Fintech: PRC firms in China
Han Kun Law Offices
The 'energetic and creative' fintech team at Han Kun Law Offices advises a wide range of cross-border clients on areas such as regulation and compliance, equity finance, M&A, and venture capital transactions. An impressive group of clients includes WeBank, Welab, and Baidu, with matters including internet financing, compliance, and public listings. The team is led by the 'authoritative' Jun Wan, who is praised for his 'professional, creative and rigorous approach'. Wan and Charles Li acted as PRC counsel for TPG on the spin-off of Baidu's financial services group, an investment totalling $1.9bn.
Other key lawyers:
Shu Wang; Zhu Jun; Tiecheng Yang;
‘Compared with other firms, Han Kun’s team is more energetic and creative. The team is willing to learn new things about the industry. As such, they can help clients to stand at the forefront with their professional legal support.’
‘Our company has repeatedly hired Han Kun Law Firm Shanghai branch to provide legal services for our company’s business compliance and special projects. In addition to professional and in-depth industry and research, Han Kun can also provide a lot of extra services, including industry information, legal advice, etc. Compared with other lawyers, they are more professional and have a better understanding of the industry.’
‘Jun Wan has a deep understanding and knowledge of the fintech industry.‘
‘Jun Wan combines strong legal knowledge and business sense into pragmatic and productive advice.‘
China Rapid Finance
- Acted as the PRC counsel for investors, TPG, on the spin-off transaction of the financial services group of Baidu Group, in a deal worth $1.9bn.
- Advised several high-profile fintech companies, including Lexinfintech Holdings, Huaruntong, 9FBank and Welabon on designing their product offerings, drafting standard agreements and promoting daily operations.
- Advised Tencent on its investment in Cango Inc, a leading auto finance fintech company, in a deal worth RMB10bn.
- Advised the joint sponsors J.P. Morgan and CLSA Capital Markets on the global offering of Huifu Payment on the main board of the stock exchange of Hong Kong. Total offer amount was around HK$1.7bn.
- Provided legal and compliance advice to 9F.
Zhong Lun Law Firm
The fintech practice at Zhong Lun Law Firm, which is led by Wantao Yang, Borong Liu, Shirley Lu, Hui Zhi and Zhisong He, provides 'comprehensive' advice to clients on corporate and financing transactions including bitcoin and coin offering regulatory matters, as well as representation in financial and foreign-related commercial litigation and arbitration. The team, which is 'well versed in the fintech field', is also particularly recommended for its regulatory offering, providing compliance services to several well-regarded fintech companies. The 'rigorous and responsible' Xinyu Liu represented Shanghai Moses in its dispute against Shanghai Mosan over asset management consulting fees, a matter totalling RMB2.8m.
Wantao Yang; Borong Liu; Shirley Lu; Hui Zhi; Zhisong He
Other key lawyers:
‘The team has extensive experience in internet finance, data security and privacy protection and is adept at providing legal support for a balanced blend of financial innovation and business compliance.’
‘After comprehensive evaluation of price, personnel and performance, we prefer the legal services of Zhong Lun Law Firm. Liu Xinyu’s knowledge of law-related matters, the financial technology industry, and his rigorous and responsible attitude towards his work make him a great professional to work with.’
‘The firm is efficient, professional, responsible and able to fully understand customer needs.’
Huatai Insurance Group
Taiping General Insurance Co., Ltd. Shanghai Branch
Shanghai Minhang Finance Bureau
Association of Shanghai Internet Financial Industry
Shanghai Huarui Bank Co., Ltd.
Hangzhou Enniu Network Technology Co., Ltd.
Hangzhou Yiniu Network Technology Co., Ltd.
Shanghai Moses Investment Co., Ltd.
Nielsen-CCData Media Data Services Co., Ltd.
Fullerton Technology (Shanghai) Co., Ltd.
Changan Wealth Asset Management Co., Ltd.
Beijing Yunqian Financial Service Outsourcing Co., Ltd.
Shanghai AJ Wealth Management Co., Ltd.
Chinatopcredit Financial Information Services (Shanghai) Co., Ltd.
Shanghai Jingyao Network Technology Co., Ltd.
Shanghai Shuhe Information Technology Co., Ltd.
Shanghai Zizhu Development Co., Ltd.
Shanghai Houbank Financial Information Service Co., Ltd.
Shanghai Fengtai Real Estate Co., Ltd.
Shanghai Zendai Aite Financial Information Service Co., Ltd.
Shanghai Bijin Network Technology
Shanghai Xinxindai Services Co., Ltd.
Huaxia Finance Internet Financial Information Service (Shanghai) Co., Ltd.
Beike Finance Holdings Group Co., Ltd.
Shanghai Luoshu Investment Management Co., Ltd.
Sichuan Xinkangci Technology Co., Ltd.
Shanghai Minhang Assets Investment Management Co., Ltd.
- Advised Taiping General Insurance on the assessment of asset losses that occurred between 2005 to 2014.
- Advised Shanghai Minhang Assets Investment Management on its RMB50m investment in Nuoma Hydraulic.
- Advised Beijing Yunqian Financial Service Outsourcing on its due diligence on several auto finance service providers, for deals worth RMB5bn.
- Advised Chinatopcredit on its peer-to-peer lending business, loan referral business and data protection issues.
DaHui Lawyers continues to specialise in advising a number of clients on both sides of cross-border fintech financing matters, including Series C financing, stock offerings, and public listings. Clients include AirBNB, CICC, and Credit Suisse, with matters including securing online payment licenses, regulation and compliance, as well as advising firms seeking to expand into the fintech market on restructuring. Richard Ma and Brendon Wu head the practice, both regularly advising investors on their entries into the Chinese market, with Brendon Wu advising Credit Suisse, Goldman Sachs and JP Morgan on the $152m listing of VCREDIT Holdings.
Richard Ma; Brendon Wu
Other key lawyers:
China International Capital Corporation Limited (CICC)
Schaeffler Technologies AG & Co. KG
Xinyuan Real Estate Co., Ltd.
- Advised Tiger, a leading online brokerage firm focusing on global Chinese investors, on its IPO and listing on NASDAQ, with the IPO valued at $127m.
- Advised Credit Suisse, Goldman Sachs and J.P. Morgan as joint sponsors on the $152m global offering and listing on the Hong Kong Stock Exchange of VCREDIT Holdings, an online consumer finance provider.
- Advised Yellow River/Jihuiduo with its market entry, structuring, navigation of payment solutions and its cooperation with commercial banks in China.
Led by Jinrong Liu, Steven Yu, and Vincent Wang, Global Law Office handles a wide spectrum of work in the fintech space, including onshore, offshore and cross-border transactions, P2P, online payment, and blockchain. A diverse group of clients includes Tencent, Shanghai Shi Zhuang IT Co., and the Xiaomi group, with matters focusing primarily on mergers, financing, and stock offerings for technology companies in a range of industries, including healthcare, TMT and retail. Jinrong Liu and Qiuning Kang advised Shanghai Sina on the $115m acquisition of P2P company Bejiing Jiubangwo.
Jinrong Liu; Steven Yu; Vincent Wang
Other key lawyers:
Xin Zhang; Amy Guangying Dai
Shanghai Shi Zhuang Information Technology Co., Ltd.
Linklogis Financial Holdings Inc.
Wanka Online Inc.
AsiaInfo Technologies Limited
- Advised Shanghai Sina Financial Investment Management Co.on the $115m acquisition of P2P company Bejiing Jiubangwo, expanding Sina’s share of the fintech market.
- Advised Shenzhen Qian Hai Linklogis Financial Service Company on its Series A+, Series B and Series C rounds of financing. The major investors include Tencent, Citic Capital, Loyal Valley Capital, China Merchants Capital and BAI.
- Acted as the PRC adviser to CLSA and Citigroup on the global offering of AsiaInfo, a total of 85,652,000 shares priced at HK$13.5 each.
Praised for its 'experience' and 'attention to customer needs', King & Wood Mallesons' fintech team is active across the banking and finance, corporate securities, capital markets, and IP sectors, including advising regulatory bodies and commercial entities on crypto issues, pre-IPO restructuring, and the listing of a fintech company. The team is led by Allen Zhong and Jie Zhou, who have great experience in banking, especially cross-border financing deals. Notably, Allen Zhong worked with Jiang Zhihui on the $1.4bn financing of Ant Small and Micro Financial Services Group, in order to accelerate the company's globalisation plans. Fushen Chen and Leimin Yu are also noted.
Allen Zhong, Jie Zhou
Other key lawyers:
Yu Leimin; Yang Xiaoquan; Chen Fushen;
‘Rich in experience, comprehensive in ability, and good in service attitude and awareness.’
‘Pay attention to customer needs and actively provide or communicate relevant information and services. With regard to the needs outside of their own business capabilities, they can coordinate relatively appropriate resources in a timely manner, organise teams, and provide timely services.’
‘Great professionalism and implementation, good service awareness and attitude, and good solutions or suggestions for solving problems from a professional perspective.’
- Advised on Welab Holdings’ application for a Hong Kong virtual banking licence.
- Served as PRC counsel to Ant and Small and Micro Financial on its C-round financing totalling $1.4bn.
- Assisting Thunder Onething with its compliance scheme, securing recognition and support from the regulatory authority.