Private equity in Hong Kong

Kirkland & Ellis

Highly regarded and internationally recognised, Kirkland & Ellis’ private equity offering in Hong Kong is a key to the firm’s global offering. Its key areas of focus include leveraged buyouts (LBOs), M&A, private investment in public equity (PIPE) and joint ventures. Gary Li is a senior corporate partner with experience in take-private transactions and growth equity investments. Daniel Dusek acts for corporations and private equity investors on cross-border transactions. Nicholas Norris has over 25 years’ experience advising private equity firms, multinationals and leading investment banks on a range of corporate matters.

Testimonials

They really understand the market dynamics‘.

Key clients

An investor consortium comprised of Warburg Pincus Asia LLC, General Atlantic Singapore Fund Pte. Ltd., Ocean Link Partners

Limited, and Mr. Jinbo Yao, Chairman of the Board and Chief Executive Officer of 58.com

An investor consortium comprised of Centurium Capital, CITIC Capital, Mr. Marc Chan, Hillhouse Capital, Temasek Holdings, and Mr. Joseph Chow, CEO and chairman of the board of directors of CBPO and their respective affiliates

Hammer Capital

GLP Pte. Ltd. and the consortium offeror comprising GLP and the Fung family

GIC

Affiliates of CarVal Investors, LP

An investor consortium comprised of Ocean Link Partners and Sequoia Capital China

Amer Sports and its investor consortium ANTA Sports, FountainVest Partners, Anamered Investments Inc. and Tencent Holdings Limited

Loyal Valley Capital

DCP Capital

L Catterton

Advantage Partners

Car Inc.

Bain Capital

Blackstone

The Carlyle Group

Funds advised by Apax Partner

Coatue Management

Lilly Asia Ventures, Matrix Partners China Fund IV and Grand Flight Investment Management

Cartesian Capital Group

Simpson Thacher & Bartlett LLP

Simpson Thacher & Bartlett LLP’s Greater China practice is based in Beijing and Hong Kong and acts for Chinese state-owned and non-state-owned companies and financial institutions in relation to their business activities globally. On the corporate side, the firm advises on M&A, and joint ventures, and it also handles strategic investments and fund formation for private equity clients. Key practitioner Ian Ho is experienced in cross-border transactions across the Asia-Pacific Region and is no stranger to blockbuster deals. Jonathan Hwang acts for private equity firms and corporations on real estate-related transactions and Celia Lam, who is head of the China practice, is recommended for capital markets and M&A.

Key clients

Alibaba Group Holding Limited

Aluminum Corporation of China

Ant Group

Apax Partners

Athenex Inc.

Bank of America Merill Lynch

The Blackstone Group and portfolio companies

BEST Logistics

Bona Film Group

Cainiao Smart Logistics Network

China Life Insurance Company

China National Chemical Corporation

Citigroup Global Markets

Fountainvest

Foxconn

GDS Holdings

GLP

JOYY Inc.

J.P. Morgan

Kolhberg Kravis Roberts & Co. and portfolio companies

Koubei Holding Limited

Kyoto Pacific Capital

Lexington Partners

Marelli

Meili Inc.

Morgan Stanley Private Equity

PAG

Primavera Capital Group

Qudian

Sequoia Capital China Fund

Silver Lake Partners

Warburg Pincus

XPENG Inc.

Yunfeng fund

Work highlights

  • Advised Blackstone on its acquisition of a majority stake in the Greater Bay Area’s largest urban logistics park for $1.1 bn from R&F Group.
  • Acted for KKR in its $625m acquisition of a controlling stake through an investment in Vini Cosmetics, a branded personal care and beauty products company in India.
  • Advised Blackstone on its acquisition of Piramal Glass for a valuation of $1bn.

Weil, Gotshal & Manges LLP

The Hong Kong private equity team at Weil, Gotshal & Manges LLP is part of a globally integrated group that acts for leading international private equity funds on transactions across Asia and internationally. Regularly instructed on cross-border transactions, the practice is well versed in auctions, exits, take-privates and growth investments, and also handles distressed deals, secondaries, PIPEs and other public transactions. Tim Gardner co-heads the team alongside Charles Ching, who is based in mainland China; Gardner is recommended for high-value, complex, and cross-border transactions. Chris Welty, by virtue of his experience in the New York office, is recommended for transactions involving US public companies.

Practice head(s):

Tim Gardner; Charles Ching

Other key lawyers:

Chris Welty; Sandy Lin

Testimonials

‘Strong in private equity and M&A’.

‘Good teamwork’.

‘Strong commercial sense and problem-solving capabilities’.

‘Tim Gardner, as the lead partner, is hands-on, smart, and commercial’.

‘Tim Gardner demonstrates strong problem-solving capabilities. I will strongly recommend him’.

Key clients

Mr. Jinbo Yao (Founder, Chairman and CEO of 58.com)

Mr. Rick Yan (Co-founder and CEO of 51job, Inc.)

Montagu Private Equity

Ocean Link Partners

Public Sector Pension Investment Board (PSP)

Advent International

Baring Private Equity Asia

FountainVest Partners

Primavera Capital

Hillhouse Capital

MBK Partners

Ontario Teachers’ Pension Plan Board

Vistra

PAG

TPG Growth

TPG Capital

Cornell Capital

Dream Cruises

Work highlights

  • Advised Mr. Jinbo Yao and the investor consortium on the $8.7bn take-private of US-listed 58.com, China’s largest online classifieds marketplace.
  • Advised MBK Partners on the $2.2bn (including debt) voluntary general offer for all of Hong Kong-listed CAR Inc.
  • Advising Mr. Rick Yan on the proposed $5.6bn take-private of 51job, Inc., a leading Nasdaq-listed human resources solutions provider in China.

White & Case

White & Case acts for private equity investors in complex transactions in most industries and sectors across Hong Kong, Greater China and Asia. It has recently seen an uptick in instructions relating to the pharmaceutical and healthcare industries, with a focus on biotechnology and digital health. Its diverse team is valued by clients for its England and Wales, and New York-qualified lawyers, with broad English, Cantonese and Mandarin language skills. Daniel Yeh heads the team and acts for global and Asia-Pacific-based private equity sponsors and other financial investors on cross-border M&A transactions. William Fong advises private equity sponsors and their portfolio companies on acquisitions and divestitures. The team was significantly bolstered by the arrival of Daniel Abercromby from Weil, Gotshal & Manges LLP in November 2020; and Tzi-Yang Seow, who is based in Singapore and Hong Kong, joined from Kirkland & Ellis in August 2020, bringing a wealth of experience in PRC transactions.

Practice head(s):

Daniel Yeh

Testimonials

‘Daniel Yeh has been very pragmatic and effective in resolving issues’.

‘Paul Tang is detail-oriented and very knowledgeable on China-related issues’.

Key clients

Bain Capital Credit

Baring Private Equity Asia

The Carlyle Group

Special Committee of Cellular Biomedicine Group

Eviation Holdings, an affiliate of Clermont Group

CMC Capital

Copenhague Infrastructure Partners (CIP)

CR-CP Fund

CVC Capital Partners

Goldman Sachs

Hillhouse Capital

PAG

NetEase, Inc.

New Hope Group

NewQuest Capital Partners

Work highlights

  • Advised The Carlyle Group on its $490m acquisition of a 20% stake in Piramal Pharma.
  • Advised Goldman Sachs on its co-investment in the $700m Series D financing of The 4th Paradigm Data Technology Co., Ltd.

Latham & Watkins LLP

Latham & Watkins LLP acts for high-profile regional and global private equity players on large transactions regionally and globally, with support from its international network. The Hong Kong team works closely with its counterparts in Singapore and has strong support from its capital markets, restructuring and regulatory practices. Simon Cooke leads the team and is recommended for M&A, domestic and cross-border buyouts, PIPE, privatisations and other private equity transactions. Amy Beckingham handles public and private M&A, and securities transactions. Frank Sun is a name to note for China-related private equity work, handling both in-bound and out-bound deals.

Practice head(s):

Simon Cooke

Key clients

Warburg Pincus

TPG

Platinum Equity

The Carlyle Group

Trustar Capital (Formerly CITIC Capital)

Baring Private Equity Asia

Partners Group

CVC

KKR

Boyu Capital

MBK Partners

CDH Investments

Primavera

Work highlights

  • Advised a consortium comprising TPG, Singapore Life (SingLife), Sumitomo Life Insurance Company, and others on a transaction to combine SingLife with global insurance company Aviva plc’s Singapore life insurance business, Aviva Singapore.
  • Acted for the buyer consortium led by Tencent Holdings Limited and Hammer Capital Opportunities Fund L.P. in the $1.1bn going private transaction of Bitauto Holdings Limited.
  • Advised Warburg Pincus and another investor as co-lead investor group on its definitive agreement for the non-redeemable series A preferred share financing for JD Property, the infrastructure asset management and integrated service platform within, and a subsidiary of, JD.com.

Linklaters

In March 2021, the Linklaters team was bolstered by the arrival of Xiaoxi Lin and Alessandro Nolet from Kirkland & Ellis, and White & Case, respectively, as well as the arrival of Betty Yap in January 2022 from Paul, Weiss, Rifkind, Wharton & Garrison LLP. The practice covers the full life-cycle of private equity transactions and is well supported by the firm’s strong corporate, capital markets and banking and finance teams. It is active in the energy and infrastructure, technology, healthcare, financial services, consumer and real estate sectors across China and Asia, and is well versed in cross-border deals. Matthew Middleditch and Frank Cui head the team.

Practice head(s):

Matthew Middleditch; Frank Cui

Key clients

Fidelity Management Research Company LLC

Qatar Investment Authority

Shanghai Pudong Development Bank

Ping An Bank

China Merchants Bank and Industrial Bank

Barclays Bank PLC

Invesco Hong Kong Limited

Fidelity Management Research Company LLC

Qatar Investment Authority

Shanghai Pudong Development Bank

Work highlights

  • Advised Schroders on its preparations to establish a Sino-foreign wealth management joint venture with BOCOM Wealth Management Co., Ltd.
  • Advised Invesco Hong Kong Limited on its cornerstone investments in the Hong Kong listings of New Horizon Health Ltd and Kuaishou Technology.
  • Advised Fidelity Management Research Company LLC on its investment as the lead investor in Antengene’s Series C equity financing, $500m Series E-1 investment into Bytedance, and investment as the lead investor in dMed Biopharmaceutical’s Series C round financing.

Paul, Weiss, Rifkind, Wharton & Garrison

Paul, Weiss, Rifkind, Wharton & Garrison advises sovereign wealth investors, corporates, and international and regional private equity funds on investments, co-investments and exit work. It has considerable experience in complex, sensitive, multi-jurisdictional transactions. The practice acts for clients in a broad range of sectors, including real estate, education, retail and data centre, and has notable expertise in cross-border M&A, strategic investments, joint ventures and foreign direct investments involving Greater China. Judie Ng Shortell and Greg Liu are the key names to note. In January 2022, former practice head  Betty Yap departed.

Key clients

KKR

Didi Chuxing

Tencent

General Atlantic

PAG

Apollo Global Management

DCP Fund

Work highlights

  • Advised Aspex Master Fund as the lead investor on a $330m Series C+ financing round in XPeng Inc., a leading electric vehicle and technology company with operations in the US and the PRC.
  • Advised General Atlantic LLC, a lead member of an investor consortium, in its acquisition of 58.com, China’s largest online classifieds marketplace, for an enterprise value of $8.7bn.
  • Advised Didi Chuxing Technology Co., a leading app-based mobile transportation platform, in the carve-out and subsequent fundraising of its freight business Didi Freight, an on-demand freight logistics and delivery services provider.  

Clifford Chance

Following the departure of Andrew Whan and Neeraj Budhwani to Milbank in early 2021, Clifford Chance’s private equity offering is headed by Andrew Crook, who recently relocated from Sydney to Hong Kong, Terence Foo, who is based in Beijing and Shanghai, and Bryan Koo in Hong Kong. Crook is experienced in cross-border transactions acting for private equity firms and multinational businesses, and Koo advises international and Chinese private equity funds, financial institutions and corporate clients. The team is active in both upstream fund formation and downstream transactional work, and its broad expertise includes LBOs, MBOs, take-privates, PIPEs, pre-IPO investments, growth investments, and senior, mezzanine and high yield financings.

Practice head(s):

Andrew Crook; Terence Foo (Beijing/Shanghai); Bryan Koo

Key clients

CVC Capital Partners

Tencent

Advantage Partners

Carlyle

Permira

Affirma Capital

Gaw Capital

MBK

EQT

ADV Partners

Work highlights

  • Advised Permira Funds as international counsel on its acquisition of a majority stake in the EF Kids & Teens business.
  • Advised Tencent as the co-lead investor, lead investor and the existing shareholder of Yuanfudao in the Series G, G-1 and G-2 financings of Yuanfudao respectively, a Chinese online education platform which offers online courses and homework plans to students and ranks first in China for in-app purchases in the education category.
  • Advised CVC and Brooklyn Investment Limited (the “Offeror”) on the privatisation of I.T. Limited (the “Listco”), particularly on the corporate restructuring of Listco and advised CVC and the Offeror on debt financing aspects in relation to the privatisation.

Gibson Dunn

The private equity team at Gibson Dunn is well established in the Hong Kong market and acts on both the buy- and sell-side for various leading private equity funds, their portfolio companies and other asset managers. The practice is led by Scott Jalowayski and Brian Schwarzwalder; with Jalowayski recommended for investment and M&A transactions, joint ventures, divestures and restructurings across Asia Pacific; and Schwarzwalder handling cross-border private equity transactions including leveraged buyouts, minority growth equity investments, consortium deals, take-privates and carve-outs.

Testimonials

‘Brian Schwarzwalder is a standout partner, a very seasoned PE partner with experience across various sectors’.

‘Brian Schwarzwalder provides strategic advice and strikes a great balance between looking out for the client’s interests and being commercial: a trusted advisor’.

Key clients

I Squared Capital

IPI Partners, LLC

Canada Pension Plan Investment Board

Anchor Equity Partners (Asia) Ltd.

First Pacific Company Limited

Platinum Equity

AGIC Capital

CITIC Capital

Elevation Equity Partners

CPE Advisors

Work highlights

  • Advised Elevation Equity Partners on its $1.7bn sale of BHC Group, a South Korean fried chicken restaurant chain, to Ontario Teachers’ Pension Plan (OTPP).
  • Advised First Pacific on the $3bn acquisition of Pinehill Company Limited by First Pacific’s subsidiary, PT Indofood CBP Sukses Makmur Tbk.
  • Assisted CPE Advisors with its co-investment in the $4.76bn going private transaction of plasma-based biopharmaceutical company, China Biologic Products Holdings, Inc. (CBPO).

Ropes & Gray LLP

Ropes & Gray LLP handles high end deals across the Asia-Pacific region and acts for a range of leading sponsors in China, as well as major US-based private equity firms. Peng Yu heads the team and is valued by clients for his extensive experience in investments in Asia and native Mandarin-speaking skills; he handles both domestic and outbound investments. Oliver Nip is recommended for cross-border buyouts, disposals, pre-IPO investments and joint ventures.

Practice head(s):

Peng Yu

Other key lawyers:

Oliver Nip

Testimonials

‘Responsible and professional, and experienced in TMT industries’.

‘Good understanding of commercial needs and able to offer solution-oriented advice’.

‘Oliver Nip is pleasant to work with,  and is commercially and legally sensible’.

Key clients

Baillie Gifford

Bain Capital

Baring Private Equity Asia

China Resources Capital Management

ICBC International

Inspiration Advisors HK

KKR

MBK Partners HK

Siguler Guff

TPG Capital

Yonghe Investments

Work highlights

  • Advised MBK Partners on the sale of Apex International Corporation to Swiss-headquartered international logistics firm Kuehne & Nagel.
  • Advised ICBC International Holdings on its investment in Beijing Missfresh E-Commerce Co., as part of a $495m Series F round of financing led by China International Capital Corporation (CICC Capital).
  • Advised China Resources Capital in its participation in the acquisition of Viridor, a leading waste treatment company in the UK, for a consideration of £4.2bn by a consortium led by KKR.

Baker McKenzie

Offering full-service capabilities and a large multi-jurisdictional network, Baker McKenzie acts on a number of high-value transactions in the healthcare, technology and real estate sectors, among others. Operating from offices in Hong Kong, Beijing and Shanghai, the team is well placed to handle China and Asia-Pacific regional mandates. Dorothea Koo heads the group and is well versed in M&A, private equity investments and corporate finance. Derek Poon joined from Kirkland & Ellis in June 2020.

Practice head(s):

Dorothea Koo

Testimonials

‘Derek Poon has had a lot of exceptional experience from his previous firm’.

‘The quality of work remains exceptional’.

‘Able to provide more flexible fee arrangements’.

‘Derek Poon is hardworking, competent and always available’.

‘Derek Poon is definitely one of the rising partners in Hong Kong’.

‘Derek Poon’s quality of work is great and he is one of those lawyers whom you can wake up in the middle of the night for an urgent call’.

‘Derek Poon will go extra mile to ensure the issues are resolved in an effective way’.

Key clients

APG Strategic Real Estate Pool

Caisse de dépôt et placement du Québec

Canada Pension Plan Investment Board

EQT Mid Market GP B.V.

Gaw Capital Partners

Haitong International Asset Management Limited

Hysan Development Company Limited

One Equity Partners

Tencent

UBS AG

Work highlights

  • Advised a financial investor on a proposed investment in its participation along a consortium comprising General Atlantic, Ocean Link and management, in the going-private transaction of 58.com, China’s largest online classifieds marketplace.
  • Advised Hysan Development Company Limited on the overall process/procedure of a take-private transaction involving a US-listed company.
  • Acted for One Equity Partners in the disposal (via an auction process) of EPK Acquisition, Limited, which owns a number of subsidiaries incorporated in the Cayman Islands, Singapore, the US, Hong Kong and PRC respectively.

Davis Polk & Wardwell LLP

Davis Polk & Wardwell LLP handles a range of inbound and outbound transactions across Asia and is well placed to service the Chinese market with a prominent presence in Beijing. The team is led by Miranda SoYang Chu and Beijing-based Howard Zhang. So is recommended for complex cross-border transactions, whilst Chu handles M&A deals for Hong Kong-listed companies, Chinese SOEs and multinational enterprises.

Practice head(s):

Howard Zhang (Beijing); Miranda SoYang Chu

Other key lawyers:

Sam Kelso

Key clients

Tencent

EF Education First

GOJEK

DouYu

UCommune

Li & Fung

Tiger Brokers

InnoCare Pharma

ADC Therapeutics

Yintech

Work highlights

  • Advising PT Aplikasi Karya Anak Bangsa (“Gojek”) on its business combination with PT Tokopedia to form GoTo Group, the largest technology group in Indonesia.
  • Advising the special committee of the board of directors of China Biologic on the company’s going-private acquisition by a consortium consisting of Centurium Capital, CITIC Capital, Hillhouse Capital, Temasek and certain senior management members of China Biologic.
  • Advising EF Education First on the investment by Permira Funds in EF Kids & Teens business headquartered in Switzerland with schools in China and Indonesia.

Debevoise & Plimpton LLP

The Hong Kong private equity team at Debevoise & Plimpton LLP has strong support from its international network, particularly in the US, and acts for a number of prominent private equity firms and investors globally. It has notable experience in buyouts, take-privates and cross-border M&A transactions. William Chua heads the team and is experience in corporate, finance and capital markets transactions.

Practice head(s):

William Chua

Other key lawyers:

Wen Wei Lai

Testimonials

‘Will Chua is an excellent partner in this area with strong experience on a range of private equity transactions in the region’.

‘Debevoise’s strength is their global practice’.

‘We have a deep relationship with them in the US where they have worked on many matters for us, so they have strong relationships with our team across different offices and understand our requirements as well as issues that are important to us’.

‘They are able to provide advice rooted in their deep understanding of market practice’.

‘William Chua has been our go-to partner for all matters in Asia-Pacific’.

‘We can always depend on them to get us a response on any legal issue or transactional matter that we reach out to them on’.

‘Will is personable and skilled in the private equity space’.

‘Will’s advice is always thoroughly researched and well reasoned’.

Key clients

Boyu Capital

C2 Capital Partners

Capital Group

Carlyle Group

Goldman Sachs Principal Investments Area

HarbourVest Partners

Hony Capital

Hillhouse Capital

Mirae Assets

SeaTown Holdings

Work highlights

  • Advising Hony Capital on the $200m acquisition of a controlling stake in WeWork Greater China Holding Company BV by China-based private equity firm Trustbridge Partners and related roll-up of WeWork’s China business.
  • Advising Hony Capital on the buyout and restructuring of The WeWork Companies by SoftBank Corporation.

Fangda Partners

With a number of offices in mainland China, Fangda Partners is well placed to handle work in the Greater China market and is well regarded for public company transactions led out of its Hong Kong office. It advises on a number of large private equity and venture capital financing transactions under the leadership of Colin Law.

Practice head(s):

Colin Law

Other key lawyers:

Wei Chen (Hong Kong/Beijing)

Key clients

PAG

Nayuki

Hillhouse Capital

Alibaba

Aspex Master Fund

IDG Capital

Softbank Vision Fund

OrbiMed Partners

CICC Culture Consumption Industry Equity Investment Fund (Xiamen) Partnership (Limited Partnership)

Work highlights

  • Advised PAG on its pre-IPO investment in China Youran Dairy Group Limited.
  • Advised Alibaba and Aspex Master Fund in the pre-IPO investments of Xpeng, one of China’s leading smart electric vehicle companies.
  • Advised IDG Capital as a lead investor in its participation in the Series B financing of Voyager Group Inc., being the autonomous vehicles development arm of Didi group.

Goodwin

Goodwin’s key areas of focus include private equity and M&A, and the team is regularly instructed on early-stage investments, growth equity transactions, LBOs, going-private transactions, dispositions and exits. It acts for sponsors and businesses and has particular experience in the TMT and life sciences sectors. The team is led by Yash Rana and Douglas Freeman, who is experienced in acting for Asia-based private equity clients in outbound investments in the US and Europe. Edwin Chan joined from Paul, Weiss, Rifkind, Wharton & Garrison in June 2021.

Practice head(s):

Yash RanaDouglas Freeman

Testimonials

‘The Goodwin team is extremely attentive and responsive, and take a very commercial approach toward investments’.

‘The Goodwin HK team, led by Abhishek Krishnan, is well versed in all aspects of private equity, from venture capital to late stage growth to IPOs/exits’. 

‘Their competence across multiple jurisdictions in Asia sets them apart’.

Key clients

Hillhouse Capital

FountainVest Partners

TA Associates

DST Global

LionRock Capital

Vy Capital

Horizon Ventures

ZQ Capital

Falcon Edge Capital

TR Advisors

Work highlights

  • Advised FountainVest Partners on its acquisition of China-based logistics enterprise CJ Rokin Logistics and Supply Chain.
  • Assisted Hillhouse Capital with leading a consortium of institutional investors that entered into definitive subscription agreements with I-Mab (Nasdaq: IMAB) to raise $418m through a private placement.
  • Advised LionRock Capital on its acquisition of a majority stake in UK shoe manufacturer and retailer C&J Clark Limited.

Milbank

In a coup for the firm, the start of 2021 saw Milbank recruit both Andrew Whan and Neeraj Budhwani from the well-respected Clifford Chance practice. Whan and Budhwani have solid track record of advising on market-leading transactions and have significant experience in advising global leading sponsors. Whan is recommended for private and public M&A transactions, and Budhwani is experienced in LBOs, acquisitions, disposals and joint ventures.

Practice head(s):

Andrew WhanNeeraj Budhwani

Other key lawyers:

James Grandolfo

Key clients

CVC Capital Partners

Affinity Equity Partners

Permira MBK Partners

Advantage Partners

Platinum Equity

The Carlyle Group

Goldman Sachs

Work highlights

  • Advised CVC Capital Partners on the privatisation of Hong Kong-listed fashion retailer I.T. Limited, by way of a scheme of arrangement and subsequent restructure of I.T. Limited into standalone other operation and brand operation businesses.
  • Advised CVC Capital Partners on its $700m leveraged buyout of Irrawaddy Green Towers (IGT).
  • Advised Asia Financial Services Limited (an entity controlled by CVC Capital Partners) on the disposal of its entire stake (c.9%) in Hong Kong-listed Sun Hung Kai & Co to AP Emerald Limited and listed notes in Sun Hung Kai & Co.

Morgan, Lewis & Bockius

Working across Hong Kong, Beijing and Shanghai, the Morgan, Lewis & Bockius private equity team handles a range of transactions for large private equity houses both regionally and globally. It also advises private equity portfolio companies on exit transaction. Maurice Hoo heads the team and is recommended for cross-border M&A, investments, restructurings, and divestments. Ning Zhang, who splits his time between Beijing and Hong Kong, is another key practitioner.

Practice head(s):

Maurice Hoo

Other key lawyers:

Ning Zhang; Connie Cheung

Key clients

Sequoia Capital

Warburg Pincus

GIC

Boehringer Ingelheim

Meten International Education Group

China Distance Education

Work highlights

  • Advised Warburg Pincus on Yuanfudao’s $2.2bn Series G1 and G2 round investment.
  • Acted for Sequoia Capital on its investment of $450m (HK$3.45bn) in China Evergrande’s spin-off of its property management services arm, Evergrande Property Services Group Ltd.
  • Advised GIC in Series G2 financing in Yuanfudao, China’s leading online education platform.

Morrison Foerster

Morrison Foerster is well placed to handle Greater China deals, with a presence in Hong Kong, Shanghai and Beijing. It has recently seen and uptick in special purpose acquisition company (SPAC) deals in Asia and is active in a range of sectors, including e-commerce, data centers, life sciences, healthcare and education. The team is led by Thomas Chou and Marcia Ellis, with Chou handling M&A deals in the TMT space, and Ellis covering the entire ecosystem of private equity work.

Practice head(s):

Thomas Chou; Marcia Ellis; Ruomu Li (Shanghai); Lucy Lu (Beijing)

Testimonials

‘Strong team at all levels, smart and commercial’.

‘Marcia Ellis is exceptional, solutions-driven, bright and experienced’.

Marcia Ellis is probably the best private equity lawyer you can find in Hong Kong and China markets, after practicing law for many years. We were very impressed by her deep legal knowledge as well as commercial awareness. I can completely trust and rely on her to lead our projects.’

‘Client service is exceptional, professional, accurate and timely with strong commercial acumen’.

‘As a client, I feel my time is valued by just simply focusing on key issues and resting the details for them to handle’.

‘Thomas Chou is a strong advocate for his client, offering strategic and actionable advice, evaluating and clearly prioritising the key issues in complex situations and proactively anticipating concerns from counterparties in negotiations’.

‘I particularly appreciate Thomas Chou’s competence in offering pragmatic and commercial advice in complex situations’.

‘The team has deep experience in the market, is very responsive, and thorough on analysis’. 

Key clients

Ark Pacific Capital

Ally Bridge Group

Alibaba Group

Ascendent Capital Partners

Bain Capital Credit

BlackRock

Celadon Partners

Farallon Capital Asia

GLP

Intudo Ventures

NewQuest Capital Partners

Prax Capital

Princeton Digital Group

Serenity Capital

SoftBank

SoftBank Vision Fund

Silver Crest Acquisition Corp.

SIMIC Holdings

Vectr Ventures

Work highlights

  • Advising SoftBank Group Corp. and SoftBank Vision Fund in the $40bn sale of UK-headquartered multinational semiconductor and software design company Arm Limited to U.S. chip company NVIDIA.
  • Advising a leading institutional investor on Grab’s proposed merger with a special purpose acquisition company.
  • Advised Ally Bridge Group (HK) Limited in its investment in connection with ATEA Pharmaceutical, Inc’s US$215million Series D Preferred financing.

Paul Hastings LLP

Paul Hastings LLP has particular expertise around later-stage private equity buyout deals. It also handles investment strategy, negotiations, fund management, exits and dispositions. The practice has notable experience in matters requiring clearance from The Committee on Foreign Investment in the United States (CFIUS) and is headed by Shanghai-based David Wang, Beijing-based Jia Yan, Neil Torpey, who is based in Hong Kong and New York, Vivian Lam and Paul Guan.

Practice head(s):

David Wang (Shanghai); Jia Yan (Beijing); Neil Torpey (New York/Beijing); Vivian LamPaul Guan

Other key lawyers:

Fang Pei

Key clients

CDH Investments

Ping An Group

Carlyle Group

Alpha Investment Partners

AEW Global

China Orient Summit Capital (COS Capital)

Newquest Capital

ARA Asset Management

Uban Capital

Work highlights

  • Advised ARA Asset Management on its formation of a partnership with Straits Real Estate and ICBC International for the acquisition of Sanlin InCity.
  • Acted for SDP Investment in the formation of a joint venture with an international institutional investor for the approximately RMB4bn acquisition of U-Show Plaza in Beijing.
  • Jointly advised Proprium Capital Partners and its co-investor in the formation of a $500m joint venture with China SCE Group Holdings Limited and FUNLIVE Holdings Limited to invest in high-quality rental apartment projects in gateway cities in China.

Proskauer Rose LLP

Proskauer Rose LLP handles a range of private equity transactions, including buyouts, portfolio company divestitures and investments. It stands out for its expertise in the structuring and negotiating of secondary transactions and fund restructurings, and the team has recently been active in deals in the education, aviation, real estate, financial services, consumer, healthcare and TMT sectors. Jay Tai heads the team.

Practice head(s):

Jay Tai

Testimonials

‘The team has good support and can mobilize manpower and resources to serve and meet the client’s needs’.

‘They are willing to prioritise client’s work and are able to meet tight timelines set by the parties’.

‘They are flexible in fee arrangement’.

‘Jay Tai is professional and practical’.

Key clients

RRJ Capital

CCB International Asset Management Limited

Greater Bay Area Homeland Development Fund

Schroder Adveq

Adams Street Partners

Partners Group

Lunar Capital

Haitong International Securities Group

OCBC

B.M. Group

Work highlights

  • Advised Greater Bay Area Homeland Development Fund in two private equity investments in the fintech space.
  • Advised Partners Group in the disposal of an equity position in a manufacturing group listed in Hong Kong.
  • Advised Adams Street Partners on at least two co-investments, two secondaries and five fund investments in Asia.

Shearman & Sterling

Shearman & Sterling acts for private equity funds, portfolio companies and investors on transactions, financing, exit strategies and portfolio company management. Li Chen, who splits her time between Beijing and Hong Kong, handles a range of private equity, M&A and corporate matters. Lorna Chen is recommended for cross-border investment funds work. Max Hua left for an in-house role at Bitmain.

Practice head(s):

Li Chen (Beijing/Hong Kong)

Other key lawyers:

Lorna Chen

Key clients

Investcorp

Russia-China Investment Fund (RCIF)

Work highlights

  • Advised Investcorp on its acquisition of a minority stake in WeDoctor from Goldman Sachs.
  • Advised Investcorp on the completion of its preferred equity investment in Kindstar Globalgene Technology.
  • Advised Russia-China Investment Fund (RCIF) on its minority equity investment in FineEx’s Series D Financing.

Skadden, Arps, Slate, Meagher & Flom LLP

Skadden, Arps, Slate, Meagher & Flom LLP is well known in the market for its big-ticket public M&A work and acts for some of the world’s largest companies. The team works closely with its counterparts in mainland China, acting for bidders, targets and financial investors on cross-border M&A and private equity transactions. The practice is led by Julie Gao, Jonathan Stone, Beijing-based Peter Huang and Shanghai-based Haiping Li. Shu Du was promoted to the partnership in April 2020.

Practice head(s):

Julie GaoJonathan Stone; Peter Huang (Beijing); Haiping Li (Shanghai)

Other key lawyers:

Shu Du

Key clients

Baidu

ByteDance

58.com

Huya

Twitter

JOYY

Auchan Retail

Mubadala Investment Company PJSC

Yixin Group

WeWork

Work highlights

  • Acted for 58.com Inc. (China) in its $8.7bn going-private acquisition by a consortium of investors led by Quantum Bloom Group Ltd.
  • Acted for the special committee of independent and disinterested directors of HUYA Inc. in its $6bn merger with DouYu International Holdings Limited.
  • Advised Baidu, Inc. on its $3.6bn acquisition of JOYY Inc.’s live streaming business in China.

DLA Piper

DLA Piper is well known in the marketplace for buyouts, exits and other private equity transactions, servicing clients internationally. As part of an integrated international team with offices in Beijing and Shanghai, the team is well placed to handle a mix of China and international deals. Luke Gannon and Gloria Liu who is recommended for cross-border private equity-led M&A, jopintly head the team.

Practice head(s):

Gloria LiuLuke Gannon 

Key clients

China Merchants Capital

EQT

Gaocheng Capital

Macquarie Asia Infrastructure Fund

Goldman Sachs

Lilly Asia Ventures

New Enterprise Associates

Qiming Venture Capital

SAIF Partners

Scientia Technologies Limited

Sylebra Capital

Wise Road Capital

China Ping An Insurance Overseas (Holdings) Limited

Work highlights

  • Advised Gaocheng Fund I, L.P. on its pre-IPO acquisition of shares of Tuya Inc., a leading global IoT cloud platform which recently closed highly successful IPO on the New York Stock Exchange with market capitalization over $10 billion.
  • Assisted Sylebra Capital with its PIPE investment in Roth CH Acquisition I Co, in the aggregate amount of US$250 million in connection with the SPAC acquisition of PureCycle Technologies.
  • Advised SINO-BLR Industrial Investment Fund, L.P. as a preferred shareholder of Innoviz Technologies, in the investment portfolio company’s de-SPAC merger transaction with a special purpose acquisition company (SPAC) Collective Growth Corporation

Hogan Lovells

Hogan Lovells acts for local and international, such as private equity sponsors, limited partners and public and private companies on private equity transactions. The practice focuses on the TMT, life sciences and healthcare sectors and leans on its international network to support multi-jurisdictional deals. Head of private equity in Greater China Stephanie Tang handles a range of transactional work, including acting for Chinese companies on outbound investments and international companies on inbound investments into the Asia Pacific region.

Practice head(s):

Stephanie Tang

Key clients

Buyer consortium in acquisition of Gridsum Holding Inc.

China Customer Relations Centers, Inc.

China XD Plastics Company Limited

Jumei International Holding Limited

Secoo Holding Limited

SS PA Voyager Company Limited

Acorn International

Enlight Growth Partners

Work highlights

  • Advised the special committee of the board of directors of Jumei International Holding Limited (NYSE: JME) on its $250m acquisition and take-private transaction by the CEO.
  • Advised the special committee of the board of directors of Secoo Holding Limited, ‎Asia’s leading online integrated upscale products and services platform covering over 3,800 global and domestic brands, on the $450m acquisition and take-private of the listco by its CEO.
  • Acted for Ping An in its Series C+ financing investment in Laiye Limited (with a total round size over $50m).

King & Wood Mallesons

The King & Wood Mallesons team handles the full life cycle of private equity deals, drawing on strength from colleagues in its funds, M&A and regulatory departments. With a strong on-the-ground presence in mainland China, the practice is well placed to handle inbound and outbound deals in Greater China and across Asia-Pacific. The team is jointly led by Hayden Flinn, Wen Huang and Helena Huang, who splits her time between Hong Kong and Beijing.

Practice head(s):

Hayden FlinnWen HuangHelena Huang (Hong Kong/Beijing)

Key clients

Qingdao (Laixi) Urban and Rural Community Construction Investment Co., Ltd.

Asia Food Growth Fund

POLESTAR AUTOMOTIVE HOLDING LIMITED

BOCI

Work highlights

  • Advised Polestar Automotive Holding Limited on its group restructuring and the series A financing in an aggregate amount of $550m from a group of long-term financial investors.
  • Advising Asia Food Growth Fund in its acquisition of shares in City Super (BVI) Limited.
  • Advised BOCI on its investment into Kindstar group, a leading esoteric diagnostic testing company in China.

Reed Smith Richards Butler

Reed Smith Richards Butler acts for domestic and global private equity funds, target companies, venture capital funds, and sovereign wealth funds on M&A, LBOs, MBOs, and spin-outs and carve-outs. With a strong presence in Beijing and Shanghai, the firm is regularly instructed by Chinese clients. Denise Jong and Beijing-based Michael Fosh head the team.

Practice head(s):

Denise JongMichael Fosh (Beijing)

 

Other key lawyers:

Mark Cornell