Fangda Partners‘ private and venture capital offering is second to none; the group advises the most prestigious private equity firms, financial institutions, alternative financial providers and selling companies on M&A, take private and investment transactions. One of China’s largest full-service firms, the group is often able to collaborate with experts from the fund formation, capital markets, compliance and leverage finance teams to advise on the most complex transactions on the market. Among the department’s extensive roster of experienced partners, Helen Fan is notable for her work with the largest private equity firms, having recently advised Hillhouse Capital on its RMB1bn series D financing of InventisBio Shanghai Ltd. Chen Bao leads the department from Beijing and specialises in cross-border M&A transactions.
Private equity: PRC firms in China
Fangda Partners
Practice head(s):
Other key lawyers:
Xiao Jiang; Qiang Chen; Silvia Gong; Avica Wang; Josh Shin
Testimonials
‘The team is able to allocate outstanding personnel to complete work tasks and collaborate with lawyers in key regions around the world to provide services for projects.’
‘Josh Shin and Xiao Xiang are both excellent lawyers with extensive experience in their respective fields and strong teams at their disposal.’
Key clients
A buyer consortium led by Shanghai Wanye Enterprises
A consortium consisting of Warburg Pincus, General Atlantic, Ocean Link and Mr. Yao Jinbo
Alibaba (A-RT Retail)
DCP Capital
EF Education First
E-House (China) Enterprise Holdings Limited
Ever Harmonic Global Limited
Haier Electronics Group Co., Ltd.
Hillhouse Capital
National Integrated Circuit Fund, Puluo Huajin and Goldstone Investment
Nio Inc.
Redwood China Logistics Fund
Shanghai Baosteel Packaging Co., Ltd.
TPV Technology Limited
VIPTHINK
Work highlights
- Acted for EF Education First in Permira’s acquisition of the majority equity stake in EF Education First’s EF Kids & Teens English business.
- Advised DCP Capital on its investment in Tonghua Dongbao Pharmaceutical, an A-share listed company.
- Advised a consortium consisting of Warburg Pincus, General Atlantic, Ocean Link and Mr. Yao Jinbo on the taking private transaction of 58.Com Inc.
Han Kun Law Offices
Few firm’s can match Han Kun Law Offices‘ private equity practice, which is routinely involved in some of the largest and most complex transactions in the region, advising a mixture of large private equity firms and financing banks. The practice is well-equipped to advise on transactions that extend beyond mainland China; in a recent highlight, Sheng Li collaborated with the Hong Kong office acting for Zuoyebang Education on its $2.365bn series E and E+ financings. Yijun Chao, Chaoying Li and Wei Li form the management team in Beijing; Chao Gao leads the Shanghai team. Beyond partner level, associates Cheng Chen and Yipu Li assist with the department’s biggest deals.
Practice head(s):
Yijun Chao; Chaoying Li; Wei Li; Chao Gao
Other key lawyers:
Cheng Chen; Yipu Li; Sheng Li
Testimonials
‘kelvin Gao, vincent Song, Xiao Ding all have been working closely with MVP for our various fund formation legal works.’
‘The Hankun team has a wealth of project experience and extensive industry insights. It is also able to rapidly allocate resources within the firm and offer flexible fees.’
‘Wei Li has very strong professional capabilities and is very good ad leading and organising his team and other resources within the firm to execute projects and support even the largest and most complex projects.’
‘The team has a wealth of practical experience and sound theoretical knowledge, enabling them to deliver truly outstanding performance in the investment and financing field. They are able to achieve business goals while resolving any legal issues that may arise during the investment and financing processes, and have very strong problem-solving abilities for complex legal and business problems, enabling them to take corporate business decisions into account and achieve a good balance. They also work very efficiently and flexibly throughout the process of providing legal services, and they have the ability to consider the long-term consequences of the impact of legal issues across multiple fields and plan accordingly, so they are really worth recommending.’
‘Sheng Li’s professional capabilities are very strong, efficient and flexible, and he is both meticulous and patient. He is able to consider the long-term consequences of the impact of legal issues across multiple fields and plan accordingly. He is able to calmly cope with all the legal issues that can arise during the investment and financing process. At the same time, Sheng Li is a lawyer who has very up to date and incisive insights into the capital market and online fields, and he takes into account our needs for the investment and financing fields.’
‘Sheng Li is able to fully understand the business demands of customers, and based on this, provide customers with effective solutions that take into account business and compliance demands; he can quickly respond to customer demands, and take into account quality and efficiency. He fully mobilizes resources from all aspects to solve legal service needs of clients in different fields.’
Key clients
Warburg Pincus
Hillhouse
Permira
KPCB
Sequoia
DCM
IDG
BRV
SAIF
Matrix Partners
Lilly Asia Ventures
Legend Capital
Baidu
Tencent
Work highlights
- Advised Hillhouse Capital on its investments in Yuanfudao’s $2.2bn Series G1 and G2 financings.
- Advised Zuoyebang on its Series E and E+ financings with a total amount of $2.365bn.
- Acted for Xingsheng on its Series D and Series E financings with a total financing amount of billions of US dollars.
Global Law Office
The ‘small but highly efficient team’ at Global Law Office has a client portfolio that includes multinational and domestic clients, and the firm assists both investors and target companies in venture capital and private equity transactions, in addition to fund formation. Primavera Capital is a key client, and every year the group advises on a number of its investments in Chinese companies. As a recent example, Xueliang Mao and Huawei Lin led a team that advised the client on it’s $700m investment in 4Paradigm. Steven Zhu and Jeffrey Zhu head up the department, while managing partner Jinrong Liu is the key contact for some of the firms biggest investor clients.
Practice head(s):
Steven Yu; Jeffrey Zhu
Other key lawyers:
Xueliang Mao; Huawei Lin; Jinrong Liu; Evan Sun
Testimonials
‘Small but highly efficient team. Consistently working on tight schedule.’
‘Mr. Evan Sun is exactly the partner we look for who always respond swiftly and provide useful insights. We thank him for his dedication and appreciate his leadership of his capable team.’
‘Steven Yu has a deep understanding and innovative insights into the private equity industry, rigorous document review, and a commendable professionalism and professional attitude.’
‘The team has considerable professional knowledge and rich experience in private equity, RMB funds, and venture capital. It provides companies with cutting-edge professional opinions, has good teamwork capabilities, and can provide quicker feedback on our inquiries.’
Key clients
China Merchants Capital Investment Co., Ltd.
Baidu Capital
Blackstone
GLP
Primavera Capital
MGI Tech Co., Ltd.
ESR
YF Capital
Xiaomi
China Internet Investment Fund
Shunwei Capital
Sinovation Ventures
SIG
Work highlights
- Acted for Primavera Capital in the $700m Series D investment in 4Paradigm.
- Advised Princeton Digital Group on its most recent round of fundraising.
- Advised Primavera Capital, as the lead joint investor, on strategic investment in Zhaopin.com. In this transaction.
Haiwen & Partners
Haiwen & Partners works with many of the largest international and domestic investment funds on complex transactions with target companies from a broad range of sectors. A number of the department’s partners operate on a multidisciplinary basis, typically assisting with corporate and capital markets issues in addition to their private equity and venture capital work. Xiajun Fang is one of the market’s most promising up-and-coming partners; his specialism is the material asset restructuring of listed companies. Jiping Zhang leads the team and focuses on cross-border investments.
Practice head(s):
Jiping Zhang
Other key lawyers:
Xiajun Fang; Ning Du; Ding Feng; Wenzhen Dai; Yu Cao; Xue Tang
Key clients
Ruipeng Pet Group Inc.
DCP Capital
Pony AI Inc.
Qingdao Xinfeng Information Technology Co., Ltd.
CPPIB
Huadian Power International Corporation Limited
AIPARK
Ageas
HSBC
Ping An Insurance (Group) Company of China
Work highlights
- Advised Ruipeng Pet Group Inc. on its RMB30bn strategic financing.
- Advised DCP Capital on its $1bn financing of Yuanfudao.
- Advising Pony.ai on two multimillion-dollar financings.
Jingtian & Gongcheng
Jingtian & Gongcheng has a thriving practice, assisting private equity houses, funds and private companies with financing at all stages of a companies lifecycle, from angel rounds through to pre-IPO financings. The group is routinely involved in investment transactions involving cutting edger industries; in 2020 Zhengzheng Hu advised Sequoia Capital on multiple investments in aerospace companies. In addition to investment transactions, the team also advises on complex restructuring mandates and has experience of red chip structures and employee stock ownership plans. Huang Yongqing leads the team, while Guanchun Dai advises FDI, M&A and venture capital issues as they relate to the TMT industry.
Practice head(s):
Yongqing Huang
Other key lawyers:
Victor Wang; Zhengzheng Hu; Guanchun Dai; Jessie Fang; Lei Wang
Testimonials
‘Jessie Fang – great technical skills; responsive; understand business needs and provide advice with a good balance of legal and commercial considerations. We have great confidence in legal documents and advice provided by Jessie.’
‘The professional standard of their lawyers as a whole is very strong and they are very time-efficient in terms of their work responses, as well as being able to handle complex deals. They also offer quite flexible fee rates.’
‘Lei Wang (partner) has a wealth of experience and professional expertise, and he has strong problem-solving abilities, particularly in the fund investment and financing, and overseas listing projects.’
Key clients
Sequoia Capital
Suning Group
Shanghai International Port Group (SIPG)
Jintuo Capital
Starquest Capital
Yao Capital
Zhen Fund
YOUIBOT
Beijing Yuanxin Technology Group Co., Ltd.
Shenzhen Zhiliu Technology
Shenzhen Gaoling Muqi Private Equity Limited Partnership
Xiamen Gaoling Ruiqi Private Equity Limited Partnership
Tianjin Gaoling
Nuoyuan Enterprise Management Consulting Partnership
Zhuhai Jianheng Equity Investment Partnership
Hillhouse Fund IV, L.P.
Hillhouse Fund III, L.P.
HH Skyfield Holdin gs Inc.
HCBN Investment Holdings, Ltd.
Himalaya Capital
Heliconia Capital Management Pte. Ltd.
IDG Capital
Jiangsu Jiequan Guoxin New Resources Industry Investment Fund Partnership
Hangzhou XinFengwei Internet Technology Co., Ltd
Beijing Daodiguowei Internet Technology Co., Ltd
Beijing Percutek Therapeutics Co., Ltd.
Nanjing Huimu Information Technology Co., Ltd.
Shanghai Beyond Science Co., Ltd
Volkswagen
Evernote China
Bank of China
Mirae Assets
General Atlantic
Sierra Wireless
C.BANNER INTERNATIONAL Holdings Limited (1028)
TCL
Daicel Corporation
Lupin Capital
FutureX Capital
Jiangxi Jemincare Group Co., Ltd.
CITIC PE
China Dental Group
AGIC Capital
Bianlifeng
Zhihu
Alphatecture Venture Fund Limited Partnership
China Life Capital Investment Company Limited
Huihua Fund Management Co., Ltd.
AVIC Rongfu Fund Management Co., Ltd.
SDIC Unity Capital Co., Ltd.
Huihua Fund Management Co., Ltd.
AVIC Rongfu Fund Management Co., Ltd.
SDIC Unity Capital Co., Ltd.
Intel Capital
SAIF
SBCVC
iQIYI, Inc.
Xiaomi Industry Fund
Ping An Ventures
Xiamen Semiconductor Investment Group
Jiantou Investment Co., Ltd.
Shanghai Kedu Healthcare Co., Ltd
Zhuhai Hidden Hill Modern Logistics Industry Equity Investment Fund (Limited Partnership)
Lightspeed China Partners
Capital Today
Sky9 Capital
Laiye Corporation
Alibaba Group
Sig Capital
360 Group
Huatai Securities Capital
SCC Capital
IDG Capital
Ba Capital
Delian Capital
Frees Fund
Dayone Capital
VSPN Group Limited
Work highlights
- Advised Sequoia Capital on the financing of I-Space.
- Advised Sequoia Capital on its financing of LandSpace.
- Acted for Hillhouse Capital in Series B round financing of New Ruipeng Pet Healthcare Group Co. Ltd.
JunHe LLP
JunHe LLP‘s team of specialist private equity partners, many of whom have experience working at international law firms, advises all players in investment transactions, with an emphasis on working with financing companies. Active in many areas, TMT, education, hospitals and pharmaceuticals and alternative energy are industries of focus, and the firm is able to draw upon its expertise in areas such as tax and antitrust to provide clients with a comprehensive service on complex transactions. Beyond investment deals, the team also assists with fund formation, restructuring, liquidations and M&A. Man Wang is one of the key partners and works with the firm’s largest investor clients.
Other key lawyers:
Xiyong Zhao; Man Wang; Ning Liu; Chenliang Li; Yi Wang; Ping Zhang (Guang Zhou)
Key clients
China Life Private Equity Investment Company Limited
Haihe FOF
CICC Genesis Fund
PICC Capital
China Internet Investment Fund (Limited Partnership)
New Horizon Capital
GL Capital Group
FountainVest Partner
VIVO Capital
Advantech Capital
Work highlights
- Assisting Canadian International Ltd. with a spin-off financing.
- Assisting China Resources Capital with setting up its US Dollar Fund and completing its strategic investment in TalkingData.
- Assisting Shenzhen Qianhai Fourth Paradigm Data Technology Co., Ltd. with its $700m Series D funding round.
King & Wood Mallesons
King & Wood Mallesons is one of China’s heavyweight firms and has a private equity and venture capital practice capable of assisting both large investment houses and target companies of financing deals at all stages of a company’s lifecycle, from early-stage through to exit. Mulong Gong, who co-chairs the practice alongside Tianning Ma, has a wide-ranging practice that involves advising both state-owned and private companies on fund formation, investments and capital markets transactions. Beyond the senior team, junior partners Zhijun Lin, Alex Wang and Liguang Ren are quickly developing reputations in the sector and are trusted by some of the department’s top clients.
Practice head(s):
Mulong Gong; Tianning Ma
Other key lawyers:
Zhijun Lin; Alex Wang; Liguang Ren; Richard Nie; Rocky Lee
Key clients
Mininglamp Group
Jeneration
China Resources Capital Management Limited
All-Stars Investment
Bohao Internet Data Service Limited
Affinity Equity Partners, Henderson (China) Investment Company Limited
Guangzhou Lupeng Pharmaceutical Co., Ltd
Shanghai Zhongyuan No.1 Equity Investment Fund Partnership, L.P.
Work highlights
- Acted for Mininglamp in its $500m series E and Series E+ financing.
- Acted for China Resources Capital Management Limited as acquirer in a private equity buyout.
- Advised All-Stars Investment in its investment of $30m in 58 Daojia Limited’s Series B Equity Financing.
Zhong Lun Law Firm
Zhong Lun Law Firm has a thriving practice, which is very active in representing both developing companies and investors on VC and PE transactions. In addition to private equity work, the team also handles issues relating to investment funds, such as fund formation and management, and works with a variety of real estate and government guidance funds. Fang Chen, Borong Liu, Lefan Gong, Ping Zhang, Yi Hu and Jingyi Lu make up the management team across Beijing, Shenzhen and Shanghai, while firm Chairman Anthony Zhao advises on investment deals as part of a broad practice that includes capital markets. With regards to junior partners, John Shen is a standout name, as is associate Xiaorui Yang.
Practice head(s):
Fang Chen; Borong Liu; Lefan Gong; Ping Zhang; Yi Hu; Jingyi Lu
Other key lawyers:
Anthony Zao; John Shen; Shaun Gao; Xiaorui Yang
Testimonials
‘Zhong Lun is one of our most favoured PRC law firms and we have worked on a large number of transactions for years. Zhong Lun provides satisfactory services at a reasonable fee. And it has recruited new associates these years to provide better and more efficient services.’
‘We have worked with Shaun Gao for years and he impressed us with his professional skills and insights into the healthcare industry. He is also very responsive and dedicated to our deals. Communicate smoothly and efficiently with our team as well as target companies.’
Key clients
Forerunner Medical
Cathay Capital
VMS
Everest Medicines
CBC Group and GT Fund
Boyu Capital
OrbiMed
Lilly Asia Ventures
Wecook
Cyclone
Transcenta Holding Limited
XRSPACE
Beijing Konruns Pharmaceutical Co., Ltd.
Guangzhou City Construction Investment Ltd.
State Grid Overseas Investment Co. Ltd.
CICC Capital
Greater Bay Area Homeland Investments Limited
M31 Capital
Sinopharm Junbai (Shandong) Equity Investment Fund Partnership Enterprise (Limited Partnership)
Qingdao Hangtou Guanrui Tuolan Investment Center (Limited Partnership)
Hangzhou Vstar Yuhan Equity Investment Fund Partnership Enterprise (Limited Partnership)
Kunshan AI Empowerment Tech, Inc.
Ge Ying (Shanghai) Brand Management Co., Ltd.
Nanjing Houmo AI Technology Co., Ltd.
Beijing Baman Tianxia Technology Co., Ltd.
Ruizheng Investment (BVI) Limited
Suzhou Delta Venture Capital Management Co., Ltd.
Zero2IPO Group
Velocious Technologies Inc.
Nanjing Guangliang Brand Management Co., Ltd.
Suzhou Delta Venture Capital Management Co., Ltd.
Zero2IPO Group
State Grid Overseas Investment Co. Ltd.
Ascendent Capital Partners
Blackstone Group
Bain Capital Credit
Tencent
Ares Management
L Catterton Asia
Vertex Ventures
Grand Flight Investment
Lightspeed China
Softbank Vision Fund
Celadon Partners
Orchid Asia
Ascendent Capital Partners
Blackstone Group
L Catterton Asia
NetEase, Inc.
Zai Lab Limited
Shenzhen Forebright Investment Management Partnership ,LLP
CTTIC Shanghai Equity Investment Fund Management Co., Ltd.
Shenzhen City China Merchants Jintai Capital Management Co., Ltd.
Work highlights
- Advised CICC Capital on pre-IPO financing for a ¥400m investment of Star Charge.
- Advised a SPV of Greater Bay Area Homeland Investments Limited on funding for a $45m investment of Zhuanzhuan Group.
- Advised a fund of CICC Capital on funding for a $20m investment of Meishubao.
AllBright Law Offices
AllBright Law Offices is very strong in VC investments, working alongside reputable investment companies such as Trustbridge Partners and Loyal Valley Capital on their investments in private companies at all stages of development. With regards to private equity, the firm has particular expertise in the education, healthcare and TMT sectors, often assisting with deals that have a cross border element. Yubin Shi is one the the key practitioners; qualified to practice in both China and California, Shi advises on fund formation and restructuring in addition to investment transactions.
Other key lawyers:
Shi Yubin; Congjun Wen; Henry Li
Key clients
Growth Capital
Trustbridge Partners
Trustbridge Partners
Loyal Valley Capital
Loyal Valley Capital and Sunshine Life Insurance
Gracell Biotechnologies (Shanghai) Co., Ltd.
McINF (Ningbo) Baby Products Co., Ltd.
Shanghai Muhua Jinyu Equity Investment Management Partnership (Limited Partnership)
China Huarong International Holdings Limited
Changsha Ranxing Information Technology Co., Ltd.
Qide Medical Technology (Suzhou) Co., Ltd. (Gene Quantum)
Guangzhou Vision Medicals Technology Co., Ltd.
Work highlights
- Advised Growth Capital on its $1bn+ series B round investment in MGI Tech.
- Advised Trustbridge on its $400m+ series E round investment in Sparks Thinking.
- Advised Trustbridge Partners on its $390m series A round investment in Fenbi Education.
DaHui Lawyers
DaHui Lawyers‘ market share has grown in recent years, and it is now a destination firm for private equity investors of various sizes. The practice is capable of assisting with financing transactions at all ages of a company’s growth, while also handling a range of other mandates including fund formation and management, take-private transactions and restructurings. Brendon Wu leads the team; also a member of the TMT department, Wu focuses his practice on the media, telecoms, film and education sectors.
Practice head(s):
Brendon Wu
Other key lawyers:
Zheng Za; Chris Chen; Julia Dai
Key clients
Alibaba Group (including Alibaba Pictures)
Ant Group
Chengwei Capital
China International Capital Corporation Limited (CICC)
ClearVue Partners
Crystal Stream Fund
FreeS Fund
Genecast Biotechnology
Genesis Capital
GSR Ventures Capital/GSR United Capital
GDC Capital
Hidden Hill Capital
Hillhouse Capital
IDG
Kinzon Capital
Matrix Partners China
Miracogen
New Horizon Capital
Prospect Avenue Capital
Sequoia Capital China
Shunwei Capital
Sinopharm-CICC Capital
Skyview Capital
Source Code Capital
THG Ventures
Viva Ventures
Work highlights
- Advised Sequoia on an investment (via an innovative joint venture structure) into Gitlab’s localization of its services in the PRC.
- Acted for CICC and Goldstone as lead investors in a pre-IPO investment in Jiangsu Tiangong Tools totalling RMB 1.415bn.
- Advised Merck Ventures on cross-border investments in SynSense, IKAS, and Multitude Thereapeutics, each with different development stages and circumstances.
Han Yi Law Offices
A boutique specialising in private equity, Han Yi Law Offices focuses its practice on acting as PRC counsel to international PE/VC funds, investment funds and hedge funds on investment transactions involving Chinese companies. The team is consulted by some globally recognised private equity houses, such as General Atlantic, Carlyle Group and Bain Capital. Richard Xu, who leads the Shanghai-based team alongside Linda He, is one of the most experienced names in the sector and is a go-to name for large investment clients.
Practice head(s):
Richard Xu; Linda He
Other key lawyers:
Anna Yu; Lynn Zhang
Key clients
Carlyle Group
Intel Capital
Elliott Advisors
General Atlantic
Trustbridge Partners
Bain Capital
Work highlights
- Advised Carlyle Group on its investment in Shenzhen Salubris Pharmaceuticals Co., Ltd.
- Assisted Permira Fund with the acquisition of a minority equity stake in Manban.
- Advised General Atlantic with its series C equity investment in Dingdong Maica.
Llinks Law Offices
Llinks Law Offices has a strong pedigree in the private equity market, advising many types of funds, angel investors and portfolio companies on deals of various structures. In addition to transactional work, the firm also assists clients with navigating the Chinese regulatory framework, as well as fund formation. Selena She and Colin Shi frequently work together to advise on both sides of VC investment transactions, while practice head Nicholas Lou specialises in representing foreign and domestic private equity funds.
Practice head(s):
Nicholas Lou
Other key lawyers:
Selena She; Colin Shi; David Yu
Key clients
Wm Smart Mobility (Shanghai) Co., Ltd.
Shenzhen SenseTime Technology Co., Ltd.
Shanghai Cell Therapy Group Co. Ltd.
Red Pepper Limited
Beijing Cheerbright Technologies Co. Ltd.
Beijing Qi Wo Bo Guan Investment Management Partnership (Limited Partnership)
Infotech New industry Investment Fund Management Co., Ltd.
Beijing Chang Ke Jin Investment Co., Ltd.
Shanghai Xinjin Venture Capital Center (LLP)
Beijing Cheerbright Technologies Co., Ltd.
Shanghai Yiguo E-commerce Co., Ltd.
Shanghai Premium Bright Global Captial Co.,Ltd
Work highlights
- Advised Alibaba (China) Technology Co., Ltd. on its subscription for registered capital of Hangzhou Caihuasuan Internet Technology Co., Ltd.
- Advised CMB International on the C-round Financing of Guoquan Supply Chain (Shanghai) Co. Ltd.
- Advised Capital Today on its investment in YP Shengxian.
Shihui Partners
Despite only forming in 2016, Shihui Partners has quickly developed a strong presence in the Chinese market, regularly assisting prestigious clients such as Tencent and CICC Capital with investment transactions and buyouts. The group is best know for its strong relationship with JD.com; most recently the team advised JD Industrial Technology Inc, a subsidiary of the company, on its RMB800m acquisition of Suzhou VIPMRO. Founding partner Zan Zhu is one of the partners specialising in private equity and venture capital work, while George Niu, Vicky Gong and Miranda Jiang are other key team members.
Practice head(s):
Zan Zhu
Other key lawyers:
George Niu; Vicky Gong; Miranda Jiang; Xiaochen Zhang; Steven Zhao; Yu Luo
Testimonials
‘Shihui Partners work closely with us on fund establishment and due diligence for the VC/PE fields. They are able to ensure that all work is completed to a high level of quality within the anticipated time, and they help us to solve legal issues and provide the most professional legal services. Shihui Partners are able to give very objective and constructive advice based on the latest events during commercial negotiations.’
‘Steven Zhao provides very fast and comprehensive service responses, he is an excellent communicator, and he is able to provide consultations and advice for both legal and business issues.Very good value for money.’
‘Shihui provides a very high level of professionalism and extremely quick responses, as well as having outstanding negotiation skills.’
‘Zan Zhu, Yu Luo. They key factor that distinguishes them from other teams is their professional capabilities and work attitude. The lawyers have very strong fundamental skills that are reflected in their writing, logical thinking and negotiation skills.’
‘Shihui is very professional in understanding and suggesting on investment project risk control and industry standards.’
‘Steven Zhao and his team’s understanding and professionalism of TMT industry and new consumer market investment are impressive. They also stand out for their timely feedback and smooth communication, as well as reasonable efforts with the counterparty of the project.’
Key clients
JD.com
Tencent
JD Industrial Technology Inc.
Huaxing Growth Capital
EEO Group
Smart Estate Global (Hong Kong) Limited
Beijing Kaikeba Technology Co., Ltd.
Genetron Holdings Limited
CICC Capital
JD Bangneng Investment Management Co., Ltd
Guangdong Three Heads and Six Arms Technology Co., Ltd.
Huaxing Growth Capital
Work highlights
- Advised JD Industrial Technology Inc. on its $230m series A financing and the Company’s RMB800m acquisition of Suzhou VIPMRO Information Technology Co., Ltd.
- Advised Huaxing Growth Capital on its $390m Series A financing of Fenbi Education Technology Ltd.
- Assisted EEO Group with a $300m series B and series C financing.
Zhao Sheng Law Firm
In part due to its relationship with Linklaters, Zhao Sheng Law Firm ‘is highly effective in bridging the gap for foreign institutional investors looking to invest into China’, advising a number of multinational funds and private equity houses on investments and buyouts. Taking a sector-focused approach, the firm is highly experienced in the TMT, healthcare, education, fintech and real estate industries. Managing partner Eric Liu leads the team, having assisted major state-owned enterprises on day-to-day operations in addition to foreign clients.
Practice head(s):
Eric Liu
Other key lawyers:
Richard Gu; Colette Pan; Benran Huang
Testimonials
‘The team is highly effective in bridging the gap for foreign institutional investors looking to invest into China. Their strong language skills, cultural understanding, and commercial approach are key factors. Navigating regulatory changes in China is extremely challenging and the team are well equipped to give practical advice.’
‘Eric Liu – responsive, commercial, a pleasure to deal with. Benran Huang – future partner in the making, high EQ, detail-oriented, safe pair of hands.‘
Key clients
IDG Capital
CITIC Securities
Fidelity Management & Research Company LLC
Sofina Asia Private Ltd
Qatar Investment Authority
Suning
Work highlights
- Acted for Fidelity on its investment in Antengene as the lead Series C preferred investor.
- Acted for QIA on its investment in Transcenta Holding as a Series C-1 preferred investor.
- Acted for CITICS on its participation in the proposed take-private of China Biologic Products Holdings.
Anjie Law Firm
Led by Hang Cai, AnJie Law Firm primarily advises state-owned funds, strategic investors and investment companies on transactions in the TMT sector. Much of the firm’s work is with key client 5Y Capital; the team advises the Shanghai-based on a number of VC investments in tech start-up companies. Ting Yao, promoted to partner in 2021, assists Chinese and US funds in addition to state-owned capital investments.
Practice head(s):
Hang Cai
Other key lawyers:
Ting Yao
Testimonials
‘The team members all have good business sense and are able to investigate the relevant legal and practical business issues involved during due diligence. Their due diligence work is very thorough and they are able to adjust their workflows and methods in a timely manner in accordance with the client’s requirements.’
‘Hang Cai allocates and selects the most suitable team members for each project and keeps a close eye on the main risks involved in projects.’
‘The AnJie Law Firm team responds rapidly to client consultations and provides very professional opinions on the legal issues in our questions. With regard to the due diligence investigations for our investment project, AnJie not only conducted comprehensive due diligence checks, but also provided opinions including capital market trends and regulatory details as an investment reference.’
‘Hang Cai has very strong business instincts. During the due diligence investigations for our investment project, Mr Cai combined market trends and regulatory information to provide an overall opinion as an investment reference. he has many years’ experience in the private fund and venture capital industries, as well as a wide network of contacts in the industry, including many entrepreneurs. Mr Cai suggests investment projects to us as references based on the direction of our investments and his suggestions have become one of our key sources.’
Key clients
5Y Capital
Long Hill Capital
Enlight Growth Partners
Panda Capital
ShuKun
AiHuiShou
WeiLong Foods
Silicon Intelligence
Sinovation Ventures
Matrix Partners China
Work highlights
- Advised WeiLong Foods in its RMB3.56bn pre-IPO round of financing.
- Advised AiHuiShou in its $330m series E+/F round of financing.
- Advised 5Y Capital on its series E/E+/F round of investment in XtalPi.
Commerce & Finance Law Offices
Commerce & Finance Law Offices focuses on VC investment work, advising a range of innovative start-up companies and funds on transactions at all stages of a company’s lifecycle, from early-stage financing, through to pre-IPO investment. On the private equity side, the group has worked with numerous global investment banks and private equity houses on their dealings in China. Lingyun Dai manages the practice which also includes Xinyang Zhang who focuses on China's New Economy industry including e-commerce, AI, big data, cloud computing, IoT, new retail, and e-Healthcare.
Practice head(s):
Lingyun Dai
Other key lawyers:
Xinyang Zhang; Jianhai Luan; Haitao Jiang
Key clients
Keep Inc.
Fiture Inc.
Shenzhen SF Express Co., Ltd.
Geekplus Technology Co., Ltd.
Shenzhen Far East Obstetrics&Gynecology Hospital
Beijing Zhangshang Xianji Network Technology Co., Ltd.
3H Health Investment
Shanghai Duoning Biological Technology Co.,Ltd.
Beijing Surgerii Technology Co., Ltd.
LBC sunshine healthcare fund II L.P. (Lake Bleu Capital)
Dianwang (Cayman) Inc.
Work highlights
- Advised Keep Inc. on a Series F financing totalling $355m.
- Advising Fiture Inc. on financing transactions.
- Advised Shenzhen SF Express Co., Ltd. on a restructuring project and $300m financing.
Dentons China
Dentons China assists buyout funds venture capitalists, entrepreneurs and angel investors with a range of investment transactions, in addition to advising on capital markets and fund formation issues. Due to the the firm’s extensive network of Chinese offices, it is able to assist clients of all sizes. Key lawyers include Xugang Yu, Wangsheng Lu, Qingchun Du and Shoushuang Li.
Practice head(s):
Xugang Yu; Wangsheng Lu; Qingchun Du; Shoushuang Li
Other key lawyers:
Tan Xiao; Chambers Yang
Testimonials
‘Tan Xiao is very professional and detail-oriented, as well as having a strong sense of responsibility. She provides very rapid and effective feedback to client enquiries, and is able to analyse and resolve issues from the client’s perspective.’
‘Chambers Yang is a very conscientious and responsible lawyer with a high level of knowledge of his professional field. He did a very good job of helping us complete the project.’
Key clients
Shanghai CapitaLand Management Limited
GTJA Investment Group Co., Ltd.
National Green Development Fund Co., Ltd.
Tielin (Xiamen) Private Equity Funds Management Co., Ltd.
Changan Fund Management Co., Ltd.
Shanghai Wenzhou Investment & Management Co., Ltd.
Shanghai Zhongliang Enterprise Development Co., Ltd.
Shanghai Westbank Investment & Development Co., Ltd.
Jian Guo
Xinzhou Wang
Shanghai Dehui Group Co., Ltd.
Shanghai Black Settler Investment & Management Co., Ltd.
Xingyin Investment Co., Ltd.
Shanghai Pudong Venture Investment Co., Ltd.
Saker Asset Management Co., Ltd.
China Construction Bank Co.Ltd. Chongqing Branch
CLP Technology Group Chongqing Sound Optoelectronics Co.Ltd
Chongqing Kansai Paint Co.Ltd.
Hechuan District Automobile Industry Service Center
Savills Property Consultants Ltd.
China Automotive Engineering Research Institute Co.Ltd.
China Orient Asset Management Co.Ltd. Chongqing Branch
CPC Chongqing Tongliang District Committee Office
Chongqing Pharmaceutical Group Co.Ltd.
Chongqing Grain Group Co.Ltd.
Chongqing Qianwei Technology Group Co.Ltd.
China Railway Tower Co.Ltd. Chongqing Branch
Shenzhen Yongyao Investment Fund Management Co.Ltd.
Chongqing Yuxin Pingrui Electronics Co.Ltd.
Caixin Smart Life Service Group Co.Ltd.
Work highlights
- Advised GTJA Investment Group Co., Ltd. on investment transactions.
Grandall Law Firm
Grandall Law Firm has a solid practice, advising private equity firms and target companies on a range of deals. In addition to assisting with private equity transactions, the group has extensive experience in fund formation. Jing Zou, Naijin Liu and Jianjun Guan are the names to note.
Practice head(s):
Jing Zou; Naijin Liu; Jianjun Guan
Other key lawyers:
Lingyan Wang
Testimonials
‘The team is extremely good at private equity and venture capital services, and offers a wide range of operations and expertise that provide strong support for clients’ businesses.’
‘The depth and breadth of the team’s professional expertise far exceed their competitors, and Naijin Liu is extremely professional.’
Merits & Tree Law Offices
Merits & Tree Law Offices is well known in the market for its longstanding relationship with sequoia capital, which the firm assists with number of venture capital investments in Chinese companies from various sectors, though the group also works with a number of other investors. Practice head and founding partner Youyuan Jin is experienced in the manufacturing, TMT, health and education sector.
Practice head(s):
Youyuan Jin
Other key lawyers:
Tao Jiang; Yueping Zhong; Xiaoxing Guo
Testimonials
‘They are consistently professional, reliable and trustworthy partners for the private equity sector.’
Key clients
Sequoia Capital
XVC Capital
China Growth Capital
CLP China Fund
Jucheng Capital
Jinyuan Capital
Xianghe Capital
Greenwoods Investment
LFC Investment Hong Kong Limited
Shanghai Du-power New Energy Technical Co., Ltd.
Work highlights
- Advised Sequoia Capital on its investment in Saturnbird Coffee.
- Advised Sequoia Capital on its investment in Accu Medical.
- Acted for Sequoia Capital in its investment in Jiangsu GemPharmaceutical Co.
Tian Yuan Law Firm
Tian Yuan Law Firm is heavily involved in the private equity space, though is best known for assisting start-up companies and investors on venture capital financing rounds. Jiayun Xie leads the team and focuses on the healthcare and TMT sectors, often working with major PE houses such as Sequoia Capital. Guanxiong Wu is another key partner, focusing on corporate and private equity deals in the education sector.
Practice head(s):
Jiayun Xie
Other key lawyers:
Zhihua Xia; Xiaohui Zhu; Guanxiong Wu
Testimonials
‘Jiayun Xie’s team has a wealth of experience in private equity, both on the VC and PE sides, and has worked very closely with us on may projects, during which they demonstrated their abilities to deal with difficult issues and their strong project management experience, which have made them trusted partners for us.’
Key clients
IDG Capital
Huohua Siwei
Sequoia Capital
CITIC Securities
Goldstone Investment
GaiaWorks
LinkDoc Technology
China State-owned Enterprise Restructuring Fund Co., Ltd.
Yunfeng Capital
Founder Tainvest Partners
Work highlights
- Advised on Yuan Inc’s $3.2bn Series G, G-1 and G-2 rounds of financing.
- Advised on Huohua Siwei’s Series D+, E-1, E-2 and E-3 rounds of financing.
- Advised on MGI Tech’s $1bn Series B round of financing.
DeHeng Law Offices
DeHeng Law Offices is well known in the market for its longstanding relationship with key client North Light Venture Capital; the firm assists the investment house on numerous transactions with early-stage companies. Jianjun Xu leads the practice from Beijing, while Fang Wen and Zhonggang Zhang are the key names in Shanghai.
Practice head(s):
Jianjun Xu
Other key lawyers:
Fang Wen; Zhang Zhonggang
Key clients
Hangzhou Agile Groups Network Technology Co., Ltd.
Shanghai Wancheng Biological Technology Co., Ltd.
Nutshell Biotech (Shanghai) Co., Ltd.
Hangzhou Tangji Medical Technology Co., Ltd
Suzhou Vivest Medical Technology Co., Ltd
Genfleet Pharmaceutical Technology (Shanghai) Co., Ltd
Nanjing Chuangding Minghe Equity Investment Partnership (Limited Partnership)
Shanghai Xiaoshuo Data Technology Co., Ltd
Shenzhen Scrm Technology Co. Ltd
Shanghai Xizhong Technology Co., Ltd
Wuxi Future Mirror Display Technology Co., Ltd
Ningbo Semiconductor International Corporation
Ping An Asset Management Co., Ltd.
Taiping Asset Management Co., Ltd.
Songuo Motors Co., Ltd.
Dezhou Financial Fund Management Co., Ltd.
Jiangsu Zhongnan Construction Group Shanghai Investment Development Co., Ltd.
Shanghai Kuxin Microelectronics Limited
Work highlights
- Advising Northern Light Venture Capital on a Pre-A round financing.
- Advised Northern Light Venture Capital on an A round financing.
- Advised Northern Light Venture Capital on a financing transaction.
Guantao Law Firm
Guantao Law Firm is active in the private equity sphere, advising investment firms, sponsors, institutional investors, and portfolio companies in complex transactions. The firm, which has forged strong relationships with foreign law firms so as to advise on multijurisdictional matters, also assists with the formation and management of investment funds, regularly working alongside fund managers. Yang Wang leads the team and advises on private equity as part of a broad practice that spans TMT, capital markets and corporate work.
Practice head(s):
Yang Wang
Other key lawyers:
Fei Xiao; Pengpeng Yan; Ying Yin
Key clients
China Insurance Investment Co., Ltd.
Ministry of Industry and Information Technology, Bureau of Small and Medium-sized Enterprises
SDIC Unity Capital Co., Ltd.
Unicom Guangxin One (Guangzhou) Equity Investment Partnership
MGI Tech Co., Ltd.
CapitalBio Technology Co., Ltd.
Lenovo Capital
Zhongma Qiyuan Asset Management Co., Ltd.
SDIC Unity Capital Co., Ltd.
Work highlights
- Advised China Insurance Investment Co., Ltd. as fund manager on raising funds to set up China Insurance Investment Fund.
- Advised Ministry of Industry and Information Technology, Bureau of Small and Medium-sized Enterprises on setting up China SME Development Fund Co., Ltd.
- Advised SDIC Unity Capital Co., Ltd. on fund management issues.
Hylands Law Firm
Hylands Law Firm‘s practice focuses on the TMT, financial services, real estate and automotive industries, advising funds, target companies and financial institutions on venture capital and private equity transactions of various types. Zhitong Zhu leads the team and specialises in cross-border M&A, while also advising on capital markets deals.
Practice head(s):
Zhitong Zhu
Key clients
Nanjing SAIF Equity Investment Fund, Huangshan SAIF
Tourism and Cultural Industry Development Fund, Nanjing SAIF Hengzhun Venture Capital Fund
Huihua Fund Management Co., Ltd.
Qingteng
One capital
China Cloud Angel Fund
2:10 AM Animation.
Service Trade Innovation and Development Guidance Fund, China Agricultural Reclamation Industry Development Fund
SAIF Partners IV L.P.
Shenzhen Futian SAIF Dynamic Equity Investment Fund Partnership (Limited Partnership)
Shenzhen Youyuyoufu Network Technology Co., Ltd.
Huangshan SAIF Tourism and Cultural Industry Development Fund (Limited Partnership)
Flash Group
Beijing Jinlan Gene Technology Co., Ltd.
Beijing MiiVii Power Technology Co., Ltd.
Work highlights
- Advised a consortium of funds on the equity investment in the Pre-IPO financing transaction of Yaofang Technology.
- Advised Qingteng Cloud on its demolishment of VIE structure as well as the Series C private financing of RMB 600m.
- Advised Flash Partners on its Series C and C+ private financing with RMB 600m.
Jincheng Tongda & Neal
Jincheng Tongda & Neal has a broad practice which represents a broad spectrum of clients, including independent private equity firms, sponsors and financial institutions, in private equity transactions and venture capital investments. Lingyan Peng is the main contact.
Other key lawyers:
Lingyan Peng