On June 26, 2024, Ningbo Huaxiang Electronics Co., Ltd. ("NBHX", stock code: 002048) announced that it has reached an agreement with International Automotive Components Group, S.A. ("IAC Group") on the sale of IAC Group's business in China (including six subsidiaries and several branches) ("IAC China"). NBHX will acquire all the equity interests of IAC China through its wholly-owned subsidiary, Ningbo Huaxiang Automotive Door System Co., Ltd., after the fulfillment of the closing conditions. Following the closing of this transaction, NBHX will further increase its market share in the automobile interior industry, particularly in the business of main and secondary instrument panels, door panels, and other products for key customers, and effectively close the gap in the field of cockpit module products.

NBHX is a listed company on the Shenzhen Stock Exchange and is one of the main parts suppliers for many domestic and international traditional and new energy automobile manufacturers. Its main customers include Volkswagen, Daimler, BMW, Volvo, BYD, Geely, NIO, XPeng, Li Auto, and SERES. In the 2024 Global Automotive Suppliers Top 100 list published by Automotive News, NBHX is ranked 70th. IAC Group, headquartered in Luxembourg, has more than 80 production bases in 18 countries and is a global leader in automobile parts and system suppliers.

In this transaction, AnJie Broad served as the legal counsel to NBHX, participating in the entire process including transaction structure design, legal due diligence, as well as drafting, revision, and negotiation of the main transaction agreement and its ancillary agreements. The transaction involves multiple overseas seller entities and domestic target companies, with complex transaction arrangements and a tight schedule. AnJie Broad's lawyers provided professional, comprehensive, and efficient legal services, making an important contribution to the timely and smooth signing of this transaction, which is highly praised by the client.

The AnJie Broad team is led by partners Hongchuan Liu, Simon Li, and Huan Chen, with team members including Fang Yan, Xinwei Qiu, Shijia Wang, Aijia Yang, Yu Cai, and Yuqi Xi; partners Ying Song and Zhining Wang, and associates Yuhui Yang and Tingting Luo provide advice on antitrust aspects for this transaction.