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China > Private equity/venture capital > Private equity/venture capital: PRC firms > Law firm and leading lawyer rankings

Editorial

Index of tables

  1. Private equity/venture capital: PRC firms
  2. Leading individuals
  3. Next Generation Partners

Leading individuals

  1. 1

Next Generation Partners

  1. 1

Fangda Partners' clients include private equity funds, venture capitalists and strategic corporate investors as well as unlisted private business entities and start-up teams. The practice's experience covers exiting investments together with financings at different stages, including seed, start-up and subsequent equity financing and bridge loan arrangements. Highlights included acting for a global healthcare-focused investment group committed to venture and growth capital, buyout and hedge fund investing, in its privatisation offer for a Hong Kong-listed pharmaceutical group. Peng Tan acts for several private equity and venture capital funds in their investments; Leo Lou's experience includes advising on an investment in a Chinese logistics company; and Jonathan Zhou's representative experience includes assisting an American private equity, alternative asset management and financial services firm with high-value investments.

Han Kun Law Offices is 'a great firm that is well balanced as a mainland China-based practice; it not only identifies issues, it also provides solutions to those issues'. The team is highly rated for its advice to venture capital and private equity firms on their investments and fundraising in China. Recent work includes advising China's Meituan-Dianping, an online platform for movie ticketing, food delivery, restaurant bookings, beauty services, travel and luxury goods, on its $4bn series C round of equity financing; the assistance included legal opinions, deal negotiations and various financing documents. The practice also acted for China Structural Reform Fund Corporation in its investment in JD Finance, which involved designing the structure of a fund and negotiating a limited partners agreement. The names to note are Yijun Chao, Dafei Chen, Chaoying Li, Ying Yang and Loretta Li, along with Yixin Lin and Min Duan. Counsels Sheng Li and Zaiguang Lu are also highly regarded.

Zhong Lun Law Firm's private equity and investment funds practice group covers fund formation, fundraising, investments, project management and fund exits; and its deal experience includes both the establishment of domestic RMB and offshore USD funds. It acted for GLP, a warehouse operator, in its fund investments; advised Tencent on its series B investment in YonghuiYunchuang, an incubator of new retail projects; and assisted Kingsoft Cloud, a cloud service provider and unicorn start-up in the PRC, with its series D financing. Anthony Zhao has particular expertise in advising on cross-border transactions that combine both offshore and onshore structures. Other recommended advisers are Victor Yu, Jason Liu, Lefan Gong, Kejun Guo, Bill Shang and Julia Zhu. Key non-equity partners are Bijun Huang  and Ted Hu.

Global Law Office 'offers quality work with a competitive budget and quick responses'. The firm acts for foreign and domestic venture capital and private equity funds in their portfolio investments in China; the practice also assists with the formation of venture capital and private equity funds, and assists onshore and offshore companies with their private equity financings. Typical work includes the design of investment structures; conducting legal due diligence; drafting, reviewing and negotiating transaction documents; and obtaining government approvals, permits and registrations. The team acted as PRC counsel for Kunlun Trust Company, CNPC Assets Management and Ningbo Rongyuan Guangrui Investment Management Partnership on their investment in Tianjin TEDA Science and Technology Corporation, a private equity and venture capital firm in China, which invests in education, TMT, healthcare and environmental protection. It also advised Shenzhen Hive Box Technology on its series A-plus financing round. Huawei Lin is particularly experienced in real estate-related deals. Other recommended individuals are Michael Yu and Jinrong Liu.

With ten partners dedicated to private equity and venture capital matters, JunHe LLP's clients include private equity and venture capital funds, general partnerships and limited partnerships of funds and fund management companies, as well as investment companies and banks. The practice includes fund establishment, fundraising, liquidation, dissolution and day-to-day management, and M&A and exit deals; it acts for established companies and start-up entities in all stages of financing in China. The team acted as PRC counsel to Goldman Sachs and Carlyle Group in their equity investments in OneSmart, which involved the establishment of a red-chip structure, the exiting of onshore RMB funds, and regulatory changes. It also advised Jiangsu Dewei New Materials on its proposed investment in US Hybrid Corporation and US Fuel Cell Corporation; and assisted an affiliate of China Aoyuan Property Group Company in its acquisition of shares in Shenzhen Qiuming Investment Development Company. Nelson Zhou is recommended for his advice to international and domestic financial institutions and private equity investors on going-private transactions of listed US companies, and acts for private equity houses on their investments in the TMT, real estate, education and healthcare sectors. Other key advisors are Xiyong Zhao and Man Wang.

Advising both global buyout funds and smaller new funds, King & Wood Mallesons is highly regarded for its experience in the establishment, investment and exit of domestic and overseas funds; its advice includes regulatory advice, drafting investment plans and designing investment structures. The firm also fields lawyers who assist with related tax, IP, labour, real estate and insurance matters. Mulong Gong is an expert in private equity fund formation, downstream investments, onshore and offshore IPOs, and M&A deals, and he has advised clients in sectors such as technology and internet, finance, retail, healthcare and manufacturing. Yi Zhang is an expert in private equity fund formation and investments, who also acts in M&A transactions, corporate restructuring and domestic and offshore IPOs. Other key advisors include Zhijun Lin, who represents TMT clients in private equity investments and financings for listings.

Dentons China's Bruce Li is a senior partner in Beijing and has advised on several private equity investment projects and worked with a variety of international funds; he also specialises in the establishment of private equity funds. The team's representative experience includes advising a US-based private equity, alternative asset management and financial services firm on high-value acquisitions.

Grandall Law Firm regularly advises on cross-border private equity investment deals, as well as on fund establishment and financing transactions. Xiaoliang Wu is a TMT and finance expert; Guan Jianjun is noted for private equity and venture capital matters in industries such as TMT, hotels, food, finance and logistics.

Jingtian & Gongcheng's practice advises international and domestic private equity and venture capital funds, strategic investors and domestic entrepreneurs; and it covers early stage and pre-IPO investments, both onshore and offshore as well as investments in variable interest entities' structures and IPOs. The team acted for Sequoia Capital and CMC in their investment in Super Monkey Fitness, a joint venture fitness centre company; it also assisted Tianjin ByteDance Equity Investment Management Company with its registration as fund manager and a high-level internet fund raising. Zhengzheng Hu is recommended for his assistance to foreign private equity funds and other investors in transactions involving domestic equities in the real estate, mining, renewable energy, telecoms and media sectors; and Jinjin Chen has represented RMB or USD-dominated funds such as Citic Capital, Sequoia Capital and Carlyle Group, and is particularly focused on transactions in the technology, media, and telecoms sectors. Other highly regarded advisers are Deng Haiping, Rongsheng Zhang and Xie Peng, together with Yongqing Huang and Jerry Ye.

Llinks Law Offices is widely respected for its advice on private equity and venture capital deals in China. The team's client base includes domestic and international angel investors, and venture capital, private equity and industry funds as well as strategic investors. It acted for Sense Time, a Chinese technology company specialising in artificial intelligence and facial recognition, in its high-value C round of financing; the team also advised Summitview Capital on its investment in Fuzhou Rockchip, a Chinese semiconductor company that provides end-to-end, system-on-chip solutions for tablets, PCs and streaming media television boxes. David Yu is the highly rated corporate department head; and Selena She advises a wide variety of private equity funds on their investments in China. Other key practitioners are Nicholas Lou, who acts for foreign and domestic private equity funds investing, acquiring and selling portfolio companies in China; and counsel Colin Shi, whose practice includes advising investment funds on private equity investment and fund formation and establishment.

Commerce & Finance Law Office acts for foreign private equity funds in their investment projects in China; the practice is also increasingly instructed by domestic RMB private equity funds. The practice's experience extends across the entire investment chain, from initial angel investment to strategic, venture capital and private equity investments as well as pre-IPO investments; Wang Wei is a key name.

DaHui Lawyers has an established practice that advises private equity, venture capital and hedge funds on domestic and cross-border investment transactions. The team acted for GSR Ventures, a venture capital fund that focuses on early-stage technology companies in China, in its series A equity investment in Moka, a domestic firm that helps companies optimise their recruiting services. Other highlights include advising a venture capital fund that invests in early and growth-stage technology companies with substantial operations in China on its equity investments. Brendon Wu's industry experience includes the media, technology, internet, entertainment, real estate, education, natural resources and manufacturing sectors. Other notable advisors include Chris Chen and Julia Dai, the latter joining from Latham & Watkins LLP.

Guantao Law Firm has extensive experience advising private equity, hedge, real estate and venture capital funds, as well as funds of funds, investment firms, sponsors, institutional investors and portfolio companies. Yang Wang is noted for the establishment, raisings and investments of domestic and foreign private equity funds and management companies.

Jincheng Tongda & Neal has extensive expertise in private equity and venture capital investment, and represents a broad spectrum of clients, including independent private equity firms, private equity firm sponsors and financing sources. The practice's scope of work covers fund structuring and raising, compliance, portfolio company investment, and exits through domestic and overseas IPOs and M&A deals. It advised Oriza Seed, an investment fund in China, on its participation in CStone Pharmaceuticals’ series B financing; the team also acted for CDH Investments in its participation in an investment by a group of investors in a Miss Fresh autonomous convenience store project. Senior partner Lingyan Peng is recommended for her advice on venture capital and private equity investment transactions.

Acting for significant venture capitals and start-ups, Merits & Tree Law Offices has extensive experience in fund formation, fund raising and fund compliance as well as private equity investment, financing and M&A deals. The firm's client list includes Sequoia Capital China, CEC Data Capital and Marathon Venture Partners; the team also acted for Harmony Tianming Investment Management (Beijing) Company, an affiliate of investment firm IDG Capital, in the series B financing round of E-pet Mall, an e-commerce platform that focuses on the pet industry. Youyuan Jin's sector specialisms include e-commerce, TMT, healthcare, new retail and technology.

Shihui Partners acts for numerous companies in venture capital and private equity financing, reorganisations, M&A deals and IPOs. The team assisted Lexin, as its PRC counsel, with its financing, restructuring and compliance issues; it also advised JD Logistics on its series A financing with investors that included Hillhouse Capital, Sequoia China, China Merchants Group and Tencent, among others. George Niu is a private equity and venture capital expert; and Miranda Jiang advises funds and companies in sectors such as e-commerce, education, healthcare and telecoms.

Tian Yuan Law Firm is experienced advising investment funds on fund formation, investment, capital markets' issues, restructuring and M&A deals. The team acted for MOCC-CN Investment in its investment in NetEase Youdao Strategy; other highlights include advising Easy Parking, an internet parking platform, on its series B-plus financing round. Yutian Chen, Zhihua Xia, Jiayun Xie and Qian Zhou are the key contacts.

Yingke Law Firm is experienced in private equity and venture capital transactions; the team also assists with fund formation and registration, day-to-day operations, exits, and private equity-related litigation. It acted for Yiyuan Investment Consulting (Shanghai) Company in its proposed acquisition of Shanghai Naxiaozhu Restaurant Management Company; the assistance included conducting due diligence and advising on potential litigation. The names to note are the 'very experienced' Bo Wu as well as Zhanyao Liu.

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