On July 17, 2020, Farasis Energy (Gan Zhou) Company Limited (Farasis Energy, stock code: 688567.SH) completed its IPO on the SSE STAR Market. Farasis Energy raised about CNY 3.4 billion, with an offering price of CNY 15.9 per share. The company is the first electric vehicle, lithium-ion battery producer listed on the SSE STAR Market.
Farasis Energy is hailed as the “industry leader in soft pack batteries”. Founded in 2009, the company has grown into one of the top manufacturers of global ternary soft pack battery and the first “unicorn company” from Jiangxi province. Farasis Energy has been focusing on the R&D, manufacturing and distribution of lithium-ion batteries and automotive battery systems for Neighborhood Electric Vehicles (“NEVs”). As an industry pioneer, it is among the first to establish the ternary chemical system and soft pack battery structure as the industry standard for power battery R&D and industrialization. Its core product of industry-leading, ternary soft pack battery is safe while maintaining a high level of performance, high in energy density, rapid- charging, and has a long cycle life and wide operating temperature range. From 2017 to 2019, the company ranked first in China in product shipments and the number of installed soft pack batteries and ranked third globally. Farasis Energy’s offerings are widely accepted in the market by some of the largest, global automotive manufacturers, including Germany’s Daimler, Beijing Benz, BAIC BJEV, GAC, GWM, Geely and FAW. In addition, Mercedes-Benz’s strategic investment in Farasis Energy’s IPO is an affirmation of the company’s technical strength, product performance and international capabilities by one of the leading, major automotive manufacturers. Upon the completion of its IPO, Farasis Energy will become the first Electric Vehicle battery maker listed on the SSE STAR Market and the first listed “STAR” company from Jiangxi province.
As the issuer’s counsel, Jingtian & Gongcheng’s legal team provided one-stop, end-to-end legal services to the issuer, guiding the client through the multiple rounds of financing, pre-IPO restructuring, IPO and listing requirements, and the identification and introduction of strategic investors.
