Private equity: PRC firms in China
Lawyers at Fangda Partners have clear experience in advising major global and domestic sponsors on their private equity investments in China, with instructions relating to public, private and cross-border buyouts, portfolio acquisitions and co-investments. The team is also regularly involved in an impressive array of private equity fund exits. Following the retirement of Jonathan Zhou in 2020, the department has been led by Chen Bao. The firm has a formidable client roster, including Alibaba, which alongside YF Capital Helen Fan advised on a $700m minority equity investment into NetEase Cloud Music. Xiao Jiang is noted for her expertise in cross-border private equity transactions, while Qiang Chen often handles strategic investments for a range of large PRC corporates.
Ant Financial Services
Affinity Equity Partners
Matrix Partners China
The Blackstone Group
- Advised KKR on its acquisition from NVC Lighting of majority interest in its Chinese lighting business
- Advised Alibaba and YF Capital on their minority equity investment in NetEase Cloud Music, involving a transaction price of $700m.
- Advised EQT Partners on its exit from the investment in LBX Pharmacy Chain Joint Stock Company. The aggregate proceeds to EQT from its exit through the foregoing means exceeds RMB5.3bn
Compared by one client to 'a special army unit, with quick feedback, rich experience, good temper', the team at Han Kun Law Offices has experience in the gamut of private equity and venture capital transactions. The group is instructed on PRC and non-PRC structures, denominated in RMB as well as USDs. In a significant transaction for 2019, team-members including practice co-head Chaoying Li advised Tencent on its investment into T3 Mobility through the T3 Fund. Another practice head Yijun Chao assisted China Structural Reform Fund on its RMB5.5bn investment and participation in CIRIC Dicastal's mixed-ownership programme. David LI and Kelvin Gao also head up the department, which includes up-and-coming private equity expert Sheng Li.
‘Professional, service-spirited, highly efficient and richly experienced.’
‘Han Kun is very professional in the field of private equity and venture capital, and its grasp of legal terms and the pace of project execution make customers feel at ease.’
‘The speed of feedback is amazing; when communicating on behalf of the client and the counterparty, they can be polite and courteous, explain and communicate terms from multiple angles, and resolve the differences between the two parties.’
‘When conducting due diligence on behalf of customers, they can not only analyse legal provisions, but also provide plain advice to customers based on policy development and industry experience. Their services are very valuable.’
‘They are like a special army unit, with quick feedback, rich experience, good temper, each has their own advantages, and they cooperate well with each other. Will actively follow up the project and care more about the progress of the project than the client.’
Lilly Asia Ventures
- Advised Tencent on its investment in T3 Mobility through the T3 Fund with a fund size of about RMB 10 billion
- Advised Guazi.com on its series D financing transaction.
- Advised Hillhouse Capital on its Series A investment in CCC China
King & Wood Mallesons
At King & Wood Mallesons, the private equity team has vast experience in the establishment, investments and exits of domestic and foreign funds, with the ability to draw on an international network with offices in London and New York. The firm also provides ancillary services to clients in relation to tax, intellectual property, labour law and insurance. The group is known for its strength in depth: Richard Nie focuses on transactions in the eastern China region, while Rocky Lee and Helena Huang specialises in cross-border transactions; Zhijun Lin has developed a significant practice involving transactions in the TMT and healthcare space. The department is co-chaired by Mulong Gong and Yi Zhang.
Other key lawyers:
- Advised Walnut Education on its domestic round B financing, red-chip structure restructuring and overseas B + round preferred equity financing.
- Advised Esign on tis C round financing.
- Advised MBK Partners on its investment in Wendu Group through the subscription of newly issued shares and the acquisition of existing shares.
Zhong Lun Law Firm‘s private equity and investment funds department is singled out by clients for its ‘clear understanding of business demands‘. The team handles the full spectrum of issues, including fund formation, fundraising, investment, project management and fund exits; notably for TMB and offshore US dollar-backed funds, giving it a strong position for cross-border private equity transactions. In a recent highlight, Anthony Zhao advised Ascendant Capital Partners on its $150m investment, in the form of secured convertible and exchangeable bonds, in Best Assistant Education Online. Promoted to partner in 2020, John Shen is building a strong transactional practice advising major foreign funds. The group is co-headed by Catherine Chen, Lefan Gong and Jiyong Feng.
‘Have a clear understanding of business demands, have a high quality of legal documents, actively think about and explore transaction terms and arrangements, and can provide legal services with high added value.‘
‘The overall level of the team is high.’
6 Dimensions Capital
Lilly Asia Ventures
HQP Corporation Limited
Global Logistics Property
NetVation DL Medicine
Suzhou CHBio Medical Device
Tianjin Master Vision Technology
Qiming Venture Partners
Chongqing Rail Transit (Group)
Chongqing Jingyou Real Estate Development
Chongqing Yulong Equity Investment Fund Management
Chongqing Xinyu Financial Leasing
Chongqing Kangtian Real Estate
Chengdu LianAn Technology
Delta Capital Management International
Homaer Asset Management Master Fund SPC
TransLink Capital Partners III
Shenzhen Hongtai Growth Venture Capital Center
- Acted as the Ascendent Capital Partners’ PRC legal counsel for its investment in the form of secured convertible and exchangeable bonds in Best Assistant Education Online, an education business subsidiary of NetDragon Websoft Holdings
- Advised Elpiscience, a drug development company, on its Series C financing, including drafting and negotiation of legal documents, onshore restructuring, offshore equity financing, and closing.
- Advised COSCO Shipping Financial Holdings on the acquisition of part of container manufacturing assets of Singamas Container Holdings
Global Law Office's team is heavily involved in advising foreign and domestic venture capital and private equity houses on their portfolio investments in China, as well as fund formation and regulatory issues. The group is most known for its expertise in the TMT sector, although it is also well-versed in the education, healthcare, financial services and consumer goods industries. The department is jointly led by seasoned private equity lawyers Steven Yu and Jeffrey Zhu, both of whom have extensive transactional experience. Managing partner Jinrong Liu is another key practitioner alongside Huawei Lin. In 2019, the practice added a group of lawyers from Dentons China including Yuan Yuan .
Mangrove Bay Capital
Southchip Semiconductor Technology (shanghai)
- Advised Primavera as lead investor to invest in Lufax’s Series C financing.
- Advised New Frontier Corporation on its purchase of United Family Healthcare from TPG, Fosun Pharma and other existing shareholders.
- Advised MGI Tech on its round B financing of over $1bn
At Jingtian & Gongcheng, lawyers advise a mixture of investors and investees on the full scope of private equity and venture capital issues. The group assists with pre-investment restructurings, as well as private equity financing and exits to IPO. In a recent demonstration of the firm's capabilities, Zhengzheng Hu advised Sequoia Capital on its $250m investment into Tencent Doctorwork & Trusted Doctors. Victor Wang is a name to not for transactions across the region. The department is led by Yongqing Huang, who often advises Chinese companies as strategic investors.
Lightspeed China Partners
Volkswagen Group (China)
Beijing Mingde Boya Investment Management
Shanghai ICT Biotechnology
General Atlantic Service Company
Beijing Yinxiang Biji Technology
Ivy Education Group
Zhuhai Hidden Hill Modern Logistics Industry Equity Investment Fund
- Advised Sequoia Capital on its $250m investment into Tencent Doctorwork & Trusted Doctors
- Advised Huawei on its RMB100m strategic investment into Shandong Tianyue Advanced Material.
- Advised Sequoia China on its $85m investment into education company Huohua Thinking
JunHe LLP's dedicated private equity department has significant experience advising domestic and international banks and investment institutions on their investments in Chinese companies. The group is often instructed on fund formation, fundraising, M&A, IPOs, liquidations and dissolutions, with particular focuses on the TMT, education, healthcare, pharmaceutical and renewable energy sectors. Co-heading the team are private equity transactional expert Xiyong Zhao and investment fund specialist Man Wang. Jie Tang is the name for private equity finance, an area in which Nelson Zhou has also developed a reputation.
- Advised a consortium of investors, including CITICPE, CICC and Baring Private Equity, on the first round of financing for JD Health.
- Advised China Life Chengda Health Industry Equity Investment Centre on pre-IPO financing of Bloomage Biotechnology Corporation.
- Advised a number of CRHC funds on project financing for Qinghai Honghe Hydropower Development.
According to a client, the team at DaHui Lawyers 'has rich experience in the private equity and venture capital business'. It is regularly instructed by strategic investors, including Alibaba Pictures, as well as private equity and venture capital funds and hedge funds on a range of domestic and cross-border investment transactions. The group is also well-versed in exits via IPOs. Brendon Wu heads the private equity and outbound investment team, primarily focusing on cross-border deals. Zheng Zha regularly advises Chinese clients on outbound investments. Chris Chen (noted for 'very good service quality and can quickly pinpoint problems') has developed a practice assisting venture capital funds with their investments into start-ups.
‘Very good and very professional‘
‘The team has rich experience in the private equity and venture capital business and can solve problems for clients in a timely manner.’
‘As a partner, Chris Chen has very good service quality and can quickly pinpoint problems.’
China International Capital Corporation Limited (CICC)
Crystal Stream Fund
GSR Ventures Capital/GSR United Capital
Guangdian Capital (GDC)
Matrix Partners China
New Horizon Capital
Prospect Avenue Capital
Sequoia Capital China
Source Code Capital
- Advised Alibaba Pictures on a number of strategic investments in the film industry.
- Advised Source Code on the Series B and C financing of Linji, a major convenience store brand.
- Advised Viva Biotech on several VC investments in drug development start-ups in China and North America.
Haiwen & Partners has a multi-disciplinary private equity team, bringing together expertise in M&A, capital markets, finance and antitrust, as well as commercial and day-to-day corporate issues. The group advises on fund formation, portfolio investments and management and fund exits. The group is led by cross-border private equity investment expert Jiping Zhang. Other core lawyers include Hao Bian, whose clients include a number of institutional investors, and transactional specialist Yu Cao.
Huadian Power International Corporation
Neusoft Xikang Holdings
China SDIC GaoXin Industrial Investment
V FUND Investment
Hongtai Capital Holdings
- Acting as sole legal counsel to Huadian in a package deal, bringing in multiple investors to capital contribute to the client’s several subsidiaries for market-oriented debt-for-equity transactions.
- Advised China SDIC GaoXin Industrial Investment on the introduction of RMB5bn strategic investments
- Advised on Bain Capita’s acquisition of Xiamen Qinhuai, reorganization after acquisition and sale of a minority equity interest in IDC business to Bytedance
Private equity and venture capitals are core to the practice at Llinks Law Offices, which has a team that is well-versed in regulatory issues, as well as in transactions. The group advises foreign and domestic investors on issues such as fund formation and fund raising, as well as follow-up project investment, management and exits, particularly via IPOs. The department is jointly led by Nicholas Lou, Grant Chen and Charles Qin and includes experienced cross-border investment specialist David Yu. Colin Shi is developing a strong practice advising funds in the technology and manufacturing sectors. In May 2020, a group including Candice Du moved over from AllBright Law Offices, strengthening the firm's transactional capabilities.
Wm Smart Mobility (Shanghai)
Shenzhen SenseTime Technology
Shanghai Cell Therapy Group
Red Pepper Limited
Beijing Cheerbright Technologies
Beijing Qi Wo Bo Guan Investment Management Partnership (Limited Partnership)
Infotech New industry Investment Fund Management
Beijing Chang Ke Jin Investment
Shanghai Xinjin Venture Capital Center (LLP)
Shanghai Premium Bright Global Captial
Beijing Cheerbright Technologies
Shanghai Yiguo E-commerce
- Advise SenseTime on its Series C++ and C-prime Financing
- Advising Weltmeister and provide legal service with respect to its Series C and C+ financing
- Advise Xingsheng Preference Electronic Business Limited on its Series C and Series C+ round equity financing
Shihui Partners has a core strength in private equity investment, often advising target companies on receiving investments, as well as domestic and international funds on their transactions in the PRC. Key names in the group include George Niu and Vicky Gong, Miranda Jiang and Xiaoqing Yang, all of whom have experience in private equity and venture capital transactions. Hilda Li is often instructed on fund formation issues, while Xiaochen Zhang is noted for cross-border transactions. In 2019, the team was strengthened by the arrival of Xiaomei Li from Commerce & Finance Law Office, who brings expertise in TMT-sector investments.
China Growth Capital
Huaxing Growth Capital
- Advised JD Healthcare on series A financing from CPEChina Fund, CICC Capital and Varing Asia.
- Advised Weiyi Orthopedics on $20m private equity financing transactions.
- Advised Genetron on RMB500m financing from VIVO Capital, CICC Healthcare Investment Fund and Alexandra Venture Investments.
Zhao Sheng Law Firm
The group at Zhao Sheng Law Firm is praised for being able to 'understand the nuanced concerns of foreign investments into China', drawing on its joint operation with Linklaters. The private equity practice has a sector-focused approach, with specialisms in TMT, healthcare, education, fintech and real estate, and increasingly, non-performing loans. Managing partner Eric Liu leads the department and has experience advising on fund formation and big-ticket investments for domestic and international investors. Richard Gu is noted for China-related private equity transactions, with an impressive range of overseas clients. In August 2019, the group benefited from the arrival of Colette Pan from Fangda Partners, who adds substantial transactional expertise.
‘Highly responsive and commercial with their advice. Able to understand the nuanced concerns of foreign investments into China.’
‘Technically strong, highly responsive, able to share practical knowledge regarding industry wide practices, useful and commercial in their legal advice. Huang Benran and Eric Liu are very reliable and trusted advisors.‘
‘Leveraging the global advantages of international law firms, the team is able to establish a foothold abroad and can also issue formal Chinese legal opinions. It has a group of senior lawyers who have received international training and are deeply involved in Chinese law. They are very worthy of recommendation to the same.’
Sichuan Shuangma Cement and Henan Hexie Jinyu Investment Fund
United Overseas Bank
Sofina Asia Private
- Advised Sichuan Shuangma Cement and Henan Hexie Jinyu Investment Fund on their acquisition of controlling stake in Swiss Education Group Holding, a Switzerland-based hotel hospitality management education conglomerate.
- Advised Sofina Asia Private in connection with its investment in Qingzhu as a co-lead Series B preferred investor.
- Advised MGI Tech, a PRC headquartered life science and biotech equipment manufacturer, on its US$200,000,000 Series A round equity financing offshore. The investors include Goldstone Investment, Green Pine Capital and Orient Securities Capital Investment.
The team at AllBright Law Offices 'works overtime to assist clients', both on the investor and investee side. It has expertise in compliance issues relating to private equity funds, fund formation, investment and dispute resolution. Heading the department is Yanchun Zhao, a lawyer who specialises in equity investments and trust plans. Yubin Shi is noted for his financial regulatory expertise, while Henry Li regularly advises on private equity and venture capital investments by US dollar and RMB funds.
‘The team is highly professional with close cooperation and clear division of labor. It will discuss and review customer problems within the team and give timely feedback.’
‘Provide timely feedback on customer problems, work overtime to assist clients, and provide customers with professional and useful help.’
Minsheng Wealth Investment Management
Taiping Financial Services
Shanghai Cell Therapy Group
Changsha Ranxing Information Technology
Loyal Valley Capital
Shanghai Zhongnan Maochuang Investment
- Advised Minsheng Wealth Investment Management onscheme design, transaction text review and drafting for its private equity funds.
- Advised Taiping Financial Services on its financing by various investors, including Jindong Financial Technology and Beijing Yiche Internet Information.
- Advised Shanghai Cell Therapy Group on its private equity financing by CPIC Life, Haier Capital and Industrial Credit.
Commerce & Finance Law Offices' team advises both private equity investors and target companies, with a particular focus on investments involving capital markets transactions. Jointly heading the team are Jianhai Luan, Lingyun Dai and TMT sector expert Xiaoman Zhang.
Ping An Asset Management
Bloomage Biotechnology Corporation
Beijing Yi Jiu Pi E-Commerce
Beijing Geek+ Technology
Shanghai Hesai Photonics Technology
Jiaxing Huajie No.1 Equity Investment
Guoshou Chengda (Shanghai) Health Industry Equity Investment Center
Shanghai Synyi Medical Technology
Dataseed Fintech Holdings
China Fresh Share (Cayman) Company
Yunhu Cayman Global Holding
- Advised Ping An Asset Management on its strategic investment into China Fortune Land Development via share acquisitions.
- Advised Beijing Yi Jiu Pi E-Commerce on its Series D financing by Meituan Dianping, Warburg Pincus and Tencent.
- Advised Beijing Geek+ Technology on its Series C1 private equity financing by GGV and D1
DeHeng Law Offices' private equity group sits within the firm's capital markets team, which is led by Jianjun Xu. It has expertise in fund formation, equity investments, transactions involving listed companies and exits via IPO. Zhiwei Hou has experience in fund formation and investments, as well as asset restructuring and overseas acquisitions. Hongbao Mu focuses on cross-border transactions.
China Merchants Capital Investment
Guangdong Yueao Cooperation and Development Fund Management
Northern Light Venture Capital
Sigma Square Capital
Oriza Seed Capital
Nippon Paint (China)
Smic Equity Investment Fund Management (Ningbo)
- Advised Wuxi Industry Development Investment Fund in Trade Services on its establishmenti. The total investment of the fund exceeds RMB 1.5 billion. The fund mainly invests in TMT (especially IOT, AI and semiconductor industry) and healthcare industry.
- Advised Yimidida on its Series D+ funding to receive the equity investment from Hidden Hill Captial, Source Code Capital, Skycus Captial and BOCGI
- Beijing Zhongguancun Long Men Investment on establishing a fund. Main investors of the fund include National Council for Social Security Fund, Beijing Government Investment Leading Fund, Beijing Cui Wei Group (on behalf of Haidian government). The fund would mainly invest in high-tech and unicorn enterprises located in Zhongguancun area.
Lawyers at Dentons China handle private equity investments, fund formations and reorganisations. Practice co-head in Beijing Shoushuang Li is praised by one client for his ability to 'think deeply and can provide clients with creative work suggestions to help clients achieve business goals'. In Beijing, other department leaders are Xugang Yu, Qingchun Du and Guanbao Li, while Yi Wang heads the practice in Shanghai.
‘Outstanding business capabilities, sufficient reserves of industry-related knowledge and rich practical experience. Work coordination and feedback speed are both high.’
‘Lawyer Shoushuang Li has strong working ability, rich professional knowledge and practical experience, and can think deeply and can provide clients with creative work suggestions to help clients achieve business goals.’
Zhuhai Gree Financial Investment Management
PINS International Financial Holdings Limited
Beijing Jinquan Yuanhe Asset Management
BOC-Samsung Life Insurance
China High-Speed Railway Technology
Xing Hua Fortune Group
China Re Asset Management Company
- Advised Zhuhai Gree Financial Investment Management on its investment into Hong Kong listed Kintor Pharmaceutical
- Advised PINS International Financial Holdings Limited and Beijing Jinquan Yuanhe Asset Management on its acquisition of IDC assets from listed company Dr Peng
- Advises BOC-Samsung Life Insuranceon its investment into Hillhouse Tiancheng Fund II
Grandall Law Firm's team has demonstrable expertise in fund formation, and also has experience in advising on equity investments in domestic, privately-owned and listed companies. Key figures in the team include fund formation specialist Jing Zou, private equity investment expert Naijin Liu (who also handles dispute resolution for funds), and transactional lawyer Jianjun Guan.
‘The level of specialization is high, and the suggestions in the PE/VC field are highly impressive. The team responds quickly and can provide clients with pertinent legal opinions and solutions.’
‘Recommend partner Liu Naijin: We have established a four-year cooperative relationship with the firm, with excellent professional quality and efficient service response. The team has complete private equity industry training resources and can provide customers and employees with comprehensive, systematic and professional industry training.’
Han Yi Law Offices
Han Yi Law Offices is a private equity and M&A boutique that serves international private equity and venture capital houses, as well as hedge funds. The group is mainly focused on the healthcare, life sciences, TMT and education sectors, areas of growth for the Chinese market. Richard Xu heads the team, but founding partner Linda He is also active.
At Jincheng Tongda & Neal, lawyers handle all aspects of private equity and venture capital investments, including fund establishment, equity investments and financing transactions, as well as exits by way of IPOs. Clients include a range of domestic and international funds. Dual-New York and PRC qualified Lingyan Peng leads the team and specialises in advising overseas funds. Yuhao Xie has expertise in the regulatory aspects of equity transactions.
CDH, CICFH and Shenzhen Capital Group Company
CDH Investments and IDG Capital
Shanghai JAKA Robot Technology
Yangtze River Investment Fund Management
Yangtze River Innovation & Venture Capital Fund
Kaiyuan Guochuang Parent Fund
- Advised CDH, CICFH, and SCGC on an investment over RMB1 billion in Hainan Gaodeng Technology
- Advised Hyfinity Investments as the leading investor on the Series-B investment in Elpiscience with total investment amount of $100 million.
- Advised CMB International on a Series-B+ investment of over RMB 1.5 billion in Cambricon.
Merits & Tree Law Offices
Merits & Tree Law Offices' team is well-versed in private equity investments and exits, advising corporations and funds on the spectrum of transactions. The group has particular experience in fund formation, fund raising and compliance issues. Co-founding partner Youyuan Jin leads the private equity investment, financing and M&A department and has vast experience handling fund investments. Tao Jiang heads the office in Shanghai and advises private equity and venture capital funds on their activities in China. Yueping Zhong focuses on investments in the TMT space.
China Growth Capital
CLP China Fund
LFC Investment Hong Kong
Shanghai Du-power New Energy Technical
- Advised Sequoia Capital on its RMB750m investment into Yonghui Caixan, as a joint investor with Gao Capital
- Advised China Growth Capital, CLP China Fund, Juchengcapital, Jinyuan Capital on their investment into Wuhu Tongchao Precision Machinery
- Advised XVC Capital on its investment into Beijing Arena Technology.
Tian Yuan Law Firm
Tian Yuan Law Firm has an active private equity practice that spans the education, healthcare, TMT and new energy markets. The team advises funds and investment institutions, with particular experience in fund formation and investment. Jointly leading the group are Jiayun Xie and Zhihua Xia, both of whom advise domestic and foreign investment funds. Xiaohui Zhu specialises in investments in the healthcare and life sciences sector, and Guanxiong Wu takes the lead for education sector-related investment.
China Structural Reform Fund Corporation Limited
Qiming Venture Partners
- Advised the lead investor IDG Capital on MGI Tech’s more than one billion US dollars of round B financing
- Advised on the overall restructuring and further RMB 1 billion financing of Krypton Space
- Advised on the US$ 85 million Series D financing of Huohua Siwei
AnJie Law Firm focuses on advising domestic and international investment houses in the telecoms, media and technology space, on both private equity and venture capital transactions. Other clients include state-owned funds and strategic investors. The group is led by experienced transactional lawyer Jeremy Dai and includes Hang Cai and Jessie Tang, a practitioner who specialises in advising US dollar funds on venture capital deals.
Jiuye Supply Chain
Jiangyu Real Estate Group
Easy Time Limited
Nice App Group
China New Enterprise Investment
Zhuhai Boya Technology
Long Hill Capital
Morningside Venture Capital
- Advised Easy Time Limited on its Series B equity investment
- Advised Nice App Group Holding on its Series D finance
- Advised Boya, an IC design company, on a secured strategic investment
Guantao Law Firm
Guantao Law Firm's transactional team has experience in private equity and venture capital deals, with a client list including investment firms, sponsors, institutional investors, and portfolio companies. The group is jointly led by Dongying Sun and Bo Su. Co-founding partner Liguo Cui is a central player in the team and has experience in international investment. Yang Wang has a strong practice in fund establishment, raising funds and investment, particularly in relation to the oil and gas industry.
Ministry of Industry and Information Technology，Bureau of Small and Medium-sized Enterprises
SDIC Unity Capital
Zhong Neng Jian Ping An (Tianjin) Equity Investment Fund Management
China Building Material Test & Certification Group
Beijing Yottabyte Information Technology
Shanghai Heyu Information Technology
The Great Wall Capital Management
Huihua Fund Management
- Advised Zhong Neng Jian Ping An (Tianjin) Equity Investment Fund Management on the establishment of contractual private equity investment funds and investment in PPP projects of Chongqing new urbanization
- Advised Minsheng Trust on a material assets reorganization and cross-border share repurchase transactions of Giant Network (listed company) on behalf of the dealing party.
- Advised Shenzhen Huada Intelligent Manufacturing Technology on its $1 billion Series B Financing Project