On January 31, 2023, L Catterton Asia Acquisition Corp (“LCAA”, NASDAQ: LCAA), a special purpose acquisition company, and Lotus Technology Inc. (“Lotus Tech”) announced that they have entered into a definitive agreement and plan of merger. Upon completion of the transactions contemplated by the merger agreement, the combined company’s ordinary shares are expected to be listed on the Nasdaq under the ticker symbol “LOT”. Fangda acted as the PRC legal counsel to LCAA, advising at all stages of the transaction.

Headquartered in Wuhan, China, Lotus Technology has operations across China, the UK, and the EU. It is a pioneering luxury electric vehicle maker that operates under the iconic British brand, Lotus. With the backing and global resources of one of its shareholders, Geely Holding, Lotus Technology is dedicated to delivering luxury lifestyle battery electric vehicles including SUVs and sedans with a focus on world-class R&D in next-generation automobility technologies such as electrification, digitalisation and more.

LCAA is a special purpose acquisition company listed on the Nasdaq that is affiliated with L Catterton, a leading global consumer-focused investment firm. Founded in 1989, L Catterton has made over 250 investments in some of the world’s most iconic consumer brands, managing more than USD$30 billion of capital across three multi-product platforms: private equity, credit, and real estate. Leveraging deep category insight, operational excellence, and a broad network of strategic relationships, L Catterton’s team of more than 200 investment and operating professionals across 17 offices partners with management teams to drive differentiated value creation across its portfolio.

Fangda team on this deal was led by corporate partner Chen Bao, of-counsel Suyin Tan and counsel Stephen Liu, with support from IP partner Fang Qi, antitrust partner Jin Wang and counsel Joy Wong, and compliance counsel Sophia Han. Team members include Ed Zhang, Danae Wu, Sandy Peng, Koral Zhu, Irene Li, Sally Hong and Allison Zhang.