Firms To Watch: Investment funds: PRC firms

Yuqiong Shi has built on her previous experience working for two major international US law firms and leads Anjie Broad Law Firm's new and growing investment funds practice. Advising on complex fund formation, Shi is notable for her particular expertise in the field of crypto.
An emerging practice, with a presence in South China as well as the capital, Merits & Tree Law Offices represents state owned funds as well as both domestic and multinational private sector clients. They also advise regulators.
Based in the medieval capital of Xi’an, the western Chinese Silkroad Law Firm counts fund formation and asset management as a core practice area. The team, led by Haifeng Yang, also works from offices in Beijing and Shenzen and serves a number of large Chinese clients. Kate Feiyang Dou is another key name at the firm.

Investment funds: PRC firms in China

Fangda Partners

Fund structuring specialist firm Fangda Partners has long stood amongst the market’s pioneering firms. Advising clients through the full life cycle of the fund, the ‘resourceful and practical‘ team is led by Richard Guo who draws on a wealth of experience in the formation and operation of alternative investment products, funds of funds, co-investment funds and corporate venture funds using both USD and RMB currencies. Zhen Chen, Zhiyi Ren, Candy Tang and Flora Qian are further names to note, and count Morgan Stanley and Sequoia as their main clients.

Practice head(s):

Richard Guo

Other key lawyers:

Zhen Chen; Flora Qian; Candy Tang; Zhiyi Ren


‘Very knowledgeable while can also deliver practical advice.’

‘Responsive and responsible.’

‘They are very experienced and resourceful.’

‘Very creative at coming up with solutions.’

‘They have rich experience and deep expertise.’

‘Very resourceful. They can help connect us with helpful contacts.’

Key clients

Morgan Stanley

Boyu Capital

Zoo Capital

DCP Capital

Vision Knight Capital

Alibaba Group

Yunfeng Capital

Ant Financial

Sequoia Capital

CICC Capital

Synergis Capital

Work highlights

  • Represented Morgan Stanley on the structuring and formation of its third flagship RMB Fund in China.
  • Advised Sequoia Capital on the structuring and formation of its first, second and third qualified foreign limited partnership (“QFLP”) funds in Hainan.
  • Assisted Boyu Capital with the structuring and formation of its fourth flagship RMB Fund, Boyu RMB Fund IV.

Han Kun Law Offices

Han Kun Law Offices covers private, venture capital and private equity funds in the majority of industry sectors and provides a ‘knowledgeable‘, ‘practical‘ and ‘efficient‘ service. Practice head Daisy Qi has a decade of experience in fund formation and investment management. Lin Zhou focuses her practice on the formation and operations of various types of funds, including the structuring and the formation of venture capital funds, private equity funds, M&A funds, film and entertainment funds, sports funds, infrastructure funds, real estate funds, logistics funds and more. Lu Ran is another name to note.

Practice head(s):

Daisy Qi

Other key lawyers:

Lin Zhou; Lu Ran; Vincent Song; Qian Jin


‘Very knowledgeable and always keeping up with the latest regulatory development in the PRC.’

‘They have a lot of practical experience in dealing with potential LPs or local governments.’

‘Ran Lu and Qian Jin are my key contacts for Han Kun funds team. Both are very knowledgeable and responsive.’

‘Professional and time efficient.’

Key clients

CICC Capital

China Broadband Capital / CBC


Goldstone Investment


IDG Capital

China Renaissance Capital


Gaorong Capital


(CEC Capital)

Hui Capital

Hike Capital

Venturous Capital


Taikang Investment

Jadespring Capital


Everbright FOF

China Growth Capital


SummitView Capital

Eastern Bell Capital

Meituan Longzhu

Source Code Capital

YuanBio Venture Capital

China Structural Reform Fund Co., Ltd.


Zhongguancun Capital FOF

Everybright Trust

Minmetal International Trust

SAIF Partners,

Xiaomi Fund

Guotaijunan International


Work highlights

  • Advising China Everbright Limited (165.HK) on the establishment of multiple funds and LP investments into PE/VC funds.
  • Represented SOSV-SCGC as GP counsel in its formation of SOSV-SCGC Shenzhen QFLP Fund.
  • Assisted Goldstone in establishing a fund in Hangzhou (“Hangzhou Fund”) which will not only make direct equity investments, but also invest in other funds.

King & Wood Mallesons

King & Wood Mallesons investment funds lawyers advise on fund formation, structuring and negotiations on business and legal terms with investors, as well as providing various drafting services. The firm provides ‘tremendous support’ on both private equity and venture capital fund formation. Assistance on the establishment of funds overseas is a key strength of the practice. Mulong Gong has extensive experience in enterprise restructuring, domestic and overseas listings as well as PE fund investment, formation and fund-raising of PE funds; he co-leads the team with Ma TianningAlan Du has advised on several major high-profile fund formations and has expertise in foreign direct investment. Minxiu Wan has been promoted to partner. Zhaoyan Wang is well recommended by clients.

Practice head(s):

Mulong Gong; Ma Tianning

Other key lawyers:

Alan Du; Minxiu Wan; Zhaoyan Wang; Zehui Gu


‘King & Wood Mallesons helps us to form the fund structurse, provides tremendous legal support on our PE/VC investment projects, and advises us on day-to-day compliance issues.’

‘The team offers valuable counseling to our oversea projects, in particular providing insights on establishment of overseas investment vehicles and advice on practicability of investment proposals.’

‘We maintain smooth communication, and they can quickly make our business ideas into specific text plans.’

‘They have extensive knowledge and experience of the area, and they have requisite skill set to fulfill our needs and respond in a competent and responsive manner.’

Key clients

China SME Development Fund Co., Ltd.

Suzhou Industrial Park Major Industrial Project Investment Fund, L.P.

Suzhou Innovation Industry Development Guidance Fund, L.P. (Suzhou FOFs)

Zhong Lun Law Firm

‘Reliable and timely’ in their advice, Zhong Lun Law Firm‘s investment funds practice acts as regular counsel to a number of prominent private equity and venture capital firms and has also represented numerous emerging companies in fund-raising transactions. QDLP and QDII funds also form a core part of the practice. Private equity and asset management specialist Catherine Chen and the highly experienced Ping Zhang are among the key names in a strong bench of partners. Zhang has worked for over ten years in the field and has expertise in the formation, operation and project investment of domestic and offshore private investment funds as well as their management entities. Ursula Li is another name to note.

Practice head(s):

Catherine Chen; Borong Liu; Lefan Gong; Ping Zhang

Other key lawyers:

Yanchun Zhao; Ursula Li


‘When we move on quite a few fund formation projects, Zhong Lun team always supplies reliable and timely support, which shall be ascribed to their abundant lawyers and strong responsibilities.’

‘Mr. Ping Zhang is very familiar with all aspects of the field of fund formation, and remains at the forefront of the industry. He always provides clever legal advice combined with commercial sense and broad view when projects get stuck.’

Key clients

Dao He Investment

CICC Capital

Centurium Capital

Chengwei Capital

CPIC Capital

Shunwei Capital

Northern Light Venture

Yahui Precision Medical Fund

CICC Capital

String Capital

Sunshine Life Insurance Group

Nanjing Fosun Tongrui Venture Capital Partnership (Limited Partnership)

Sunshine Life Insurance Co., Ltd.

Zhongqing Xinxin huayu (Shanghai) Equity Investment Partnership (Limited Partnership)

Growth FOF(Guofang Capital)

Hushan Investment

Taicang Asset Management Group Co., Ltd.

LFC Investment Hong Kong Limited

Chongqing Liangjiang Equity Investment Fund Management Co. Ltd.

Chongqing Jiangbeizui Fund Management Co., Ltd.

Work highlights

  • Advised Shunwei Capital on establishing Shunwei RMB fund IV.
  • Assisted Sunshine Life Insurance Group with its fund formation in Suzhou City, Jiangsu Province.  
  • Advised Yahui Precision Medical Fund on establishing Yahui RMB fund IV.  

DaHui Lawyers

DaHui Lawyers has a burgeoning investment funds practice representing a number of dynamic clients. Cloud Li leads the China practice from Shanghai, while Zheng Zha operates in both Beijing and New York, serving large US funds investing in China. The firm provides services in the establishment, investment, maintenance, restructuring and dissolution of funds and also in dispute resolution following the dissolving of a fund. The team helps fund founders, institutional and high-net-worth individual investors with the establishment of RMB funds, USD funds, parallel funds, close-end funds, feeder funds and cross-border funds.

Practice head(s):

Zheng Zha; Cloud Li

Other key lawyers:

Brendon Wu; Jie Tong; Julia Dai

Global Law Office

Global Law Office advises on fund formation for clients in various sectors, including semiconductors, pharmaceutical, mining and new energy. The practice also represents some of China’s largest insurance companies as well as multinational real estate investment firms. Yuan Yuan, who focusses on structuring and forming private funds, and Amy Dai co-lead the practice. Dai advises RMB funds, USD funds and joint venture fund with various structures including QFLP, QFGP and funds of funds. Xianlai Liu, who demonstrates extensive knowledge of the Chinese private equity and venture capital markets, is another key name.

Practice head(s):

Amy Dai; Yuan Yuan

Other key lawyers:

Xianlai Liu

Key clients

China Reform Fund

CICC Capital

Sinopec Haihe (Tianjin) Equity Investment Fund Management Co., Ltd

Yuantaibaoman (Suzhou) Equity Investment Management Co., Ltd.

China Life Insurance (Group) Company


IDG Capital

Poly Capital


Hua Capital

PRO Capital

Work highlights

  • Advised on the formation of a private equity investment fund built by China Post Group Corporation and GLP.
  • Advised GLP on the establishment of a RMB 4.5 billion fund in China.
  • Advised SK Hynix, a world-renowned Korean investment institution which has been involved in many domestic investments, for the establishment of the fund in a project.

Jingtian & Gongcheng

At Jingtian & Gongcheng, Yong Wang advises on various aspects of the life of a fund, including formation, structuring, marketing and as well as dissolution and liquidation. The practice provides legal services to domestic and foreign-invested RMB funds, cross-border investment funds (QFLP and QDLP) such as venture capital funds, private equity funds, industry funds, M&A funds, and securities investment funds. Wang’s team represent both domestic Chinese funds and a range of well known multinational companies in the financial services sector, alongside funds in various specific sectors such as healthcare and technology. Bangwei Xu, who has also a background in commercial litigation and intellectual property, assists Wang in this practice.

Practice head(s):

Yong Wang

Other key lawyers:

Bangwei Xu

Key clients

Multiple investment funds of Hillhouse Capital

Himalaya Capital

Heliconia Capital Management Pte. Ltd.

IDG Capital

Hangzhou XinFengwei Internet Technology Co., Ltd

Jiangsu Jiequan Guoxin New Resources Industry Investment Fund Partnership (Limited Partnership)

Beijing Daodiguowei Internet Technology Co., Ltd

Beijing Percutek Therapeutics Co., Ltd.

Nanjing Huimu Information Technology Co., Ltd.

Shanghai Beyond Science Co., Ltd

Credit Suisse

National Military-civilian Integration Industrial Investment Fund Co., Ltd.

Beijing AviChina Phase I Aviation Industrial Investment Fund (Limited Partnership)

EDDA Healthcare and Technology Holding Limited

Orchid Asia Group

GLP StarRock Ventures I, L.P.

Mirxes Holding Company Limited

Rainmed Medical Limited


JunHe LLP offers a tailored service in fund formation, assisting clients to implement a range of structures and strategies. Its large team is led jointly by Xiyong ZhaoWang Man and Qing (Natasha) Xie, who displays ‘exceptional‘ industry knowledge. Each advises an impressive array of both state backed and private clients assists with fund manager registration, fund formation, fund filing, funds of funds investment and secondary investment. Jie Tang is another name to note but Fei Pei has left the firm.

Practice head(s):

Xiyong Zhao, Wang Man; Qing (Natasha) Xie

Other key lawyers:

Jie Tang


‘Natasha Xie is the leading lawyer in this field in the PRC and is our trusted long term adviser for any PRC related funds issue or trading issue – including for example, investment restrictions, the QFII scheme, Shanghai connect, PRC securities law, PRC futures law. Natasha’s industry knowledge is exceptional.’

Key clients

Source Code Capital

Hillhouse Capital


Eastern Bell Capital

China Resources Capital

CICC Capital

National Council for Social Security Fund

National Integrated Circuit Fund

National Manufacturing Transformation and Upgrading Fund

National Military-Civilian Integration Industry Investment Fund

Work highlights

  • Assisted Source Code in completing the establishment of the RMB Fund V.
  • Assisted NRL Capital and Sunshine Asset to complete the establishment of NRL Sunshine Multi-Strategy Fund.
  • Advised Guoxiang Shangheng in completing the formation of Beijing Guoxiang Shangheng Fund.

Llinks Law Offices

Llinks Law Offices provides an impressive technical offering co-led by Charles Qin and Sandra Lu, who trained as an economist before becoming a lawyer and brings this experience to bear in her market analysis. The practice advises domestic and foreign fund management companies and their subsidiaries, working on both private equity and venture capital funds. The firm also has expertise in advising trusts as well as insurance, asset management and securities companies. Selena She is an experienced advisor to large funds, and the firm has a promising next generation of partners exemplified by Candice Du and Daisy Ding. The practice offers consultation on fund establishment and advises on fund formation.

Practice head(s):

Charles Qin; Sandra Lu

Other key lawyers:

Selena She; Candice Du; Daisy Ding

Key clients

Neuberger Berman Investment Advisers

GF Fund Management

Morgan Stanley Huaxin Fund Management Co., Ltd.

E Fund Management Co., Ltd.

Shanxi Securities International Asset Management Limited

CICC Qiyuan National Emerging Industries Venture Investment Guidance Fund

Nanjing Jinjijiang Equity Investment Fund (GSR Capital)

EverbrightAshmore (Beijing) Investment Management Co., Ltd.

Hengqin Ping An Real Estate Equity Investment Management Co. Ltd.

Work highlights

  • Advised Prescient Investment Management (Pty) Ltd on the setup of a private securities investment fund management company in China.
  • Advised CHINA-AFRICA DEVELOPMENT FUND on its strategic participation of A-share placement of China Mobile Limited.
  • Assisted The Rhodes Trust on its contemplated establishment of a representative office in China and foreign NGO’s operational issues under the Chinese law.

AllBright Law Offices

Industrial funds and funds set up by provincial governments form the bulk of the AllBright Law Offices practice. The firm advises on the establishment of investment funds, registration and filing, major event changes, fund raising, fund structure design and fund contract drafting and negotiation as well as dispute resolution in case of exit. Shi Yubin is active in M&A and dispute resolution, while Fuzhi Lin is another key name at the practice, with experience advising SOEs.

Practice head(s):

Shi Yubin

Other key lawyers:

Fuzhi Lin

Key clients

Jiangsu Provincial Government Investment Fund (limited partnership)

Gongqingcheng Jiyaosheng Equity Investment Partnership (limited partnership)

Shanghai Muhua Jinyu Equity Investment Management Partnership (limited partnership)

Taicang Industrial Investment Fund Partnership (limited partnership)

Xiamen Self-China Investment Development Co., Ltd.

Chongqing Yufu Industrial City Operation and Construction Development Co., Ltd

Xiamen Junxida Capital Management Co., Ltd.

Xiamen Bluemap Tianxing Investment Partnership (limited partnership)

Grandall Law Firm

Jing Zou and her team at Grandall Law Firm advises a range of clients, including medical investment groups and green development funds. It has experience in both private equity and venture capital, and represents both state backed and private organisations. Naijin Liu is another key name. The team provides services in fund formation, filing and licensing, investment, securities, dispute resolution and dealing with risk events.

Practice head(s):

Jing Zou

Other key lawyers:

Naijin Lin

Key clients

National Green Development Fund Co., Ltd.

Shanghai Guotai Junan Innovation Equity Investment Fund of Funds Center (Limited Partnership)

Fosun Capital Co., Ltd.

Suzhou Saixiang Equity Investment Partnership Enterprise (Limited Partnership)

Lhasa Yuanchi Investment Management Co., Ltd.

Pagoda Capital Co., Ltd.

GF Xinde (Suzhou) Health Industry Venture Capital Partnership Enterprise (Limited Partnership)

PuXin Capital Co., Ltd.

Jolywood (Suzhou) Sunwatt Co., Ltd.

Suzhou FG Phase III Venture Capital Management Partnership|Enterprise (Limited Partnership)

China Tourism Industry Fund Management Co., Ltd.

Grand China Overseas Investment Management CO., Ltd.

CDIB Equity Investment Management Co., Ltd.

Yinling Private Fund Management (Hainan) Co., Ltd.

Shenzhen Fortune Chuanghong Private Equity Investment Enterprise (Limited Partnership)

Shanghai Jingan Municipal Financial Services Office

GAC Capital Co., Ltd.

Kunshan Yinshi Equity Investment Partnership Enterprise (Limited Partnership)

Goldstone Investment CO., Ltd.

Harmonia Capital Co., Ltd.

Dezhou Med-Fine Health Venture Capital Partnership Enterprise (Limited Partnership)

Guangdong Guangxin Emerging Industry Investment Equity Fund Management Co., Ltd.

Suzhou Oriza Holdings Corporation

Boway Group Co., Ltd.

Ruicheng Family Information Consulting (Beijing) Co., Ltd.

Donghao Lansheng (Group) Co., Ltd

Yuyao Shunxing Venture Capital (Limited Partnership)

Shenzhen Longhua Industrial Capital Investment Co., Ltd.

Shanghai Qixu Investment Management Co., Ltd.

Tallwood Equity Investment (Guangdong) Co., Ltd.

Luzhou Urban Construction Investment Group Co., Ltd.

Chengdu Xiangrong Venture Capital Co., Ltd.

Chengdu Wufa Equity Investment Fund Management Co., Ltd.

Sichuan Shenwan Hongyuan Changhong Equity Investment Management Co., Ltd.

Sichuan Innovation Development Investment Management Co., Ltd.

Hongyuan Huifu Venture Investment Co., Ltd.

Chengdu Xingcheng Hongye Equity Investment Fund Management Co., Ltd.

Chengdu Jinxin Medical Investment Management Group Co., Ltd.

Haiwen & Partners

Fund formation, downstream acquisitions and exit strategies all fall within the scope of the Haiwen & Partners investment funds practice. The team, co-led by Wang Lei, covers funds work in various industries from agriculture to e-commerce and can also offer expertise in offshore fund formation and cryptocurrency investments. Xue Tang joined the team from Jingtian & Gongcheng.

Practice head(s):

Wang Lei; Qingjian Wang

Other key lawyers:

Shuangjuan Wei; Xue Tang

Key clients

Source Code Capital

Shihui Partners

Hilda Li and Steven Zhao lead the practice at Shihui Partners, a boutique firm which advises on the establishment and structuring of funds as well as investments. The team has a special area of expertise in tech funds, an example being their advice provided to integrated circuit industry investment funds. Private equity funds work also forms a large part of the practice, as does venture capital.

Practice head(s):

Hilda Li; Steven Zhao

Other key lawyers:

Ting Li; Beibei Chen

Key clients, Inc.

Vertex Ventures China

Matrix Partners China

Aqua Ventures

Donghe Venture Capital

Galactic Capital

Softbank Asia Ventures

China Renaissance

China Fortune-Tech Capital

New Alliance Capital

HHF Capital

3E Bioventures Capital

4 Paradigm

Work highlights

  • Advised China Fortune-Tech Capital (SMIC) on its formation of an integrated circuit related fund with Guangdong Integrated Circuit Guidance Fund as the anchor LP at a total price of approximately CNY 7 billion.
  • Assisted New Alliance Capital on its raising of the Phase IV RMB Main Fund at a total price of approximately CNY 2 billion.
  • Advised HHF Capital On its formation of their First PE Fund at a total price of approximately CNY 1.1 billion.