in China last year. Working alongside lead counsel CM Law Firm, the Carey Olsen Singapore corporate team comprised partner Anthony McKenzie, senior associates Susan McKinstray and Alastair King and associate Maggie Yan.
The firm's second winning matter saw Carey Olsen act for the majority founding shareholders of WeRide Inc., a Cayman Islands registered company developing driverless technology in China, in their defence against a petition for the winding-up of the company based on, inter alia, alleged minority oppression by WeRide Inc. The Carey Olsen team advising on WeRide Inc. comprised Cayman Islands dispute resolution and litigation partner Sam Dawson and counsel Denis Olarou.
Carey Olsen Singapore managing partner Anthony McKenzie said: "We are proud to have been involved in two such notable award-winning Chinese deals in the past year. Deals of this stature and intricacy underline not only the offshore corporate expertise we have available on the ground in Singapore but also our wider reputation as a global firm with cross-jurisdictional capabilities that is able to deliver effective, responsive and commercially-led advice."
A full list of the 2020 deals of the year, including further analysis as well as information on the firms involved, is available from the China Business Law Journal website.