Clifford Chance LLP acts across the full range of transactions in the Chinese M&A market, with deep expertise in handling inbound and outbound M&A across a variety of sectors. The team has a broad client base including both Chinese and international companies, and is regularly instructed to advise on joint ventures involving foreign companies entering the Chinese market. The Shanghai and Beijing offices collaborate with the firm’s Hong Kong team to handle transactions involving both jurisdictions, such as investments into HK companies and take-privates involving companies listed on the Stock Exchange of Hong Kong. Terence Foo is a highly experienced dealmaker and is noted for his work in private equity transactions, while Kelly Gregory focuses on large-scale inbound M&A. Yi Yang was promoted to partner in May 2022, while Hong Zhang departed the firm in January 2021.
Corporate and M&A: foreign firms in China
China Three Gorges (Europe) S.A
Dongfeng Motor Group Co., Ltd
China Huarong Asset Management Co., Ltd.
China Post Life
China Youzan Limited
- Advised China Post Life for the sale of a 24.99% stake, post investment, to AIA Group Limited (AIA) for US$1.86 billion.
- Advised Beijing Capital Group Co., Ltd. (BCG) on the privatisation, through its wholly-owned subsidiary, of Beijing Capital Land Ltd. (BCL), a company incorporated in the PRC and listed on the Hong Kong Stock Exchange.
- Advised China Machinery Engineering Corporation (CMEC) in relation to its privatisation by the offeror company wholly owned by China National Machinery Industry Corporation.
Paul, Weiss, Rifkind, Wharton & Garrison LLP
Paul, Weiss, Rifkind, Wharton & Garrison LLP stands out for its work representing prominent international private equity clients in transactions involving Chinese companies, handling acquisitions, including take-privates, as well as investments and disposals. The team also acts for other investors into the Chinese market; in one highlight, the firm acted for Prosus N.V. in its offering of issued shares in Tencent. Greg Liu and Judie Ng Shortell jointly lead the team and work across the firm’s Beijing and Hong Kong offices, regularly collaborating with colleagues across Asia and in the US. Counsel Jack Sun is another name to note in the team, while Betty Yap departed the firm in December 2021.
Greg Liu; Judie Ng Shortell
Other key lawyers:
Baring Private Equity Asia
KPS Capital Partners
- Advised a DCP Capital Partners-led group of investors in their take-private acquisition of 51job, Inc.
- Assisted DCP Capital, in its purchase, alongside China Merchants Venture, ZWC Ventures and Huagai Capital, of a 32.98% stake in Datong Insurance Sales & Service Co., Ltd. from Anxin Trust.
- Advised PAG as an exchangeable note investor in the take-private transaction of Taiwan Liposome Company (TLC), a Taiwan-based clinical-stage specialty pharmaceutical company listed on the Taipei Exchange and the Nasdaq.
Allen & Overy LLP
With offices in Shanghai and Beijing, Allen & Overy LLP has a broad practice covering outbound and inbound investments and M&A. In addition to working closely with its office in Hong Kong, the mainland offices also draw on the Allen & Overy-Lang Yue joint operation to provide PRC law advice. The group is led by Victor Ho, who splits his time between Hong Kong and Beijing; other names to note in Beijing include Ling Li, who focuses on outbound transactions, particularly in the energy sector, alongside Benjamin Crawford. In Shanghai Jack Wang advises multinationals on transactions involving joint ventures as well as PE-related work.
Victor Ho; Lina Lee
China Three Gorges
- Advised Maersk on the acquisition of LF Logistics, a Hong Kong-based contract logistics company – one of the largest takeovers to date in the distribution and warehousing industry.
- Advised BMW on acquiring a majority stake in its Chinese automotive joint venture BMW Brilliance Automotive Ltd. (BBA) from its joint venture partner Brilliance China Automotive Holdings Ltd. (CBA) for a total consideration of USD4.31 billion, giving rise to an increase of its shareholding in BBA from 50% to 75%.
- Advised Zhongsheng Group Holdings, a leading automobile distribution group in China, in connection with its acquisition of Zung Fu China from the Jardine Matheson group.
Baker McKenzie FenXun
As one of the first firms to establish a joint operation in the PRC, Baker McKenzie FenXun is well-placed to provide comprehensive, cross-border advice on complex M&A transactions. Under the leadership of Howard Wu in Beijing, the group’s expertise extends across take-privates, carve-outs, spin-offs, investments and mergers. Capital markets specialist Hang Wang is also based in Beijing and focuses on public M&A deals. The group’s private equity expertise was bolstered in November 2021, when it brought on specialist Hong Zhang from JunHe LLP.
Other key lawyers:
CDPQ Private Equity Asia Pte Ltd.
Chong Hing Bank
China International Capital Corporation Hong Kong Securities Limited
CITIC Group Corporation
CMB International Capital Limited
Digital Bridge (formerly Digital Colony)
Hengxing Gold Holding Company Limited
Hysan Development Company Limited
Johnson & Johnson
Media and Games plc
Ninjas in Pyjamas
One Equity Partners
Siam Commercial Bank
Sing Tao News Corporation Limited
Sino Biopharmaceutical Limited
Tencent Holdings Limited
- Advised Media and Games Invest SE (“MGI”) on its acquisition of Smaato, a leading digital advertising platform with local business presences in multiple jurisdictions, for an enterprise value of EUR 140 million.
- Advised Swedish esports company Ninjas in Pyjamas (NIP) on its merger with Chinese esports group ESV5 and on the establishment of NIP Group, a global organization that will field teams in all the major esports titles.
- Advised Jin Jiang International Holding Company Limited on the privatization of Hong Kong-listed Shanghai Jin Jiang Capital Company Limited by way of merger by absorption under PRC law. The cash consideration paid by the Offeror was approximately HKD 4.3 billion.
Davis Polk & Wardwell LLP
Under the leadership of Howard Zhang, Davis Polk & Wardwell LLP has developed a focus on transactions involving US public markets, such as SPAC combinations and take-privates. Zhang is also noted for his work on private equity deals, including portfolio company M&A, and specialises in the TMT sector. Counsel Annie Yan is another key contact in the Beijing office and works with the Hong Kong team to advise on cross-border deals and investments.
Other key lawyers:
‘Among the team, Heli and Howard Zhang stand out with their deep understanding of the business and its issues and the impeccable services to the company.’
- Advising CAR Inc. on its privatization by Indigo Glamour Company Limited by way of voluntary general offer and compulsory acquisition, with a total consideration valued at approximately HK$8.5 billion.
- Advising the special committee of the board of directors of New Frontier Health Corporation (“NFH”) on the going-private acquisition by a consortium.
- Advising Duddell Street Acquisition Corp. on its business combination with FiscalNote Holdings. This is one of the first announced de-SPAC transactions by a Hong Kong based sponsor.
Active across sectors including insurance, life sciences, semiconductors, automobiles and logistics, DLA Piper advises on an equally broad range of transactions, acting on mandates for acquisitions, disposals, mergers and investments. The team is particularly noted for its work with investment funds, including private equity houses, where its clients include Chinese private and state-owned funds as well as international sponsors. The group is jointly led from Shanghai by Roy Chan, a specialist in the insurance and financial services sectors, and Qiang Li, who handles both strategic M&A and private equity transactions. Stewart Wang and Beijing-based James Chang are also key figures in the practice with substantial experience in cross-border M&A.
Other key lawyers:
Roy Chan; Qiang Li; Stewart Wang; James Chang
‘You get what you paid for; high-quality, professional service. The team is helpful in every way and there is no unreasonable billing.’
‘I worked with Roy Chan, Asia Co-Country Managing Partner, China. He understands our needs very clearly. Aside from excellent legal advice, he has always been able to think outside the box and find pragmatic solutions for us. Knowledgeable, hardworking and trustworthy.’
Ping An Life Insurance
Wise Road Capital
Nanjing Ying Peng Hui Kang Medical Industry Investment Partnership (limited partnership) – “Yingpeng Fund”
MC Hologram Inc.
Stillfront Group AB
VIYI Algorithm Inc.
Kunlun Energy Company Limited
Arlington Capital Partners
New Enterprise Associates, Inc.
Charles River Laboratories International Inc.
- Representing Ping An Life Insurance in its participation of RMB50.75 billion restructuring investment in relation to Peking University Founder Group restructuring.
- Advising Wise Road Capital on its USD1.46 billion acquisition of ASE Technology Co., Ltd.
- Advising Yingpeng Fund, as a majority shareholder, on its proxy contest regarding Global Cord Blood Corporation, a life sciences enterprise in the business of storage of umbilical cord blood stem cells listed on the New York Stock Exchange and seeking to enjoin the Board of GCBC from an acquisition of a US-based start-up that would disenfranchise existing shareholders of their control.
Hogan Lovells International LLP has a broad client base in the corporate space, with experience acting for Chinese and multinational companies on a range of transactions. The team has a particular niche in deals in the TMT sector, with Shanghai-based Don Williams focused on this area; in addition to handling M&A transactions, Williams also advises venture capital funds on investments. In Beijing, Liang Xu advises a number of central state-owned enterprises on outbound investments, working alongside the firm’s network of offices worldwide. Lu Zhou handles both inbound and outbound M&A across a range of sectors, including tech, logistics and consumer goods.
Other key lawyers:
Lu Zhou; Don Williams; Aldo Boni De Nobili
‘The team is attentive to detail, appreciative of business needs, and always meets target delivery times.’
‘The primary lawyers we have dealt with are senior associate Aldo Boni De Nobili and Hong Kong-based Andrew McGinty. They are business minded and pragmatic in their approach to deals and have been able to always timely meet client demands. Furthermore, they’re exceptionally dedicated and have made themselves available to us at all times. In the transactions we’ve worked with, they have been able to effectively negotiate complex provisions and communicate across language barriers and often in difficult situations.’
China Customer Relations Centers, Inc.
Bending Spoons S.p.A.
Glory Star New Media Group Holdings Limited (Nasdaq: GSMG)
Ping An Global Voyager Fund
Aramco Ventures Investments Limited
- Advising IBM, an American multinational technology corporation, on the global separation and reorganization of its managed infrastructure services business in anticipation of the pending spin-off of the MIS business into a separate publicly traded company.
- Acting as the U.S. counsel to the special committee of the board of directors of Glory Star New Media Group Holdings Limited (Nasdaq: GSMG), a leading digital media platform and content-driven e-commerce company in China, in connection with the going-private transaction led by its Founder and Chief Executive Officer, Mr. Bing Zhang.
- Advised Bending Spoons S.p.A., a leading Italian developer of mobile software applications, on the acquisition of several mobile software applications in the Asia-Pacific region.
Linklaters‘ mainland China team forms an integral part of the firm’s greater China corporate offering, collaborating with the Hong Kong office as well as its joint operation with Zhao Sheng Law Firm to handle cross-jurisdictional deals. The team’s workload includes advising on private equity investments into the PRC as well as joint ventures between domestic and international companies. The group’s recent work on inbound M&A has included handling deals in sensitive, highly-regulated sectors such as financial services and semiconductors, and it also offers expertise in transactions involving state-owned entities. John Xu and Bryan Chan are the key figures in the Shanghai office, with both having deep experience in cross-border M&A.
‘Very attentive to their clients and happy to go the extra mile to understand their client’s needs and the commercial perspective.’
‘They take a keen interest in the business and industry that their clients operate in – making value-added work more common.’
‘Linklaters is professional and responsive and also develops a deep understanding of our business and style. We are very impressed with the depth of quality in Linklaters team and their cross-practice team coordination which provides us with comprehensive and high-quality services.’
‘Linklaters is very experienced and always comes up with practical and commercial solutions. We can always count on their rich knowledge on all kinds of industries with the wide-ranging size of transactions.’
‘Seasoned experience in M&A; very responsive; can always come up with practical and commercial solutions.’
Yanfeng Automotive Trim Systems Co.
COSCO Shipping Ports Limited
Bright Food International Limited
China Tobacco International (HK) Company Limited
Yue Xiu Enterprises (Holdings)
The Bank of East Asia Limited
A consortium comprising the founders of Razer Inc. (including Min-Liang Tan (CEO) and Kaling Lim) and CVC Capital Partners
Cerberus Capital Management
- Advised Jardine Matheson on its sale of Zung Fu China, Jardines’ Mercedes-Benz auto dealership business in Mainland China, to Zhongsheng Group Holdings, a leading automobile distribution group in China and a company listed on the Hong Kong Stock Exchange.
- Advised Glencore on its US$100m strategic investment in Shenzhen Energy Gas Investment Holding Co., Ltd., a subsidiary of Shenzhen Energy Group Co., Ltd. (000027.SZ), and the long term supply arrangement between Glencore and SEGH with respect to the LNG supply. It is one of the first mixed-ownership reforms of local SOEs in the new energy sector
- Advised Morgan Stanley on its acquisition of 39% equity interests and further capital increase, in Morgan Stanley (China) Securities Company, its securities business platform in China.
Morrison Foerster‘s PRC offices work closely with the firm’s teams in the Asia Pacific region and the United States to advise on cross-border M&A deals, investments and joint ventures. The team has sector focuses in technology, healthcare and energy, and has recently carved out a niche in handling SPAC and de-SPAC transactions. Ruomu Li leads on this work from the firm’s Shanghai office; having started her career in the United States, she offers considerable experience across US and Chinese M&A. Chuan Sun and Beijing-based Paul McKenzie are other names to note in the team.
‘Timely responses and turnarounds, great ability to research and analyze precedents, valuable connections to mainland partner firms to address unique cross border issues.’
‘The MoFo team always gives us great advice to legal issues that are thoughtful, technical and commercial, especially over recent matters that require cross-practice/office collaboration. Seamless handoff from one time zone to another, from one specialist to another, without the need for clients to repeat their issues every time. I would highly recommend the MoFo team to anyone who is looking for counsels for complex transactions.’
‘Besides being technical and professional, I find Ruomu Li’s calm demeanor very constructive in high tension negotiations with difficult counterparties.’
Softbank Vision Fund
- Advised SoftBank in the $65 billion sale of UK-headquartered multinational semiconductor and software design company Arm Limited to U.S. chip company NVIDIA.
- Advised the committee of independent directors of Alibaba Group Holding Limited on Alibaba’s acquisition of a 33% equity interest in Ant Financial, China’s leading financial services company.
- Advised Amperex Technology Limited in its RMB14 billion joint ventures for mid-size battery cells and packs and US$1.5 billion technology cross-license arrangement with Contemporary Amperex Technology Co., Limited.
Orrick, Herrington & Sutcliffe LLP‘s offering in China draws on the firm’s strong network of offices in the United States to advise both Chinese and multinational clients on a range of corporate deals. The team handles inbound and outbound M&A, as well as joint ventures, and is increasingly active in SPAC transactions. The group is highly active in the growing sectors of mobile gaming and electric vehicles, and also receives mandates from companies in the technology, life sciences and consumer goods industries. Jeffrey Sun is based in Shanghai and takes the lead on technology transactions, while Jinsong Zhang works between Beijing and New York and has broad expertise in corporate transactions. Betty Louie departed the firm in October 2021.
Jeffrey Sun; Jinsong Zhang
Hailiang Education Group Inc. (NASDAQ: HLG)
COVA Acquisition Corp (NASDAQ: COVA)
JD.COM/ JD Property Group Corporation
NetEase Interactive Entertainment Pte.Ltd (NetEase Games)
Pactera Technology International Ltd.
Integrity Implants Inc.
Chery Automobile Co., Ltd
Zhejiang Geely Holding Group
Haitong International Securities Group
Keywise Capital Management (HK) Limited
China-LAC Cooperation Fund
- Advises COVA Acquisition on $3.82 billion SPAC merger with ECARX, a Chinese auto tech startup backed by Geely Holding Group’s chairman.
- Advised Baidu, Inc. (Nasdaq: BIDU), the leading Chinese language Internet search provider and one of the largest AI and Internet companies in the world, on the sale of its Aladdin business to XGIMI.
- Advising the special committee of Hailiang Education Group Inc’s board of directors on its going-private transaction.
Simpson Thacher & Bartlett LLP
At Simpson Thacher & Bartlett LLP, the Beijing office works closely with the Hong Kong team to advise on cross-border deals including take-privates, fundraisings, inbound investments, mergers and disposals. Yang Wang is the key name to note in the PRC and has broad expertise in strategic M&A across sectors including life sciences, consumer goods and healthcare; he is also instructed by private equity funds.
Ian Ho; Yang Wang; Jin Hyuk Park; Jonathan Hwang
Alibaba Group Holding Limited
B.Grimm Capital Partners
Bank of America Merrill Lynch
Blackstone Inc. (and portfolio companies)
Cainiao Smart Logistics Network
Kohlberg Kravis Roberts & Co. (and portfolio companies)
Koubei Holding Limited
Kyoto Pacific Capital
Marelli (f/k/a Calsonic Kansei)
Morgan Stanley Private Equity
Primavera Capital Group
Sequoia Capital China Fund
Silver Lake Partners
- Advised New Frontier Health on US$1.58 billion going private transaction, the first going-private transaction of a post-deSPAC company in recent years, globally.
- Advised Primavera on acquisition of the Greater China business of Mead Johnson Nutrition Company and Primavera Capital Acquisition Corporation on pending US$1.9 billion business combination with Lanvin Group.
- Advising JOYY on the US$3.6 billion sale of YY Live to Baidu.
Skadden, Arps, Slate, Meagher & Flom LLP
Skadden, Arps, Slate, Meagher & Flom LLP‘s offices in Shanghai and Beijing work closely with the firm’s Hong Kong team to advise on cross-border deals involving Chinese and multinational clients. The group stands out for its public markets expertise, which encompasses SPACs as well as take-privates. The team’s sector focus is broad, and includes technology, consumer goods and education clients. Peter Huang in Beijing and Haiping Li in Shanghai jointly lead the practice.
Peter Huang; Haiping Li
‘Knowledge of the China market is outstanding.’
‘Peter Huang has an unrivalled reputation in the M&A market.’
Grab Holdings Inc.
Axiata Group Berhad
Bridgetown 2 Holdings Limited
Prenetics Group Limited
Aboitiz Equity Ventures Inc.
E-House (China) Holdings
Tarena International, Inc.
Wanda Sports Group Company
Camelot Information Systems
Viking Cruises, Ltd.
GBT Travel Services UK Limited
Central Group and SIGNA Holding GmbH
NaaS Technology Inc.
The buyer group of LAIX Inc.’s proposed take private
Northstar Advisors Pte. Ltd
- Advised Bytedance Ltd. in its multibillion dollar acquisition of Moonton Holdings Limited.
- Advised Prenetics Group Limited (Hong Kong) in its merger with Artisan Acquisition Corp. and the combined entity will be valued at US$1.7 billion.
- Advised Sogou Inc. in the US$3.5 billion taking private transaction by Tencent Holdings Limited.
With offices in Shanghai, Beijing and Hong Kong, White & Case is well-placed to handle cross-border M&A transactions in the Greater China region. The China-based team also works closely with offices around the world to advise on both inbound and outbound investment, including in sectors that are rapidly growing, such as mobile gaming, and politically sensitive, such as semiconductors. Alex Zhang works between Shanghai and Beijing, advising on outbound M&A and private equity investment into China, while Vivian Tsoi focuses on advising multinationals on strategic deals.
Alex Zhang; Vivian Tsoi
‘The team is well versed with both China law and foreign law, excellent drafting and negotiation skills, hold positively collaborative attitude, and can mobilize resources worldwide.’
‘The team can extend down-to-earth and practical legal opinion, be very responsive, can step into the shoes of client, and provide high-level and comprehensive legal support.’
Copenhagen Infrastructure Partners (CIP)
CS Agriculture Pty Ltd.
CVC Capital Partners
Medcaptain Medical Technology (Hong Kong) Limited
- Advised Zynga on its US$525 million complex and strategic acquisition of Chinese mobile game developer StarLark, from Betta Games.
- Advised Celestica Inc. on its US$306 million acquisition in cash of PCI Limited, from Platinum Equity.
- Advised Minerva on its JV with G-Hub, the service platform for imported commodities of China’s state-owned real estate developer Greenland Holdings.
Eversheds Sutherland‘s Beijing and Shanghai offices work closely with the firm’s team in Hong Kong to advise on a variety of deals involving the PRC, ranging from the Chinese aspects of multi-jurisdictional deals to joint ventures by companies entering the PRC market. In Beijing, Jay Ze is the key name to note and is recognised for his expertise in energy and natural resources, where his workload includes advising Chinese companies on outbound investments. Jack Cai is managing partner of the firm’s Shanghai office and also takes the lead on inbound M&A, where his client base includes foreign companies across a range of sectors.
Jay Ze; Jack Cai; Charles Butcher; Stephen Mok
‘Eversheds Sutherland shows absolutely excellent and truly sophisticated ability to handle complex matters. They provide clear, innovative, thorough and extremely responsive advice with an excellent sense of pragmatic business considerations. Eversheds Sutherland was able to identify potential obstacles in advance and propose practical solutions.’
‘Eversheds Sutherland organizes their global resources efficiently and effectively.’
‘We have benefitted significantly from the deep and wide connections that Eversheds Sutherland’s lawyers have with the industry’s key players and other intermediaries such as the technical advisers, financial advisers and lenders. They can quickly make sound recommendations to us.’
‘Eversheds Sutherland is able to accommodate our schedule across jurisdictions and time zones to ensure that the firm delivers a 24/7 seamless global service. Their attorneys are very proactive and always meet our tight timelines and deliver quality work products under extreme time pressure.’
‘Their attorneys of diverse gender, ethnicity and professional background are participating in our transaction and making valuation contribution. Eversheds Sutherland also encourages young attorneys to take on important roles, and they always deliver.’
‘Jay Ze in essence stands for the highest quality you can get. Combining his solid legal expertise with his business and political acumen, Jay is guiding us through challenging legal issues in this complex project. He goes above and beyond offering proactive commercial advice tailored to our risk appetite. Jay does not wait for the client to come to him – he presents the solutions to the client a few steps ahead of the process.’
‘Jay Ze has a deep understanding of the client’s key commercial motives and focus. His proactive thinking and excellent commercial senses make it not only valuable in identifying legal risks, but also in selecting the best commercial strategies.’
Chow Tai Fook Jewellery Group
CITIC Resources Holdings
Hutchison Port Holdings and CK Hutchison Holdings
Naked Brand Group
Store Friendly Self Storage Group
- Advised JAS on its multijurisdictional acquisition of Tigers Limited from Geopost S.A.
- Advised Baird Capital on its LBO of Vega Global Limited, and advised Vega Global on the subsequent bolt-on acquisition of a majority stake of Kodum Limited, a leading technology services provider operating in ANZ and the Pacific Islands.
- Advised Naked Brand Group in relation to the China and Hong Kong aspects of its combination with Cenntro Automotive Group.
Gibson, Dunn & Crutcher LLP
At Gibson, Dunn & Crutcher LLP, the corporate team is highly active in take-private transactions, where it acts for special committees, buyer consortiums and co-investments. The group also handles outbound investments by Chinese companies, including advising on sensitive, complex transactions involving dual-use technologies and government reviews. Fang Xue leads the Beijing-based team; with previous experience working in New York and Hong Kong, she is well-placed to advise on cross-border deals. Other key figures in the team include Qi Yue, whose workload includes advising investors in fundraising rounds as well as assisting on joint ventures.
Other key lawyers:
D. E. Shaw
Phoenix New Media
Herbert Smith Freehills LLP
Herbert Smith Freehills LLP‘s mainland China practice is adept at advising international companies entering and exiting the Chinese market through M&A deals, as well as acting for Chinese companies on domestic and cross-border transactions. In addition to working with the firm’s offices around the world, the team’s joint operation with Kewei Law Firm enables it to provide domestic PRC law advice to its clients. Nanda Lau is managing partner of the Shanghai office and since May 2021 has also served as head of corporate in China.
Matt Emsley; Jason Sung
Other key lawyers:
Axiata Group Berhad
Shunfeng International Clean Energy Limited (“SFCE”)
Lagardère Travel Retail (LTR)
Keppel Telecommunications & Transportation Limited (Keppel T&T)
Link Real Estate Investment Trust
GIC Private Ltd
- Advised GIC on its US$1 billion investment in Envision Energy International, one of the world’s largest net-zero investments to date.
- Advised Lagardère Travel Retail on its RMB720 million investment by JD.com, CICC and other investors. Investors have agreed to subscribe for a 22.36% stake in the retailer’s North Asia business.
- Advised Keppel T&T on the divestment of its entire 50% stake in Wuhu Sanshan Port Co., Ltd. to Sinotrans Limited.
Kirkland & Ellis International LLP‘s PRC corporate practice encompasses complex deals such as take-privates, multi-jurisdictional acquisitions, and joint ventures. The team has also recently been active on SPAC transactions, handling deals across sectors such as consumer goods, electric cars and fintech. The group is jointly led by Joey Chau, David Eich, Paul Guan, Gary Li, Nicholas Norris, Jesse Sheley, Peng Yu and David Zhang, all of whom are based in Hong Kong. Daniel Dusek departed the firm in June 2022.
Joey Chau; David Patrick Eich; Paul Guan; Gary Li; Nicholas Norris; Jesse Sheley; David Zhang
DCP Capital Partners II, L.P., Ocean Link Partners Limited, and Mr. Rick Yan, the Chief Executive Officer of 51job
An investor consortium comprised of Centurium Capital, CITIC Capital, Mr. Marc Chan, Hillhouse Capital, Temasek Holdings, and Mr. Joseph Chow, CEO and chairman of the board of directors of CBPO and their respective affiliates.
JD Property Group Corporation
J.P. Morgan Securities (Asia Pacific) Limited
MicroPort NeuroTech Limited
CMGE Technology Group Limited
Susquehanna International Group
Polestar Performance AB and its affiliates
Poema Global Holdings Corp.
TH International Limited (Tims China)
Artisan Acquisition Corp.
Magnum Opus Acquisition Limited
- Acting as international co-counsel and sole debt financing counsel to an investor consortium in the proposed take private of 51job, Inc.
- Advising JD Property Group Corporation on its acquisition of a controlling interest in, and the related takeover of, China Logistics Property Holdings Co., Ltd.
Morgan Lewis & Bockius LLP‘s corporate group is engaged by private equity houses and sovereign wealth funds to advise on investments into Chinese businesses, as well as the PRC aspects of complex multi-jurisdictional deals. The group also has an active domestic M&A practice, which includes acting for the buy and sell-sides of take-privates. Ning Zhang is a key name to note, working between Beijing and Hong Kong, while Alex Wang is noted for his work in private equity.
Ning Zhang; Alex Wang
‘What really impressed me was the quality and speed of response and their ability to provide practical advice which is really important to me as a general counsel. They provided the best level of responsiveness I have had to date from a law firm. The collaboration they provided with all of our team members was also very helpful and they were able to work well with our business people. Billing is also very prompt. It has been a long time since I have experienced such excellent customer service from a law firm. I cannot recommend them enough.’
‘Alex Wang’s responsiveness is incredible as well as his perfect bi-lingual skills. However, it is not just that the reponse is so timely but so clear. The quality and level of service provided by Alex Wang is the best I have encountered in my career.’
Silk Road Fund
China Distance Education
Lake Bleu Capital
- Advised the Silk Road Fund, a sovereign investment fund in China, on its participation in an EIG lead global investor consortium’s acquisition of a 49% stake in Aramco Oil Pipelines Company from Saudi Arabian Oil Co.(“Aramco”) for US$12.4 billion. This transaction is one of the largest energy infrastructure transactions globally.
- Advised Sequoia Capital in its Minority Investment in SSENSE, the first round of external funding in the company’s 18-year history, giving the company a post-money enterprise value of more than CAD$5 billion.
- Advised Velvet Investment Pte. Ltd (GIC) in connection with the going-private transaction of Cellular Biomedicine Group (CBMG).
Norton Rose Fulbright has a broad corporate practice, with expertise advising multinational clients on acquisitions, investments and disposals involving Chinese companies and assets, including complex deals such as carve-outs. The team is also regularly engaged to assist with the establishing and restructuring of joint ventures in the PRC, with broad sector expertise across financial services, energy, TMT, life sciences and manufacturing. Practice head Sun Hong has substantial expertise in handling cross-border deals, and draws on her past experience working for government bodies and domestic law firms to offer insight into regulatory issues. Tom Luckock focuses on matters involving energy and water projects, while Jerry Li joined the firm in October 2021 and takes the lead on outbound M&A.
Sun Hong; Wang Yi
Other key lawyers:
Tom Luckock; Jerry Li
Dorel Industries Inc.
HSBC / HSBC Insurance (Asia) Limited
Siam Commercial Bank
- Advised Dorel Industries Inc. on the disposal of its Zhongshan based manufacturing facility in early 2021 and subsequent sale of its remaining juvenile products manufacturing facility in Huangshi, China.
- Advised SDIC Power on setting up a JV with Genting for the purpose of acquisition of hydropower plant in Indonesia.
- Advised CAE Inc. on multi-jurisdictional acquisition of Sabre Corporation’s AirCentre airline operations portfolio.
Paul Hastings LLP
In addition to its traditional strength in TMT, Paul Hastings LLP is highly capable of handling acquisitions, joint ventures, fundraising rounds and investments across sectors such as life sciences, logistics and tourism. The team is jointly led by David S Wang and Jia Yan; Wang is qualified to practice in California and is therefore well-placed to advise technology clients, and counts a range of Chinese and multinational companies amongst his clients. Yan has an equally broad practice across corporate and commercial deals, while Sophie Han stands out for her expertise in regulatory compliance.
David S Wang; Jia Yan
Other key lawyers:
Ping An Insurance
China ZhongDi Dairy Holdings Company Limited
Inner Mongolia Energy Engineering (Group) Co., Ltd
GenScript Biotech Corporation (“GenScript”) and Probio Technology Limited (“Probio”)
The founders of Apex International Corporation (“Apex”)
- Represented Proprium Real Estate Special Situations Fund on its multibillion-dollar equity investment in the buyer consortium of the take-private transaction of New Frontier Health Corporation, an operator of premium healthcare services providers in China.
- Represented leading biotechnology company, GenScript, in its indirect wholly-owned subsidiary Probio Technology Limited in a Series A financing transaction with investment from the private equity firm Hillhouse Capital Group.
- Represented Beijing Shouhuan, a consortium of four state-owned companies, in the establishment of the multi-billion dollar Beijing Universal Resort, home of Universal Studios Beijing, Universal Citiwalk Beijing and two hotels.
Shearman & Sterling LLP‘s work on inbound investments into China includes advising private equity and sovereign wealth funds on acquisitions, investments and portfolio company M&A, as well as representing foreign companies entering the Chinese market via acquisitions and joint ventures. The group is equally adept at representing both private and state-owned enterprises on outbound investments, while its domestic Chinese transactional work has recently included handling public M&A deals such as SPACs and take-privates. Li Chen heads up the group and is instructed on deals across a range of sectors, and Sean Wang is recognised for his experience in the projects and energy space. Both partners work between the Beijing and Hong Kong offices.
Other key lawyers:
China National Petroleum Company International/PetroChina
China National Petroleum Corporation Exploration & Development Company (CNODC)
China Telecommunications Corporation (CTC)
Clear Media Limited
- Advised Mr. Han Zi Jing, Chief Executive Officer of Clear Media Limited, as leader of a consortium of investors on the take-private of Clear Media.
- Advised CNODC/CNPC International in relation to the JV formation, assets acquisition and restructuring of the Rumaila oil field project in Iraq (being the world’s 3rd largest crude oil field) opposite BP plc.
- Advised Microvast Inc. on its business combination with special purpose acquisition vehicle (SPAC) Tuscan Holdings Corp., which reflects an implied equity value of the combined company of $3 billion.
Under the leadership of Charles Ching, Weil, Gotshal & Manges LLP has made a name for itself in handling public M&A involving Chinese companies and US markets, advising on take-privates as well as SPAC deals. The group is also noted for its work representing foreign investors, particularly private equity houses, on buyouts of Chinese companies. The team is active on deals involving the fast-growing sectors of healthcare and logistics, as well as the politically sensitive semiconductor industry. Alongside Ching, Yujing Liu is recognised for her work on outbound investments and was promoted to counsel in January 2022.
Charles Ching; Tim Gardner
Other key lawyers:
CBC Group, formerly C-Bridge Capital
Gores Guggenheim Inc.
Micron Technology, Inc.
Sun Capital Partners
Tianjin Zhonghuan Semiconductor Co., Ltd. (“TZS”)
- Advising Gores Guggenheim, Inc., a SPAC sponsored by affiliates of The Gores Group and Guggenheim Capital, in its pending $20 billion business combination with Polestar Performance AB, which is currently owned by Sweden-based Volvo Car AB and Zhejiang Geely Holding.
- Advising CBC Group, formerly C-Bridge Capital, as the lead investor on the consortium aspects in connection with its acquisition of approximately 43% equity in Yaneng Bioscience (Shenzhen) Co., Ltd.
- Advising Advent International in connection with its acquisition of a majority ownership interest in Shanxi Guangsheng Medicinal Capsule Co., Ltd (GS Capsule), the largest domestic capsule provider in China, from Meihua Holdings Group and co-investors.
Ashurst‘s Beijing office handles inbound and outbound M&A into the PRC, including frequently acting for state-owned enterprises on acquisitions and strategic investments. Michael Sheng heads up the team and has a particular focus on heavy industries such as aeronautics, energy and transport. Yan Yuan joined the firm as a partner in June 2022 from Clifford Chance LLP.
Other key lawyers:
Michael Sheng; Yan Yuan
Meta Platforms, Inc. (formerly Facebook)
Singapore Telecommunications Limited
Cabot Corporation (NYSE: CBT)
Far East Consortium International Limited (stock code: 0035)|New World Development Company Limited (stock code: 0017)
Navis Capital Partners and management shareholders
Mirae Asset Capital|Mirae Asset Global Investments (Hong Kong) Limited
Dongfeng Motor Group Company Limited
Stonepeak Infrastructure Partners
- Continuing to assist Meta Platforms, Inc. (formerly Facebook) on their digital infrastructure and sub-sea telecom projects across Asia and internationally, including the Apricot Cable System, the Bifrost Cable System and the India-Asia-Xpress (IAX) and India-Europe-Xpress (IEX) Cable Systems.
- Represented Far East Consortium (stock code: 35) and New World Development (stock code: 17) on the acquisition of Rich Fast International, which owns a multi-residential development plot located at Kai Tak (Kowloon Lot 6591), jointly held by Chinese developer Kaisa Group (SEHK: 1638) and Mr Chen Zhuangrong.
- Advised on Shanghai Jin Jiang Capital’s HK$4.3 billion privatisation.
Bird & Bird is noted for its work in the technology sector and is also instructed on cross-border deals in industries such as logistics, automobiles, consumer goods and life sciences. The team’s varied workload includes handling outbound and inbound deals for prominent PRC and multinational companies, with the Shanghai and Beijing offices working closely with the firm’s teams around the world. John Shi in Beijing leads the team; the head of the firm’s Asia corporate offering, he also leads on outbound M&A with a client base encompassing private and state-owned enterprises. In Shanghai, Sven-Michael Werner focuses on advising international companies on their activities in China. Shan Lai and Sarah Zeng are also names to note in the team and have broad practices, while James Gong joined the firm in August 2021 from Herbert Smith Freehills LLP.
Other key lawyers:
Sven-Michael Werner; Shan Lai; Sarah Zeng; James Gong
China National Biotech Group (“CNBG”)
China Life Insurance Company
Alibaba Group Holding Limited
Huawei Technologies Co., Ltd.
China Construction Bank
Zhejiang Geely Holding Group Co., Ltd
BYD Co. Ltd.
Beiqi Foton Motor Co., Ltd.
Weichai Power Co., Ltd
Air China Limited
China Southern Airlines
China Eastern Airlines
Tencent Holdings Ltd.
- Represented a client in selling its shares in Lingang Overseas Zeebrugge Modern Industrial Park Development Company NV (“Target”) to Intervest Offices & Warehouses NV (“Buyer”), a Belgian listed company.
- Advised Weichai Power, one of China’s leading automobile and equipment manufacturers that is listed both in mainland and in Hong Kong, in relation to a significant three way collaboration with the market leaders Robert Bosch GmbH and Ceres Powe to access the substantial opportunities that exist for fuel cell technologies in China.
- Assisted Crocs with its acquisition of several legal entities (in HK and US respectively) of casual-shoe brand Heydude for $2.5 billion in an effort to bolster its fast-growing business of offbeat footwear.
Cleary Gottlieb Steen & Hamilton
Cleary Gottlieb Steen & Hamilton focuses on advising investors, including sovereign wealth funds and private equity houses, on their investments into the Chinese market. Denise Shiu leads the team from Beijing, and has recently been engaged to handle deals in the life sciences and ride-hailing sectors. Co-investments are another area where the team is increasingly active.
Silk Road Fund
- Advised Temasek in the establishment of a wealth management joint venture with BlackRock and China Construction Bank.
- Advised Temasek in its investment in Didi Freight.
- Advised TPG in its investment in Dingdang Health, China’s leading integrated online healthcare platform.
CMS acts for international clients on strategic transactions in the Chinese market, including advising on the establishment and restructuring of joint ventures, the drafting of commercial agreements, and M&A deals. The team has a particular niche in acting for German companies, but also acts for clients from across Europe, including universities and research institutions that are active in China. Practice head Dr Ulrike Glueck has more than 20 years’ experience in the Chinese market; Falk Lichtenstein is another name to note in the team.
Other key lawyers:
‘Highly (cost) efficient, very responsive, good industry knowledge (automotive), tri-lingual (German, Chinese, English).’
Mutares SE & Co. KGaA
K&L Gates‘s mainland China practice works closely with the firm’s Hong Kong team, with practice head Frank Voon working between the Beijing and HK offices. The practice additionally works alongside the firm’s offices in the Asia Pacific region and beyond to advise on inbound investments into China, as well as the China aspects of multi-jurisdictional transactions. Joint ventures between multinationals and Chinese companies are another area of focus for the team. In addition to Voon, Simon Poh and Max Gu are key figures in the group, with both offering significant experience in cross-border M&A.
Other key lawyers:
Simon Poh; Max Gu
‘K&L Gates has broad spectrum of legal area coverage and provided truly one-stop-shop services.’
‘Frank Voon, not only with his legal professional skills, we are impressed with his close and proactive involvement in the project.’
3D Systems Corporation
BC Technology Group
China Zenix Auto International Limited
DiDi Chuxing Co., Ltd.
Getac Technology Corporation
Wolfspeed, Inc. (formerly known as Cree, Inc.)
- Represented Brookfield in its acquisition of a Singapore group of companies that will come to own approximately 200,000 square meters of land-use rights in Zhangjiagang, Jiangsu PRC.
- Acted for Wolfspeed, Inc. (formerly known as Cree, Inc.) as its international counsel in connection with the sale of its global LED business and transfer of employees in 12 countries to SMART Global Holdings, Inc.
- Advised DiDi Chuxing, a global e-hailing business, in its expansion of its hail-riding and food delivery service business into various jurisdictions including South Africa, Bangladesh, Egypt, Lebanon, Morocco, Nepal, Nigeria, Qatar, Sri Lanka and Tunisia, as well as on-going regulatory work in Japan.
At Latham & Watkins LLP, the Shanghai office works closely with the firm’s team in Hong Kong to advise on deals throughout the Asia Pacific region. The team is highly active in the private equity sphere, where it represents both buyout houses and portfolio companies on deals; it is also engaged on strategic M&A, where its work includes acting for multinationals acquiring Chinese companies as well as advising on domestic transactions. Rowland Cheng serves as managing partner of the Shanghai office and has deep experience of cross-border corporate matters.
Working closely with its office in Hong Kong, O'Melveny‘s mainland China practice handles acquisitions, disposals and joint ventures for multinational clients. Walker Wallace leads the team and is based in Shanghai.
Walker Wallace; Nima Amini
Enjoy Start Limited
Alibaba Group Holding
China VAST Industrial Urban Development Company Limited
BOCOM International (Asia) Limited
- Advised Pharmaron Beijing Co., Limited in its acquisition of Aesica Pharmaceuticals Limited (Cramlington Site) from the Recipharm group.
- Acted for Enjoy Start Limited in an approximately US$180 million overnight financing.
- Advised RemeGen Co., Ltd. on entering into an exclusive worldwide license agreement with Seagen Inc.
Reed Smith Richards Butler
Reed Smith Richards Butler supports its clients on both inbound and outbound M&A, with particular experience in advising on energy and heavy industry deals. Jay Yan leads the team from Shanghai; other names to note include Eric Lin, who focuses on the energy sector, and Amy Yin, who specialises in the TMT space. Michael Fosh retired in December 2021.
Other key lawyers:
Eric Lin; Amy Yin
‘All the lawyers including partner and junior lawyer are very knowledgeable, understand client’s needs and make constructive suggestions to the client.’
Cuatrecasas is active across inbound and outbound M&A involving the Spanish, Portuguese and Latin American markets, and has experience across sectors including manufacturing, renewable energy and life sciences. Practice head Pablo Cubel has recently been particularly engaged by Chinese energy clients to advise on overseas investments, and associate Qinyi Tan works closely with the firm’s partners in Spain and Portugal to act for foreign companies in the Chinese market. Yao Wang has left the firm.
Pablo Cubelomar Puertas
Other key lawyers:
Laboratoires Dermatologiques D’Uria
Balpa Sistemas de Gestion Empresarial, S.L.
Bubble Space, SL
Jinko Power Spain
Xinxing Pipes International Development
- Advised Isdin on the establishment and daily operation in China; including on regulatory, e-commerce, tax and compliance matters.
- Advised Laboratoires Dematologiques d’Uria on the establishment and operation of its first subsidiary in China.
- Advised Loramendi on its business restructuring in China.
Dechert acts for international companies entering and exiting the Chinese market, as well as for Chinese companies making outbound investments. The team’s clients include Chinese private and state-owned enterprises, across sectors including energy, manufacturing and life sciences. Yang Wang leads the group and works between the firm’s Beijing and Hong Kong offices.
China Financial Services Holdings Limited
CLSA Capital Markets Limited
AE Majoris Global Investment Limited
Yuexiu REIT Asset Management Limited
Yuexiu Property Company Limited
China Galaxy International Financial Holdings Limited
MIE Holdings Corporation
- Advised New Century Asset Management Limited, manager of NC REIT, on the very substantial and connected disposal of all assets of NC REIT and the subsequent termination, liquidation, deauthorization and delisting from HKSE – The First Successful Delisting and Deauthorization of a Hong Kong-Listed REIT.
- Advised Zhejiang New Century Hotel Management Co., Ltd. on its HK$1.4 billion privatization by Kunpeng Asia Limited by way of voluntary general offer.
- Advised CICC and CLSA, the joint financial adviser to the Yue Xiu Enterprises (Holdings) Limited, on the HK$5.1 billion privatization of Chong Hing Bank Limited by way of a scheme of arrangement.
As a leading French corporate firm, Gide Loyrette Nouel A.A.R.P.I. is well-placed to advise French companies on entering the Chinese market through strategic M&A and joint ventures, and is also engaged to handle transactions by companies exiting China. In addition to its French client base, the team is increasingly instructed by Chinese clients to advise on outbound investments into France. David Boitout leads the team alongside Fan Jiannian and Guo Min.
David Boitout; Jiannian Fan; Guo Min
‘Good business sense, quick response, and very professional.’
MF Brands (Lacoste, Gant, Aigle, Technifibre, The Koople)
- Advised Air Liquide Advanced Technology SA on the establishment of a joint venture with Hefei Institutes of Physical Science of the Chinese Academy of Science, supporting the evolution of large scientific research experiments (“Big Science”) in China.
- Advised Icicle, the established natural and durable fashion brand in China, on the creation of ICCF Group (Icicle Carven China France), uniting ICICLE and the Parisian fashion house CARVEN.
- Advised Stellantis N.V. on the establishment of Mobile Drive, a 50-50 joint venture in partnership with Foxconn to develop breakthrough smart cockpits solutions and personalized connected services.
One of Japan’s leading law firms, Nishimura & Asahi‘s Beijing and Shanghai offices regularly acts for major Japanese corporates in Chinese matters, including joint ventures, acquisitions and investments. The group is also engaged by Chinese clients to advise on the establishment of subsidiaries in Japan. Takashi Nomura in Shanghai and Azusa Nakashima in Beijing lead the team.
Takashi Nomura; Azusa Nakashima
RS Technologies Co., Ltd.
Chuwa Bussan Co., Ltd.
Honda Motor Co., Ltd.
Eton Systems AB
Mitsubishi Materials Corporation
Hitachi Capital Management (China) Ltd.
Showa Denko K.K.
Koito Manufacturing Co., Ltd.
Nippon Steel Corporation
Toyota Industries Corporation
Mazda Motor Corporation
- Advising RS Technologies Co., Ltd., a Japanese listed provider of wafer reclaim services, on preparations for the listing in China of its Chinese subsidiary, GRINM Semiconductor Materials Co., Ltd.
- Advising Chuwa Bussan Co., Ltd., a wholesale distributor of construction and miningcranes, excavating machinery and equipment and a subsidiary of China CommunicationsConstruction Co., Ltd., on general corporate matters relating to its business in China and Japan.
- Advising Mazda on the reorganisation of Changan Mazda Automobile Co., Ltd. and FAW Mazda Motor Sales Co., Ltd., joint ventures between Mazda, Chongqing Changan Automobile Co., Ltd. and China FAW Co., Ltd.
Under the leadership of Wei Liu, Pinsent Masons has developed a practice focused on cross-border transactions involving China, including advising multinationals on establishing joint ventures as well as on acquisitions. The practice has further experience in representing Chinese companies in their outbound investments into South East Asia and Africa. Alongside Liu, Amanda Yao is another name to note in the team.
Other key lawyers:
Rocky Brands Inc.
Amec Foster Wheeler plc (Wood)
- Advised bp China on its equity purchase agreement and joint venture with battery swapping business Aulton New Energy Automotive Technology Co Ltd., to set up Guangzhou Aulton New Energy Technology Co Ltd.
Taylor Wessing LLP Beijing Representative Office
Taylor Wessing LLP Beijing Representative Office leverages its German connections to advise German clients on their business dealings in China, including acquisitions, disposals and the establishment and restructuring of joint ventures. Key names to note in the team include Mike Goldammer, who works between the firm’s Beijing and Munich offices, head of the Beijing office Christoph Hezel and Johnny Zhao, who works closely with Hezel on deals involving the automotive sector.
Michael-Florian Ranft; Qun Huang
Other key lawyers:
Mike Goldammer; Christoph Hezel; Johnny Zhao
‘The firm has long-term continuous involvement in China, resulting in network and experience as well as dedication and curiosity plus attention to detail to make every matter a success for the client’
‘Very quick response time and always the right expert for very specific topics. Very close internal alignment within the law firm, since the results come across always seamless and on the point.’
‘Mix of very experienced partners with long-term China on-site experiendce from many industries in conjunction with a strong local team on site. Time difference is also used in a positive manner to get things done in various timezones to comply with our needs.’
Duisburger Hafen AG
- Advised Duisburger Hafen AG on an investment in multimodal logistic facilities in Asia.