DEALS
Zhong Lun Advises Cova Acquisition on SPAC Merger with ECARX Holdings
Zhong Lun Advises Cova Acquisition on SPAC Merger with ECARX Holdings
On December 20, 2022, COVA Acquisition Corp., a U.S. special purpose acquisition company, completed a USD 3.82 billion merger with Chinese mobility tech company ECARX Holdings. The combined entity got publicly listed on NASDAQ under the ticker symbol ECX on December 21, 2022. According to Dealogic, the deal is the largest listing by a Chinese company through SPAC and the largest global SPAC in the mobile travel industry in 2022.
ECARX develops hardware and software solutions that are essential for the development of connected, automated and electrified mobility including infotainment head units (IHU), digital cockpits, vehicle chip-set solutions, a core operating system and integrated software stack.
Zhong Lun, as the PRC counsel, provided PRC law related services to COVA Acquisition Corp. on this transaction (covering partial legal due diligence, data compliance, antitrust, foreign investment security review related advisory work, etc.). The Zhong Lun team was led by equity partners Scott Yu, Heng Ding, Rachel Li, Maria Hou, non-equity partner Joe Y. Wang and included Qijia Liao, Yichen Liu, Sheila Chen, Megan Li, Daisy Xu, Ted Ma and Rui Wu.
