Fintech: PRC firms in China

Han Kun Law Offices

Leveraging the firm’s deep bench strength in the technology industry, Han Kun Law Offices‘ team acts for clients across the fintech ecosystem. The practice is well equipped to advise on a diverse range of fintech products, including P2P lending products, the transfer of non-standard assets, payment products, crowdfunding products, and other innovative fintech products. Jun Wan has notable expertise in blockchain and cryptocurrency; he recently advised HSBC Fintech on the establishment of its PRC fintech platform and business model and assisted Tencent Financial Technology with a range of regulatory matters and the development of innovative financial products. Shanghai-based Wei Quan, who was recently promoted to the partnership, advises fintech companies and financial institutions on developing financial products in relation to consumer finance, supply chain finance, payment services, and applying for financial licenses. Hong Kong-based Felix Miao is highly experienced in equity and debt capital market transactions.

Other key lawyers:

Wei Quan; Jun Wan; Zaiguang Lu; Felix Miao

Testimonials

The team keeps up with the industry development trends, in-depth research on related fields, and study solutions together with the legal dilemmas encountered by the customer’s business development. They take the customer’s business dynamics as the cornerstone of development, and the national policy dynamics as the research direction, and provide precise and professional legal advice and opinions.’

‘In terms of law firm personnel, the expansion and diversity of talents are also unique to the law firm. The effective combination of litigation lawyers and non-litigation lawyers can give enterprises more comprehensive opinions and suggestions.

Wei Quan and Jun Wan are able to face problems with companies, discuss feasible solutions, and give forward-looking legal advice. They are good business partners.

Key clients

HSBC Fintech(汇丰金科)

Futu(富途证券)

Bitmain(比特大陆)

Waterdrop(水滴)

Tencent Financial Technology (腾讯金融)

Airwallex (空中云汇)

Xiaomi Supply Chain Finance / Xiaomi Commercial Factoring 小米供应链金融 / 小米商业保理

Duxiaoman Financials(度小满金融)

AI Bank(百信银行)

WeBank(微众银行)

JDD(京东数科)

Sougou(搜狗)

9Fbank(玖富)

Meituan-Dianping (美团点评)

Lianjia(链家)

Yixin(易鑫)

Lexin (乐信)

Xiaoying(小赢理财)

Work highlights

  • Represented Bitmain Technologies Inc. in a controlling rights dispute against Bitmain Group and successfully assisted the client to regain control of the group company.
  • Acted for Futu Holdings Limited in its $1.4bn public follow-on offering.
  • Advised Waterdrop Inc. on its $360m US IPO.

King & Wood Mallesons

King & Wood Mallesons‘ 11-partner fintech team is jointly led by Shanghai-based Leimin Yu and Shenzhen-based well-regarded financial services specialist Allen Zhong. Yu’s broad practice includes advising on M&A transactions, cybersecurity and data compliance, cross-border internet payments and  the business application of blockchain, and regulatory advice in relation to business, operation and marketing activities in China. With an impressive nationwide network of offices and multidisciplinary teams, the team assists a large number of fintech enterprises including major industry players such as Alibaba (China), Huawei, Xunlei and Bitmain with financing, corporate, capital markets, M&A, IP and regulatory matters. Recent work saw the team advising Ouyeel Finance, China Mobile and China Unionpay on a range of payment and verification business issues, compliance relating to personal information protection and data protection matters. Fushen Chen has notable experience advising fintech companies, private equity investment funds as well as non-fintech companies on their transformation from traditional industries to internet finance businesses. Rong Wang is a name to note for data protection, financial regulation and compliance, and the establishment of financial institutions.

Practice head(s):

Leimin Yu; Allen Zhong

Other key lawyers:

Fushen Chen; Rong Wang

Testimonials

Strong ability to update and follow up on statute of limitations, rich experience and strong professional capabilities in the payment field, and strong professional capabilities in other financial technology matters related to payment, data compliance, and corporate governance. Their team has provided us with very comprehensive legal services‘.

Leimin Yu has experience in compliance departments, so he understands the compliance logic and compliance thinking in the financial sector very well. This is something that other lawyers can’t get from just studying laws and undertaking projects. Therefore, Yu can predict the risk points of business development from a more macro perspective and based on the development direction of future regulatory thinking, and can also accurately identify the legal issues of the existing business. In the field of financial technology, especially payment compliance, we very much recognise the services of Yu‘.

Key clients

Huawei Technologies Co., Ltd.

Huawei Device Co., Ltd.

Alibaba (China) Co., Ltd.

Ouyeel Finance Co., Ltd.

Du Xiaoman Technology (Beijing) Co., Ltd.

Bank of Hangzhou Consumer Finance Company

Digital Currency Institute of the People’s Bank of China

Qianhai Mercantile Exchange

China Mobile (Shanghai) ICT Co., Ltd.

China Unionpay Co., Ltd.

Central China Securities Co., Ltd.

Work highlights

  • Assisted Huawei Technologies Co., Ltd. with acquiring Shenzhen Sharelink Network Co., Ltd.
  • Advised Qianhai Mercantile Exchange on its establishment of a blockchain warehouse receipt alliance with Ant Financial.
  • Advised Digital Currency Institute of the People’s Bank of China on the pilot scheme of e-RMB.

Zhong Lun Law Firm

Zhong Lun Law Firm‘s scope of fintech practice includes advising traditional banks on their digital transformation and acting for tech companies and institutional investors on multibillion-dollar M&A and IPO transactions. Its recent caseloads also includes advising blockchain information service providers, tech companies, domestic and international financial institutions on compliance matters. The team is led by Scott Yu, Zhisong He, and Xinyu Liu who focuses on the design of innovative financial products, data and privacy protection, compliance and regulatory matters. Luping Yu is noted for advising on fintech projects such as physical enterprise chain reform, digital asset trading platform construction, GDPR compliance review, and company equity structure design.

Practice head(s):

Xinyu Liu; Scott Yu; Zhisong He

Other key lawyers:

Luping Yu

Testimonials

In the field of fintech, Zhong Lun Law Firm should be the top and most professional law firm in China. Zhong Lun Law Firm participated in many financial technology projects, and always keeps up with the development of concepts.’

Zhong Lun entered the field of financial technology early and has been involved in all types of financial technology. Compared with other law firms we have worked with, Zhong Lun can always quickly understand the latest trends in the industry and provide us with professional, accurate and predictive advice.

Xinyu Liu is able to keep up with the development of the financial technology; he understands and is proficient in cutting edge financial technology knowledge, and provides us with very valuable advice.’

Xinyu Liu has been deeply involved in the fintech industry for many years. He is a witness to the development of the industry and has a full understanding of the development context of financial technology. Thanks to his long-term work in the industry, he often has unique insights into the ever-evolving regulatory requirements, and he can provide us with the latest interpretation of policies, and assists us in adjusting and designing our product models and business models in a timely manner.

Key clients

Bank of China

Shanghai Commercial Paper Exchange

Bank of Beijing

Bank of Nanjing

Shanghai Rural Commercial Bank

Xiamen International Bank

Lufax

Tencent

Meituan

Taiping Financial Services

Ping An Puhui

Tongdun Technology

Yango Finance

Shanghai Minhang Financial Services Office

Fountainvest Partners

Guoxin Venture Capital

Bitmain Technologies Inc.

Shenzhen LinkTime Technology Co., Ltd.

Hangzhou Shichuo Information Technology Co., Ltd.

Work highlights

  • Advised Bank of China on developing a mini-program that provides online wealth management services.
  • Advised Shanghai Commercial Paper Exchange on revising the master agreement on commercial paper transactions, the master agreement on cross-border trade finance and provided compliance related to its commercial paper exchange business.
  • Advised the joint underwriters on Lufax’s $2.3625bn IPO on the New York Stock Exchange.

DaHui Lawyers

DaHui LawyersComparative Guides promotional icon maintains close working relationships with major PRC regulators including the People’s Bank of China, the Public Security Bureau, and the Cyberspace Administration of China, and regularly acts for domestic and international clients on structuring their payment solutions in the China market. It also has notable expertise in advising on big-ticket private equity financing and capital markets transactions, as well as acting for international companies seeking third-party payment licenses. Founding and managing partner Richard Ma is a key name to note for transactions and compliance matters, and jointly leads the team with Brendon Wu who is recommended for advising PE and VC funds on their portfolio investments. Cloud Li and Joanna Jiang are key names for M&A and PE financing, and fintech regulatory, respectively.

Practice head(s):

Richard Ma; Brendon Wu 

Other key lawyers:

Cloud Li; Joanna Jiang

Key clients

Airbnb

Ant Group

China International Capital Corporation Limited (CICC)

Citigroup

Credit Suisse

Danhua Capital

Dawanjia Inc.

Deepexi Global Inc

EventBank

Goldman Sachs

GSR Ventures

Crystal Stream Fund (HillHouse Capital)

Hillhouse AI

Ideanomics

J.P. Morgan

Kinzon Capital

Lenovo Capital and Incubator Group

Schaeffler Technologies AG & Co. KG

Sequoia

Source Code Capital

Tencent

Up Fintech Holding Group (“Tiger Brokers”, NASDAQ: TIGR)

Qudian Inc. (NYSE: QD)

VCP Advisors

World First

Xiaoying.com

Xinyuan Real Estate Co., Ltd.

Warburg Pincus

Yellow River / Jihuiduo

Work highlights

  • Advised Yellow River on its de-SPAC merger with East Stone Acquisition Corporation.
  • Advised MFS Africa on its acquisition of Beyonic Inc to further expand its mobile payment services in Africa.
  • Advised Ant Group on its investment in one of the fastest-growing mobile payment solution providers in China.

Global Law Office

Global Law Office‘s broad client roster spans traditional financial institutions, e-commerce, and fintech start-ups which it advises on contentious and non-contentious matters with particular strength in multimillion-RMB financing, private equity and venture capital investment mandates in the fintech industry. Areas of expertise include face recognition, e-payment, big data, artificial intelligence and virtual currency. Recent highlights also saw the team acting for a multinational financial services company on the compliance aspects of its business practice and cooperation in China, including financial regulatory requirements for cross-border payment services, potential business model assessments, tax arrangements, data compliance and due diligence on business partners. Steven Yu acts for international and domestic private equity and VC funds, and internet giants on their investment in China-based TMT companies; he recently advised Bugbank, China’s leading cybersecurity service provider, on completing Series B2 and Series C1 financing. Vincent Wang has expertise in a broad range of new and emerging technologies including artificial intelligence, blockchain, IOT, e-mobility and cloud computing; Maggie Meng specialises in the TMT sector, with a particular focus on data protection and privacy as well as regulatory matters.

Testimonials

The team is highly professional and works conscientiously and carefully. Steven has a wealth of project and industry experience. Regardless of the size of the project, he can lead his team members to complete the execution very meticulously and conscientiously.

Work highlights

  • Assisting HashKey Group with its global expansion in the area of digital asset acquisition and management, including financial and strategic investment in portfolio companies with a focus on the industry of blockchain and various related applications.
  • Acted for Primavera Capital (as one of the leading investors) in its $700m Series D investment in 4Paradigm.
  • Acting for a major bank on the compliance aspects of the collection and usage of facial images on online platforms.

Rui Bai Law Firm

Rui Bai Law Firm significantly enhanced its fintech and corporate offering when the well regarded Barbara Li and her team joined the practice from Norton Rose Fulbright in June 2020. A member of the PwC global network of firms, the team acts for a broad range of clients on big data, 5G, AI, cloud computing, robotic process automation, IoTs, blockchain and other emerging technologies. Li has a solid track record of advising international and Chinese companies and financial institutions on large-scale cross-border transactions including advising foreign investors on fintech investments and projects in China, and has particular expertise advising on cybersecurity, data privacy and regulatory compliance. Sarah Xiong's recent caseloads include advising a foreign online payment company on its restructuring in China and assisting an IoT solutions provider with GDPR and data privacy issues.

Practice head(s):

Barbara Li

Other key lawyers:

Sarah Xiong

Zhao Sheng Law Firm

Combining TMT, financial regulatory and corporate advice, as well as its joint operation with Linklaters, Zhao Sheng Law Firm’s fintech practice is well placed to advise on cross-border fintech transactions, cybersecurity and data privacy compliance matters. Its clients include a mix of fintech, financial institutions and tech companies. Practice head Collette Pan specialises in China-facing financial institutions, tech and fintech M&A transactions and the regulation of mainland China’s financial markets and financial services as well as general corporate and China-related outbound and inbound M&A transactions. Managing associate Ningying Bao focuses on cross-border M&A for multinational clients and PRC companies.

Practice head(s):

Collette Pan

Other key lawyers:

Ningying Bao

Key clients

Ascend Group Company Limited

Work highlights

  • Advised Ascend Group Company Limited, through its wholly-owned subsidiary Golden Commerce Capital Ltd., on a convertible loan and the subsequent 100% acquisition of Chilindo Company Limited (Hong Kong), which holds operating subsidiaries in China, Malaysia, Thailand and Vietnam.