News

DeHeng Advised Three Gorges Group
on Completing Corporate Restructuring

2018-01-05


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Recently, Three Gorges Group completed the registration at SAIC (State Administration of Industry and Commerce) for its corporate restructuring. The company underwent the change from an Enterprise Owned by the Whole People to a Wholly State-owned Company. It is another case which DeHeng provided legal services in terms of corporate restructuring for central state-owned enterprise, following that of the State Grid Corporation of China.

Three Gorges Group is strategically positioned as a clean energy group that focuses on the development and operation of large-scale hydropower projects. Its main businesses include hydropower project construction and management, power generation, international investment and project contracting, new energy development such as wind power and solar energy, comprehensive development and use of water resources, and related professional technical consulting. After more than 20 years of sustained, rapid development, Three Gorges Group has become one of the largest hydropower development companies in the World and one of the largest clean energy groups in China.


On July 26, 2017, the General Office of the State Council issued the Implementation Plan on Corporate Restructuring of Central Enterprises (GBF [2017] No.69), which requires central state-owned enterprise with ownership by the whole people under the supervision of the State-owned Assets Supervision and Administration Commission (SASAC) of the State Council (excluding central finance and culture enterprises) to complete corporate restructuring before the end of 2017. In accordance with the deployment by the SASAC, Three Gorges Group completed on time the restructuring from being an enterprise with ownership by the whole people into a wholly state-owned company. The restructuring involves legal issues concerning corporate governance structure, claims and debt arrangement, handling of state-owned land, inheritance of qualification and certificates, and change of labor personnel system. The successful completion of the corporate restructuring shows that Three Gorges Group has entered a new phase in deepening reform in all respects.


Partners including Xu Jianjun, Li Zhong, and Yang Xinghui in the Beijing office provided full legal services for the corporate restructuring of Three Gorges Group, including the formulation and review of corporate restructuring plans, the issuance of legal opinions, and the drafting and review of related legal instruments. In the future, DeHeng will, as always, continue to focus on the reform and development of state-owned enterprises and provide clients with comprehensive, reliable, and high-quality legal services.

Relevant Lawyer

  • Zhong (Frank) LI

    Partner

    Tel:+86 10 5268 2796

    E-mail:lizhong@dehenglaw.com

  • Jianjun XU

    Partner

    Tel:+86 10 5268 2888

    E-mail:xujj@dehenglaw.com

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