Shanghai – The Chinese Yongfeng Group has acquired a 25 percent stake in Sotefin SA, a Swiss supplier of automated parking systems for vehicles. At the same time, Yongfeng and Sotefin Patents SA have established a joint venture in Qihe, Shandong province, China. Yongfeng holds 75 percent and Sotefin Patents 25 percent of the shares in Sotefin (Shandong) Intelligent Parking Equipment Co., Ltd.
An international CMS team led by Dr Christoph Schröder, Dr Falk Lichtenstein and Dr Stephan Werlen advised Yongfeng on all relevant aspects of the two transactions. These included several license and cooperation agreements. CMS continuously advises Yongfeng on outbound investments.
Yongfeng produces steel and iron ore and operates in the construction and real estate sectors. The group’s business also covers education, municipal services, trade, logistics and financial investment. With approximately 11,000 employees, Yongfeng generated a turnover of over CNY 50 billion (EUR 6.38 billion) in 2018, making it one of China’s top 500 companies. The acquisition of the shares in Sotefin SA is the group’s second overseas acquisition.
Sotefin SA is based in Lugano, Switzerland. The company has been designing and manufacturing automated parking systems for over 50 years.
Dr Christoph Schroeder, Partner
Dr Falk Lichtenstein, Partner
Roxie Meng, Associate
Amanda Ge, Associate, all Corporate/M&A
Daisy He, Associate, Intellectual Property
Angela Chen, Junior Associate, Regulatory
Gilbert Shen, Counsel, Tax
Dr Stephan Werlen, Partner
Pascal Stocker, Associate, both Corporate/M&A
Sarah Keller, Associate, Labor, Employment & Pensions
Andrea Zindel, Associate, Commercial Law
Dr Dirk Spacek, Partner
Dr Simone Brauchbar Birkhäuser, Counsel
Elena Gazke, Trademark Paralegal, all Intellectual Property
Mark Cagienard, Partner, Tax Law