In May 2024, the 11th Global Investment and M&A Summit was held in Shanghai and the winners of the Golden Whistle Award for the Top 10 Cross-border M&A Deals of 2023-2024 were announced. JunHe won for Victory Giant Technology’s acquisition of a 100% stake in Pole Star Limited and an indirect holding in MFS Technology. JunHe represented Victory Giant Technology in this deal which had a purchase price of approximately US$460 million.
The Morning Whistle Group develops media information platforms designed for cross-border investment mergers and acquisitions. It provides users with data, information, customized marketing activities and cross-border M & A and management investment bank services. The Golden Whistle Award recognizes representative enterprises and service providers from prominent domestic buyers of the year.
The purchaser in this deal, Victory Giant Technology (HuiZhou) Co., Ltd. (“Victory Giant Technology”), is listed on the ChiNext Board of the Shenzhen Stock Exchange. It specializes in the research and development, production, and sales of high-precision multilayer, HDI PCB, FPC, and rigid-flex PCBs. Its products are widely used in the fields of computers, aerospace, automotive electronics (new energy), 5G infrastructure, data centers, industrial Internet and medical instruments. Victory Giant Technology is vice president of the Chinese Printed Circuit Association (CPCA) and is an industry standard-setting member. It ranks 21st in the top 100 global PCB companies, and fourth in the top 100 domestically funded Chinese-printed circuit industry companies. Victory Giant Technology has established stable, long-term partnerships with more than 160 companies around the world.
The counterparty in this deal was DCP Capital, an international private equity investment institution. The target of the acquisition, MFS Technology, is a leading flexible printed circuit manufacturer with applications in the automotive, industrial, medical and data storage end-markets and it specializes in high density, multilayer product applications. Headquartered in Singapore, it has a sales subsidiary in Germany, and manufacturing facilities in Malaysia, and Changsha and Yiyang in China. This deal helps Victory Giant Technology integrate its operations and realize the horizontal integration of its industrial chain, while expanding its overseas production capacity and improving its international market competitiveness and market share.
Partner JIANG, Wenjun (Kelvin) led JunHe’s team in this deal, with professional support from partners WEI, Yingling and ZHOU, Jingbo for antitrust and syndicated financing matters respectively.