Private equity: foreign firms in China

Clifford Chance LLP

Clifford Chance LLP‘s China private equity practice routinely acts for international clients such as CVC, Partners Group and Permira, in addition to enjoying strong relationships with pan-Asian and China-based clients, as well as sovereign wealth funds. The team’s coverage includes LBOs, MBOs, take-privates and PIPEs, along with pre-IPO and cornerstone investments, growth capital/venture capital investments, and senior, mezzanine and high-yield financings. China private equity head Terence Foo has longstanding experience in advising private equity and sovereign wealth funds on their investments in China; Kelly Gregory is active in the energy, technology, manufacturing, consumer goods and retail and technology sectors; and recently promoted partner Yufei Liao is an M&A, private equity and equity capital transactions specialist. Further expansion includes corporate expert Yang Yi making partner in May 2022, while Fang Bao is the counsel to note. Former counsel Yan Yuan recently joined Ashurst. All names listed practise from the mainland.

Practice head(s):

Terence Foo

Other key lawyers:

Kelly Gregory; Yufei Liao; Yang Yi; Fang Bao; Andrew Crook

Key clients

CVC

EQT

Permira

Partners Group

Carlyle

MBK

L Catterton Asia

Tencent

Affirma Capital

Sequoia Capital China

Work highlights

  • Advised private equity firm Navis Capital Partners on the disposal of its entire interest in QIMA, a provider of supply chain compliance solutions, to Caisse de dépôt et placement du Québec.
  • Advised CVC Capital Partners on its strategic investment in Xi’an Yikang Pharmacy, a pharmaceutical retail chain.
  • Advised EQT Private Equity on its majority stake acquisition of Guardian Shanghai Hygiene Service.

Kirkland & Ellis International LLP

Fielding one of the most sizeable private equity teams in Asia, Kirkland & Ellis International LLP houses specialists in complex LBOs and other M&A deals, PIPEs and joint ventures. In Hong Kong, Gary Li‘s recent track record includes advising the buyer group on the take-private of China Biologic Products, while Jesse Sheley, who co-leads the firm’s Asia private equity practice alongside Li, is experienced in high-profile de-SPAC transactions involving private equity investors. Also in Hong Kong, Joey Chau assists with leading the firm’s Hong Kong public takeover practice. Over on the mainland, senior corporate partner Chuan Li, who focuses on cross-border M&A, and other complex corporate and private equity deals, works across the Beijing and Shanghai offices. In March 2022, private equity expert Peng Yu, joined the Hong Kong team from Ropes & Gray LLP.

Practice head(s):

Gary Li; Jesse Sheley

Other key lawyers:

Joey Chau; Paul Guan; Nicholas Norris; David Patrick Eich; David Zhang; Chuan Li; Peng Yu; Pierre-Luc Arsenault

Key clients

DCP Capital Partners II

Ocean Link Partners

An investor consortium including Centurium Capital, CITIC Capital, Hillhouse Capital and Temasek Holdings

Poema Global Holdings Corp

The Blackstone Group

Magnum Opus Acquisition

Capital Group

TPG

Coatue Management

Blackstone Tactical Opportunities

Carlyle

Voyager Innovations

Sequoia China Infrastructure Fund

Bain Capital

Coatue Mangement

Oaktree Capital Management

LimeTree Capital

Sino-Ocean Prime Office Partners I LP

HPEF Capital Partners

Canada Pension Plan Investment Board

Work highlights

  • Acting as international co-counsel to an investor consortium on the proposed take private of 51job, a provider of integrated human resource services in China.
  • Acted for a consortium of investors in the $4.76bn take-private of China Biologic Products Holdings, a plasma-based biopharmaceutical company.
  • Advised Poema Global Holdings Corp, a special purpose acquisition company affiliated with Princeville Capital, on its business combination with Gogoro, which is known for battery swapping ecosystems .

Linklaters

Highly rated for its multidisciplinary approach to the private equity life cycle, Linklaters‘ Greater China team stands out for its assistance to private equity clients with their acquisition financing needs, while the recent experience of the firm’s Hong Kong public M&A practice includes advising private equity investors on Hong Kong public takeovers. The group also routinely works alongside the firm’s widely respected capital markets and antitrust practices, as well as delivering PRC law capabilities through its joint operation office with Zhao Sheng Law Firm in Shanghai. In early 2022, the Hong Kong office was bolstered by the hire of heavyweight private equity partner and global financial sponsors group co-head, Betty Yap, a returnee to the firm from Paul, Weiss, Rifkind, Wharton & Garrison LLP ; and during 2021, Xiaoxi Lin, who acts for private equity and investment fund clients, joined from Kirkland & Ellis. In Shanghai, John Xucombines China nous with Western service standards‘.

Practice head(s):

Betty Yap

Other key lawyers:

Alex Bidlake; Xiaoxi Lin; John Xu; Christopher Yip; Ying Fu

Testimonials

‘John Xu is an all-round corporate lawyer – clients feel hugely confident having John on the team.’

‘John Xu is incredibly experienced, and combines China nous with Western service standards. He is willing to roll his sleeves up and get involved in the deal at a level that would not typically be expected of external counsel. He is very easy and pleasant to work with, also working well with local PRC counsel, and inspires confidence in difficult situations.’

Key clients

Cerberus Capital Management

CDPQ

BlackRock

Boyu Capital

Invesco

BentallGreenOak

Work highlights

  • Advised Electrical Components International on its acquisition of Omni Connection International, a US and mainland China-based manufacturer of wire harnesses.
  • Advised Invesco on its $70m Series C investment into Abogen Therapeutics, a clinical-stage biotechnology company.
  • Advised an international private equity investor on its $320m investment in a series of $520m convertible notes, issued by GDS Holdings, a developer and operator of data centres in China.

Morrison Foerster

Well known for its involvement in headline private equity transactions, Morrison Foerster’s Greater China team stands out for its recent experience in raising SPACs, structuring de-SPAC transactions (including PIPE investments), and post-merger management matters. The group is also highly rated for its sector credentials in technology, life sciences, data centres, e-commerce and education (particularly online); and is able to leverage the firm’s robust finance and restructuring practices. With extensive experience in Silicon Valley, as well as throughout Asia, Hong Kong-based Thomas Chou, co-heads the firm’s Asia private equity group, while global private equity chair Marcia Ellisprovides invaluable insights on deals‘. In Shanghai, Ruomu Li acts for US, Chinese and international financial and strategic investors (and target companies) on a range of private equity and M&A transactions. The mainland China private equity associates to note are Wenlan Geng, Richard Ji and Chloe Liu.

Practice head(s):

Marcia Ellis; Thomas Chou

Other key lawyers:

Ruomu Li; Wenlan Geng; Richard Ji; Chloe Liu; Maureen Ho

Testimonials

‘True cross-border knowledge, experience and culture.’

‘Knowledge of the non-market discrepancies, defects and deficiencies inherent in many mainland PRC PE/venture investors, who negotiate positions and documentation vs. high-quality global standards and benchmarks – and with the ability to negotiate against them.’

‘Marcia Ellis – very experienced in private equity and M&A transactions. Provides invaluable insights on deals and potential loopholes to avoid.

Maureen Ho is very professional and accountable. Clients love working with Maureen because they know they are in good hands.

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 Group Corp

SoftBank Vision Fund

Silver Crest Acquisition Corp

SIMIC Holdings

Vectr Ventures

Work highlights

  • Advised Ally Bridge Group on the $600m Series D financing of global surgical robotic systems developer, CMR Surgical.
  • Acted for Ally Bridge Group, as lead investor, on an oversubscribed $265m Series B financing of US-based life sciences company, Sonoma Biotherapeutics.
  • Acted for Ally Bridge Group on the Series C financing of biotech company NiKang Therapeutics.

Simpson Thacher & Bartlett LLP

Simpson Thacher & Bartlett LLP‘s Beijing and Hong Kong-based China practice assists companies and private equity powerhouses with both strategic investments and fund formations. As a trusted adviser to KKR, Hong Kong-based M&A expert Ian Ho‘s experience includes advising on investments under KKR’s maiden $3.9bn Asia-focused infrastructure fund; and Yang Wang in Beijing consistently acts on M&A, private equity and corporate finance transactions, as well as general corporate matters. Yang’s recent matters include acting for Primavera on its acquisition of the Greater China Business of Mead Johnson Nutrition Company; and recently promoted mainland China-based counsel Lupeng Amy Liu regularly acts for private equity sponsors. Other key contacts in Hong Kong include Jonathan Hwang, who advises private equity firms and corporations on acquisitions, disposals and joint ventures, and is particularly focused on real estate-related transactions throughout the Asia-Pacific region; and Korea practice head Jin Hyuk Park.

Practice head(s):

Ian Ho; Yang Wang; Jin Hyuk Park; Jonathan Hwang

Other key lawyers:

Lupeng Amy Liu; Erik Ping Wang; Jie Min

Key clients

Alibaba Group Holding

Ant Group

Apax Partners

B Grimm Capital Partners

Bank of America Merrill Lynch

Blackstone (and portfolio companies)

BEST Logistics

Cainiao Smart Logistics Network

GDS Holdings

GLP

Hillhouse Capital

J-Star

JOYY

J P Morgan

Kohlberg Kravis Roberts & Co (and portfolio companies)

Koubei Holding

Kyoto Pacific Capital

Marelli (f/k/a Calsonic Kansei)

Morgan Stanley Private Equity

PAG

Primavera Capital Group

Qudian

Seatown (Temasek)

Sequoia Capital China Fund

Silver Lake Partners

SK Group

Warburg Pincus

XPeng

Yunfeng Fund

Work highlights

  • Advised the buyer consortium on New Frontier Health’s $1.5bn going-private transaction.
  • Advised Primavera on the acquisition of the Greater China business of Mead Johnson Nutrition Company.
  • Advising JOYY on the $3.6bn sale of YY Live to Baidu.

Weil, Gotshal & Manges LLP

Weil, Gotshal & Manges LLP‘s Greater China team is sought out for big-ticket domestic and cross-border acquisitions, mergers, takeovers, privatisations, disposals, distressed M&A, spin-offs and joint ventures; and its expertise ranges from auctions, exits, take-privates and growth investments, to secondary deals, PIPEs, and other public transactions. Key private equity clients for Shanghai and Beijing-based China practice head, Charles Ching, include Advent International, CBC Group, FountainVest Partners, Primavera Capital, Warburg Pincus, and other international and regional-based sponsors. At counsel level, Beijing’s 2022-promoted Yujing Liu focuses on advising Chinese companies on their outbound investments into Europe and Asia; and in Shanghai, Kenny Yu focuses on competitive and proprietary buyouts, disposals, joint ventures, growth equity investments, PIPE transactions, and private equity fund formation. Over in Hong Kong, office managing partner Tim Gardner regularly advises global, pan-Asia and local private equity sponsors and corporate clients on deals in the Asia-Pacific region.

Practice head(s):

Charles Ching; Tim Gardner

Other key lawyers:

Yujing Liu; Kenny Yu

Key clients

Advent International

Alibaba Group

Baring Private Equity Asia

CBC Group

FountainVest Partners

Gores Guggenheim

MBK Partners

PAG

Primavera Capital

Sun Capital Partners

Warburg Pincus

Work highlights

  • Advised Gores Guggenheim on its pending $20bn business combination with Polestar Performance, a Sweden-based manufacturer of premium performance electric vehicles.
  • Advised CBC Group on the consortium aspects of the acquisition of approximately 43% equity in Yaneng Bioscience (Shenzhen) Co.
  • Advised Advent International on its acquisition of a majority ownership interest in Shanxi Guangsheng Medicinal Capsule Co from Meihua Holdings Group and co-investors.

Allen & Overy LLP

Leveraging a widely respected Greater China finance practice, Allen & Overy LLP‘s private equity team is notably experienced in credit investment deals that involve equity or quasi-equity structures. It is additionally active in relation to private equity investments in China and Asia-related distressed matters. The firm is also able to deliver both international and PRC legal advice seamlessly, as a result of its approved joint operation with Lang Yue Law Firm in the Shanghai Free Trade Zone. In Shanghai, Wayne Lee advises corporate clients, private equity and investment funds on cross-border M&A and investment transactions in Asia; and Jean Ye is a real estate sector specialist. Over in Beijing, Benjamin Crawford has developed significant expertise in transactions involving the financial services, TMT and ENR industries.

Other key lawyers:

Wayne Lee; Jean Ye; Benjamin Crawford; Fiona Cumming

DLA Piper

Delivering ‘great technical excellence and business acumen with real- world solutions‘, DLA Piper‘s Greater China private equity practice advises on the legal and commercial issues that arise at all stages of the private equity life cycle (both within and out of China). The group acts for high-profile private equity funds, established investment firms, and family offices and other equity financial investors, on buyouts, M&A, cross-border transactions, joint ventures, and control and minority investments. Other key areas range from venture and growth capital, to distressed investments, fund formation and limited partner investments. In Shanghai, the recent track record of ‘practicalStewart Wang and Qiang Li includes advising Wise Road Capital on its $1.46bn acquisition of Taiwanese semiconductor giant, ASE Technology Co. Over in Beijing, James Chang is a transactional and regulatory specialist, while Hong Kong-based Luke Gannon is the firm’s highly regarded Asia corporate head.

Practice head(s):

Luke Gannon

Other key lawyers:

Stewart Wang; Qiang Li; James Chang

Testimonials

‘Great technical excellence and business acumen with real-world solutions.’

‘Stewart Wang – solid for technical aspects and high-level skills. Mastery of market norms and trends, and communication and interpersonal skills -practical, balanced and problem-solving oriented.

Key clients

Wise Road Capital

Silk Road Fund Co

Arlington Capital Partners

New Enterprise Associates

Zhongze Therapeutics

Auster Capital

Macquarie Asia Pacific Infrastructure Fund 3

Work highlights

  • Advised Wise Road Capital on the $1.46bn acquisition of ASE Technology Co, the Taiwanese semiconductor giant.
  • Advised Silk Road Fund on the HK$919m investment in Kerry Logistics Network, a global provider of logistics services.
  • Advised Auster Capital on an investment in Rise Up Fashion (OceansApart).

Hogan Lovells International LLP

Advising leading players, such as Ping An, on strategic investments and M&A transactions, Hogan Lovells International LLP‘s Greater China private equity practice has a strategic sector focus on TMT, life sciences and healthcare; and its clients particularly appreciate the firm’s integrated international and domestic Chinese legal credentials through its association with Fujian Fidelity Law Firm in the Shanghai Free Trade Zone. In Hong Kong, M&A, private equity and capital markets expert Stephanie Tang is Greater China private equity head, while in Shanghai Don Williams has longstanding experience in acting for venture capital and private equity funds. Also on the mainland, Tony Mou advises on corporate finance, venture capital and private equity investments, along with M&A, fund formation, and foreign direct investments; and Lu Zhou acts for multinational corporations, corporate ventures and private equity fund clients on complex cross-border transactions. Former partner Cheng Xu left the firm in June 2022.

Practice head(s):

Stephanie Tang; Don Williams

Other key lawyers:

Tony Mou; Lu Zhou; Yu Xia

Testimonials

HL’s understanding of business scenarios is excellent.’

‘High quality of communication with clients.

The lawyers are able to analyse and consider from the client’s point of view, and they fully respect the client’s decision-making process.

Key clients

Ping An Global Voyager Fund

The Label

Aramco Ventures Investments

Global Founders Capital

Linear Capital

China Customer Relations Centers

Glory Star New Media Group Holdings L

Work highlights

  • Advised Global Founders Capital on investments and other matters, which relate to more than 250 portfolio companies.
  • Advised Linear Capital on the establishment of its Fund V and Annex Fund II.
  • Acted as the US counsel to the special committee of the board of directors of Glory Star New Media Group Holdings, in relation to a going-private transaction led by its founder and CEO, Bing Zhang.

O'Melveny

Highly respected for its advice to companies and investors on private equity transactions in China, O'Melveny‘s recent track record includes buyouts, PIPE deals, bridge loans, and venture and other private equity investments. The team’s highlights also cover debt financings, joint ventures and restructurings, while its sector specialisms include technology, life sciences, real estate, media and new energy. The firm also houses industry experts in chemicals, manufacturing, consumer and retail. The private equity group is led by Shanghai-based Walker Wallace, Ke Geng in Beijing, and Hong Kong-based Nima Amini, all of whom are widely respected private equity and going-private practitioners. Wallace acts for private equity firms such as PAG, as well as multinationals, on private equity and venture capital deals; Geng is a private equity and M&A deal specialist; and Amini consistently plays leading roles in the firm’s high-end Asia M&A and private equity transactions.

Practice head(s):

Walker Wallace; Nima Amini; Ke Geng

Key clients

Alibaba Group Holding

OrbusNeich

Shenzhen Distinct Healthcare

TB-CASoft

Brii Biosciences

Shanghai Yinhe Industrial Co

Lucid Motors

Seek

CBMG Holdings

Lazada

ITabMed

PAG Real Estate

Yunfeng Capital

Work highlights

  • Advised Alibaba Group Holding on its $200m Series E investment in Ninja Logistics Pte.  
  • Advised OrbusNeich Medical Group on its series A and A+ financings.  
  • Advised Shenzhen Distinct Healthcare Investment Consulting Co on its series E financing.

Paul Hastings LLP

Advising on multiple aspects of private equity, Paul Hastings LLP’s Shanghai and Beijing-based China private equity group is particularly focused on later-stage buyout deals. The team covers investment strategy, transactions and negotiations, along with fund management, exits and dispositions; and it additionally assists with matters requiring clearance from The Committee on Foreign Investment in the United States. Sector expertise for the group covers TMT, entertainment, real estate and healthcare. David S Wang‘s primary areas of focus are M&A, private equity, joint ventures and capital markets, in relation to transactions sitting at the nexus of technology and innovation; Jia Yan‘s recent experience includes advising biotechnology company GenScript Biotech Corporation on a Series A financing transaction; and Meka Meng is an investment fund specialist. In Hong Kong, corporate partner Vivian Lam, ‘knows what to do in tough situations‘.

Practice head(s):

David S Wang; Jia Yan

Other key lawyers:

Meka Meng; Vivian Lam; Neil Torpey

Testimonials

‘The firm is strong, especially in private equity, and its people are friendly at all levels.’

‘Vivian Lam and her team are very professional and efficient, and the turnaround of document amendments is fast. She stands up for clients and knows what to do in tough situations.’

Key clients

CDH Investments

Ping An Group

Alpha Investment Partners

AEW Global

China Orient Summit Capital

ARA Asset Management

Uban Capital

MSA Capital Partners

Montana Capital Partners

De Well

GenScript Biotech Corporation

Probio Technology

YF Capital

Proprium

Work highlights

  • Advised Proprium Real Estate Special Situations Fund on its equity investment in the buyer consortium of the take-private transaction of New Frontier Health Corporation.
  • Advised biotechnology company GenScript Biotech Corporation on a Series A financing transaction that included an investment from private equity firm Hillhouse Capital Group.
  • Advised Montana Capital Partners on a secondary transaction, through its investment in the Ping An Global Equity Selection Fund II and Ping An GP Opportunities Fund.

Paul, Weiss, Rifkind, Wharton & Garrison LLP

Acting for sovereign wealth investors, corporations, private equity investors, and international and regional private equity funds, Paul, Weiss, Rifkind, Wharton & Garrison LLP‘s Greater China practice houses experts in direct investments, co-investments and exit work. ‘Working efficiently and on time‘, the group was recently particularly active in private equity deals involving the biotechnology, consumer, education, financial services, insurance, manufacturing, transportation, and food and beverage sectors. Based in both Beijing and Hong Kong, Greg Liu‘s recent track record includes advising PAG (as an exchangeable note investor) on the take-private transaction of Taiwan Liposome Company; and TMT sector expert Judie Ng Shortell, whose experience includes advising a DCP Capital Partners-led group of investors on its take-private acquisition of 51job, focuses on China-related private equity investments and cross-border M&A deals. Recently elevated counsel Jack Sun regularly advises on private equity investments, while former partner Betty Yap is at Linklaters since early 2022.

Practice head(s):

Greg Liu; Judie Ng Shortell

Other key lawyers:

Jack Sun

Testimonials

‘The team at PW provides very professional legal advice, working efficiently and on time – a very good experience.’

‘Delivers an excellent service – prompt responses and professional judgement, and the lawyers put the interests of clients first.’

Key clients

DCP Capital

General Atlantic

KPS Capital Partners

L Catterton Asia

PAG

Prosus

Baring Private Equity Asia

KKR

Work highlights

  • Advised PAG, as an exchangeable note investor, on the take-private transaction of Taiwan Liposome Company, a clinical-stage specialty pharmaceutical company.
  • Advised a DCP Capital Partners-led group of investors on its take-private acquisition of 51job, a US-listed China-based provider of integrated human resource services.
  • Advised KKR on its investment in ZJLD Group, which owns Guizhou Zhen Liquor Brewing Co, the brewer of liquor Zhenjiu.

Shearman & Sterling LLP

Routinely advising private equity funds, portfolio companies and investors, Shearman & Sterling LLP‘s China practice advises on private equity transactions across the infrastructure, logistics and healthcare sectors. Its credentials range from fund establishment, exit strategies, deal execution and financing, to portfolio company management; and the practice’s private equity expertise covers cross-border deals, transaction documentation, tax structuring, and acquisition financing and refinancing (including through non-traditional credit providers). Dividing her time between the firm’s Beijing and Hong Kong offices, Li Chen oversees a broad M&A, corporate and private equity workload in Greater China, Southeast Asia, and other regions around the world; and Hong Kong-based Lorna Chen is active in the private equity and venture capital fund space. Xiaogang (Sean) Wang   (also based between Hong Kong and Beijing) is a key corporate partner; and the expertise of key Beijing associate Weina Guan includes joint ventures, take-private transactions, minority investments, co-investments and divestitures.

Other key lawyers:

Li Chen; Lorna Chen; Xiaogang (Sean) Wang; Kyungwon (Won) Lee; Wanda Woo; Weina Guan

Work highlights

  • Advised Investcorp on the completion of its investment in Viz Branz Holdings Pte.
  • Advised Investcorp on its preferred equity investment in Shanghai Ling Jian Information Technology Co.
  • Advising Investcorp on the restructuring of Beijing Lu Daopei Biotechnology Co (one of its portfolio companies).

Skadden, Arps, Slate, Meagher & Flom LLP

Skadden, Arps, Slate, Meagher & Flom LLP‘s China practice is sought out for high-value M&A and private equity transactions that are frequently cross-border; and the firm’s private equity clients notably benefit from its experience in strategic and financial sponsor-led M&A, including related antitrust, capital markets and regulatory issues. The team works across a range of sectors, including TMT, financial institutions and consumer, and is well known for advising Chinese new economy companies. Beijing office leader Peter Huang is a cross-border M&A specialist, while the recent track record of Shanghai office head Haiping Li includes several PIPE deals. Also in Shanghai, 2021-promoted partner Yuting Wu and Asia-Pacific counsel Flora Lu both regularly work on major private equity matters. Over in Hong Kong, Jonathan Stone leads the Asia corporate practice (excluding Japan).

Practice head(s):

Jonathan Stone; Peter Huang; Haiping Li

Other key lawyers:

Yuting Wu; Flora Lu

Key clients

Aboitiz Equity Ventures

Mubadala Investment Company

Tarena International

Sogou

Wanda Sports Group Company

E-House (China) Holdings

BlueCity

LAIX

Northstar Advisors

Work highlights

  • Advised Aboitiz Equity Ventures (Philippines) and Aboitiz & Company (Philippines) on the $1.6bn sale of a 27% stake in Aboitiz Power Corporation (Philippines) to JERA Co (Japan).    
  • Advised Abu Dhabi state fund Mubadala Investment Company on its $1.2bn investment in Jio Platforms, a wholly-owned subsidiary of India’s Reliance Industries.
  • Advised Sogou on the $3.5bn take-private transaction by Tencent Holdings.

White & Case LLP

White & Case LLP‘s Greater China private equity practice routinely advises private equity investors and targets in Greater China and Asia on major transactions. Recent growth for the team includes mandates within the pharmaceutical and healthcare sectors, particularly in relation to biotechnology and digital health. On the mainland, China head of private equity and venture capital, Alex Zhang, is well-known for his work on outbound investments; and Vivian Tsoi is a go-to counsel for US-China and Europe-China cross-border deals, as well as big-ticket, multi-jurisdictional matters. At non-partner level in Shanghai, Amy Yang is a senior legal consultant, while Yan Yan is the associate to note. In Hong Kong, Asia private equity head Daniel Yeh advises global and Asia-Pacific-based private equity sponsors and other financial investors on corporate and M&A transactions, while Christopher Kelly is a trusted adviser to global private equity sponsors.

Practice head(s):

Alex Zhang; Daniel Yeh

Other key lawyers:

Vivian Tsoi; Christopher Kelly; Steve Sha; William Fong; Tzi-Yang Seow; Peiwen Chen; Amy Yang; Yan Yan

Key clients

Advent International

BVCF Management

CAA

CMC Capital Partners

CR-CP Fund

CVC Capital Partners

Digital Colony Management

Goldman Sachs

NewQuest Capital Partners

Work highlights

  • Advised Advent International on the sale of its controlling interest in AI Dream to Asia-focused private equity firm, Hillhouse Investment Management.
  • Advised DigitalBridge Group on its flagship $750m carve-out acquisition of data centre assets in Hong Kong and Malaysia from PCCW.
  • Advised NewQuest Capital Partners on the dual-track sale process of both its portfolio company, Integreon, to EagleTree Capital, and its business unit, Grail Insights, to Escalent.

Baker McKenzie FenXun

Baker McKenzie FenXun‘s Hong Kong and China private equity team routinely leverages the firm’s enviable global network for cross-border investments and divestments. Derek Poon regularly advises private equity firms on corporate matters, while Shanghai-based private equity head for China, Hong Zhang, is a late 2021 hire from JunHe LLP. Also active in private equity matters are Robert Wright, who advises financial sponsors on high-profile deals, and M&A specialist Dorothea Koo. All named lawyers are in Hong Kong unless otherwise stated.

Practice head(s):

Derek Poon; Hong Zhang

Other key lawyers:

Robert Wright; Dorothea Koo; Xinxing Chen

Key clients

AllianzX

APG Strategic Real Estate Pool

Bain Capital

BentalGreenOak

Caisse de dépôt et placement du Québec

Canada Pension Plan Investment Board

Casetify

CMC Capital

Digital Bridge

Vantage Data Centers

EQT Mid Market GP

Gaw Capital Partners

Global Infrastructure Partners

One Equity Partners

Platinum Equity

Snow Lake Capital

Tencent

TR Capital

Vitruvian Partners

Work highlights

  • Advised EQT on the sale of its majority interest in ELEVATE, a Hong Kong-based leading provider of ESG and supply chain services, to LRQA, a global assurance provider.
  • Advised Hysan, as consortium member, on the procedure for a take-private transaction concerning a US-listed company, which involved several private equity firms, including Warburg Pincus, GS PIA and Vivo Capital.
  • Advised CMC Capital on its participation in a $150m Series C round into Cyclone Robotics, a Shanghai-based robotic process automation start-up.

Cleary Gottlieb Steen & Hamilton

Cleary Gottlieb Steen & Hamilton‘s private equity team in Beijing and Hong Kong consistently advises major international and local private equity firms, as well as sovereign wealth funds, on a broad array of transactions, including consortium deals, LBOs, co-investments, and pre-IPO and minority investments. Dividing her time between the firm’s Beijing and Hong Kong offices, Denise Shiu focuses on international M&A, private equity and foreign direct investment transactions in both China and the wider Asia region.

Practice head(s):

Denise Shiu

Key clients

Brookfield Private Equity

CDH Investments

China International Capital Corporation

DCP Capital

Hillhouse

L Catterton

Morgan Stanley Private Equity Asia

Mubadala

PAG Asia

Silk Road Fund

Temasek Holdings

TPG

Work highlights

  • Advised Temasek on the establishment of a wealth management joint venture with BlackRock and China Construction Bank.
  • Advised Temasek on its investment in Didi Freight.  
  • Advised TPG on its investment in Dingdang Health, an integrated online healthcare platform.

Cooley LLP

A go-to firm for venture capital investors and emerging companies, Cooley LLP‘s recent work includes funding rounds, from series A to series F financings. Asia and California-based Patrick Loofbourrow acts for high-growth emerging technology and life sciences companies, in addition to venture capital firms. Christina Zhang in Shanghai is a life sciences-related venture capital expert, while Andrew Harline, who operates out of the firm’s Shanghai and Singapore offices, is a recently-promoted partner.

Other key lawyers:

Patrick Loofbourrow; Christina Zhang; Andrew Harline; Liu Yiming

Key clients

ReaQta

GGV Capital

InxMed

Shunwei Capital

AffaMed Therapeutics

Work highlights

  • Advised Banyan Capital on its investment in the $600m Series D financing of Nuro.
  • Assisted GGV Capital with its investment in the $500m Series A financing of HT Flying Car Aero, an urban mobility company that is an affiliate of Chinese electric vehicle manufacturer, Xpeng.

Davis Polk & Wardwell LLP

Davis Polk & Wardwell LLP‘s private equity group routinely works on major cross-border and domestic transactions. The team acts for a broad range of clients in China, Japan, Korea and across the Asia Pacific on fund formations, deal structuring, investments, recapitalisations and dispositions. In Beijing, M&A specialist Howard Zhang focuses on private equity portfolio investments, buyouts, joint ventures and strategic investment deals; and counsel Annie Yan regularly acts for companies and investment funds on a variety of M&A and private equity transactions. 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

Gojek

GoTo Group

Work highlights

  • Advising CAR Inc on its privatisation by Indigo Glamour Company, by way of voluntary general offer and compulsory acquisition.
  • Advising the special committee of the board of directors of New Frontier Health Corporation on its going-private acquisition by a consortium.
  • Advising Duddell Street Acquisition Corp on its business combination with FiscalNote Holdings.

Morgan, Lewis & Bockius LLP

Consistently acting for global and regional private equity firms on major private equity deals, Morgan, Lewis & Bockius LLP‘s Greater China practice is highly active in relation to buyout, investment, restructuring and divestment activities. With longstanding private equity transactional experience, Hong Kong-based Maurice Hoo is particularly focused on the TMT sector, while Ning Zhang, who works from both the Hong Kong and Beijing offices, advises across the private equity asset class and investment management sector. Mainland China-based corporate transactions specialist Alex Wang, is notably focused on private equity, M&A, real estate and TMT.

Practice head(s):

Ning Zhang; Maurice Hoo

Other key lawyers:

Alex Wang

Key clients

Sequoia Capital

Warburg Pincus

GIC

Boehringer Ingelheim

Meten International Education Group

China Distance Education

Silk Road Fund

Lake Bleu Capital

Work highlights

  • Advised Velvet Investment Pte on the going-private transaction of Cellular Biomedicine Group.
  • Advised Silk Road Fund on its participation in an EIG-led global investor consortium’s acquisition of a 49% stake in Aramco Oil Pipelines Company from Saudi Arabian Oil Co.
  • Advised China Distance Education on its $308m going-private transaction, led by the buyer group of CEO and co-founder Zhengdong Zhu, co-founder Baohong Yin, and their affiliated entity.

Orrick, Herrington & Sutcliffe LLP

Orrick, Herrington & Sutcliffe LLP‘s China-based corporate lawyers routinely advise on private equity investments and venture financings, with the team’s expertise covering antitrust, international trade, real estate, litigation, IP and tax-related support. Jeffrey Sun in Shanghai is a technology expert, who has extensive experience in handling China and cross-border private equity and venture financing matters; and Beijing and New York-based practitioner Jinsong (Jeff) Zhang focuses on China-related inbound and outbound M&A and private equity transactions. In late 2021, former partner Betty Louie left the firm to go in-house.

Practice head(s):

Jeffrey Sun; Jinsong (Jeff) Zhang

Key clients

Hailiang Education Group

COVA Acquisition Corp

JD.com

JD Property Group Corporation

Baidu

NetEase Interactive Entertainment Pte

China Media Capital

Pactera Technology International

Haitong International Securities Group

Toyota Motor

China-LAC Cooperation Fund

Everpine Capital

Work highlights

  • Advised COVA Acquisition on the $3.82bn SPAC merger with ECARX, a Chinese auto tech start-up backed by Geely Holding Group’s chairman.
  • Advised JD Property, a subsidiary of JD.com, on its $800m non-redeemable series B preferred share financing.
  • Advising the special committee of Hailiang Education Group’s board of directors on its going-private transaction.

Ropes & Gray LLP

Ropes & Gray LLP‘s Hong Kong-led group comprises specialists in high-end private equity deals involving Greater China and the Asia Pacific region; and transactions handled by the team span a range of sectors, including technology, consumer goods, financial services and real estate. ‘Reliable adviserOliver Nip advises global private equity clients and other asset managers on cross-border buyouts, minority investments, joint ventures and co-investments; and within the senior associate pool, Shan Huang, Jenny Qi and Boxin Wang all maintain active private equity practices. Former partner Peng Yu left for Kirkland & Ellis‘ Hong Kong office in March 2022.

Practice head(s):

Oliver Nip

Other key lawyers:

Shan Huang; Jenny Qi; Boxin Wang; Arthur Mok

Testimonials

‘Strong presence in the industry with exposure to many high-profile projects.’

‘Very familiar with market trends and the latest best practices.’

‘Oliver Nip – great communication skills and a reliable adviser for both business and in-house legal teams. Provides practical solutions for addressing legal risks with commercial sense.’

Key clients

Ares SSG Capital Management

Baillie Gifford

Bain Capital

Baring Private Equity Asia

China Resources Capital Management

ICBC International

Inspiration Advisors HK

Manulife Investment Management

MBK Partners HK

Nexus Point Advisors HK

Siguler Guff

TPG

Yonghe Investments

Work highlights

  • Advised Manulife Investment Management on its acquisition of a minority stake in ARCH Capital Management.
  • Advised Ares SSG Capital Management on its co-investment in Luckin Coffee.
  • Advised Nexus Point on the Nexus Point-led consortium’s acquisition of Honour Lane Shipping.

Goodwin

Goodwin‘s Hong Kong-based private equity team covers early stage investments, growth equity transactions, LBOs, going-private deals, dispositions and exits. The group is co-led by Yash Rana, who is experienced in transactions across North America, Europe, EMEA and the Asia-Pacific region; and buyout and private equity deal specialist, Douglas Freeman.

Practice head(s):

Yash Rana; Douglas Freeman

Other key lawyers:

Victor Chen; Chi Pan; Edwin Chan

Key clients

Hillhouse Investment

FountainVest Partners

B Capital Group

LionRock Capital

GIC

DST Global

PTK Acquisition Corp

TA Associates

Ontario Teachers’ Pension Plan

Goldman Sachs

Work highlights

  • Advised FountainVest Partners on the acquisition of Zhendong Langdi Pharmaceutical Co for approximately $900m.
  • Advised PTK Acquisition Corp, a special purpose acquisition company, on the completion of its business combination with Valens Semiconductor.
  • Advised FountainVest Partners on the acquisition of China F&B Group from EQT Partners.

Latham & Watkins LLP

Able to boast client relationships with major regional and global private equity players, Latham & Watkins LLP‘s private equity practice in Asia is led by Hong Kong-based Simon Cooke, who covers a range of public and private transactions across the Asia-Pacific, including joint ventures, mergers, equity investments, disposals and privatisations.

Practice head(s):

Simon Cooke

Key clients

Warburg Pincus

TPG

Platinum Equity

The Carlyle Group

Trustar Capital (Formerly CITIC Capital)

Baring Private Equity Asia

Partners Group

CVC

KKR

Boyu Capital

MBK Partners

CDH Investments

Primavera

Permira

Mayer Brown

Routinely advising sponsors and investment funds on their investment activities, Mayer Brown‘s Hong Kong-led group also assists with fund formation and financing, separate accounts arrangements, club deals, and portfolio transactions, along with tax and regulatory matters. The principal practitioners are Mark UhrynukSteven Tran, David Ellis and Ricky Yiu.

Practice head(s):

Mark Uhrynuk; Steven Tran; David Ellis; 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

Sun Hung Kai & Co

UI Holdings

GPA Global

Brawn Capital

DEG – Deutsche Investitions- und Entwicklungsgesellschaft

Proskauer Rose LLP

A go-to firm in the Greater China region for secondaries, Proskauer Rose LLP‘s private equity group regularly negotiates and closes buyouts, portfolio company divestitures and investment deals. Hong Kong partner Jay Tai plays a key role in leading the development of the firm’s co-investment and secondaries practice in Asia.

Practice head(s):

Jay Tai

Testimonials

‘Strong technical skills, substantive experience, and commercial and practical.’

Key clients

Schroder Capital

Adams Street Partners

OCBC

Partners Group

Bow Wave Capital Management

B M Group

Greater Bay Area Homeland Development Fund

Lunar Capital

Haitong International Securities Group

CCB International Asset Management

RRJ Capital

Work highlights

  • Advised Schroder Capital on its Series D investment in NTEx Transportation Services Private (Elastic Run), an India-based e-commerce platform.
  • Advised OCBC on the formation of a joint venture consortium and equity investment in a drone manufacturer in China.
  • Advised New York-based capital management firm Bow Wave on a series of transactions in Southeast Asia, including its investment in Philippines based Mynt, the fintech arm of Globe Telecom.