Private equity: foreign firms in China

Clifford Chance

Clifford Chance acts for international, regional, domestic and sovereign wealth funds across the full range of private equity transactions, including leveraged buyout (LBO), management buyout (MBO), public-to-private, private investment in public equity (PIPE), pre-IPO and cornerstone investments, growth capital, venture capital investments and senior, mezzanine and high-yield financings. Corporate practice head Andrew Whan and Neeraj Budhwani are the key names to note in Hong Kong while Terence Foo splits his time between Beijing and Shanghai and spearheads the China private equity team. In recent highlights, Hong Kong-based Bryan Koo and Hong Zhang who sits in Beijing, were promoted to the partnership.

Practice head(s):

Andrew Whan; Neeraj Budhwani; Terence Foo

Other key lawyers:

Bryan Koo; Hong Zhang

Key clients

CVC Capital Partners

Carlyle

Affinity Equity Partners

Actis

Partners Group

Permira

TPG Capital

PAG

MBK

EQT

Work highlights

  • Advised L Catterton Asia on its buyout of Will’s Group, the holding company of Will’s Fitness, China’s leading provider of membership-based fitness facilities and services, with more than 130 fitness clubs across 12 cities.
  • Advised Partners Group on its acquisition via joint venture of Dinghao Electronics Plaza in Beijing’s technology hub Zhongguancun from Taiwanese developer Sino Horizon Holdings Ltd.
  • Acted for The Carlyle Group on the acquisition of Series C preference shares issued by Ant International Co., Limited, a wholly owned offshore subsidiary of Ant Small and Micro Financial Services Group Co Ltd.
  • Assisted The Carlyle Group with its equity investment into the financial services group of Baidu (also known by its brand name as ‘Du Xiaoman’, ‘Baidu FSG’) in connection with its spin-off from Baidu.
  • Advised The Carlyle Group on the disposal of its entire equity interest held in Leyou, Inc, which is a leading multi-channel retailer of maternity, infant and children products in China.

Kirkland & Ellis

Kirkland & Ellis recently bolstered its private equity offering through the promotion of four partners in Hong Kong. The group provides a full service in the private equity space supported by the strength of its sponsor-focused debt finance, high-yield, restructuring and investment funds practices. Key names to note include Gary Li Daniel DusekNicholas NorrisChuan Li who splits his time between Shanghai and Beijing, Joey ChauDavid Patrick Eich and David Zhang. All of the mentioned attorneys are based in Hong Kong unless otherwise stated.

Practice head(s):

Gary Li; David Patrick Eich; Daniel Dusek; Nicholas Norris; Chuan Li; David Zhang; Joey Chau

Other key lawyers:

Han Gao; Carmen Lau; Shuting Qi; Rongjing Zhao

Key clients

FountainVest Partners

Blackstone

Loyal Valley Capital

TR Capital

Coatue Management

Bain Capital Private Equity

The Carlyle Group

Centurium Capital

Canada Pension Plan Investment Board

UBS AG

GLP

Special Committee of the Board of Directors of China Automotive Systems, Inc.

Shougang Concord International Enterprises

Work highlights

  • Advised a number of sovereign wealth funds in their investments in the $14bn Series C equity financing of Ant Financial.
  • Advised FountainVest’s $6.4bn voluntary public tender offer for all the shares in Finnish sporting goods company Amer Sports Corporation.
  • Acted for Blackstone in its investment in YiChang HEC ChangJiang Pharmaceutical Company Limited.
  • Assisted Loyal Valley Capital and TR Capital with their respective investment in Shanghai Junshi Biosciences Co, Ltd.
  • Advised Coatue Management in its minority investment in Zuoyebang.

Morrison & Foerster

Morrison & Foerster continues to expand its team in China through the hire of counsel Brian Snyder from Davis Polk & Wardwell LLP and the promotion to counsel of Catherine Liu in the Hong Kong office. Thomas Chou and Marcia Ellis jointly lead the private equity offering with the support of Amit KatariaVivian Yiu and Sherry Yin who sits in Beijing. In recent highlights, the group advised on several high-profile matters in the fintech and technology space, as shown by its work for Alibaba Group in relation to Ant Financial’s most recent $14bn Series C fundraising.

Practice head(s):

Thomas Chou; Marcia Ellis

Testimonials

‘The private equity and venture capital group at Morrison & Foerster possesses good knowledge in the industry. In fact, the industry is very unique and not a lot of firms in the market have appropriate expertise’.

‘The team has a lot of experience and is good at problem solving in a commercial manner’.

‘Thomas Chou is excellent in understanding the industry and leads the team in working on the same. He is very responsive and works 24 hours responding to the clients’.

Key clients

Softbank/ Softbank Vision Fund

Alibaba Group

GLP

Ascendent

Ally Bridge

BlackRock

NewQuest Capital Partners

Vectr Ventures

Intudo Ventures

Farallon Capital Asia

Bain Capital Credit

Ark Pacific Capital

Celadon Partners

Work highlights

  • Advised Alibaba Group in relation to Ant Financial’s most recent $14bn Series C fundraising, valuing Ant Financial at approximately $150bn.
  • Acted for Alibaba Group Holding Limited in Alibaba’s acquisition of a 33% equity interest in Ant Financial, China’s leading financial services company.
  • Advised Softbank Vision Fund in connection with an investment as part of a $3bn investment by Softbank and the SoftBank Vision Fund into Local Services Holding Company.
  • Assisted Hong Kong-based financial services and technology company Oriente with its $105m initial funding round.
  • Acted on the buy-out of Philippines FinTech platform Coins.ph by a subsidiary of Indonesian ride hailing company Go-Jek.

Simpson Thacher & Bartlett LLP

Acting for clients across the full spectrum of corporate work, Simpson Thacher & Bartlett LLP has significant expertise in cross-border public and private M&A, joint ventures, and the representation of private equity clients in strategic investments and fund formation. Alongside the Hong Kong office, Beijing-based Yang Wang recently advised Ant Financial on its Series C equity financing that totalled approximately $14bn.

Practice head(s):

Ian Ho; Yang Wang; Anthony King; Celia Lam; Chris Lin; Jin Hyuk Park

Key clients

Apax Partners

The Blackstone Group

Fountainvest

Kohlberg Kravis Roberts & Co

Lexington Partners

Morgan Stanley Private Equity

Primavera Capital Group

Sequoia Capital China Fund

Silver Lake Partners

Yunfeng Fund

Work highlights

  • Advised KKR on the approximately $1bn sale of KCF Technologies.
  • Acted for Blackstone in its proposed acquisition of a majority stake in India-listed Essel Propack, a global specialty packaging company.
  • Assisted Blackstone Real Estate Partners with its acquisition of a 50% stake of Taubman Asia’s interests in three Asia-based shopping centres.

Weil, Gotshal & Manges LLP

Weil, Gotshal & Manges LLP is widely respected for its advice to private equity clients in Asia on high-stake deals, including cross-border transactions across multiple jurisdictions, carve-outs, and structures requiring innovative financing arrangements. The practice covers the whole spectrum of transactions, ranging from minority and growth investments, buy-and-build deals, and big-ticket and consortium acquisitions to complex carve outs, public-to-privates, distressed M&A, and global exits. China practice head Charles Ching, who divides his time between Shanghai, Beijing and Hong Kong, is highly rated for his advice to US and Asian financial sponsors on their China and Asia investments. Hong Kong head Tim Gardner is also a key name.

Practice head(s):

Charles Ching; Tim Gardner

Key clients

Lone Star

Softbank Vision Fund

The Rohatyn Group

Technology Crossover Ventures

TPG Capital

TPG Growth

General Atlantic

MBK Partners

Baring Private Equity Asia

Advent International

Ontario Teachers’ Pension Plan

GIC

Primavera Capital

Warburg Pincus

Hillhouse Capital

FountainVest Partners

Work highlights

  • Advised General Atlantic, as a key investor in the $14bn financing round raised by Ant Financial.
  • Acted for SoftBank Vision Fund in its $2bn investment in Coupang, one of Korea’s largest online retailers.
  • Advised a consortium including MBK Partners, on the $1.75bn (including debt) take-private of eHi Car Services.
  • Acted for Warburg Pincus in its investment in Sichuan Jinxin Fertility Group, a fertility assistance business with operations in China and the US.

Allen & Overy LLP

Allen & Overy LLP's private equity practice includes minority co-investments that use fund or corporate structures, and full-control situations and exits (including IPOs) in Greater China and Asia Pacific. The team is particularly experienced in cross-border private equity transactions, including outbound deals into Europe and the US, as well as the debt aspects of private equity transactions. Its sector specialisations include TMT, consumer and retail, education, life sciences and healthcare, and real estate. In Shanghai, Wayne Lee acts for private equity sponsors, investment funds and corporate issuer clients, and Taoye Ye was recently promoted to counsel.

Practice head(s):

Wayne Lee; Michael Jacobs

Other key lawyers:

Taoye Ye

Key clients

Baring Private Equity Asia

China Ping An Insurance Overseas (Holdings)

China-UAE Investment Cooperation Fund

Credit Suisse Private Equity

Discovery Capital Management

Hony Capital

Warburg Pincus

AirWallex

Huolala

Work highlights

  • Advised Discovery Capital Management on its pre-IPO acquisition of an indirect interest in Tencent Music Entertainment Group from Bocom International Holdings.
  • Successfully advised Chinese private equity firm, Hony Capital, on its share transfer agreement with ENN Group International Investment.
  • Advised Huolala Global Investment Limited on its Series D2 round of fundraising.
  • Advised Airwallex on its Series C financing round.
  • Advised Nova, a rental property platform backed by Warburg Pincus, in its equity financing by Singaporean sovereign wealth fund GIC.

Linklaters

Linklaters advises fund managers and private equity houses on all aspects of the practice, including fundraising and structuring, buyouts, public to private conversions, portfolio assistance, and restructuring advice. The practice is supported by the firm's international corporate, capital markets, finance and tax teams. Robert Cleaver heads the corporate practice and sits in the Hong Kong office with Alex Bidlake. The main name to note in Shanghai is John Xu who leads the firm's private equity offering in mainland China.

Practice head(s):

Robert Cleaver

Other key lawyers:

Alex Bidlake; John Xu

Testimonials

‘The team has excellent professional dedication. Its attorneys work closely with their global office to provide a 24-hour service to clients’.

‘John Xu has market-leading experience advising oncomplicated transactions. John always helps clients anticipate issues and develop commercial solutions’.

Key clients

Hammer Capital Consulting Limited

PT Pamapersada Nusantara (PAMA)

CTBC Bank

Morgan Stanley Private Equity Asia

GLP Pte. Ltd

Cathay United Bank Co., Ltd

Crédit Agricole Corporate and Investment Bank

Work highlights

  • Acted for Hammer Capital Consulting Limited as Tranche B Notes Purchaser (effectively mezzanine lender) in the acquisition financing for The Centre.
  • Advising PAMA in relation to the acquisition by its subsidiary, PT Danusa Tambang Nusantara, of the Martabe Gold and Silver Mine located in North Sumatra province in Indonesia.
  • Acted for CTBC Bank Co., Ltd., Taipei Fubon Commercial Bank Co., Ltd. and an arranger on the TWD10.935bn financing of the leverage buyout of Grobest Group by a vehicle controlled by Permira, a leading private equity firm.
  • Advised Morgan Stanley Private Equity Asia on its €48m investment in Korres S.A. Natural Products and a follow-on investment in the company.
  • Advised GLP on its Series C round investment into Next Trucking.

O'Melveny

Professionals such as Walker Wallace in Shanghai, Ke Geng in Beijing and James Ford in Hong Kong handle O'Melveny's private equity mandates; regular transactions include venture capital and private investments, buyouts, pre-IPO investments, bridge loans and PIPE transactions. Significant domestic names in the life sciences, healthcare, real estate and TMT sectors instruct the team to handle their inward investment transactions, with a number of international private capital firms also present on the client list.

Practice head(s):

Walker Wallace; Ke Geng; James Ford; Nima Amini; Li Han

Testimonials

The team is responsive, solutions-oriented and well-versed in market practice‘.

James Ford provides a keen understanding of the commercial complexities with a good balance between protecting clients’ interests and getting the deal to the finish line‘.

Key clients

Livzon Mabpharm

Hua Medicine

Linksure Literature Holding

Orange Grove Global

Viva Biotech Holdings

City Energy Holdings

eHi Car Services

Brii Biosciences

GIC

Fenix Technologies

Seek Group

River Security

PAG Real Estate

Work highlights

  • Advised Livzon Mabpharm on a $150m investment by Yunfeng Capital.
  • Represented PAG Real Estate as lead participant in a $756m leveraged buyout of three office towers from a subsidiary of China Merchants Shekou Industrial Zone Holdings.
  • Assisted Hua Medicine with a $117m financing round from a pool of investors.
  • Represented GIC Private Limited, in connection with an offer and sale, alongside Bain Capital Partners LLC, of an equity stake in outsourcing company Genpact Ltd. for an aggregate purchase price of $324m.
  • Represented Viva Biotech Holdings in its $31m pre-IPO investment by a consortium of investors.

Paul Hastings LLP

Private equity real estate transactions comprise a significant amount of instructions for the practice at Paul Hastings LLP, while Shanghai-based David Wang is a go-to name for handling investments in the fintech and TMT sectors. The team provides expertise at all stages of a transaction, from advising on strategy and negotiations to exit and disposition. Later-stage buyouts are a particular area of focus for the team, with clients including major funds from the domestic and international market.

Practice head(s):

David S Wang; Jia Yan; Neil Torpey; Vivian Lam

Key clients

CDH Investments

SoftBank

China Media Capital

Ping An Group

Carlyle Group

Alpha Investment Partners

AEW Global

China Orient Summit Capital (COS Capital)

Newquest Capital

ARA Asset Management

Falcon Edge Capital

Work highlights

  • Advised CDH Genetech in $1.4bn sharer acquisition of Sirtex Medical.
  • Acted for Golden Fortune and ICBC Asset Management (investor and investment manager respectively) in a $75m investment in e-commerce platform Uxin.
  • Handling ARA Asia Dragon Fund II’s RMB2.5bn disposal of Beijing Jingtong Roosevelt Plaza. The transaction involved compliance issues with the Hong Kong REIT Code.
  • Assisted SCPG Holdings, China Vanke and Triwater Asset Management Holdings with forming an offshore consortium in connection with a $1.3bn acquisition of a real estate portfolio from CapitaMalls Asia.

Paul, Weiss, Rifkind, Wharton & Garrison LLP

Paul, Weiss, Rifkind, Wharton & Garrison LLP's private equity group is led from Beijing by Greg Liu and Judie Ng Shortell and advises clients such as KKR, The Carlyle Group, GIC and Ontario Teachers’ Pension Plan. Liu has particular expertise in the retail, technology, media and telecoms sectors. The team has undergone some notable changes in the past year, with Edwin Chan being made counsel in the Hong Kong office, and Jeanette Chan departing the firm for an in-house role at Airwallex.

Practice head(s):

Greg Liu; Judie Ng Shortell

Other key lawyers:

Edwin Chan

Key clients

KKR

Morgan Stanley Private Equity Asia

The Carlyle Group

PAG

Ontario Teachers’ Pension Plan

Apollo Global Management

Hillhouse Capital

DCP Fund

ShawKwei & Partners

IDG Capital

Work highlights

  • Advised SoftBank Vision Fund in its investment in Chinese truck-hailing company Full Truck Alliance.
  • Acted for China-based investment management firm Hony Capital, along with TPG Growth, in its more than $100m equity financing round in STX Entertainment, a film development, production and distribution company.
  • Advised KKR and Tencent, as lead investors, in a $175m minority investment in Voyager Innovations, the financial technology arm of PLDT Inc, a Philippines-based telecommunications and digital services provider.
  • Acted for Hillhouse Capital, alongside Permira, a global private equity firm, in the $1.68bn sale of Magento Commerce, a global provider in cloud digital commerce innovation to Adobe.
  • Advised IDG Capital on its investment, alongside I.T Group, of approximately $200m in Acne Studios, a Stockholm-based fashion house with signature retail stores across the world.

Shearman & Sterling LLP

Shearman & Sterling LLP has an established client base of international financial institutions and private equity funds who routinely instruct the team on foreign direct investment and joint venture transactions. Beijing-based Lee Edwards is a go-to name for going-private deals, tender offers and asset-purchase transactions while Li Chen, also in Beijing, routinely handles investments in the TMT, infrastructure and financial services sectors.

Practice head(s):

Li Chen; Lorna Chen

Key clients

Bain Capital

CarVal Investors

China Merchant Funds

China National Petroleum Company International/PetroChina

China State Construction Engineering Corporation

China Telecom Corporation

China-LAC Co-operation Fund

Danone Asia

Huawei

Hubei Science & Technology Investment Group

InfrAlpha Advisors (Hong Kong)

Jiangxi Railway Investment Group Corporation

Russia China Investment Fund

Shanghai Electric Group

Sino Ocean Group

State Grid International  Development Limited

Taikang Insurance

Temasek

ZZ Capital

Work highlights

  • Advised ICBC Industrial Holding on its $200m investment in Yitu Technology.
  • Assisted InfrAlpha Advisors with its £250m equity investment in Summit Power International.
  • Advised CarVal Investors on its minority equity investment in Shanghai Wensheng Asset Management Company.
  • Advised J.P. Morgan as the financial advisor to the Independent Committee of the Board of Directors of iKang Healthcare Group on its $1.2bn going-private acquisition by Yunfeng Capital and Alibaba.
  • Advised Investcorp China New Economy Opportunity on its subscription for a limited partner interest in (and cash contribution to the capital of) CEL New Economy Fund.

Skadden, Arps, Slate, Meagher & Flom LLP

Skadden, Arps, Slate, Meagher & Flom LLP regularly acts for some of the best-known private equity houses in the world; the practice stands out for its advice to Chinese companies that invest in the US as well as going-private deals. The China team also assists non-Chinese private equity houses that make investments in China, and its sector experience includes TMT, energy and power, oil and gas, mining, aviation, automotive and healthcare, along with infrastructure, insurance, pharmaceuticals, retail, and real estate. Peter Huang leads the Beijing office and Haiping Li is Shanghai office head; in Hong Kong, Julie Gao heads the China practice, Jonathan Stone leads the corporate practice in Asia (excluding Japan) and Geoffrey Chan heads the Asia Pacific investment management practice.

Practice head(s):

Julie Gao; Peter Huang; Haiping Li; Jonathan Stone; Geoffrey Chan

Key clients

Asia Investment Capital

Baidu Capital

Baring Private Equity Asia

Blackstone Group

Carlyle Group

Cenova Capital

CLSA Sunrise Capital

Cowin Capital Asset Management

Equis Funds Group

Forebright Capital Management

FountainVest Advisors

Hony Capital

HOPU Fund Management

Ivanhoe Cambridge

Morgan Stanley Private Equity

Nesta Investment Holdings

Permira Funds

RRJ Management

Sequoia Capital

Temasek Holdings

Tiger Investment Management

Unicorn Partners Advisors

Vision Plus Capital International Management

Yixin Capital

Work highlights

  • Acted for Baidu (China) in its $1.9bn sale of a majority stake in its financial services business to a consortium, which was led by TPG Capital and The Carlyle Group.
  • Assisted Ke.com with its $800m Series D financing, which was led by strategic investor Tencent.
  • Acted for Leading Smart (now known as Minglue Technology Group) in both its business combination with MiningLamp and $200m-plus financing, which was led by Tencent, Golden Endeavor, Avic Trust and Huaxing Capital.

Baker McKenzie FenXun

Baker McKenzie FenXun regularly advises on fund formation, structuring investments and regulatory issues, and the private equity group is supported by the firm's financial services regulatory and funds practice group, which sits alongside the M&A team. Its industry expertise covers life sciences, TMT, healthcare, energy and resources, consumer and retail,  and financial institutions. Bee Chun Boo is the key contact in Beijing, while in Hong Kong Dorothea Koo leads the China and Hong Kong private equity practice, and Jason Ng is the co-chair of the global investment funds group.

Practice head(s):

Dorothea Koo

Other key lawyers:

Bee Chun Boo; Jason Ng

Key clients

500 Startup IV

Yuexiu REIT Asset Management

Greystar Real Estate Partners

Gaw Capital Partners

Tabuman Centers

Canada Pension Plan Investment Board

Goodman Group

Hengli Investments Holding Group

SINO-CEE Fund

Spring Real Estate Investment Trust

Abu Dhabi Retirement Pensions & Benefits Fund

Work highlights

  • Advised EQT Mid Market Asia on its acquisition of a 40 per cent interest in China Shine, a facility management service provider.
  • Assisted Greystar Real Estate Partners with the formation of its first China-focused fund, together with investment partners APG Asset Management, Bouwinvest Real Estate Investors and MIRA Real Estate.
  • Acted for Taubman Centers in the sale of 50% of Taubman Asia’s interests in three Asia-based shopping centres to funds managed by The Blackstone Group.

Cleary Gottlieb Steen & Hamilton

Cleary Gottlieb Steen & Hamilton assists its clients in every phase of a fund’s life cycle, from formation, making investments and strategic initiatives to exiting investments. Denise Shiu sits in Beijing where her practice is focused on cross-border transactions involving China, while Freeman Chan and Gabriele Antonazzo are key names to note in the Hong Kong office. Tian Gao was recently promoted to counsel and Wei Fang was made senior attorney in Beijing. Ling Huang joined King & Wood Mallesons.

Practice head(s):

Denise Shiu; Freeman Chan; Gabriele Antonazzo

Other key lawyers:

Tian Gao; Wei Fang

Testimonials

Very responsible and responsive‘.

Key clients

Bain Capital

CDH Investments

China International Capital Corporation

Hillhouse Capital

Hony Capital

HOPU

PAG Asia

Primavera Capital

Temasek Holdings

TPG

Work highlights

  • Advised HOPU Fund Management Company Limited as a co-lead investor in the $620m Series C+ round financing of SenseTime Group Inc.
  • Acted for TPG in the sale of an equity stake in China International Capital Corp.
  • Advised a TPG-led consortium in its proposed acquisition of a 30% stake in jewelry brand, APM Monaco
  • Assisted TPG in the purchase of convertible notes, with a principal amount of $60m, issued by Uxin Limited as part of a $230m financing round conducted through a private placement.

Davis Polk & Wardwell LLP

Davis Polk & Wardwell LLP's private equity practice ranges from fund formation and structuring to investments, recapitalisations and sales, and it works across a wide variety of industry sectors, including TMT, biotechnology, education, energy, financial institutions, healthcare, real estate and retail. Beijing-based Howard Zhang's practice includes private equity portfolio investments, buyouts, joint ventures and strategic investment transactions, while Annie Yan is an experienced counsel.

Practice head(s):

Miranda So; Howard Zhang

Other key lawyers:

Annie Yan

Work highlights

  • Advised iKang Healthcare Group on its $1.2bn sale to a consortium that included Yunfeng Capital, Alibaba Group Holding and members of iKang’s senior management.
  • Advised Lufax, an online marketplace in China, on its issuance of approximately $2bn in class C shares to a consortium of investors.
  • Advised Tencent Mobility on its equity investment in video sharing website, Bilibili.  

DLA Piper

DLA Piper's 'quick and responsive' China-based team is regularly instructed on initial fund formations, capital-raisings, investments, exit strategies and the winding up of major funds. Sectors of particular strength for the practice include technology, energy and natural resources, and education. Stewart Wang and Qiang Li in Shanghai are key members of the private equity team and Beijing-based James Chang is noted for his transactional and regulatory expertise. Gloria Liu heads the practice from its Hong Kong office.

Practice head(s):

Gloria Liu

Other key lawyers:

Stewart Wang; Qiang Li; James Chang 

Testimonials

The team has deep cross-border experience and is pro-active in its advice on potential issues, providing solutions in advance‘.

Great market insight, strong bench of expertise and good language capabilities‘.

Prompt service and reasonable fees‘.

Gloria Liu is always responsive, knowledgeable and solutions oriented‘.

Gloria Liu is outstanding. She knows what clients need‘.

Key clients

China Ping An Insurance Overseas

Coatue

China Everbright

Silk Road Fund

Valuestone Global Resources Fund

Actis

OrbiMed

CICC

China Merchants Capital

EQT Asia Mid Market Fund

Work highlights

  • Advised Coatue, a US-based global investment manager, on its equity investment in the $14bn pre-IPO financing of Ant Financial (previously known as Alipay).
  • Acted for Rajax (the operator of China’s largest on-line food delivery platform, Ele.me) and its founders in the $9.5bn trade sale of Rajax to Alibaba, the China-based conglomerate.
  • Advised China Ping An Insurance Overseas on its approximately $1.5bn exit from its strategic investment in Singapore-headquartered Bigo, a live-streaming company.

Morgan, Lewis & Bockius LLP

Morgan, Lewis & Bockius LLP's private equity offering is led by Maurice Hoo in Hong Kong and was recently strengthened through the hire of financial regulatory specialist Helen Fok from Simmons & Simmons. Also based in Hong Kong, Ning Zhang acts for both international and Chinese funds across a broad range of transactions, and Connie Cheung who assists private equity and venture capital investors, as well as privately held companies, on investments and divestments in the Greater China region.

Practice head(s):

Maurice Hoo

Other key lawyers:

Ning Zhang; Connie Cheung; Helen Fok

Key clients

Warburg Pincus

Sequoia Capital

Hillhouse Capital

Permira Capital

The Carlyle Group

Fortress Investment

Credit Suisse

Bank of China International

Oaktree Capital

TRG Capital

Work highlights

  • Advised ANTA Sports ProductsLimited as leader of a consortium in the $5.39bn leveraged buyout of Finland’s Amer Sports Corporation by way of a voluntary public tender offer made in accordance with the Finnish Securities Market Act.
  • Regularly acts for Warburg Pincus, and recently handled the leveraged buyout of Beijing-based retailer Leyou.
  • Acted for Cheyipal in its sale to SouChe.com, China’s B2B marketplace and financing giant backed by several strategic investors including Ant Financial, Alibaba and Warburg Pincus.
  • Acted for Sequoia Capital in its investment in the Beijing-based Chehaoduo Group.
  • Advised Gaorong Capital on its $940m investment in Nuro, the Bay Area-based developer of robotic-delivery vehicles.

Orrick, Herrington & Sutcliffe LLP

A number of domestic funds clients (including SOEs) instruct the team at Orrick, Herrington & Sutcliffe LLP to handle high-value private equity transactions in the TMT, energy and life sciences sectors. In addition to domestic clients, professionals including Beijing-based Betty Louie and Jeff Zhang are instructed by international private equity firms from the US and other jurisdictions to handle their China-based transactions.

Practice head(s):

Jeffrey Sun; Mark Lehmkuhler; Betty Louie; Jinsong (Jeff) Zhang; Sarah Zeng

Testimonials

Jeff Zhang is dedicated to serving his clients and is able to leverage off the firm’s global network to provide services in specialised areas‘.

Key clients

JD.com

Silk Road Fund

China Media Capital

China Ping An Insurance Overseas

Ping An Technology

China-LAC Cooperation Fund

China Reform Overseas Hongkong Company

Everpine Capital

Welkin Capital Management

JD Logistics

Work highlights

  • Advised JD.com in its $1bn financing of its healthcare subsidiary JD Health.
  • Assisted a state-owned private equity fund with its $200m sale of shares in Bilibili to Alibaba.
  • Acted for JD.com in its $2.5bn financial of its logistics subsidiary JD Logistics.
  • Handled JD.com’s $30m investment in Mogu.

Ropes & Gray LLP

Ropes & Gray LLP handles both global and China-based sponsor work and represents large-cap global and regional buyout private equity funds such as Advent International and MBK Partners, and growth capital private equity houses including LPG Capital and Yonghe Investments under the leadership of Hong Kong-based Peng YuArthur Mok is the managing partner of the firm's Asia offices and is part of the private equity and life sciences teams. Oliver Nip was recently promoted to partner.

Practice head(s):

Peng Yu

Other key lawyers:

Arthur Mok; Oliver Nip

Testimonials

‘The team is very helpful and detailed in its service advice’.

‘At Ropes & Gray, they are happy to reach out for other professional parties on behalf of clients’.

Key clients

Bain Capital

Baring Private Equity

MBK Partners

TPG Capital

Alibaba

China Resources

HKICIM Group

Vivo Capital

Work highlights

  • Advised Bain Capital in the multi-million dollar acquisition of World-Wide Packaging, a leading US-based provider of cosmetics packaging, and its concurrent bolt-on acquisition of a leading Chinese cosmetics packaging manufacturer.
  • Advised Alibaba in its strategic partnership with Richemont and joint venture with YOOX Net-A-Porter Group.
  • Acted for longstanding firm client, TPG Capital, the leading US-based private equity leader with $70bn in assets under management, in its joint venture with China Lodging Group, a leading hotel operator in China, and in the follow-on acquisition of two hotel properties in Beijing.
  • Advised Hong Kong-based, China Resources Capital Management on its restructuring of its investment in GenesisCare.
  • Advised China Resources Capital Management as part of the China Resources consortium in its £600m bid to acquire a 30% stake in the Dudgeon offshore wind farm in the UK.

White & Case

White & Case's private equity team has seen several new additions in 2019, with the arrival of a team from Ropes & Gray LLPDaniel Yeh heads the Asia-Pacific private equity practice which advises leading private equity firms and financial sponsors on both sell and buy-side of transactions, while Christopher Kelly leads the corporate and M&A department. Other key names includes Paul TangWilliam Fong and Steve Sha who all joined the firm's Hong Kong office along with Yeh and a number of associates. Andre Zhu took up an in-house position at Pinduoduo.

Practice head(s):

Daniel Yeh; Christopher Kelly

Other key lawyers:

Paul Tang; William Fong; Steve Sha

Key clients

The Carlyle Group

Baring Private Equity Asia

CVC

Warburg Pincus

Work highlights

  • AdvisedWarburg Pincus on an acquisition of a 40% stake in a joint venture with the founders of Hande Group to invest in, among other things, special situation real estate projects in the PRC.
  • Acted as lead and international counsel, RRJ Capital in the buyout acquisition of gategroup Holding AG from HNA Group.

Hogan Lovells International LLP

Hogan Lovells International LLP’s private equity offering has a strong focus in the TMT, life sciences and healthcare sectors. Private equity firms, portfolio companies and startups regularly approach the team to handle their investment transactions, often within a global context. Hong Kong-based Stephanie Tang joined the firm from Shearman & Sterling LLP to head up the practice, with Lu Zhou and Steven Robinson the key advisers in Beijing.

Practice head(s):

Stephanie Tang

Other key lawyers:

Lu Zhou; Steven Robinson

Key clients

Sedgwick

Ekornes

Work highlights

  • Advised luxury chair manufacturer Ekornes on the deal financing element of its $640m sale to a Chinese consortium of buyers.
  • Acted for Sedgwick in its global $6.7bn sale to private equity firm The Carlyle Group.
  • Advised Tricor Group (a portfolio company of private equity firm Permira) on the acquisition of Richful Deyong Group.

Latham & Watkins LLP

The Asian private equity team at Latham & Watkins LLP is led out of Hong Kong by Simon Cooke who recently advised the Carlyle group on the disposal of its Korean portfolio company, ADT Caps, to a consortium led by SK Telecom of Korea and Macquarie’s Korean Opportunities Fund. Frank Sun recently led the advice on some high-profile buyouts and growth investments. Also notable are Amy Beckingham who specialises in public and private M&A, acting for private equity firms across different industries around the region, and has substantial experience in securities transactions.

Practice head(s):

Simon Cooke

Other key lawyers:

Frank Sun; Amy Beckingham

Testimonials

The team’s professional skills are impeccable‘.

It gives a variety of risk analysis to help clients make correct business decision‘.

The team not only provides excellent legal advice, but also helps with project management and sorting out the main points in the business negotiation‘.

Key clients

Vinhomes Joint Stock Company

The Carlyle Group

TPG Capital (S) Pte Ltd

CITIC Capital Partners Limited

Tencent Holdings Ltd.

Warburg Pincus Asia LLC

Baring Private Equity Asia

Partners Group

MBK Partners

Nexus Point

CDH Investments

Platinum Equity

ICG

Boyu

Primavera

Orix Asia

Gojek

Nord Anglia

Sheppard, Mullin, Richter & Hampton LLP

The corporate practice at Sheppard, Mullin, Richter & Hampton LLP's Shanghai-based team provides 'a unique mix of tech-savvy, Silicon Valley-leading lawyers credentials and a deep understanding of all things China related'. It has a particularly strong expertise in US dollar offshore structure and red-chip transactions, and regularly acts for leading investors and private equity-backed companies such as Funplus Games and Guahao.com. Don Williams leads the group which focuses especially on investments into the technology and TMT sectors. Tony Mou has considerable experience in the venture capital and corporate finance space.

Practice head(s):

Don Williams

Other key lawyers:

Tony Mou

Testimonials

Everyone in the team strives to be the most professional in their area of ​​expertise. At the same time, they will actively help clients to communicate and coordinate in cross-professional areas‘.

Professional ability is beyond doubt, and communication is fast and effective‘.

Don Williams and Cheng Xu combine to deliver the right balance of US top-tier quality legal advice and an appreciation of the difference in how deals and businesses are done in the East‘.

Tony Mou can help clients to sort out the company’s long-term structure from a global perspective, while tailoring cost-effective solutions‘.

Key clients

Alibaba

Ant Financial/Alipay

Fosun Pharma

Fidelity Investments/Eight Roads

FunPlus Global Holding

Guahao.com (We Doctor Group Limited)

Shanghai Shenda Import & Export Co. Ltd.

Douban Inc.

Grab, Inc.

China Branding Group LTD

Acorn International, Inc.

Next Entertainment Global Holding

Radii Media

AIB Sportsbrands Inc.

GenapSys Inc.

Robert Bosch Venture Capital GmbH

IGG, Inc.

Linear Capital III, L.P. and Linear Capital GP III, Ltd.

Apollox Foundation Ltd.

Shanghai Linear Capital Rui Investment Center, L.P. and Shanghai Linear Capital Rui Investment Management, L.P.

Global Earth Venture Limited

Shanghai Jenco Instruments Co., Ltd.

SmartMesh Foundation Pte. Ltd.

Shanghai Benzhong Information and Technology Co., Ltd.

Beijing Zhanxinzhanli Information and Technology Co., Ltd.

China Film Equipment Co., Ltd.

Shanghai World Foreign Language Education Development Co., Ltd

Beijing Duohee Technology Co., Ltd.

3i Systems Corporation

Shanghai Siiva Internet of Things Co., Ltd.

Zhejiang Dian Diagnostics Co., Ltd.

Brilliant Crystal Technology Corp.

Cineappo Corporate Limited

CHIRAVIVE, Inc.

Atria Light Ltd.

CA Bright Tree Investment Limited

Liquid Networks (Cayman) Limited

Work highlights

  • Advised Grab Inc. as lead transaction counsel in its Series G financing at a post-money valuation of around $6.2bn which was led by DiDi and SoftBank.
  • Assisted Fosun Pharma with its Series D financing of a US-based ultrasound equipment company, Butterfly Network, Inc., which comprised a $206m financing in total.