Firms To Watch: Private equity: PRC firms

Jia Yuan Law Offices assists clients on a range of private equity and venture capital investment deals, and is particularly active in the biotech, medicals and high-end manufacturing industries.

Private equity: PRC firms in China

Fangda Partners

Fangda Partners is recognised as a market leader in the field of private equity, representing global and PRC financial sponsors, venture capitalists, banks and alternative financing providers, and founders of high-growth companies on their private equity investments. The practice is bolstered by the firm’s strength in wider teams, allowing for collaboration with experts in leverage finance, capital markets, fund formation, compliance, and employment law matters. It acts on a full range of transactions, including public, private and cross-border buyouts, debt investments, portfolio secondaries, and co-investments. The practice is headed by Chen Bao from Beijing, who has extensive experience representing leading private equity clients as well as Chinese sellers in M&A transactions. Other notable practitioners include Jeffrey Ding, who has expertise in cross-border acquisitions, public offerings, and joint venture transactions, and Helen Fan, who specialises in private equity and venture capital investment across a range of industries. Meanwhile, Patrick Li is experienced in foreign direct investment matters.

Practice head(s):

Chen Bao

Other key lawyers:

Jeffrey Ding; Helen Fan; Su Wang; Patrick Li

Key clients

Chengxin Technology

China Integrated Circuit Industry Fund II

IDG

Alibaba

ABI

XYZ Robotics Global Inc.

Sunshine Insurance and a Sovereign Wealth Fund

New Carzone

China Life Insurance and Ping An Life Insurance

FountainVest Partners

MediTrust Health

360 Security Technology Inc.

Peak

Yunfeng Capital

Hillhouse Capital

CD Finance

Shuangbai Fund

InnoScience (Suzhou) Technology Co., Ltd.

Work highlights

  • Advised Chengxin Technology (DiDi’s platform for conducting the businesses of community group-buying and community e-commerce) in its spin-off from Didi and series A financing from various investors with an aggregate financing amount being around US$4.21 billion.
  • Acted for China Life Insurance and Ping An Life Insurance in their investments in Huadian Fuxin Energy Development Co., Ltd.
  • Advised InnoScience (Suzhou) Technology Co., Ltd. in its series D financing, which was led by TI-Capital and the co-investors include but not limited to ADDOR Capital, Haitong Innovation, China-Belgium Direct Equity Investment Fund, SAIF Eagle Fund and CMS Investment.

Han Kun Law Offices

Han Kun Law Offices has a strong reputation in private equity, representing a range of large venture capital and private equity firms, including foreign firms on their investments and fundraising in China. It offers a range of legal services related to private equity, including foreign direct investment, M&A, fund formation and management, and onshore and offshore listings. Yijun Chao, Charles Li and David Li co-lead the Beijing team, all of whom have extensive expertise in public and private financings across a wide variety of industries. Meanwhile, Kelvin Gao leads the Shanghai group, with experience representing leading investment institutions, multinational companies, and unicorn companies. Sheng Li acts for clients across a wide range of industries, including TMT and new energy. Paula Liu and Yipu Li are also notable for their expertise advising on international private equity funds. Shanghai-based Cheng Chen, Yifan Gu and Hong Huang are noted at the associate level.

Practice head(s):

Yijun Chao; Charles Li; David Li; Kelvin Gao

Other key lawyers:

Paula Liu; Yipu Li; Kevin Cao; Sheng Li; Cheng Chen; Hong Huang; Yifan Gu

Testimonials

‘High quality, very knowledgeable, great to work with and they know what private equity funds need in M&A transactions.’

‘Paula Liu is a go-to partner not just for investments, but also for other PRC law or investment-related questions, as she can coordinate within the firm to get answers.’

‘Zhong Hua is a good lawyer and is impressive.’

Key clients

Warburg Pincus

Hillhouse

Permira

KPCB

Sequoia

CVC Capital Partners

DCM

IDG

BRV

SAIF

Matrix Partners

Lilly Asia Ventures

Legend Capital

Baidu

Tencent

Work highlights

  • Advised Abogen Therapeutics on its US$720 million Series C and US$300 million Series C+ Financing, which was one of the largest deals in 2021 in the industry.
  • Represented Yibin Emerging Industry Investment Group in its RMB5 billion investment in London Taxi Company (part of the Geely Group). This was one of the largest investment transactions in the new energy automotive field in 2021.
  • Advised the co-lead investors, Hillhouse and Warburg Pincus, in subscribing for non-redeemable Series A preferred stock of JD Property Group Corporation (JDP) with a matter value of US$700 million.

King & Wood Mallesons

As a leading firm in China, King & Wood Mallesons offers a strong private equity and investment funds practice. The team is well regarded for its expertise in advising on the establishment, investment, and exit of both domestic and overseas funds. The practice represents a large range of private equity firms, including major global buyout funds, as well as first time funds. It is also able to offer comprehensive advice through collaboration with the firm’s wider teams in M&A, tax, intellectual property and capital markets. The team is co-headed by Mulong Gong, who specialises in fund formation and downstream investment across a variety of sectors, and Tianning Ma, who brings specific expertise advising on large projects in the media, culture and education sectors, including on offshore restructuring matters. Liguang Ren has specific expertise in PE and VC investments in the TMT and pharmaceuticals sectors. Yun Han and associate Shuai Wang are also notable for their experience acting for top tier funds and investment institutions.

Practice head(s):

Mulong Gong; Tianning

Other key lawyers:

Yun Han; Shuai Wang; Richard Nie; Liguang Ren

Key clients

MSA Capital Investment Vehicle Investment

Helixon Ltd

eSign

Lanhu

Sequoia Capital

Shandong Taishan Beer

Silver Lake Partners, L.P.

Goldman Sachs (Asia) L.L.C.

Hello Inc.

VX Logistics Properties Co. Ltd.

Global Law Office

Global Law Office offers a broad range of private equity financing matters, which includes advising on fund formation, design of investment structures, and assisting in obtaining government approvals, permits and registrations. The practice acts for both domestic and foreign venture capital and private equity funds across a wide range of industries, though it has particular industry sector strength in the TMT, education, healthcare, financial services and culture and entertainment sectors. Steven Yu and Jeffrey Zhu co-lead the practice from Shanghai. Shifang Guo specialises in cross-border M&A and private equity investment, whilst Evan Sun has extensive experience in foreign direct investment and private equity fund formation matters. Managing partner Jinrong Liu has extensive experience in a diverse range of industries acting on high-profile transactions.

Practice head(s):

Steven Yu; Jeffrey Zhu

Other key lawyers:

Shifang Guo; Evan Sun; Jia Guo; Jinrong Liu; Huawei Lin

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

Oceanpine Capital

Wise Road Capital

Source Code Capital

Work highlights

  • Advised Primavera Capital Group on its USD 600 million investment in Envision Group.
  • Advised on Chipone Technology’s RMB 6.5 billion Series E+ Financing.
  • Advised on ZTO Freight (Cayman) INC.’s Series B Financing of more than USD 300 million.

Haiwen & Partners

Private equity forms a core practice area at Haiwen & Partners, with the team representing a number of key market players, including private equity funds and start-ups, on a range of investment projects. The team also collaborates with wider teams at the firm, including in capital markets, intellectual property, tax, compliance and antitrust, to provide clients with holistic advice. Jiping Zhang leads the team from Beijing. Hao Bian represents high-profile private equity clients. Jiangshan Tang is also notable for his expertise in fund investment matters, whilst Weili Chi specialises in M&A and financial institution-related transactions. Xiajun Fang has significant experience in material assets restructuring matters.

Practice head(s):

Jiping Zhang

Other key lawyers:

Hao Bian; Jiangshan Tang; Weili Chi

Key clients

Tencent

Temasek

China Life Tech Innovation Fund

Sequoia Capital China

Tsing Song Capital

China Mobile Capital Holding Co., Ltd.

Cornerstone Robotics

CICC Capital

Work highlights

  • Representing Pony.ai, a leading global autonomous driving technology company, on the first close of a series D financing round, with a valuation of $8.5 Billion.
  • Acted for Warburg Pincus on Gaush Meditech Ltd’s B round of financing, for which they were lead investor. The total amount of this round of financing exceeded 100 million US dollars.
  • Acted for Tencent when Suiyuan Technology announced the completion of a series C financing of RMB 1.8 billion. This round was led by CPE, CICC Capital, Primavera Capital, and new and existing shareholders such as Tencent, Summitview Capital, and Redpoint China Ventures followed suit.

JunHe LLP

Private equity forms one of the core practices at JunHe LLP, which is reflected in the dedicated team of specialist partners it has. The practice acts for established companies and start up entities on a full range of financing matters in China, though its core areas of practice include acting for private equity funds, institutional investors, and financing companies on M&A and private equity transactions. It also has a growing practice of advising entrepreneurs on the establishment and financing process of new companies. Working closely with the firm’s wider teams in tax and antitrust, the team is also able to offer comprehensive advice to its clients. Binxue Sang and Joe Chen co-lead the Shanghai group, whilst Sammuel Zhao and Zheng Xie co-head the Beijing team.

Practice head(s):

Binxue Sang; Sammuel Zhao; Joe Chen; Zheng Xie

Other key lawyers:

Yi Wang; Ping Zhang

Key clients

CICC Qiyuan National Emerging Industry Venture Capital Guidance Fund

Goldman Sachs (Asia) L.L.C.

Trustbridge Partners

Legend Capital

Shanghai Integrated Circuit Industry Investment Fund Co., Ltd.

Guotai Junan Innovation Investment Co., Ltd.

FountainVest Partners

Peak Sports

Vivo Capital

CGN Wind Power Corporation

Work highlights

  • Assisted investors with the largest ever equity financing in the domestic new energy and power sector: the capital increase of CGN wind power corporation.
  • Advised Haichang Ocean Park, which sold controlling interest in its five theme parks to MBK Partners.
  • Advised Terminix and CITIC Capital on their joint investment in PRC domestic pesticide companies.

Shihui Partners

Shihui Partners has continually proven to show it is a key player in the Chinese private equity market, with particular strength acting on major projects in emerging industries, such as cultural and entertainment, medical and healthcare, internet and TMT sectors. It advises on a range of matters, primarily acting for private equity and venture capital funds, financial institutions, strategic investors, and entrepreneurs in start-up companies. George Niu and Miranda Jiang co-head the Beijing arm of the practice, whilst George Wang leads the Shanghai group. Also notable is founding partner Zan Zhu, who specialises in private equity and venture capital transactions, as does Vicky Gong and Xiaomei Li.

Practice head(s):

George Niu; Miranda Jiang; George Wang

Other key lawyers:

Zan Zhu; Vicky Gong; Xiaomei Li; Yu Luo

Key clients

JD

Tencent

Huaxing Growth Capital

K2 VC

Matrix Partners

IDG capital

Softbank Ventures Asia Corp.

CICC Capital

Eight Roads Capital

Zhen Fund

Qiming Venture

BAI Capital

Source Code Capital

Lightspeed

Vertex Capital

Orchid Asia

INCE Capital

Bluerun Ventures

Banyan Capital

China Growth Capital

Work highlights

  • Advised JD Property Group Corporation on its series B financing with a total financing amount of US$ 800 million.
  • Advised Dreame Technology on its series C financing with a total financing amount of RMB 3.6 Billion.
  • Advised JD on its investments in KKV’s US$300 Million series F and F+ financings.

Zhong Lun Law Firm

Zhong Lun Law Firm has a strong reputation for its private equity and assets management practice, with the team regularly representing prominent private equity firms and emerging growth companies. It advises on a full scope of private equity transactions, including fund raising, investment, compliance, and management of portfolios. It also has expertise advising on the establishment and tax arrangement of China-focused private equity funds. The leadership team consists of Catherine Chen, Borong Liu, Lefan Gong and Ping Zhang. Victor Yu and Luke Zhang have particular expertise representing investment funds and companies in the TMT sector. Bijun Huang is active in representing start-up companies, whilst Anthony Zhao and associate Xiaorui Yang continue to be key names in the team.

Practice head(s):

Catherine Chen; Borong Liu; Lefan Gong; Ping Zhang

Other key lawyers:

Victor Yu; Luke Zhang; Bijun Huang; Anthony Zhao; Xiaorui Yang; Tian Liu

Key clients

58 Industry Fund

6 Dimensions

Ascendent Capital Partners

AstraZeneca-CICC Fund

Avatar Technology (Chongqing) Co., Ltd.

Bananain

Beijing Lu Kai Zhi Xing Technology Co., Ltd.

Beijing Quantu Medtech Co., Ltd.

Blackstone Group

Boyu

Bytedance

Caveman Technologies Limited

CBC Group

CDH Investments

Cenova Management Advisors Limited

CHINA FAW GROUP CO., LTD.

China Mobile Investment Holding Co., Ltd.

China Railway Signal & Communication Corporation Limited

Chongqing Yufu Capital Equity Investment Fund Management Co., Ltd.

CICT Mobile

Coyote Bioscience Co., Ltd.

Decheng Capital

Eightroads

Everdisplay Optronics (Shanghai) Co., Ltd.

FAW Equity Investment (Tianjin) Co., Ltd.

Galaxycore Inc.

GBA Fund Investment Limited

General Atlantic

Genesis Capital

Guangzhou Heige Technology Co., Ltd.

Hillhouse Capital

Kingdee International Software Group Company Limited

Kunlun Capital

L Catterton Asia

LFC Investment Hong Kong Limited

Lightspeed China

Lilly Asia Ventures

M31 Navigator Fund LP

Matridx

Meituan Long-Z

MLINK

Moore Threads Technology Co. Ltd.

Morgan Stanley Private Equity Asia

NeoCura Bio-Medical Technology Co., Ltd.

New Hope Life Science Investment Fund

OPay Limited

OrbiMed

PAG

PatPat

Qiming

SDP Investment

Sequoia

Sequoia Capital China

Shanxi Puba Real Estate Co., Ltd.

Shenzhen Qianhai Sanhe Equity Fund Management Co., Ltd.

SinoUnion Healthcare

Softbank Vision Fund

Source Code Capital

SPD Silicon Valley Bank

State Grid Overseas Investment Co. Ltd.

SDP Investment

State Grid Overseas Investment Co. Ltd.

SUPERHEXA

Suzhou HunterSun Electronics Co., Ltd.

Suzhou SoftBank Yuesheng Venture Capital Management Co., Ltd.

Tencent

TideSwing Technologies Limited

Circle Harmony

Vita Technology (Beijing) Co., Ltd.

Xiamen Deyi Changqing Venture Capital Partnership

XRSPACE

Yisheng Medical (Beijing) Technology Co., Ltd.

Zhongtian Ronghui Investment Management (Beijing) Co., Ltd.

ZONGTENG GROUP

Work highlights

  • Advised Blackstone Group on its buyout of Interplex.
  • Represented Boyu Capital on its series C investment in Edge Medical, which is one of the largest recent deals in the China MedTech sector (US$200 million size of financing).
  • Advised CICT Mobile, a leading telecommunication service, on the completion of a RMB3.675 billion financing.

AllBright Law Offices

AllBright Law Offices is particularly strong in the field of investment funds and venture capital, regularly acting on fund establishment and management matters. It advises on a broad range of matters for private equity fund managers, including fundraising, foreign investment, and exit and dispute resolution. It is also particularly adept at cross-border projects, and has a growing practice acting for government-sponsored industry funds. Shanghai-based Xianming Li leads the team which also includes Yubin Shi who is noted for his expertise in fund establishment and investment, M&A, restructuring and tax matters.

Practice head(s):

Xianming Li

Other key lawyers:

Yubin Shi; Congjun Wen; Henry Li; Chengwei Peng

Key clients

Shanghai North Guangxing Investment Fund Management Co., Ltd.

Shanghai Muhua Jinyu Shares Investment Management Partnership

Shanghai Beyond Moore Equity Investment Fund Partnership

Shanghai Day Wins Unit Investment Fund Co., Ltd.

Xiamen Self-China Investment Development Co., Ltd.

Xiamen Guosheng Development Private Equity Fund Management Co., Ltd.

Engineering Machinery Co., Ltd.

Xiamen Self-China Investment Development Co., Ltd.

Zijin Mining Purple Sea (Xiamen) Investment Partnership

Xiamen Bluemap Tianxing Investment Partnership

Chongqing Yufu City Operations Construction Development Co., Ltd.

Trustbridge Partners

Guofang Capital

Loyal Valley Capital

Commerce & Finance Law Offices

Commerce & Finance Law Offices acts for financing companies on a broad range of private equity transactions. It also has specific expertise in investment matters acting for fund managers, including on angel, VC and PE, pre-IPO, and strategic investments. Lingyun Dai has significant expertise in venture capital and private equity financing matters, with experience acting for USD funds, RMB funds, and start-up companies. Xinyang Zhang specialises in China’s new economy industry, which includes e-commerce, AI, big data, and cloud computing, whilst Meng Zhang’s practice focuses on private equity financing, with additional expertise in M&A and investment by foreign investors.

Other key lawyers:

Lingyun Dai; Xinyang Zhang; Meng Zhang

Key clients

Youshan Capital

GL Gyn Investment L.P

Lake Bleu Capital

Keep Inc.

Hesai Technology

Fiture Inc.

Meituan Dianping

Shuimu Youpin Limited

Hopu Investment

Zhuhai Trinomab Biotechnology Co., Ltd.

IASO Biologics Inc.

Transcendence Capital

GL Capital

DataGrand Technology (Shanghai) Co., Ltd.

Singularity Systems Limited

China Life

Suzhou MicroPort Argus Medical Corp.

GL Capital

Beijing Surgerii Technology Co., Ltd.

Xiaomi

Shanghai Shenzhi Information Technology Co., Ltd.

DataMesh

Mech-Mind (Beijing) Robotics Technologies Ltd.

Gongqingcheng Ziniu Growth Investment Management Partnership

Dongfanghonghu (Beijing) Technology Co., Ltd.

Shanghai Chatail Information Technology Co., Ltd.

Jinfeng Borun (Xiamen) Equity Investment Partnership

GL Hospital Investment III L.P

Shenzhen Zhiyuan Biological Medicine Co. Ltd.

Ningbo Maihan Investment Management Co., Ltd.

Work highlights

  • Represented Youshan Capital in its investment in the US$720 million Series C financing of Abogen Therapeutics Limited.
  • Represented Keep Inc. to consummate the series F financing with a total investment among of USD 355 million.
  • Represented Lake Bleu Capital on its series crossover investment to Biocytogen Pharmaceuticals (Beijing) Co., Ltd.

DaHui Lawyers

With a growing private equity practice in recent years, DaHui Lawyers now acts for both domestic and foreign investors of all sizes. It acts on a full scope of private equity and fund operations, from establishment and investment to capital restructurings. Practice head Brendon Wu has a particular specialism in the TMT and education industries. Richard Ma has a strong reputation acting on corporate and financing matters for cutting-edge companies and traditional enterprises, whilst Zheng Zha has additional expertise in equity financing of private companies.

Practice head(s):

Brendon Wu

Other key lawyers:

Richard Ma; Zheng Za; Julia Dai; Gary Li; Yingyuan Xue

Han Yi Law Offices

As a boutique firm specialising in private equity, Han Yi Law Offices offers an impressive practice acting for private equity funds, industrial investment funds, and hedge funds. It regularly advises on cross-border transactions, and is active across a variety of industries, though in recent years it has become increasingly active in the TMT, e-commerce and healthcare sectors. The practice is co-headed by Linda He, who has significant expertise representing international investors on their investment deals in China, alongside Richard Xu. Anna Yu has had a busy practice in the past year, advising a number of the practice’s top clients.

Practice head(s):

Richard Xu; Linda He

Other key lawyers:

Anna Yu; Lynn Zhang

Key clients

The Carlyle Group

Trustbridge Capital

Intel Capital

Ocean Link Partners

General Atlantic

Ark Pacific Capital

Ontario Teachers’ Pension Pen

Coatue Management

Marlin Equity Partners

Bairong Inc.

Work highlights

  • Advised Ontario Teachers’ Pension Plan on its equity investment in CD Finance Limited.
  • Advised Coatue Management on its equity investment in Guming Tea.
  • Advised Marlin Equity Partners on its sale of Logi Analytics to Insightsoftware.

Jingtian & Gongcheng

Offering comprehensive legal services to a range of financial institutions, private equity, and venture capital investors, Jingtian & Gongcheng has an impressive private equity practice. Its main areas of expertise include restructuring pre-private equity investment and private equity financing, from angel rounds to pre-IPO funding, for both domestic and foreign companies. The team is led by Yongqing Huang from Beijing. Zhengzheng Hu has significant experience acting for foreign private equity funds, whilst Guanchun Dai has specific expertise in transaction structuring, investment and business models of TMT industry.

Practice head(s):

Yongqing Huang

Other key lawyers:

Zhengzheng Hu; Guanchun Dai; Jinjin Chen

Key clients

Suning Group

Sequoia Capital

China International Capital Corporation

SIPG

Beijing Yuanxin Technology Group Co., Ltd.

SF Express

Kenexa

Starquest Capital

Yao Capital

Zhen Fund

National Military-civilian Integration Industrial Investment Fund Co., Ltd.

Beijing AviChina Phase I Aviation Industrial Investment Fund

Alibaba Group

IDG Capital

Kefa Fund

Dayone Capital& Source Code Capital

Susquehanna International Group, LLP

BA Capital

Shenzhen Shenxin Biotechnology Co., Ltd

Loyal Valley Capital

Qiming Venture Partners

Deepwise Limited

Sinopec Capical Co., Ltd

Beijing Quantum Jump Technology Co., Ltd.

Beijing Shumei Times Technology Co., Ltd.

Sensors Network Science and Technology (Beijing) Co., Ltd.

Shenzhen Pudu Technology Co., Ltd.

Wuhan Polytechnic Digital Communication Engineering Co., Ltd.

Jilin City Qiaoshan Beidahu Investment Management Co., Ltd.

Beijing More Health Technology Group Co., Ltd.

Nantong CICC Chuanhe Equity Investment Partnership

Hangzhou Haikang Smart Industry Equity Investment Fund Partnership

Llinks Law Offices

Llinks Law Offices represents a wide variety of clients on their fund formation and raising projects, including angel investors, venture capital and private equity funds, governmental guidance funds, and domestic and international entrepreneurs. Nicholas Lou heads the team from Shanghai, specialising in domestic and foreign private equity fund investments. Selena She and Colin Shi are notable for their expertise advising clients across a wide range of industries, with She providing additional experience advising Fortune 500 companies on their investments in China.

Practice head(s):

Nicholas Lou

Other key lawyers:

Selena She; Colin Shi

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

Infotech New industry Investment Fund Management Co., Ltd.

Beijing Chang Ke Jin Investment Co., Ltd.

Shanghai Xinjin Venture Capital Center

Beijing Cheerbright Technologies Co., Ltd.

Work highlights

  • Advised SenseTime on its series D and series D+ rounds for financing a total amount of USD 2.3 billion.
  • Advised Muxi Integrated Circuit (Shanghai) Co., Ltd. on its A round for financing a total amount of RMB 1 billion.
  • Advised Sequoia Capital on investment to Asia Regenerative Medicine.

AnJie Broad Law Firm

The private equity practice at Anjie Broad Law Firm covers a wide range of industries, including AI, high-end manufacturing, social networking, and e-commerce, alongside traditional industries. It primarily acts for start-ups, strategic investors, and investment funds on both domestic and cross-border transactions. Practice head Hans Cai has significant experience in handling complex private equity cases, whilst Xiaoyan Wang focuses on private equity investment. Ting Yao has experience advising industrial investors in their investment, M&A, and post-investment management projects.

Practice head(s):

Hans Cai

Other key lawyers:

Xiaoyan Wang; Ting Yao; Xiangxiang Ma

Key clients

5Y Capital

ShuKun Technology

Source Code Capital

Vitalbridge Capital

Shunwei Capital

Linear Capital

Unity Capital

GSR Ventures

Eastern Bell Capital

Cheng Heng Group

Datafues Inc

Plum Ventures

Lynk Pharmaceuticals Co., Ltd

Zion Pharma (Cayman) Holdings Ltd

CICC Capital

Legend Capital

Yunzhou Capital

Goldenbrick Capital

Runke Fund

Guizhou Railway Investment Group

Work highlights

  • Advised 5Y Capital in its series A round of investment in HT Aero flying car.
  • Advised 5Y Capital in its series D round of investment in XtalPi.
  • Advised Shukun Technology in its RMB 686 million series D (pre-IPO) round of financing.

Dentons China

Dentons China advises both domestic and international institutional investors on a range of matters, including the establishment of RMB funds, successor funds, and buyout funds. It also has a strong practice of acting for start-up companies and government-type funds. Xugang Yu and Renwen Geng co-lead the practice from Beijing and Nanjing, respectively. Peter Wang has particular expertise in cross-border transactions and PE investments, whilst Shoushuang Li has significant experience in fund formation.

Practice head(s):

Xugang Yu; Renwen Geng

Other key lawyers:

Peter Wang; Shoushuang Li

Key clients

Trust Mutual Life

National Green Development Fund Co., Ltd.

John Dewey Group Ltd.

General Technology Venture Capital Co., Ltd.

Guokai Technology Venture Investment Co., Ltd.

Fujian Province Anxin Industry Investment Fund Partnership

Shenzhen guidance fund investment Co., Ltd.

Shenzhen Angel Investment Guidance Fund Co., Ltd.

SCGC Red Earth Equity investment management (Shenzhen) Co., Ltd.

Work highlights

  • Assisted Trust Mutual Life to invest an PE fund being managed by a famous fund manager.
  • Assisted National Green Development Fund Co., Ltd. to negotiate the LPA and side letter with the GP of its sub funds.
  • Represented John Dewey Group Ltd. to file an arbitration again a famous foreign real estate fund for equity transfer dispute.

Jincheng Tongda & Neal

Jincheng Tongda & Neal represents a wide variety of clients in private equity transactions, including independent private equity firms, sponsors, and financing sources. It offers a broad range of services, including fund structuring with foreign investments, fundraising and portfolio company investment. Lingyan Peng heads the group, specialising in FDI, cross-border M&A, venture capital and private equity investment, and bond offering matters. Chengchen Gan focuses on advising clients in the emerging technology, commercial real estate, retail and franchise, and internet and media industries.

Practice head(s):

Lingyan Peng

Other key lawyers:

Chengchen Gan

Testimonials

‘JT&N is a great firm to work with and it has experts spread across all aspects of VC and company building. It is highly recommended to anyone looking to start a new company and raise funds.’

‘JT&N has always been able to find an expert amongst the firm to resolve clients’ issues, ranging from fundraising to IPO.’

‘Chengchen Gan is a superb lawyer and goes above and beyond to help clients with what they need. He’s always available and responds extremely quickly and efficiently. Clients feel extremely confident with him, as he takes care of their business and keeps their best interests in mind.’

Key clients

ZhangjiaGang Industrial Capital

SIIC Fund Management

Hyfinity

CDH

Shanghai Jaka Robotics Ltd.

Shanghai Yanmo Network Technology Co., Ltd.

Suzhou Qi-Biodesign Biotechnology Co., Ltd.

Shanghai Woowii Network Technology Co., Ltd.

Tosun Intelligen

Work highlights

  • Assisted ZhangjiaGang Industrial Capital with investing in Shanghai LinGang New Area Industry Allocation Fund (Phase I), the manager of which is Shanghai Daohe Long-Term Investment Management Co., Ltd., Shanghai’s first asset allocation fund management institution (RMB 30 billion).
  • Advised several private equity funds including China Merchants Capital and Houyang Capital to complete the equity investment in Analogix Semiconductor (round B investment-RMB 2 billion).
  • Helped the funds under SIIC Fund Management to complete the B + round investment in ARTOSYN.

Merits & Tree Law Offices

Merits & Tree Law Offices is well regarded for its private equity and venture capital department, which has seen continuous growth in recent years. It has particular strength acting in the TMT, life science and healthcare, and high-tech sectors, acting for major investment funds, as well as start-ups and strategic investors. The team is co-headed by Beijing-based Youyuan Jin, who has rich experience in private equity investment and financing transactions, alongside Qinghong Cai.

Practice head(s):

Youyuan Jin; Qinghong Cai

Other key lawyers:

Xiaoxing Guo; Jenny Li; Songsong Gao

Key clients

Sequoia Capital China

Huahui Health (Beijing) Co., Ltd.

Genfleet Pharmaceutical(Shanghai) Co., Ltd.

IDG Capital

Sinovation Ventures

V Fund Capital

Zhencheng Fund

XVC

Asia Green Fund

Ponghu Group Holdings Limited

Loyal Valley Capital

Nanshan Capital

Newport Beach (Xiamen) Management Consulting Partnership (Limited partnership)

Telstra Pacific Business Solutions

Beijing Ace Playing Technology Co. Ltd.

ClinsChain (Shanghai) Clinical Services Co., Ltd.

AutoFlightX Inc.

Lean Cloud|Lean Cloud

China Youzan Limited

Beijing Ke Yi Hong Yuan photoelectric technology Co., Ltd.

D5 Inc.

GrepTime Inc.

Hunan Hua Chuang Technology Development Co., Ltd.

Insight Lifetech Co., Ltd.

Nebula Bay (S) PTE. Ltd.

Work highlights

  • Advised Sequoia Capital China on its Series C, D, D1, D2 and D+ investments in Dongguan Hairou Intelligent Technology Ltd.
  • Advised V Fund Capital on its Series C investments in Honji Cyclone.
  • Advised XVC on its Series C and Series D investment in YOOZ.

Tian Yuan Law Firm

Tian Yuan Law Firm is active across a broad range of private equity investment markets, with particular expertise in China’s new economy industries, including healthcare, TMT, internet finance, entertainment and block chain. It primarily acts for private equity and venture capital institutions, industrial investment institutions, and new enterprises. Jiayun Xie leads the team from Beijing, focusing on assisting investment institutions and start-up enterprises on private placement financing matters.

Practice head(s):

Jiayun Xie

Other key lawyers:

Yuting Dong; Guanxiong Wu

Testimonials

‘The Tian Yuan team is not just vigilant, professional and hands-on, but they can also think from a business perspectives. As lawyers representing investors, they are the best at balancing different parties interests and coming up with flexible solutions.’

‘Jiayun Xie is well regarded as the bridge between  investment community and the entrepreneur community. She understands business and law at the same level, and is able to put everyone on the same page.’

Key clients

Spark Thinking

Sequoia Capital

IDG Capital

Lilly Asia

Hui Shu Zhang

Work highlights

  • Advised on Sequoia Capital’s investment in CAS Quantumnet.
  • Advised on IDG Capital’s investment in Zhenge Biotech.
  • Advised Lilly Asia’s investment in Airdoc.

Zhao Sheng Law Firm

Zhao Sheng Law Firm’s private equity department is well equipped to handle complex multi-jurisdictional matters due to its joint operation with Linklaters. The work undertaken by the team varies from equity financing, minority investment, and strategic investment. The department also takes a sector-focused approach, with particular strength in the TMT, healthcare, education, fintech and real estate industries. Eric Liu leads the team, with specialist experience in the sector, having advised major SOEs and foreign investors on their China-related transactions.

Practice head(s):

Eric Liu

Other key lawyers:

Richard Gu; Colette Pan; Benran Huang

Testimonials

‘Very commercial and practical. It offers a nuanced approach for overseas investors looking at Chinese companies.’

‘Eric Liu is very responsive and commercial.’

‘Benran Huang is very hardworking.’

Key clients

IDG Capital

CITIC Securities

Sofina Asia Private Ltd

Qatar Investment Authority

GLP Pte. Ltd

ByteDance

DiDi Chuxing

Hillhouse Capital

CR-CP Life Science Fund

Work highlights

  • Advised Zhuhai Hidden Hill Modern Logistics Industry equity investment fund on its US$10m series C investment in Hebe Beauty Style Cayman Limited, a cosmetic business, with presence in Indonesia, China, Thailand, and a few other countries and regions in Asia.
  • Advised Sofina on its investment in PETKIT Technology Inc.’s series D equity financing.
  • Advised CITIC Securities Investment Co. Ltd. on its minority investment in Aihuishou (a leading Chinese company that runs the platform for trade of second-handed goods) as the lead series F investor.

DeHeng Law Offices

DeHeng Law Offices advises across a range of matters, acting primarily for A-share and overseas listed companies, as well as OTC market companies. Weifeng Guo and Lei Zhang co-lead the team from Beijing and Shanghai, respectively. Guo has significant expertise advising private equity institutions on legal structure design, fundraising and establishment matters. Fang Wen is noted for her experience acting on both domestic and overseas equity investment projects.

Practice head(s):

Weifeng Guo; Lei Zhang

Other key lawyers:

Fang Wen; Zhiwei Hou; Zhonggang Zhang

Key clients

U Power International Limited

Genilink Capital

Northern Light Venture Capital

Mega Phase Technology

Zanecon Technology

Maison Capital

Ningbo Semiconductor International Corporation

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 Spinnotec Group Co., Ltd.

V Capital Co., Ltd.

Nippon Paint Automotive Coatings

Shanghai Cedar Composites Technology Co., Ltd.

Sinarmas Paper (China) Investment Co., Ltd.

Softbank (China) Investment Co., Ltd.

Tianjin Guokang Credit Promotion Co., Ltd.

Sunshine Insurance Group Company Limited

Beijing International Emerging Industrial Investment Center

CNPC Kunlun Capital Co., Ltd.

Work highlights

  • Advised U Power International Limited on its Pre A and Series B financing for more than CNY 100 million.
  • Provided legal services for Nippon Paint Automotive Coatings in its acquisitions of five subsidiaries in mainland China.
  • Advised Beijing Yizhuang International Emerging Industry Investment Center on the establishment of an industry sub-fund together with the listed company, Jiangfeng Yitang, and represented the fund on investing in Beijing Kunlun Internet Intelligent Industry Investment Fund Partnership with an investment scale of 300 million RMB.

Grandall Law Firm

Grandall Law Firm is active in the private equity sphere, advising private equity firms on a variety of transactions. Naijin Liu has specific experience advising PE fund platforms established by central enterprises. Meanwhile, Jing Zou has significant expertise in handling PE placements and the establishment of both RMB and foreign funds.

Other key lawyers:

Naijin Liu; Jing Zou

Key clients

Bazhong Public Utilities Investment Group Co., Ltd

Chengdu Xiangrong Venture Capital Co., Ltd.

Star Seay (Beijing) Investment Co., Ltd.

Chengdu Jinxin Medical Investment Management Group Co., Ltd.

Chengdu Realtime Technology Co., Ltd.

Chengdu Xiangcheng Investment Group Co., Ltd.

China Datang Capital Holdings Co., Ltd.

Tianjin Hi-tech Holding Group Co., Ltd.

State Power Investment Corporation

ZGC Co-Innovation Fund

China Power Technology Guoyuan (Beijing) Industrial Investment Co.

Yangtze River Xiaomi Industry Fund

Asia-Pacific Property & Casualty Insurance Co., Ltd.

Taiping Innovation Investment Management Co., Ltd.

Guantao Law Firm

Guantao Law Firm advises on a full range of private equity and venture capital transactions, including on government-guided funds, major offshore funds, start-up financing projects, and cross-border investment projects. Practice head Yang Wang has rich expertise in assisting fund clients in equity investment projects, and serves clients from a diverse range of industries, including emerging industries such as high-tech manufacturing, new energy, and AI.

Practice head(s):

Yang Wang

Other key lawyers:

Fei Xiao; Rongyuan Xu

Key clients

China Insurance Investment (Beijing) Co., Ltd.

General Technology Venture Capital Co., Ltd.

SDIC Unity Capital Co., Ltd.

China Harbour Engineering Co., Ltd.

Beijing Health Guard Biotechnology Inc.

Shaanxi HuaMing PuTai Medical Equipment Co., Ltd.

Unicom Kaixing Equity Investment Management (Zhuhai Hengqin) Co., Ltd.

Shanghai Pinlan Data Technology Co., Ltd.

Beijing Dakang Medical Investment Co., Ltd.

CDH Investment

Jiangxi Jinggangshan BAIC Investment Management Co., Ltd.

Jina AI

Shenzhen eVat Master Technology Co., Ltd.

Work highlights

  • Assisted China Insurance Investment (Beijing) Co., Ltd. as the fund manager with a project in which it intends to raise CNY 14.8 billion from 18 insurance institutions as one of the strategic investors to subscribe to the newly issued shares of China Huarong Asset Management Co., Ltd., together with Citic Group and other strategic investors.
  • Advised General Technology Venture Capital Co., Ltd. on a project where China General Technology Holding, Ltd. and five other companies jointly funded the establishment of Equity Investment (Tongxiang) Partnership (Limited Partnership), i.e. High-tech Equipment Industry Fund of General Technology.
  • Represented SDIC Unity Capital Co., Ltd. in its investment projects in a number of funds, such as in the investment of more than 30 venture capital sub-funds, including GoldenSand United Fund III, Innovation Workshop Development Investment Fund, Hangzhou Shunying Equity Investment Fund and Tonghe II Venture Fund.

Hylands Law Firm

Hylands Law Firm's private equity and venture capital practice has particular sector expertise in the TMT, automobile, real estate, and financial services industries. In the past year, it has also seen growth in assisting pharmaceutical companies in buyouts and venture capital investment matters. Zhitong Zhu leads the group, advising domestic and foreign clients on the full life cycle of PE and VC investment, M&A and fund transactions.

Practice head(s):

Zhitong Zhu

Other key lawyers:

Jiejun Li; Yuancheng Guo

PacGate Law Group

PacGate Law Groupis a boutique law firm that assists venture capital and private equity funds, strategic investors, start-ups, and mid-to-large size companies with a range of domestic and overseas investment and financing projects. Practice head and founding partner Justin Chen has extensive experience acting for start-up companies and well-known venture capital funds, and has particular international expertise in the US market.

Practice head(s):

Justin Chen

Other key lawyers:

Amy Deng

Key clients

Nreal

October Rice Field

METiS Pharmaceuticals

Beijing Redbaby Information Technology Co., Ltd.

Nuovo Film Inc.

FAIR Robot

ALLSENSEWW

VMS Group

CEC Fund

Northern Light Venture Capital

SBCVC

Work highlights

  • Provided legal services for Nuovo’s Round C+2/D financing of hundreds of millions of yuan.
  • Provided legal services for METiS’ Round A financing of more than RMB200 million CN.
  • Provided legal services for Raysees’s Round A1/A2 financing of more than RMB200 million.