Private equity: foreign firms in China

Clifford Chance LLP

Clifford Chance LLP‘s China practice can boast strong relationships with international private equity businesses, sovereign wealth funds, and pan-Asian and China-based funds. The practice covers the full gamut of private equity transactions, ranging from LBOs, MBOs, take-privates and private investments in public equity (PIPEs), to pre-IPO, cornerstone and venture capital investments, and senior, mezzanine and high-yield financings. On the mainland, Terence Foo heads the China private equity practice, and has extensive experience in advising private equity and sovereign wealth funds on investments in China; Kelly Gregory has technology sector-related transactions experience; Yufei Liao, who acts for Chinese privately-owned and state-owned enterprises and investment funds, was made partner in May 2021; and Yan Yuan and Fang Bao are experienced counsels. Working across the Hong Kong and Sydney offices, Andrew Crook co-heads the firm’s Asia-Pacific corporate group, which recently experienced the departure of former Beijing partner Hong Zhang for JunHe LLP.

Practice head(s):

Andrew Crook; Terence Foo

Key clients

CVC Capital Partners

Tencent

Advantage Partners

Carlyle

Permira

Affirma Capital

Gaw Capital

MBK

EQT

ADV Partners

Work highlights

  • Advised Permira Funds, as international counsel, on its acquisition of a majority stake in the EF Kids & Teens business, marking it one of the largest buyout deals in China in 2020.
  • Advised Tencent, as co-lead investor, lead investor and existing shareholder of Yuanfudao, on the Series G, G-1 and G-2 financings of Yuanfudao, a Chinese online education platform.
  • Advised CVC and Brooklyn Investment on the privatisation of I.T.

Kirkland & Ellis International LLP

Kirkland & Ellis International LLP‘s China offices are highly focused on complex private equity transactions, including LBOs and other M&A deals, PIPEs and joint ventures; and clients further benefit from the firm’s leveraging of its sponsor-focused debt finance, high-yield, restructuring and investment funds practices. A senior corporate partner splitting his time between Beijing and Shanghai, Chuan Li acts for strategic and private equity clients on an impressive range of transactions. The Hong Kong office showcases a number of highly regarded partners, namely Gary Li, whose recent track record includes deals for several leading global private clients; David Patrick Eich, who originally established the firm’s Europe and Asia offices; cross-border deal expert Daniel DusekNicholas Norris, who has over 25 years’ experience in advising private equity firms; Joey Chau, a specialist in assisting private equity firms with acquisitions, disposals and corporate transactions; and David Zhang, whose deals frequently involve private equity investors.

Key clients

An investor consortium comprising Warburg Pincus Asia, General Atlantic Singapore Fund Pte, Ocean Link Partners and Jinbo Yao

An investor consortium comprising Centurium Capital, CITIC Capital, Marc Chan, Hillhouse Capital, Temasek Holdings and Joseph Chow

Hammer Capital

GLP Pte

Consortium offeror comprising GLP and the Fung family

GIC

Affiliates of CarVal Investors, LP

An investor consortium comprising Ocean Link Partners and Sequoia Capital China

Amer Sports and its investor consortium ANTA Sports, FountainVest Partners, Anamered Investments and Tencent Holdings

Loyal Valley Capital

DCP Capital

L Catterton

Advantage Partners

Car Inc

Bain Capital

Blackstone

The Carlyle Group

Funds advised by Apax Partner

Coatue Management

Lilly Asia Ventures

Matrix Partners China Fund IV

Grand Flight Investment Management

Cartesian Capital Group

Linklaters

Linklaters‘ Greater China team is sought out for its multidisciplinary approach to the full life cycle of private equity; and the practice brings together expertise in corporate, capital markets and banking and finance to cover the spectrum of private equity transactions. It is also experienced in structuring and establishing China-focused funds, while additionally able to provide local law advice through its joint operation office with Zhao Sheng Law Firm in Shanghai. Key to maintaining relationships with the firm’s on-the-ground private equity clients, Shanghai’s John Xu has 20 years’ experience in handling cross-border M&A into and out of China; and in Hong Kong, Frank Cui is a go-to advisor for large Taiwanese, Chinese and international banks operating in the region. Global corporate chair Matthew Middleditch is likewise integral to the practice which saw the arrival of private equity specialist Betty Yap who joined from Paul, Weiss, Rifkind, Wharton & Garrison LLP in January 2o22.

Practice head(s):

Matthew Middleditch; Frank Cui

Key clients

Fidelity Management Research Company

Qatar Investment Authority

Shanghai Pudong Development Bank

Ping An Bank

China Merchants Bank and Industrial Bank

Barclays Bank

Invesco Hong Kong

Fidelity Management Research Company

Qatar Investment Authority

Shanghai Pudong Development Bank

Work highlights

  • Advised Schroders on its preparations to establish a Sino-foreign wealth management joint venture with BOCOM Wealth Management Co.
  • Advised Invesco on its cornerstone investments in the Hong Kong listings of New Horizon Health and Kuaishou Technology.
  • Advised Fidelity, as lead investor in Antengene’s Series C equity financing; a $500m Series E-1 investment into Bytedance; and an investment in dMed Biopharmaceutical’s Series C round financing.

Morrison Foerster

Morrison Foerster’s Greater China team was recently particularly active in relation to private equity exits and special purpose acquisition company (SPAC) deals. The practice is also a pre-eminent name for technology sector work, which includes e-commerce, data centre, life sciences, healthcare and education-related experience that is aligned with the firm’s robust finance and restructuring practices. On the mainland, Ruomu Li has approximately 15 years’ experience in M&A and PE transactions; the broad corporate practice of Lucy Lu includes private equity matters; and Beijing and Shanghai managing partner Paul McKenzie has been active in the China market for over two decades. The key associates in mainland China are Richard Ji, Alice Li and Tian Zhou; and the principal Hong Kong practitioners are Asia private equity group co-head, Thomas Chou, global private equity chair Marcia Ellis, cross-border specialist Vivian Yiu, and Chuan Sun (who also works in Shanghai).

Other key lawyers:

Richard JiAlice LiTian Zhou

Testimonials

Strong team at all levels – smart and commercial.

The team has deep experience in the market, is very responsive, and thorough on analysis – also very helpful with restructuring matters.

MoFo’s private equity practice has the breadth of knowledge required to handle the full spectrum of PE transactions including take-privates, minority investments and buyouts.

The team is responsive and knowledgeable, and also has great understanding of what issues matter from the client’s perspective.

Marcia Ellis is not only technically knowledgeable, but commercially brilliant. She is extremely quick at understanding our key interests and concerns, and translates those into solutions, whether in terms of structuring or putting together a package of points to give and take during negotiation.

Marcia Ellis is exceptional – solutions driven, bright and experienced.

Marcia Ellis is very bright and experienced.

Ruomu Li is great at analysing local Chinese contexts.

Key clients

Ark Pacific Capital

Ally Bridge Group

Alibaba Group

Ascendent Capital Partners

Bain Capital Credit

BlackRock

Celadon Partners

Farallon Capital Asia

GLP

Intudo Ventures

NewQuest Capital Partners

Prax Capital

Princeton Digital Group

Serenity Capital

SoftBank

SoftBank Vision Fund

Silver Crest Acquisition Corp

SIMIC Holdings

Vectr Ventures

Work highlights

  • Advising SoftBank Group Corp and SoftBank Vision Fund on the $40bn sale of UK-headquartered multinational semiconductor and software design company, Arm, to US chip company NVIDIA.
  • Advising a leading institutional investor on Grab’s proposed merger with a special purpose acquisition company.
  • Advised Alibaba Group Holding on Ant Group’s proposed IPO.

Simpson Thacher & Bartlett LLP

Active in Greater China for approximately 30 years, Simpson Thacher & Bartlett LLP‘s Beijing and Hong Kong offices house bilingual English and Mandarin speakers, who are consistently at the forefront of global private equity activity. The team advises private equity clients on both their strategic investments and fund formation activities, while also assisting with the full spectrum of private equity-related corporate work, including cross-border M&A and joint ventures. On the mainland, Beijing-based Yang Wang has a varied practice that includes assisting with M&A, private equity transactions, corporate finance and other general corporate matters; and his recent highlights include advising (alongside the firm’s New York office) JOYY on the $3.6bn sale of its video-based entertainment live streaming business in China to Baidu. The principal Hong Kong figures are M&A specialist Ian Ho, China practice head Celia Lam, M&A and capital markets expert Jin Hyuk Park, and real estate partner Jonathan Hwang.

Key clients

Alibaba Group Holding

Aluminum Corporation of China

Ant Group

Apax Partners

Athenex Inc.

Bank of America Merill Lynch

The Blackstone Group (and portfolio companies)

BEST Logistics

Bona Film Group

Cainiao Smart Logistics Network

China Life Insurance Company

China National Chemical Corporation

Citigroup Global Markets

Fountainvest

Foxconn

GDS Holdings

GLP

JOYY

J P Morgan

Kolhberg Kravis Roberts & Co (and portfolio companies)

Koubei Holding

Kyoto Pacific Capital

Lexington Partners

Marelli (f/k/a Calsonic Kansei)

Meili

Morgan Stanley Private Equity

PAG

Primavera Capital Group

Qudian

Sequoia Capital China Fund

Silver Lake Partners

Warburg Pincus

XPENG

Weil, Gotshal & Manges LLP

A core part of Weil, Gotshal & Manges LLP‘s integrated global private equity group, the firm’s China practice advises leading international private equity funds on their China transactions, as well as major China-based funds and other financial sponsors on their regional and global investments. The team works on private equity transactions of all types, from auctions, exits, take-privates and growth investments to distressed deals, secondaries, PIPEs and other public transactions. In recent matters, the practice experienced growth in private equity activities involving the consumer, TMT and healthcare sectors. Working across the Shanghai and Beijing offices, China practice head Charles Ching is widely respected for his advice to private equity sponsors on Greater China transactions; and Beijing-based senior associate Yujing Liu works with global and Asia-based private equity clients. Hong Kong office managing partner Tim Gardner focuses exclusively on private equity and M&A transactions.

Practice head(s):

Charles ChingTim Gardner

Other key lawyers:

Yujing Liu

Key clients

Montagu Private Equity

Advent International

FountainVest Partners

Primavera Capital

Hillhouse Capital

MBK Partners

BioDuro

Cornell Capital

Warburg Pincus

Work highlights

  • Advised Advent International and BioDuro on their acquisition of Sundia to create BioDuro-Sundia.
  • Advised FountainVest Partners, as lead investor on Zuoyebang Education’s Series E financing.
  • Advised Montagu Private Equity on its acquisition of ISI Emerging Markets Group from CITIC Capital and Caixin Global.

Allen & Overy LLP

Boasting a market-leading Greater China finance practice, Allen & Overy LLP‘s integrated equity and debt capabilities routinely benefit the firm’s private equity clients in relation to complex credit investment transactions that involve equity or quasi-equity structures; and the team has developed notable capabilities in the evolving market of private equity investments in China and Asia-related distressed opportunities. Clients additionally appreciate the firm’s ability to operate as a one-stop shop for both international and PRC legal advice, through its approved joint operation with Lang Yue Law Firm in the Shanghai Free Trade Zone. In Shanghai, Wayne Lee regularly works with leading global and regional private equity sponsors and sovereign wealth funds; recently promoted partners Benjamin Crawford and Jean Ye are both frequently instructed by investment funds. Fiona Cumming is a key name to note from its Hong Kong office.

Practice head(s):

Wayne Lee; Fiona Cumming

Other key lawyers:

Benjamin CrawfordJean Ye; Jill Sheng

Key clients

Guotai Junan Fund Management

CLSA Capital Markets

Luye Pharma Group

DLA Piper

DLA Piper‘s Greater China private equity practice is highly active in relation to buyouts, exits and other private equity transactions. Instructed by high-profile private equity funds, established investment firms, family offices and other equity financial investors, the group assists with the legal and commercial issues that arise at all stages of the private equity life cycle. Clients additionally benefit from the China team being part of an international practice that fields over 260 private equity lawyers in 40-plus countries. Shanghai-based Stewart Wang regularly leads work for China-based and overseas corporate entities and private equity sector players. James Chang in Beijing advises investors and companies on early-stage and growth capital investments. In Hong Kong, Gloria Liu has longstanding experience in advising on private equity-led M&A, add-on acquisitions, exit transactions, and private equity, venture capital and growth capital investments; and Luke Gannon is the experienced Asia corporate head.

Practice head(s):

Gloria Liu; Luke Gannon

Other key lawyers:

Stewart Wang; James Chang

Hogan Lovells International LLP

Hogan Lovells International LLP‘s China private equity practice acts for private equity sponsors, limited partners, and public and private companies. Heavily involved in high-value and mid-cap transactions, the team focuses on the TMT, and life sciences and health care sectors; and offers integrated international and domestic Chinese legal expertise through its association with the PRC’s Fujian Fidelity Law Firm in the Shanghai Free Trade Zone. In mainland China, the practices of Greater China chair Jun Wei and Lu Zhou include private equity matters; Philip Cheng assists Western businesses with China-related investments; Liang Xu is a joint venture and M&A expert; and in 2020, the department bolstered its team through the recruitment of Shanghai-based private equity partners Don WilliamsTony Mou and Cheng Xu from Sheppard, Mullin, Richter & Hampton LLP. Leading the team from Hong Kong, Stephanie Tang advises private equity sponsors on public and private M&A deals.

Practice head(s):

Stephanie Tang

Testimonials

The HL team knows fintech sector very well.

They provided very competent legal support.

The quality of legal advice and familiarity with various issues impressed us a great deal.

Stephanie Tang’s involvement in the deal and the quality of the junior lawyers made a big difference.

Key clients

Buyer consortium acquiring Gridsum Holding

China Customer Relations Centers

China XD Plastics Company

Jumei International Holding

Secoo Holding

Ping An Global Voyager Fund

SS PA Voyager Company

Acorn International

GrabWheels

Ping An Global Voyager Fund

Enlight Growth Partners

Work highlights

  • Advised the special committee of the board of directors of Jumei International Holding on its $250m acquisition and take-private transaction by the CEO.
  • Advised the special committee of the board of directors of Secoo Holding, an Asian online integrated upscale products and services platform, on the $450m acquisition and take-private of the listco by its CEO.
  • Advised Ping An on its Series C+ financing investment in Laiye, a China-based robotic process automation company.

O'Melveny

O’Melveny‘s recent experience includes the closing of numerous investment transactions, including buyouts, venture and other private equity investments, PIPE transactions, bridge loans, debt financings, joint ventures and restructurings. Managing partner of the Shanghai office, Walker Wallace, advises private equity firms such as PAG and River Security (as well as multinationals) on various private equity and venture capital transactions; and Beijing office managing partner Ke Geng‘s recent experience includes successfully completing several private equity-related financing transactions. Also integral to the practice is the Hong Kong office's managing partner Nima Amini, who is frequently involved in the firm’s high-end Asia M&A and private equity deals.

Practice head(s):

Walker WallaceNima AminiKe Geng

Testimonials

The team has deep experience in China and excels at complex process management.

Very easy to work with and responsive.

Nima Amini is experienced, incredibly responsive, gives clear advice, and is great at managing complex processes.

Key clients

Seek

PAG

BOCOM International

Pharmaron

Yunfeng Capital

Lucid Motors

Distinct Healthcare

Nurlink Technology

Essence International Capital

Adagene

Keenon Robotic

Yoyi Digital

River Security

Work highlights

  • Advised PAG Real Estate on the sale of its 40% indirect interest in Wuhan Shenrui Property Co.
  • Advised BOCOM on the acquisition of Bonjour Holdings.
  • Assisted Pharmaron with acquiring all the equity of Absorption Systems for up-to $137.5m in cash.

Paul Hastings LLP

One of the firm’s key offerings in Asia, Paul Hastings LLP’s China private equity practice is well equipped to handle later-stage private equity buyout deals. The team covers the full range of investments, and it regularly assists with matters requiring clearance from The Committee on Foreign Investment in the United States. In a recent 12-month period, the group advised on headline private equity deals across a range of industries, including TMT, entertainment and real estate. The key mainland advisers are David Wang, whose admission to practice in California is of particular interest to technology-focused clients seeking overseas opportunities; co-chair of the Shanghai and Beijing operations, Jia Yan; and investment fund expert Meka Meng. The names to note in Hong Kong are office chair Neil Torpey, corporate partner Vivian Lam, and real estate specialist Paul Guan.

Other key lawyers:

Meka Meng

Key clients

CDH Investments

Ping An Group

Carlyle Group

Alpha Investment Partners

AEW Global

China Orient Summit Capital

Newquest Capital

ARA Asset Management

Uban Capital

Work highlights

  • Assisted ARA Asset Management with its formation of a partnership with Straits Real Estate and ICBC International for the acquisition of Sanlin InCity.
  • Advised SDP Investment on the formation of a joint venture with an international institutional investor for the approximately RMB4bn acquisition of U-Show Plaza in Beijing.
  • Advised Proprium Capital Partners (and its co-investor) on the formation of a $500m joint venture with China SCE Group Holdings and FUNLIVE Holdings to invest in high-quality rental apartment projects in gateway cities in China.

Paul, Weiss, Rifkind, Wharton & Garrison LLP

Paul, Weiss, Rifkind, Wharton & Garrison LLP‘s buoyant practice is sought out by sovereign wealth investors, corporations, and international and regional private equity funds in relation to direct investments, co-investments and exit work. In recent highlights, the team advised Didi Chuxing Technology Co, an app-based mobile transportation platform, on the carve-out and subsequent fundraising of its freight business Didi Freight, an on-demand freight logistics and delivery services provider. In Beijing, Greg Liu‘s experience includes advising investors and special committees on public companies’ take-private and PIPE transactions; and TMT specialist Judie Ng Shortell is highly regarded for China-related private equity investments and cross-border M&A. Providing notable associate-level support is Jack Sun. Jack Lange retired from the partnership in January 2021 to assume an of counsel role, and Betty Yap left in January 2022.

Key clients

KKR

Didi Chuxing

Tencent

General Atlantic

PAG

Apollo Global Management

DCP Fund

Work highlights

  • Advised General Atlantic, a lead member of an investor consortium, on its acquisition of 58.com (China’s largest online classifieds marketplace) for an enterprise value of $8.7bn.  
  • Advised Didi Chuxing Technology Co, an app-based mobile transportation platform, on the carve-out and subsequent fundraising of its freight business Didi Freight, an on-demand freight logistics and delivery services provider.  
  • Assisting KKR, as a rollover shareholder, with Kidedu Holdings’ buyout of Tarena International, a provider of adult professional education and K-12 education services in China.

Shearman & Sterling LLP

Actively involved in all stages of the private equity life cycle, Shearman & Sterling LLP has an enviable record of working with private equity funds, portfolio companies and investors on China-related private equity transactions involving the infrastructure, logistics and healthcare sectors. The practice can advise on related tax structuring and financing and refinancing matters, including through non-traditional credit providers. Working across the firm’s Beijing and Hong Kong offices, Li Chen‘s client roster includes prominent Chinese and international private equity funds; Lorna Chen heads the Asia investment funds practice.

Practice head(s):

Li Chen

Other key lawyers:

Lorna Chen

Key clients

Investcorp

Russia-China Investment Fund

Work highlights

  • Advised Investcorp on its acquisition of a minority stake in WeDoctor from Goldman Sachs.
  • Advised Investcorp on the completion of its preferred equity investment in Kindstar Globalgene Technology.
  • Advised Russia-China Investment Fund on its minority equity investment in FineEx’s Series D financing.

Skadden, Arps, Slate, Meagher & Flom LLP

Widely praised for big-ticket China/Hong Kong private equity deals, Skadden, Arps, Slate, Meagher & Flom LLP‘s team is particularly active in matters involving both Chinese and multinational companies. The Greater China practice advises across a range of industries including the TMT, financial institutions and consumer sectors, and it has developed notable expertise in relation to Chinese new economy companies. In addition to acting on foreign investment transactions in China, Beijing office leader Peter Huang is sought out for cross-border M&A transactions by Chinese companies; and Shanghai office head Haiping Li, a corporate finance, M&A and investment specialist, regularly leads on PIPE deals. In Hong Kong, Julie Gao is China practice head, and Jonathan Stone heads the Asia corporate practice (excluding Japan).

Key clients

Baidu

ByteDance

58.com

Huya

Twitter

JOYY

Auchan Retail

Mubadala Investment Company PJSC

Yixin Group

WeWork

Cleary Gottlieb Steen & Hamilton

Acting for a variety of international and local private equity firms and sovereign wealth funds, Cleary Gottlieb Steen & Hamilton routinely advises on complex cross-border transactions in mainland China and Hong Kong. The practice acts on the full range of private equity transactions; and assists with every phase of a private equity fund’s life cycle.With a practice that is primarily cross-border and focused on China, Denise Shiu in Beijing has extensive experience in private equity and M&A transactions. The group additionally includes Hong Kong-based fund formation specialists.

Practice head(s):

Denise Shiu

Key clients

CDH Investments

China International Capital Corporation

Hillhouse Capital

HOPU Fund Management Company

L Catterton

PAG Asia

Silk Road Fund

Temasek Holdings

TPG

Work highlights

  • Advised Temasek Holdings on the establishment of a wealth management joint venture with BlackRock and China Construction Bank.
  • Advised TPG on its minority investment in Zhaoke Ophthalmology Pharmaceutical, a subsidiary of Hong Kong-listed Lee’s Pharmaceutical Holdings.
  • Advised Silk Road Fund (and its subsidiary) on the acquisition of 49% of the share capital of ACWA Power Renewable Energy Holding.

Cooley LLP

Cooley LLP‘s China offices are regularly engaged by leading investors and emerging companies on venture capital investments. In Shanghai, James Lu advises growing companies and venture capital investors on domestic and cross-border funding negotiations; and Patrick Loofbourrow assists high-growth companies and their venture capital investors throughout the full life cycle of venture capital investment financing rounds. Also integral to the practice are Beijing corporate head Henry Yin and Shanghai partner in charge, Christina Zhang, a venture capital and life sciences expert. Singapore-based Matthew Bartus is global co-chair of the emerging companies and venture capital practice group.

Practice head(s):

Matthew Bartus; James Lu

Key clients

Affamed Therapeutics

Ambrx

Citrine Medicine

D3 Bio

Decheng Capital

EpimAb Therapeutics

GGV Capital

Gracell Biotechnologies

RemeGen

VISEN Pharmaceutical

Wuhan Neurophth Biotech Co

Work highlights

  • Advised D3 Bio, a global biotech company that focuses on the development and commercialisation of precision medicine, on its $200m Series A financing.
  • Advised GGV Capital on its investment in the $360m Series F financing of Keep, a Chinese fitness app.
  • Advised Decheng Capital on its investment in the $310m Series C financing of Everest Medicines.

Davis Polk & Wardwell LLP

Regularly acting on some of Asia’s most significant cross-border deals, Davis Polk & Wardwell LLP‘s Greater China private equity practice covers the entire service spectrum, from fund formation and structuring to investments, recapitalisations and dispositions. In Beijing, Howard Zhang advises leading private equity firms, venture capital funds, investment banks and multinational corporations on their cross-border and domestic investments and fund raising deals; counsel Annie Yan assists both companies and investment funds on pre-IPO financings, buyouts,  PIPEs, going-private transactions and strategic investments. Miranda So and Yang Chu are the Hong Kong partners to note.

Practice head(s):

Miranda So; Howard Zhang; Yang Chu

Other key lawyers:

Annie Yan

Key clients

Tencent

EF Education First

GOJEK

DouYu

UCommune

Li & Fung

Tiger Brokers

InnoCare Pharma

ADC Therapeutics

Yintech

Work highlights

  • Advising PT Aplikasi Karya Anak Bangsa on its business combination with PT Tokopedia to form GoTo Group, a large technology group in Indonesia.
  • Advising the special committee of the board of directors of China Biologic on its going-private acquisition by a consortium, comprising Centurium Capital, CITIC Capital, Hillhouse Capital, Temasek and certain senior management members of China Biologic.
  • Advising EF Education First on the investment by Permira Funds in Switzerland-headquartered EF Kids & Teens, which has schools in China and Indonesia.

Morgan, Lewis & Bockius LLP

With ‘in-depth knowledge of the private equity market in China‘, Morgan, Lewis & Bockius LLP‘s Greater China practice regularly advises some of the world’s largest private equity funds on their China-related buyout, investment, restructuring and divestment activities. On the mainland, Alex Wang‘s experience includes assisting private equity and hedge funds with complex cross-border and offshore transactions within China. Possessing approximately 30 years’ private equity transactional experience, Maurice Hoo leads the China-based team of private equity-dedicated lawyers from Hong Kong. Ning Zhang works across the Hong Kong and Beijing offices.

Practice head(s):

Maurice Hoo

Other key lawyers:

Alex Wang; Ning Zhang; Connie Cheung

Testimonials

Very experienced, with in-depth knowledge of the private equity market in China.

Key clients

Sequoia Capital

Warburg Pincus

GIC

Boehringer Ingelheim

Meten International Education Group

China Distance Education

Work highlights

  • Advised Warburg Pincus on Yuanfudao’s $2.2bn Series G1 and G2 round investment.
  • Advised Sequoia Capital on its investment of $450m in China Evergrande’s spin-off of its property management services arm, Evergrande Property Services Group.
  • Advised GIC on a Series G2 financing in Yuanfudao, an online education platform.

Orrick, Herrington & Sutcliffe LLP

Acting for private equity/venture capital sponsors, investment funds and portfolio companies, Orrick, Herrington & Sutcliffe LLP's team assist with private equity-related investment activity, as well as management and regulatory issues. Beijing-based Betty Louie assists state-owned and private funds with their international investments, particularly in technology and health-tech space. Jinsong (Jeff) Zhang and Shanghai-based Jeffrey Sun are further names to note. Former partner Sarah Zeng joined Bird & Bird in 2020.

Key clients

JD.com

Silk Road Fund

Pactera Technology

Haier Group Corporation

Toyota Motor

Trax Retail

LexinFintech Holdings

Baidu

China Media Capital

China Reform Overseas Hongkong Company

Work highlights

  • Advised Toyota Motor on its $400m Series C investment into Pony.ai, an autonomous driving AI company based in Guangzhou.
  • Advised the Special Committee of the Board of Directors of Gridsum Holding, a provider of cloud-based big-data analytics and artificial intelligence solutions in China, on its going-private transaction.
  • Advised Gosource Holding on its acquisition of Narni 1, an industrial site in Italy.

Ropes & Gray LLP

Ropes & Gray LLP is a go-to adviser for private equity deals across Asia-Pacific. Regional managing partner and Shanghai office founder, Arthur Mok, assists multinational pharmaceutical and medical device companies, biotechs and scientific entrepreneurs, and life sciences and healthcare investment funds pursuing opportunities in China. In addition to advising Asia-based private equity sponsors and corporate clients on their domestic and outbound investments, Hong Kong-based Peng Yu is a trusted adviser to global private equity firms on Asia-related investments; and Oliver Nip works with both private equity and corporate clients, focusing on M&A and other transactional matters.

Practice head(s):

Peng Yu

Other key lawyers:

Arthur Mok; Oliver Nip

Key clients

Baillie Gifford

Bain Capital

Baring Private Equity Asia

China Resources Capital Management

ICBC International

Inspiration Advisors HK

KKR

MBK Partners HK

Siguler Guff

TPG Capital

Yonghe Investments

White & Case LLP

Advising private equity investors and target companies in Greater China and Asia on complex transactions, White & Case LLP, Beijing Office‘s team recently experienced growth in pharmaceutical and healthcare-related work, particularly where related to biotechnology and digital health; and it is also active in matters involving AI technology, real estate and renewable energy. Based in both Beijing and Shanghai, China practice head Alex Zhang possesses  solid transactional experience in M&A transactions involving the Asia-Pacific region, Europe and the US; Hong Kong’s Asia private equity head Daniel Yeh is also noted.

Practice head(s):

Daniel Yeh; Alex Zhang

Testimonials

The firm has been expanding its capacity and capabilities to become a full service firm for PE clients, including building up its debt financing capabilities.

Alex Zhang is without question one of the best deal lawyers on this planet, and certainly in China. He has developed a transaction team that also reflects his superb commercial sense in getting a transaction completed, be it financing for our portfolio companies (many of which retain him after the transaction), or in completing a merger/acquisition deal.

Alex Zhang is efficient, provides invaluable counsel and has tremendous commercial sense, which is invaluable towards achieving the goal of successfully closing a transaction.

In my 16 years in China, there is not another corporate lawyer that comes close to Alex Zhang in ability and/or stature in the industry. He is a superb negotiator and counsel.

Our firm has worked with Daniel Yeh for years, who has been very pragmatic and effective in resolving issues.

Paul Tang is detail-oriented and very knowledgeable about China-related issues.

Key clients

CITIC Capital

CIC Capital

NetEase

Hillhouse Capital

BVCF Management

Goldman Sachs

CMC Capital

CR-CP Fund

Work highlights

  • Advised CITIC Capital on its $770m acquisition of substantially all the assets of GNC Holdings (through its portfolio, Harbin Pharmaceutical Group).
  • Advised CIC Capital Corporation, as deal and regulatory counsel, on its co-investment in the $200m Series A financing of Esco Lifesciences Group.
  • Advised NetEase on its equity investment in AIVA Technologies, a company that designs and develops AIVA, an artificial intelligence music composer.

Baker McKenzie FenXun

Baker McKenzie FenXun‘s China private equity team regularly advises on transactions involving healthcare, technology and real estate; and the Hong Kong, Beijing and Shanghai offices collaborate with finance, capital markets and investment funds colleagues to provide an integrated offering across the private equity life cycle. Experienced in private equity investments, Dorothea Koo leads the Greater China practice from Hong Kong, which was joined in 2020 by former Kirkland & Ellis partner Derek Poon, who ‘always goes the extra mile‘.

Practice head(s):

Dorothea Koo

Testimonials

Derek Poon is knowledgeable, attentive to detail, and always goes the extra mile to make sure the issue is resolved.

Key clients

APG Strategic Real Estate Pool

Caisse de dépôt et placement du Québec

Canada Pension Plan Investment Board

EQT Mid Market GP

Gaw Capital Partners

Haitong International Asset Management

Hysan Development Company

One Equity Partners

Tencent

UBS

Work highlights

  • Advised a financial investor on a proposed investment in a co-investment vehicle managed by Warburg Pincus, which related to the going private transaction of 58.com, China’s largest online classifieds marketplace.
  • Advised longstanding client Tencent Holdings on multiple investments involving gaming, fintech and technology companies.
  • Advised UBS (financial adviser) on the privatisation of Zhejiang New Century Hotel Management Co by a consortium comprising Ocean Link Partners and Sequoia Capital China.

Latham & Watkins LLP

Latham & Watkins LLP‘s Greater China private equity practice has strong relationships with some of the most active regional and global private equity sector participants, including The Carlyle Group, Warburg Pincus, TPG, Platinum Equity, CVC and KKR. Heading the Asia private equity practice, Simon Cooke advises on domestic and cross-border buyouts, pre-IPO deals, PIPEs and privatisations; Amy Beckingham is key to the private equity practice’s regional growth; and Frank Sun is a widely recognised China-facing private equity specialist. All of the above individuals are based in Hong Kong.

Practice head(s):

Simon Cooke

Other key lawyers:

Amy Beckingham; Frank Sun

Key clients

Warburg Pincus

TPG

Platinum Equity

The Carlyle Group

Trustar Capital

Baring Private Equity Asia

Partners Group

CVC

KKR

Boyu Capital

MBK Partners

CDH Investments

Primavera

Mayer Brown

Mayer Brown‘s Hong Kong-based group leverages the firm’s extensive international network to handle cross-border transactions. In addition to advising sponsors and investment funds on their investments, the practice assists with fund formation, fund finance, separate accounts arrangements, club deals, portfolio transactions, fund administration and regulatory matters. The key advisers are corporate and securities specialist Mark Uhrynuk , regional private equity head Steven Tran, and real estate experts David Ellis  and Ricky Yiu .

Key clients

TPG Capital

LimeTree Capital

Excelsior Capital Asia

Leapfrog Investments

DEG

FMO

Principal Financial

AEW

Gaw Capital Partners

BEI Capital Partners (HK)

IGIS Asset Management Company

Proskauer Rose LLP

Proskauer Rose LLP‘s private equity practice, which ‘provides strong support and mobilises resources to meet clients’ needs‘, is regularly instructed to advise on the negotiating and closing of buyouts, portfolio company divestitures, investments and other significant private equity transactions. Recent highlights include advising Greater Bay Area Homeland Development Fund on two fintech-related private equity investments. A trusted adviser to global and regional clients, Hong Kong-based Jay Tai plays a key role in growing the Asia private equity practice.

Practice head(s):

Jay Tai

Other key lawyers:

Jeremy Leifer

Testimonials

The team provides strong support and mobilises resources to meet clients’ needs.

Willing to prioritise clients’ work and able to meet tight timelines set by the parties, while being flexible on fee arrangements.

Key clients

RRJ Capital

CCB International Asset Management

Greater Bay Area Homeland Development Fund

Schroder Adveq

Adams Street Partners

Partners Group

Lunar Capital

Haitong International Securities Group

OCBC

B M Group

Work highlights

  • Advised Greater Bay Area Homeland Development Fund on two private equity investments in the fintech space.
  • Advised Partners Group on the disposal of an equity position in a Hong Kong-listed manufacturing group.
  • Advised Adams Street Partners on two co-investments, two secondaries and five fund investments in Asia.