The Legal 500 > Asia Pacific > China > Private equity: PRC firms

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.

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.

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 Zhong Zhang, Catherine Chen, Lefan Gong and Jiyong Feng.

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 .

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.

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.

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.

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.

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.

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.

Commerce & Finance Law Office's 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.

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.

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.

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.

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.