On April 2, 2025, China Business Law Journal announced its list of Deals of the Year 2024. The following six projects, for which Llinks provided legal services, made it onto the list:
[General Corporate Matters]
Llinks advised on the joint venture between CATL and DiDi, further enhancing the layout of the battery swapping station network.
On January 26, 2024, CATL and DiDi announced the formal establishment of a swapping joint venture. Leveraging the technical expertise and operational capabilities of both parties, the swapping joint venture will provide efficient swapping services for numerous new energy vehicles, starting with the ride-hailing scenario. This collaboration represents a significant strategic layout for both parties in the field of public energy replenishment, to lead industry services and technical standards, enhancing resource utilization, and improving social operational efficiency. In addition to establishing the swapping joint venture, CATL has also formed a strategic cooperation intention with DiDi's subsidiary Xiaoju Energy, aiming to promote cooperation in a wider range of new energy fields such as integrated energy storage and charging.
As the legal advisor to CATL, Llinks provided professional legal services for the swapping joint venture project between CATL and DiDi, leveraging its extensive project experience in investment and new energy innovation industries.
[Intellectual Property]
Llinks advised Escugen on its collaboration with Yuyan Technology to grant Ipsen the global rights for the First-in-class antibody-drug conjugate (ADC).
Escugen Biotech and Yuyan Technology jointly developed the First-in-Class Antibody-Drug Conjugate (ADC, FS001ESG408). On July 11, 2024, Yuyan, as the signing representative, entered into an agreement with Ipsen, granting Ipsen the exclusive global rights to develop, manufacture, and commercialize the drug. Under this agreement, the two parties are expected to share up to $1.03 billion in upfront payments, as well as payments based on development, regulatory, and commercialization milestones, along with tiered royalties on global sales after commercialization. The licensing of the FS001ESG408 pipeline to Ipsen is the result of a strong collaboration between Escugen and Yuyan, leveraging their respective strengths and cooperation with Llinks. This marks the first time that a First-in-Class ADC developed by a Chinese biotechnology company has gained significant recognition from international peers.
The licensed technology combines Escugen's linker (ADC) technology and Yuyan's antibody technology. During negotiations, Escugen and Yuyan not only granted Ipsen an exclusive and mutually exclusive cross-license of their technologies but also retained flexibility to combine their technologies with other products within certain limits.
The case of "Blind Box" unfair competition represented by Llinks achieved a victory.
In March 2024, Llinks represented the leading domestic blind box brand "Find Unicorn" in a case against a company in Hangzhou for unfair competition, achieving a favorable ruling in the second instance [(2023) Zhe 01 Min Zhong No. 6853]. The court ordered the defendant to cease infringement, eliminate the impact, and compensate the plaintiff for economic losses and reasonable expenses totaling over 850,000 yuan.
Llinks representation in this case not only comprehensively protected the client's brand reputation and regulated downstream distribution channels but also marked the first judicial ruling on the "online blind box machine" pre-sale model. This case serves as a reference for the compliance of blind box operations and consumer protection within the industry.
[ABS/REITs]
Llinks Supports Guangzhou's First Industrial Park Infrastructure REIT Project
On September 23, 2024, Guangzhou's first industrial park infrastructure REIT, the E Fund Guangzhou Development Zone High-tech Industrial Park Closed-end Infrastructure Securities Investment Fund (hereinafter referred to as "E Fund Guangzhou Industrial Park REIT"), was officially listed on the Shenzhen Stock Exchange. The underlying assets of the E Fund Guangzhou Industrial Park REIT include the Innovation Base, Innovation Building Park, and Creative Building Park located in the core area of the Guangzhou Development Zone Science City. This project has attracted numerous startups from emerging fields such as biomedicine, information technology, and new energy materials, making it a key park for integrating technological innovation service resources, promoting innovation and entrepreneurship, and building a technological innovation system in the Guangzhou Development Zone.
Llinks provided legal services, including product opinion letters, for this project. As Guangzhou's first industrial park infrastructure REIT, the project has witnessed the evolution of China's REITs market, from the pilot stage of policy exploration in the infrastructure sector to the normalization stage of institutional innovation and improvement. Llinks offered relevant legal expertise to support the project's implementation, receiving high recognition from all parties involved.
[Mergers and Acquisitions]
Llinks Advises on MINISO's Acquisition of Yonghui Superstores Shares
In September 2024, MINISO Group reached an agreement with relevant shareholders of Yonghui Superstores. The transaction has now been completed, making MINISO the largest shareholder of Yonghui Superstores. Following the completion of this deal, MINISO will partner with Yonghui Superstores to transition towards a quality retail model. Llinks is honored to participate in this milestone transaction, helping both parties embark on a new chapter.
As the legal advisor for this transaction, Llinks provided comprehensive legal support for this highly anticipated business collaboration. Leveraging deep industry insights, exceptional legal expertise, and efficient teamwork, Llinks safeguarded the in-depth cooperation between MINISO and Yonghui Superstores. From transaction structure design to contract drafting and negotiation, Llinks ensured compliance and efficiency with a meticulous and innovative approach, creating maximum value for our clients.
[PE＆VC]
Llinks advised Lead Investors on their equity investment in Unisoc
In September 2024, Unisoc completed a new round of equity financing amounting to 4 billion yuan after more than a year of effort. This round of equity financing includes a diverse group of investors, such as state-owned capital platforms from Shanghai and Beijing; banking and insurance institutions like ICBC, BOCOM, and PICC; securities firms including CSC and Guotai Junan; as well as social capital like Hony Capital.
Unisoc is a world-leading platform chip design company and one of the few companies globally that comprehensively masters communication technologies across all scenarios, including 2G/3G/4G/5G, Wi-Fi, Bluetooth, TV/FM, and satellite communication. Additionally, Unisoc is one of the three publicly listed companies globally that produce 5G chips. As one of the earliest companies in China engaged in the research and development of mobile communication chips, Unisoc possesses large-scale chip integration and suite capabilities and is at a critical window for leapfrog development. The completion of this equity financing will help the company enhance technological innovation, continuously break through core projects, and increase core clients, injecting new momentum into the company's daily operations and key matters such as its IPO.
As the legal advisor to the lead investors, Llinks assisted in conducting legal due diligence on the target company, as well as drafting, negotiating, and finalizing transaction documents, and facilitated the closing, providing professional and efficient legal services for this financing project. This financing demonstrates the determination of Chinese enterprises to continuously develop new technologies and promote overall technological advancement and industrial upgrading in China, echoing the central government's efforts to advance cutting-edge technology development, making it highly significant.
Based on ongoing market tracking and independent assessment, "Business Law" selected 263 outstanding transactions and cases that stood out over the past year from thousands of submissions. The core evaluation dimensions include transaction scale, industry impact, innovation in transaction structure, judicial precedent, and social value contribution.
