The Legal 500

With ‘good relationships with top private equity firms’ and ‘a great pedigree’ on big transactions, Clifford Chance LLP is highly rated. The team worked on CVC Asia Pacific’s proposed HK$2.4bn take-private acquisition of Natural Beauty BioTechnology. Rupert Li is the key partner in Beijing.

DLA Piper’s ‘prolifically active’ practice leads the market in venture capital representations. Practice head Rocky Lee is commended for his ‘great relationships with venture capitalists’. One highlight of 2008 was representing General Catalyst and JAFCO in their $75.8m Series C and Series D financing of Tudou.com.

Freshfields Bruckhaus Deringer has a ‘robust and impressive’ private equity practice that advises some of the industry’s biggest names. The team represented Warburg Pincus in its $50m investment in Renhe Commercial, and TPG Asia in its $80m investment in Chinese shoe-manufacturer Daphne International. Asia corporate head Robert Ashworth leads the practice from Hong Kong.

‘One of the best private equity practices in China’, O’Melveny & Myers LLP advised Actis Capital on its $50m investment for a majority stake in Chinese hot pot chain Xiabu Xiabu, and represented Avenue Capital Group in its $70m Series A financing of Wuxi Qiaolian Wind Power Technology. Shanghai partner Portia Ku is particularly active.

Paul, Hastings, Janofsky & Walker LLP’s private equity team ‘has the skills and experience’ that make a top practice. One of the highlights was representing Blackstone in its acquisition of a 20% stake in China National Bluestar for $600m. David Wang, Milton Chou and Maurice Hoo have ‘deep domain knowledge’ and provide ‘thoughtful and succinct advice’.

‘Established, experienced and first-rate private equity specialists’ Jeanette Chan and John Lange head Paul, Weiss, Rifkind, Wharton & Garrison LLP’s ‘small but fantastic’ practice. The team represented Morgan Stanley Private Equity Asia in its investment with International Finance Corporation of $100m in China Flooring.

Simpson Thacher & Bartlett LLP has an ‘enviable US private equity practice’ which is 
crossing into China. One highlight was 
representing a consortium led by Changsha Zoomlion Heavy Industry Science and Technology Development in its €375.5m acquisition of CIFA and related leveraged acquisition financing. Douglas Markel is a ‘top transactional lawyer’ in Beijing.

Praised for ‘quick responses and impressive knowledge’, Allen & Overy LLP is increasingly noticeable in the China private equity market, particularly on the financing side. Recently promoted Richard Kim in Shanghai is singled out as ‘competent, responsive and detail-oriented’.

Davis Polk & Wardwell advised PCCW on its proposed $1.9bn privatisation, and Morgan Stanley Private Equity Asia on its $38.5m investment in Biotor Industries. The hire of Howard Zhang in Beijing gives the team added impetus.

Andrew Ostrognai in Debevoise & Plimpton’s Hong Kong office is ‘number one for China private equity fund formation’, according to clients. Li Li in Shanghai is praised as a ‘hardworking, efficient and high-quality’ transactional lawyer.

One of Herbert Smith LLP’s highlights was advising China Enterprise Capital on its $600m sale of Giant Field Group and Power Field Holdings to Nubrands Group.

Hogan & Hartson LLP is commended for ‘fast response times across time zone differences, good knowledge of what a private equity firm needs, and good experience with on-shore China transactions’. Shanghai-based Arthur Mok ‘is user-friendly and gives sensible advice’.

Jones Day sees a high volume of transactions in the private equity middle-market, with energy and life sciences forming key areas of industry expertise. John Kao and Alex Zhang are standout members of the team.

With ‘good US private equity expertise’ and a ‘fantastic China capital markets practice’, Latham & Watkins LLP is notable for ‘a strong practice doing pre-IPO private equity investments’. Lion Power Holdings’ consortium acquisition of Senoko Power from Temasek Holdings for S$3.65bn was a highlight for the team.

Linklaters advised Arcapita Bank on a joint venture with TH Venture and the joint acquisition of Honiton Energy for $750m. The team also advised Temasek Holdings on a $497m 4.6% investment in Li & Fung.

‘Great, particularly for venture capital’, in 2008 Morrison & Foerster hired Sherry Yin following Steven Toronto’s departure for the NBA. The team represented a Middle Eastern family office in its establishment of a RMB1bn venture fund focused on investment in technology companies affiliated with the China Academy of Sciences.

Shearman & Sterling LLP has a ‘strong team for private equity transactions’. The practice advised Solarfun Power Holdings on its sale of a 28.4% interest to US private equity firm Good Energies Investments. Beijing managing partner Alan Seem is particularly active.

‘One of the best firms for deals in China,’ Skadden, Arps, Slate, Meagher & Flom LLP’s ‘partners are excellent in their fields - consistently responsive and thorough’. The practice advised China National Bluestar on its $600m sale of a 20% stake to Blackstone. Jonathan Stone in Hong Kong is ‘very commercially aware and a true advisor on tricky situations’.

Weil, Gotshal & Manges is praised particularly for ‘a really good practice in Shanghai’. The practice advised Goldman Sachs Principal Investment Area on its $50m 25% on-shore investment in Anhui Kouzi Distillery. Steven Xiang stands out.

With ‘considerable industry knowledge and valuable advice’, Wilmer Cutler Pickering Hale and Dorr LLP’s highlights included representing Tsing Capital in the organisation of its $230m China Environment Fund III. Beijing head Robert Woll is ‘excellent - highly experienced’ for fund formation.