Harneys advises buyer consortium in going-private of Smart Share Global Limited (Energy Monster)

The transaction was structured as a mergerbetween Smart Share Global Limited and Mobile Charging Merger Limited, a wholly owned subsidiary of Mobile Charging Group Holdings Limited. Following completion of the merger, Smart Share Global Limited ceased to be a publicly listed company on the NASDAQ.

The take‑private transaction was led by Counsel Denise Chan and Legal Manager Jane Chan, with support from Corporate Partner Raymond Ng, Head of Litigation (Hong Kong) Paula Kay and Associate Irene Lai also advised the consortium. Davis Polk and Weil Gotshal acted as US legal counsel to the consortium, while Skadden, Arps, Slate, Meagher & Flom LLP acted as counsel to the Special Committee of Smart Share Global Limited.

Paula commented: "We were delighted to be instructed by the buyer consortium on this transaction. The possibility of shareholders dissenting following a take-private transaction, and the potential impact on the transaction or the business cannot be ignored even during the transaction. Being involved at an early stage allows the consortium to be fully informed, minimise risk, and be strategically positioned if such a risk eventuates, supporting a smooth path to completion.”

Raymond commented: “We are delighted to have advised the buyer consortium on this significant going-private transaction. The matter required close collaboration between our Corporate and Dispute Resolution teams, demonstrating Harneys’ ability to deliver comprehensive offshore legal services across practice areas. We are proud to have supported our client through to a successful completion.”

Harneys has world-class expertise in advising on take-private transactions involving US-listed, Cayman Islands-incorporated companies with operations in the People's Republic of China (PRC). The firm has acted in nearly half of all fair value proceedings filed under section 238 of the Cayman Islands Companies Act since 2013. This unrivalled experience extends to guiding PRC corporates through the highly resource-intensive section 238 process, including managing substantive discovery, navigating PRC data protection law, and strategically positioning clients against dissenting shareholders and value arbitrage investors. Harneys has achieved landmark wins in section 238 proceedings, including establishing the shareholders' meeting date as the valuation date, securing Privy Council authority that a minority discount applies, and dispelling the theory that US-listed PRC corporates are systematically undervalued on the US markets.