Dentons advises on Sitech's Series A Financing

Recently, Sitech has received hundreds of millions of RMB in series A funding from CDH Investments. Dentons Beijing Law Offices provided a full scope legal assistance to this deal.

Sitech is new energy automobile startup founded by Gui'an New District Development and Investment Co., Ltd., which has assets of more than RMB 260 billion.

The company was established on September 1, 2017. It released its brand on the CES Show in Las Vegas in January 2018. It launched its first A0 class pure electric vehicle DEV1 on the Beijing Auto Show, introduced its product to the market on the Chengdu Auto Show, and has officially delivered its DEV1 production vehicle. This whole process only took 425 days. In addition, Sitech has successively established strategic partnership with industry giants such as Mobike, China FAW and Bosch (China). Its development of brand and product has been progressing at a rapid rate.

With the strategic support of CDH Investment, the funds raised in this round will help Sitech to further realize the "corner overtaking" under the background of the rapid development of China's new energy automobile industry.

A Dentons Beijing team led by senior partner Qian Hongji, assisted by Luo Jian,  Li Mengqi and Qian Junyu, provided a full scope legal assistance on this deal, including designing and demonstrating deal structure, legal due diligence, legal consultation, drafting and revising transaction documents, and issuing an attorney's opinion letter.