Private equity: PRC firms in China

Fangda Partners

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.

Practice head(s):

Chen Bao

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 LinAlex 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