Back to Asia Pacific

Private equity: foreign firms in China

Clifford Chance LLP

One of Clifford Chance LLP's key differentiators is the breadth of its private equity (PE) client base, which includes the firm's international clients, pan-Asian and China based funds, and sovereign wealth funds. The practice covers the full spectrum of PE transactions, including: LBOs; MBOs; public-to-privates; private investments in public equity (PIPEs); pre-IPO and cornerstone investments; venture capital (VC) investments; and senior, mezzanine and high-yield financing. Beijing's Terence Foo, who heads the PE practice in mainland China, has extensive experience in advising clients on investments in China; and Hong Zhang acts for international and Chinese private equity clients and sovereign wealth funds on buyouts, growth capital and pre-IPO investments in China. Neeraj Budhwani and Andrew Whan left to join Milbank.

Practice head(s):

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 a company (backed by Permira Funds) on its proposed acquisition of a majority of the shares in Topcast Aviation Supplies Company and its affiliates.
  • Advised certain selling shareholders on their sale of interests in PRASAC Microfinance, a Cambodian micro-finance institution.
  • Advised Tencent on its subscription for certain Series G preferred shares in Yuanfudao, a Chinese online education platform that offers online courses and homework plans to students.

Kirkland & Ellis International LLP

Kirkland & Ellis International LLP's active and highly regarded PE practice recently advised on some of the region's largest, most high-profile and complex cross-border transactions involving PE sponsors, including LBOs and other M&A, PIPEs and joint ventures. Clients additionally benefit from the PE practice's full-service features, which comprise the firm's sponsor-focused debt finance, high-yield, restructuring and investment funds expertise. On the mainland, Chuan Li, who splits his time between Shanghai and Beijing, has over 15 years' experience in major cross-border PE and M&A transactions across China and Asia. The Hong Kong office also fields several experienced partners, including Gary Li David Patrick EichDaniel DusekNicholas NorrisJoey Chau, and David Zhang.

Other key lawyers:

Xiaoxi Lin

Key clients

Investor consortium comprising Warburg Pincus Asia LLC, General Atlantic Singapore Fund Pte. Ltd., Ocean Link Partners Limited, and Jinbo Yao

A consortium of investors comprising PW Medtech Group Limited, CITIC Capital, Hillhouse Capital, Temasek and Marc Chan

iKang

GLP Pte. Ltd.

Consortium offeror comprising GLP and the Fung family

Hammer Capital

Clear Channel Outdoor Holdings, Inc.

GIC

An investor consortium led by Bizuo (Tony) Liu

The founders of Topcast Aviation Supplies Company Limited

Partners Group

L Catterton

Warburg Pincus

Bain Capital

Clermont Group

Cartesian Capital Group

MediaOcean LLC

Vista Equity Partners

TDR Capital

Work highlights

  • Advised Ligang Zhang, founder, chairman and chief executive officer of iKang Healthcare Group (as a member of the buyer consortium) on the $1.5bn going-private transaction of iKang.
  • Advising a consortium of investors on the proposed take-private of China Biologic Products Holdings, an integrated plasma-based biopharmaceutical company.
  • Acting as international co-counsel for an investor consortium, on the proposed take-private of 58.com, China’s largest online classifieds marketplace.

Linklaters

Acting for PE firms, global investment banks' principal investment arms, hedge funds and sovereign wealth funds, Linklaters' PE practice stands out for its ability to leverage the firm's international corporate, capital markets, banking and finance teams. The group covers the full spectrum of PE work, ranging from acquisitions, LBOs, consortium bids, cross-border deals and trade sales, to refinancing and IPOs. It has a longstanding track record in advising across several sectors in China and across Asia, including financial services, technology, healthcare, real estate, and energy and infrastructure, among others. John Xu in Shanghai is a highly rated corporate partner, while Matthew Middleditch is an experienced Hong Kong-based partner. The firm's China presence has been further strengthened, following the establishment of a joint operation office with Zhao Sheng Law Firm in Shanghai, which fields Eric Liu, Richard Gu and Colette Pan, all of whom previously worked at Linklaters.

Practice head(s):

Matthew Middleditch

Other key lawyers:

John Xu; Alex Bidlake; Christopher Yip; Gilbert Li; Frank Cui; Eric Liu; Richard Gu; Colette Pan

Testimonials

The private equity team is equipped with experienced lawyers in Europe and Asia, which is very beneficial to Chinese and foreign investors in our US dollar fund.

The team not only has a legal perspective, but also a deep understanding of business. It often gives constructive opinions to promote the progress of transactions – it is our most trusted law firm.

Key clients

MGI Tech Co., Ltd.

Sichuan Shuangma Cement Co., Ltd. and Henan Hexie Jinyu Investment Fund (Limited Partnership)

Genting Hong Kong Limited

Russia-China Investment Fund

Work highlights

  • Advised Shanghai Pudong Development Bank, and additional arrangers, on a $3.5bn acquisition financing commitment, to fund the proposed privatisation of 58.com by a consortium.
  • Advised Russia-China Investment Fund on its investment in Shenzhen DianMao Technology Company.
  • Advised MGI Tech Co, a PRC-headquartered life sciences and biotech equipment manufacturer, on a $200m Series A round equity financing.

Morrison & Foerster LLP

Morrison & Foerster LLP’s PE practice consistently assists clients with a variety of high-value deals. It fields industry experts in technology, data centres, life sciences and healthcare, and education (particularly online education), who work alongside the firm's robust finance and restructuring practices. Of recent, the group experienced particular growth in relation to fintech-related transactions. The practice of Shanghai-based Ruomu Li, who joined from Fenwick & West LLP in 2019, includes complex PE transactions and venture capital investments, while Lucy (Qiong) Lu in Beijing, a recent hire from Dechert LLP, is also active in PE matters. Notable associate-level support on the mainland is provided by Tian Zhou, and Alice Li, whose practices include PE investments, along with Richard Ji, who focuses on PE transactions and VC investments. Two of the most experienced private equity lawyers in the Asian market, Thomas Chou and Marcia Ellis jointly lead the Asia PE practice from the firm's Hong Kong office.

Practice head(s):

Thomas Chou; Marcia Ellis

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 Holding on Alibaba’s acquisition of a 33% equity interest in Ant Financial.
  • Advised SoftBank Vision Fund on a high-value investment in Chehaoduo.
  • Advised SoftBank Vision Fund on a Series D+ round funding, which concerned Klook, an online travel platform.

Simpson Thacher & Bartlett LLP

Simpson Thacher & Bartlett LLP 's Beijing and Hong Kong offices act for private equity clients on both strategic investments and fund formation. Clients particularly benefit from the practice's widely respected strengths in M&A, capital markets, investment funds, and banking and credit transactions. Beijing-based Yang Wang's varied practice includes assisting with M&A deals, private equity transactions, corporate finance transactions and other general corporate matters. His representative experience includes advising New Frontier Corporation on its $1.3bn acquisition of United Family Healthcare. In Hong Kong, Ian Ho advises public and private corporations, and private equity firms (among others), on complex cross-border transactions throughout the Asia Pacific Region; Ho's recent highlights include acting for Calsonic Kansei on the acquisition from Fiat Chrysler Automobiles of its automotive components business, Magneti Marelli. Also key to the practice is China practice head Celia Lam.

Practice head(s):

Ian Ho; Yang Wang; Celia Lam

Key clients

Alibaba Group Holding Limited

Aluminum Corporation of China

Ant Financial

Apax Partners

Athenex Inc.

Bank of America Merrill Lynch

The Blackstone Group (and portfolio companies)

Bona Film Group

Cainiao Smart Logistics Network

The Carlyle Group

China Life Insurance Company

China National Chemical Corporation

Citigroup Global Markets

Fountainvest

Foxconn

GDS Holdings

iKang Healthcare Group

J.P. Morgan

Kohlberg Kravis Roberts & Co. (and portfolio

companies)

Koubei Holding Limited

Lexington Partners

Meili Inc.

Morgan Stanley Private Equity

Primavera Capital Group

Sequoia Capital China Fund

Silver Lake Partners

Warburg Pincus

Yunfeng Fund L.P

Work highlights

  • Advised KKR on its acquisition of certain international operations from Campbell Soup Company.
  • Advised Blackstone on its approximately $462m acquisition of a majority stake in Essel Propack, a global specialty packaging company.
  • Acted for Primavera Capital Group and FountainVest Partners on their acquisition of Janstar Investment from EQT Partners.

Weil, Gotshal & Manges LLP

A go-to adviser for take-privates and market-leading PE deals, Weil, Gotshal & Manges LLP boasts longstanding key relationships with major clients. The Asia practice operates as a single platform across its China and Hong Kong offices, with clients additionally benefiting from specialists in the TMT, consumer and healthcare sectors. China practice head Charles Ching, who divides his time between the Shanghai and Beijing offices, focuses on advising international private equity sponsors on their investments in China-based businesses, as well as acting for leading Chinese sponsors on their local and outbound investments. Focused exclusively on PE and M&A deals, Hong Kong head Tim Gardner has extensive experience in private and public acquisitions, leveraged and management buyouts, going-private transactions,  joint ventures, PIPEs, and minority investments and divestitures.

Practice head(s):

Charles Ching; Tim Gardner

Key clients

Founder, Chairman and CEO of 58.com, Jinbo Yao

Lone Star

Cornell Capital

Public Sector Pension Investment Board

Advent International

FountainVest Partners

Primavera Capital

Baring Private Equity Asia

Ontario Teachers’ Pension Plan Board

Hillhouse Capital

MBK Partners

PAG

Anchor Equity Partners

TPG Growth

TPG Capital

SoftBank Vision Fund

Work highlights

  • Advised Anchor Equity Partners, as lead investor, on its participation in a Series A funding round for Cue Holding.
  • Advised SoftBank Vision Fund on its investment in Coupang.
  • Advised Primavera Capital, as lead investor, on its investment in Xinsheng Youxuan.

Allen & Overy LLP

With a strong track record in advising leading PE houses and financial sponsors in China, Allen & Overy LLP distinguishes itself through a combination of corporate PE and debt finance expertise. Working closely with the firm's M&A lawyers and highly rated China finance practice, the PE team is particularly noted for its advice to international and regional private equity funds on raising money to fund acquisitions (both control deals and minority stake acquisitions). In Shanghai, seasoned practitioner Wayne Lee consistently advises global and regional PE sponsors and sovereign wealth funds, while corporate and PE specialists Benjamin Crawford and Jean Ye were made partners in 2020. Fiona Cumming is a key Hong Kong practitioner. The practice recently enhanced its legal services offering through an approved joint operation with Lang Yue Law Firm in the Shanghai Pilot Free Trade Zone.

Practice head(s):

Wayne Lee; Fiona Cumming

Key clients

China Ping An Insurance

China Ping An Insurance Overseas (Holdings) Limited

K11 Investment Company Limited

New World Development Group

KKR

QuadReal Property Group Limited Partnership

Work highlights

  • Advised China Ping An Insurance Overseas (Holdings) and Ping An Insurance Group on a strategic co-operation with TutorGroup Holding (Company).
  • Advised K11 Investment on its investment in GritWorld, an international computer graphics and vision technology developer .
  • Advised KKR on the formation of an investment platform with Hitone Capital, to invest in, operate and manage distressed real estate assets in China.

DLA Piper

Consistently acting on big-ticket, China PE mandates, DLA Piper's ability to act throughout the entire fund lifecycle repeatedly brings the practice strong flows of high-profile mandates. The China-based team regularly advises clients on initial fund formation through to capital raising, investments, exit strategies and the winding up of major funds. Sectors of particular strength for the team include technology, education, and energy and natural resources. On the mainland, Stewart Wang's practice includes PE and VC investments; Qiang Li is a widely respected PE and corporate and M&A adviser; and James Chang is a transactions and regulatory expert. Leading the practice from the firm's Hong Kong office, Gloria Liu is recommended for cross-border PE-led M&A deals; PE, VC and growth capital investments; add-on acquisitions; and PE exit transactions.

Practice head(s):

Gloria Liu

Other key lawyers:

Stewart Wang; Qiang Li; James Chang

Testimonials

The team is well briefed and becomes productive immediately, without needing to reinvent the wheel. This is a great relief, as offices of other firms are not always fully synchronised.

Gloria Liu and the staff are always alert and deliver a high-quality service. They are also proactive and creative in finding solutions, rather than just providing legal answers when consulted.

Key clients

China Ping An Insurance Overseas

Wise Road Capital

Valuestone Global Resources Fund

CMH Capital

SINO-BLR Industrial Investment Fund

Ping An Global Voyager Fund

Work highlights

  • Acted for China Ping An Insurance Overseas (Holdings) on its private equity investment in global education service provider, Whittle School & Studios.
  • Advised Wise Road Capital, a China-based global private equity fund that is focused on investing in technology companies, on its acquisition of a semi-conductor research and development business.
  • Advised China Ping An Insurance Overseas on its approximately $1.5bn exit from a strategic investment in Singapore-headquartered Bigo, a fast-growing live-stream company.

O'Melveny

O'Melveny consistently acts for companies and investors on PE transactions in China. The team's recent transactions include buyouts, venture and other PE investments, PIPE transactions, bridge loans, debt financings, joint ventures, restructurings and recapitalisations. Its sector experience includes TMT, life sciences, real estate, new energy, chemicals, manufacturing and retail,  among others. The PE group is led by Shanghai office managing partner, Walker Wallace, and Beijing office managing partner Ke Geng, along with Nima Amini and Li Han in Hong Kong. Wallace advises high-profile PE firms and multinationals on a variety of PE and VC transactions; and Geng acts for Chinese companies on their outbound investments and exchange listings in the US and Hong Kong, as well as the privatisation of US and HK-listed companies, and PE and VC financing.

Key clients

Distinct Healthcare

Seek Group

Ansun Biopharma

Nissan (China) Investment Co., Ltd.

Yitu Limited

Joy Bright Investments Limited

Linksure Literature Holding Limited

Orange Grove Global Limited

City Cloud International Co., Ltd.

Essence International Capital Ltd.

Adagene, Inc.

The Public Investment Fund of the Kingdom of Saudi Arabia

Coller Capital

GIC Private Limited

River Security

Pharmaron Beijing Co., Ltd.

Work highlights

  • Advised Distinct Healthcare on its $60m Series D financing.
  • Advised LinkSure Literature Holding on its $50m Series A financing.
  • Advised Orange Grove Global on its seed round financing of Enigma Micro.

Paul Hastings LLP

Paul Hastings LLP’s China practice is particularly active in headline TMT and entertainment industry PE deals; it is also highly rated for real estate deals. The department covers the full range of investment transactions, from investment strategy to investment transactions and negotiations, fund management, and exits and dispositions. It was recently particularly active in relation to high-profile PE buyouts, including later-stage deals. The team also advises on matters requiring clearance from The Committee on Foreign Investment in the United States. Shanghai-based David Wang's primary areas of focus are M&A, private equity, joint ventures and capital markets, while Jia Yan, who co-chairs the firm’s Shanghai and Beijing operations, is a key PE team member. Providing further support in Beijing is Meka Meng, whose broad practice includes private equity fund formation, and investment transactions and venture capital investments. Neil Torpey and Vivian Lam are notable Hong Kong advisers.

Other key lawyers:

Meka Meng

Testimonials

Highly commercial and always available – a strong bench, even at the associate level.

David Wang is an excellent negotiator, who is very practical and commercial.

Key clients

CDH Investments

China Media Capital

Ping An Group

Carlyle Group

Alpha Investment Partners

AEW Global

China Orient Summit Capital

Newquest Capital

ARA Asset Management

Uban Capital

Work highlights

  • Advised Fosun Pharmaceutical on the $1.44bn sale of stakes in United Family Healthcare.
  • Advised Jaguar Partners Asia and JHJ Logistics on the formation of a joint venture to acquire Brilliant Enterprise Management Consulting in Shanghai.
  • Advised ARA Asset Management on its formation of a partnership with Straits Real Estate and ICBC International, in relation to the acquisition of Shanghai retail mall Sanlin InCity.

Paul, Weiss, Rifkind, Wharton & Garrison LLP

Paul, Weiss, Rifkind, Wharton & Garrison LLP acts for PE houses, sovereign wealth funds, investment banks and corporations on high-impact PE deals in China and Hong Kong. The PE team was recently particularly active in advising on direct investments, co-investments and exit work. Highlights include advising a consortium of investors, including General Atlantic, Warburg Pincus, Ocean Link Partners and the 58.com CEO and chairman Jinbo Yao, on its proposed high-value acquisition of 58.com, a China-based online classifieds marketplace. In Beijing, Greg Liu's M&A and capital markets transactions' experience includes PE investments, take-private deals and PIPE investments; and Judie Ng Shortell’s practice focuses on China-related PE investments and cross-border M&A. In Hong Kong, Betty Yap and Jack Lange are M&A and private equity investments specialists.

Practice head(s):

Judie Ng Shortell; Greg Liu

Other key lawyers:

Betty Yap; Jack Lange; Edwin Chan

Key clients

KKR

Didi Chuxing

Tencent

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 Asia-based private equity firm Hillhouse Capital on a joint venture to establish a virtual bank in Hong Kong.
  • Advised KKR on its investment in (and launch of) Cue & Co, a one-stop digital marketing company that is primarily aimed at the Chinese market.
  • Advised KKR on its $794m acquisition of a majority equity stake in NVC Lighting Holding’s China lighting business.

Shearman & Sterling LLP

Shearman & Sterling LLP's private capital team in Greater China has a substantial track record in advising private equity funds, sovereign wealth funds, pension funds, infrastructure funds, hedge funds and family offices on Asian inbound and outbound investments. It acts on investment mandates in Asia, the US and Europe across key sectors, including infrastructure, healthcare, TMT, real estate and fintech. Clients additionally benefit from the firm's integrated global platform, which assists with formation, compliance, transactional, regulatory and tax matters worldwide. Splitting her time between the firm's Beijing and Hong Kong offices, Li Chen's practice spans a broad range of M&A, corporate and private equity matters; and Lorna Chen leads the Asia investment funds practice from Hong Kong. Former Beijing partner Lee Edwards is now of counsel.

Practice head(s):

Li Chen

Other key lawyers:

Lorna Chen; Lee Edwards; Max Hua;

Testimonials

The lawyers provide close assistance, co-operation and timely feedback. They are our trusted partners.

Key clients

Agricultural Bank of China

Asia Development Bank

Bain Capital

Canada Pension Plan Investment Board

CarVal Investors, LLC

China Investment Cooperation

China Merchants Capital

China National Petroleum Company International

PetroChina

China Resources Capital

China State Construction Engineering Corporation

China Telecom Corporation

China-LAC Co-operation Fund

China’s State Administration of Foreign Exchange

Danone Asia

Export Import Bank of China

Global Infrastructure Partners

Haitong International

Huawei

Hubei Science & Technology Investment Group

International Finance Corporation

Investcorp China

Jiangxi Railway Investment Group Corporation

KKR Asia

Korean Investment Corporation

Mubadala Capital China

Qatar Investment Authority

RCIF Asset Management

Shanghai Electric Group

Sino Ocean Group

State Grid International Development Limited

Taikang Insurance

Telecommunication Industrial Fund

Temasek

ZZ Capital

Work highlights

  • Advised CPPIB, as a significant shareholder in HKBN, on its acquisition of all of WTT’s shares, which was in exchange for issuing a combination of HKBN shares and vendor loan notes to MBK Partners and TPG.
  • Advised Global Infrastructure Partners (Emerging Market) on various China-related transactions.
  • Advised Mubadala Capital on its China-related matters.

Skadden, Arps, Slate, Meagher & Flom LLP

A go-to practice for multi-jurisdictional, complex and high-value transactions, Skadden, Arps, Slate, Meagher & Flom LLP's team is particularly noted for its assistance to Chinese companies that invest in the US or are going private; it also stands out for its advice to non-Chinese PE houses worldwide that make investments in China. In addition to working with leading Asian PE and VC firms, the practice is also consistently involved in PIPE-type transactions. In recent highlights, Beijing office leader Peter Huang acted on large, Chinese New York-listed take-privates involving PE firms; and Shanghai office head Haiping Li was the lead on several PIPE deals. In Hong Kong, Julie GaoJonathan Stone and Geoffrey Chan are highly experienced practitioners.

Other key lawyers:

Shu Du

Testimonials

Peter Huang and his team provide exceptional client service, and have very deep knowledge of the China market. This is the hardest working team I have come across and it is able to help US clients manage very complex transactions in China.

Key clients

58.com

SSG Capital Holdings Limited

Ocean Link Partners

Work highlights

  • Advised SSG Capital Holdings on its sale of a controlling stake to Ares Management, a Los Angeles-based alternative asset management company.
  • Advised the special committee of the board of directors of Bitauto Holdings (China) on its $1.1bn going-private acquisition by an investor consortium.
  • Advised 58.com on its $8.7bn going-private acquisition by a consortium of investors, led by Quantum Bloom Group and its subsidiary Quantum Bloom Company.

Baker McKenzie FenXun

Providing an integrated service throughout the PE life cycle, Baker McKenzie FenXun's China team regularly works alongside the firm's finance, capital markets, investment funds and real estate teams, including in relation to fund raising, and the investment and operating needs of PE clients and their investment companies. From fund formation to exits, the practice advises PE sponsors and funds, sovereign wealth funds, institutional and strategic investors, portfolio companies and management teams on their cross-border investments. Bee Chun Boo in Beijing is regularly involved in PE and VC transactions, while Dorothea Koo leads the China and Hong Kong private equity practice from Hong Kong.

Practice head(s):

Dorothea Koo

Key clients

APG Strategic Real Estate Pool

Gaw Capital Partners

Tencent

Abu Dhabi Retirement Pensions & Benefits Fund

Canada Pension Plan Investment Board

EQT Mid Market GP B.V.

Greystar Real Estate Partners LLC

SINO-CEE Fund

Work highlights

  • Advised APG and SK on equity capital markets matters.
  • Advised Gaw Capital Partners on the structuring, formation and successful closing of its sixth flagship Asia Pacific real estate fund, Gateway Real Estate Fund VI.
  • Advised Gaw Capital Partners on a joint venture with Allianz Real Estate to acquire the DUO Tower and DUO Galleria.

Cleary Gottlieb Steen & Hamilton

Cleary Gottlieb Steen & Hamilton acts for a variety of international and local PE firms on complex cross-border transactions in China and Hong Kong. The team assists with every phase of a PE fund’s life cycle, including formation, investments, strategic initiatives and exits. The PE group also includes Hong Kong-based fund formation specialists, and has a particularly robust sovereign wealth funds practice. Beijing-based Denise Shiu focuses on international M&A, private equity, and foreign direct investment transactions in China and the rest of Asia.

Other key lawyers:

Denise Shiu

Key clients

CDH Investments

Hillhouse Capital

Hony Capital

HOPU Fund Management Company

PAG Asia

Sequoia Capital

Silk Road Fund

Temasek Holdings

TPG

Work highlights

  • Advised TPG on the sale of United Family Healthcare by TPG, Fosun and other shareholders to New Frontier Corp, which marked one of the first sale transactions in Asia to a SPAC.
  • Advised Silk Road Fund Co, and its subsidiary CVXF, on CVXF’s acquisition of 49% of the share capital of ACWA Power Renewable Energy Holding.
  • Advised HOPU Fund Management Company, and its affiliates, on its investment in Trax.

Davis Polk & Wardwell LLP

Davis Polk & Wardwell LLP's highly regarded China and Hong Kong PE practice has extensive experience in advising both Chinese and international private equity houses, financial institutions-affiliated sponsors, sovereign wealth funds, LP investors, secondary investors, VC firms and Hong Kong-listed companies, on their China inbound and outbound transactions and investments across the Asia Pacific region. Its sectors expertise covers TMT, food and beverage, fintech, biotechnology, education, and energy and infrastructure. Beijing-based Howard Zhang focuses on PE and M&A transactions in the region, while Annie Yan provides key counsel-level support. Miranda So is the Hong Kong partner to note.

Practice head(s):

Howard Zhang; Miranda So

Other key lawyers:

Annie Yan

Work highlights

  • Advised Li & Fung on an investment by Temasek Holdings (Private) in Li & Fung’s logistics business, LF Logistics.
  • Advised Cornell Capital on its investment in Lorom Holding, a manufacturing solutions provider that focuses on specialised cable manufacturing and assembly.
  • Advising Tencent and Tencent Music on the planned acquisition by a Tencent-led consortium of a 10% equity stake in Universal Music Group.

Hogan Lovells International LLP

Hogan Lovells International LLP strengthened its private equity team in Greater China with the June 2020 recruitment in Shanghai of corporate partners Don Williams, Tony Mou and Cheng Xu from Sheppard, Mullin, Richter & Hampton LLP. Recent work for the practice, which has a strategic sector focus on TMT, life sciences and healthcare, included advising private equity buyer consortiums and companies on take-private transactions involving US-listed companies. Other key mainland figures are Liang Xu, who leads the corporate practice in Greater China, Jun Wei and Philip Cheng. Hong Kong-based Stephanie Tang heads up the Greater China private equity practice.

Practice head(s):

Stephanie Tang

Key clients

Buyer consortium in acquisition of Gridsum Holding Inc.

Jumei International Holding Limited

Sedgwick Inc.

Work highlights

  • Advised the special committee of Jumei International Holding Limited on its going-private transaction.
  • Advised the buyer consortium on the buyout transaction of Nasdaq-listed Gridsum Holding, a provider of cloud-based big-data analytics and AI solutions for multinational and domestic enterprises and government agencies in China.
  • Advised Sedgwick, a global provider of technology-enabled risk, benefits, and integrated business solutions, on its $6.7bn sale of KKR’s majority stake in the enlarged Sedgwick group to The Carlyle Group.

Morgan, Lewis & Bockius LLP

Morgan, Lewis & Bockius LLP's Hong Kong office is routinely instructed by some of the world’s largest private equity funds, in connection with their China-related buyout, investment, restructuring and divestment activities. Of note, the team advises the portfolio companies of private equity clients on their exit transactions, whether in the form of IPO or trade sales.  Shanghai-based Alex Wang's broad corporate practice covers high-level PE work; and with longstanding PE transactional experience, Hong Kong office managing partner Maurice Hoo leads the PE team.

Practice head(s):

Maurice Hoo

Other key lawyers:

Alex Wang; Ning Zhang; Connie Cheung

Key clients

Warburg Pincus

BOCI Financial Products Limited

Work highlights

  • Advised Warburg Pincus on YuanFuDao’s $1bn Series G investment.
  • Advised Warburg Pincus on its Series B round financing in a China-based home-renting platform.
  • Advised Warburg Pincus on its $140m investment in Beijing-based Gaosi Education Group.

Orrick, Herrington & Sutcliffe LLP

Notwithstanding the 2020 closure of Orrick, Herrington & Sutcliffe LLP's Hong Kong office, the firm's China-based team regularly advises PE and VC sponsors, investment funds and portfolio companies on their investment activities, as well as management and regulatory issues in multiple markets. In addition, it acts for Chinese company founders and their companies on both early (and late) stage financing rounds. In recent work, the practice advised on PE transactions involving the TMT, automobile, life sciences, and energy and infrastructure sectors. Betty Louie, Jinsong (Jeff) Zhang and Sarah Zeng in Beijing are all experienced partners, while Jeffrey Sun provides key support in Shanghai.

Key clients

JD.com Inc.

Silk Road Fund

Toyota Motor

M17 Entertainment

Estun Automation

China Renaissance Capital Investment

China Reform Conson Soochow Overseas Fund I L.P.

Trax Retail

Work highlights

  • Advised JD.com on the $931m Series A financing for its healthcare subsidiary, JD Health.
  • Advised Toyota Motor on its $400m Series B investment into Pony.ai, an autonomous driving AI company that is based in Guangzhou.
  • Advised M17 Entertainment, a social networking entertainment start-up that is backed by Temasek, on its acquisition of MeMe Live, a live streaming platform that is controlled by Beijing-based social gaming developer, Funplus.

Ropes & Gray LLP

Ropes & Gray LLP regularly acts on high-end PE deals across the Asia Pacific region. Regional managing partner of the Asia offices, Shanghai-based Arthur Mok primarily serves multinational pharmaceutical and medical device companies, biotechs and scientific entrepreneurs, and life sciences and healthcare investment funds that pursue opportunities in China. Hong Kong-based Peng Yu is sought out by global private equity firms in relation to their investments in Asia, with a particular focus on China. He also advises Asia-based private equity sponsors and corporate clients on their domestic and outbound investments. Oliver Nip is another key PE team member in Hong Kong.

Practice head(s):

Peng Yu

Other key lawyers:

Arthur Mok; Oliver Nip

Key clients

Baring Private Equity Asia

Siguler Guff

Nan Fung Group

Work highlights

  • Advised Baring Private Equity Asia on its investment in JD Health, as part of the latter’s Series A preferred share financing round.
  • Advised US-based Siguler Guff & Company, which (with other investors) purchased Series B+ preferred shares in Plum, a China-based e-commerce platform that specialises in previously-owned fashion and luxury products.
  • Advised Nan Fung Group on its buyout of Westbrook Partners’ approximately 90% interest in an office and industrial property in New York’s Long Island City.

White & Case LLP, Beijing Office

Advising on both the sell and buy-side of PE deals, White & Case LLP's highly experienced team boasts long-term relationships with global and Asia-based private equity firms and financial sponsors. Alex Zhang, who divides his time between Beijing and Shanghai, heads the China practice; Zhang has longstanding experience in advising US, European and Asian clients on cross-border corporate transactions in China. He also assists Chinese private and state-owned companies with their investments, acquisitions and other business activities outside China. Daniel Yeh heads the Asia Pacific PE practice from Hong Kong.

Practice head(s):

Daniel Yeh; Alex Zhang

Other key lawyers:

William Fong; Paul Tang; Steve Sha

Testimonials

The team is efficient, responsive and accurate.

Key clients

Bright Scholar Education Holding

EQT

GPA Global

GIC

CAA China, LLC

Mubadala Investment Company

Bain Capital Credit

Salcomp Holdings

IFS AB

Fusion Capital

Goldman Sachs

CMC Capital

Work highlights

  • Advised Bright Scholar Education Holding on its £150m acquisition of the entire equity interest in CATS Colleges Holdings.
  • Advised EQT Partners and its portfolio company, GPA Global, on GPA Global’s bolt-on acquisition of Hub Folding Box.
  • Advised CAA China, a partnership between Creative Artists Agency and CMC Capital Partners, on the acquisition of Momentum Sports Cultural Development (Beijing) Co.

Cooley LLP

Cooley LLP has particular industry expertise in technology, life sciences, software, internet, healthcare, fintech and e-commerce. The team frequently works with emerging companies prior to company formation, through to the full evolution of a startup's life. Shanghai-based James Lu's broad practice includes VC financing and PE investments, while Singapore's Matthew Bartus co-chairs the global emerging companies and VC practice.

Practice head(s):

Matt Bartus; James Lu

Key clients

Akeso Biopharma

Affamed Therapeutics

Beijing Baidu Investment Management

Dailuobo

EpimAb Therapeutics

GGV Capital

HiFiBIO Therapeutics

MindWorks Ventures

Pacific 8 Ventures

RemeGen, Ltd.

Wuhan Neurophth Biotech Co., Ltd.

X Capital Management

WeLab

Work highlights

  • Advised WeLab, a fintech startup in Asia, on its $156m Series C financing.
  • Advised Akeso, a Chinese biopharmaceutical company, on its $150m Series D financing.
  • Advised GGV Capital on its investment in the $100m Series E financing of Tongdun Technology.

Latham & Watkins LLP

Latham & Watkins LLP's Greater China PE practice has significant relationships with active regional and global PE participants. The team advises across multiple stages of investment, including acquisitions, growth and early stage investments, financing and exits, among others. Simon Cooke heads the private equity practice in Asia from the Hong Kong office, which also fields experienced partners Amy Beckingham and Frank Sun.

Practice head(s):

Simon Cooke

Key clients

Warburg Pincus

TPG

Platinum Equity

The Carlyle Group

CITIC Capital

Baring Private Equity Asia

Partners Group

CVC

KKR

Boyu Capital

MBK Partners

CDH Investments

Primavera

Orix Asia

Ruangguru

Work highlights

  • Advised Warburg Pincus Asia on its investment into Converge ICT Solutions, a Philippines-based telecoms provider.
  • Advised CITIC Capital, as a member of a buyer consortium, on the privatisation of US-listed China Biologic Products Holdings, a developer of plasma-based therapies.
  • Advised Carlyle Asia Investment Advisors on the privatisation of Hong Kong-listed Asia Satellite Telecommunication.

Mayer Brown

Mayer Brown's Hong Kong-based PE group comprises team members from the firm's corporate and real estate practices, who advise sponsors and investment fund clients on their investment activities. It also acts on fund formation, fund finance, separate account arrangements and club deals, along with portfolio transactions, tax planning, fund administration and regulatory matters. The principal advisers are Mark Uhrynuk, Steven Tran and David Ellis.

Practice head(s):

Steven Tran; Mark Uhrynuk

Other key lawyers:

David Ellis

Key clients

TPG Capital

LimeTree Capital

Excelsior Capital Asia

Leapfrog Investments

DEG

FMO

Principal Financial

AEW

Gaw Capital Partners

BEI Capital Partners (HK) Limited

IGIS Asset Management Company Limited

Work highlights

  • Advised a consortium, led by Gaw Capital Partners, on the acquisition of 12 commercial properties in Hong Kong from Link Real Estate Investment Trust.
  • Advised LimeTree Capital on the sale of its entire portfolio of real estate assets in Sri Lanka to a Singapore-based investor.
  • Advised DEG on its divestment of a stake in Softlogic Life.

Proskauer Rose LLP

Proskauer Rose LLP's PE practice advises both global and regional funds on a broad spectrum of deals, from buyout, growth equity, PIPEs and debt financing to restructuring, exit strategies and secondaries. Jay Tai in Hong Kong has played a key role in growing the firm's Asia private equity practice and client base.

Practice head(s):

Jay Tai

Other key lawyers:

Vivian Ho

Key clients

RRJ Capital

CCB International Asset Management Limited

Greater Bay Area Homeland Development Fund

Schroder Adveq Management AG

Partners Group

Lunar Capital Management

Country Garden Asset Management

OCI Capital

Abax Global Capital

Haitong International Securities Group

OCBC

Peterson Group

B.M. Group

Grand China Overseas Investment Management Co., Ltd

Corsair Capital

Varde Partners

Work highlights

  • Advised Greater Bay Area Homeland Development Fund on its private equity investment in a financial technology group.
  • Advised Schroder Adveq Management on China secondary investment deals in the healthcare and retail industries.
  • Advised CCB International Asset Management on a broad spectrum of investment transactions.