Kirkland & Ellis houses a broad team which acts for a wide range of notable clients, including Bain Capital and Baring Private Equity Asia. The group is noted for its strength in handling debt financing matters and series financings for a wide variety of real estate funds and SPACs, and is led by Gary Li, who heads the practice alongside Jesse Sheley. Li has broad expertise in leveraged buy-outs, growth equity investments, and take-private transactions; while Sheley assists both domestic and international private equity funds and sponsors with a broad range of transactional issues, including PIPEs and de-SPACs. Peng Yu regularly advises marquee corporates on growth capital investments and divestitures, in addition to the formation of joint ventures.
Private equity in Hong Kong
Kirkland & Ellis
Practice head(s):
Gary Li; Jesse Sheley
Other key lawyers:
Peng Yu
Testimonials
‘Expert knowledge, deep experience, commercial and solutions-focused.’
Key clients
L Catterton Asia Acquisition Corp
EQT
DCP Capital Partners II, L.P
Ocean Link Partners Limited
The Chief Executive Officer of 51job
Baring Private Equity Asia
Carlyle
Nexus Point Capital
Bain Capital
Oaktree Capital Management
Work highlights
- Advising L Catterton Asia Acquisition Corp., a special purpose acquisition company formed by affiliates of L Catterton, on its business combination with Lotus Technology Inc., a luxury electric vehicle maker that operates under the iconic British brand, Lotus. The combined business is expected to be listed under the ticker symbol LOT. The transaction values the combined business at a pro forma enterprise value of approximately US$5.4 billion.
- Advised EQT on the €6.8 billion acquisition of Baring Private Equity Asia, a private markets investment firm.
- Advised Carlyle on its acquisition of HCP Packaging from funds affiliated with Baring Private Equity Asia.
Latham & Watkins LLP
The team at Latham & Watkins LLP has broad expertise spanning the technology, healthcare, and logistics sectors, frequently assisting private equity funds and investors with late stage investments. Additionally, the team exhibits deep expertise in consortia arrangements, management buyouts and accordion financings. Practice head Simon Cooke has deep expertise in a broad range of acquisitions, exits, and mergers. Leading the China practice, Frank Sun handles both in and out bound transactions within China, including joint ventures, venture capital investments, and series angel financings. Dividing her time between Hong Kong and Singapore, Amy Beckingham acts as the vice chair of the global corporate department.
Practice head(s):
Simon Cooke
Other key lawyers:
Frank Sun; Amy Beckingham
Key clients
Warburg Pincus
TPG
Platinum Equity
The Carlyle Group
Trustar Capital (Formerly CITIC Capital)
BPEA / EQT
Partners Group
CVC
KKR
Boyu Capital
MBK Partners
CDH Investments
Primavera
Permira
PAG
Simpson Thacher & Bartlett LLP
The team at Simpson Thacher & Bartlett LLP handles a broad array of issues for Chinese state-owned companies, private corporations, and financial institutions. The group frequently advises on fund formation and cross-border private M&A. Dividing his time between Hong Kong and Tokyo, practice head Ian Ho advises sponsors and private equity funds on investments into infrastructure funds and fundraisings. Jonathan Hwang has vast expertise in disposals and joint ventures, primarily handling real estate transactions concerning shopping centres and logistics parks in China and Korea; while Jin Hyuk Park is well-placed to advise on minority investments and social bond offerings. Promoted to partner in January 2023, Erik Ping Wang primarily focuses on advising clients on leveraged buyouts and PIPE transactions.
Practice head(s):
Ian Ho; Yang Wang; Jin Hyuk Park; Jonathan Hwang; Erik Ping Wang
Key clients
Affinity Equity Partners
Alibaba Group Holding Limited
Ant Group
Apax Partners
B.Grimm Capital Partners
Bank of America Merrill Lynch
Blackstone Inc.
BEST Logistics
Cainiao Smart Logistics Network
CVC
GDS Holdings
GLP
Hillhouse Capital
J-Star
JOYY Inc.
J.P. Morgan
Kohlberg Kravis Roberts & Co.
Koubei Holding Limited
Kyoto Pacific Capital
Marelli (f/k/a Calsonic Kansei)
Morgan Stanley Private Equity
PAG
Primavera Capital Group
Qudian
Seatown (Temasek)
Sequoia Capital China Fund
Silver Lake Partners
SK Group
TAL Education
Warburg Pincus
XPeng Inc.
Yunfeng Fund
Work highlights
- Advising 51job, Inc. in connection with its $4.3 billion going-private transaction
- Advising Primavera Capital Acquisition Corporation on its business combination transaction with Lanvin Group, with a combined pro forma equity value of up to US$1.7 bn.
- Advising Baring Private Equity Asia on its €6.8 billion sale to EQT
Weil, Gotshal & Manges LLP
The team at Weil, Gotshal & Manges LLP displays deep experience across the full spectrum of private equity matters, including international and regional investments, distressed M&A, and spin-offs. The team advises a number of family offices, and both international and Asia-based sovereign wealth and pension funds on auctions, exits, and PIPEs. Tim Gardner leads the team, primarily acting for financial sponsors and private equity firms in IPOs and cross-border deals. Chris Welty is noted for his vast experience in take private transactions involving public North American companies. Welty also frequently handles numerous leveraged and managed buyouts for a range of strategic corporate clients. ‘Great mind‘ Sandy Lin advises a range of private equity sponsors and sovereign wealth funds on restructuring issues and minority investments. Counsel Jie Yuan is noted for her expertise in LBOs and growth equity investments.
Practice head(s):
Tim Gardner
Other key lawyers:
Chris Welty; Henry Ong; Sandy Lin; Jie Yuan
Testimonials
‘Weil, Gotshal & Manges LLP has excellent business capabilities in the private equity field and can provide very professional advice. They can provide us with valuable legal opinions and suggestions in a timely and efficient manner, and they are a professional team we trust very much.’
‘Tim Gardner and Sandy Lin are our regular partners. These two are very professional in this field, have business sense, and actively protect and correct the rights and interests of clients.’
‘Sandy Lin is very down to the earth, could walk in the shoes of her clients.’
‘Tim Gardner is a very active and dedicated lawyer, and Sandy Lin is a great mind who can provide to-the-point and useful solutions to complicated situations.’
‘Working with Weil, Gotshal & Manges LLP has been a remarkable experience from start to finish. In every single interaction, their team was responsive and thoughtful, from associates through to partners, and they consistently went above and beyond to deliver a complex project across multiple time zones and jurisdictions.’
‘Everyone I interacted with at Weil, Gotshal & Manges LLP demonstrated unparalleled levels of professionalism, preparedness, and clarity of communication. Of all the professional services I’ve engaged with while running international organisations, these attributes made this engagement by far the most seamless and enjoyable.’
‘The team led by Sandy Lin was most knowledgeable, professional, and efficient. Highly impressed with the quality of their work, and the thoughts that went into crafting framework and contracts.’
‘Sandy Lin, most knowledgeable, and sharpest legal mind we’ve encountered in this part of the world.’
Key clients
Alibaba Group
BPEA EQT (formerly known as Baring Private Equity Asia)
CBC Group (formerly C-Bridge Capital)
Citigroup Asia
FountainVest Partners
Gores Guggenheim Inc.
Hillhouse Capital
Lazada Group
Co-founder and CEO of 51job, Inc.
MBK Partners
Ontario Teachers’ Pension Plan Board
PAG
Primavera Capital
Public Sector Pension Investment Board
TPG Capital Asia
TPG Growth
Work highlights
- Represented of Baring Private Equity Asia in the sale of HCP Packaging to Carlyle.
- Represented the co-founder and CEO of 51job, Inc. in the $4.3 bn take-private of 51job, Inc. by a buyer consortium, consisting of the client, Recruit Holdings, DCP Capital Partners and Ocean Link Partners.
- Represented the Alibaba Group and its portfolio company, Lazada, in a minority investment by Lazada to enable deeper alignment and closer collaboration between Lazada and TNG Digital through various joint initiatives.
White & Case
The team at White & Case is known for advising a lucrative client roster of funds, namely CVC Capital, Goldman Sachs, and PAG. Having experienced growth in the digital health and digital infrastructure sectors, the team exhibits deep knowledge surrounding investments and M&A concerning data centers and bioprocessing. Team lead Daniel Yeh is commended for his vast experience in advising sovereign wealth funds and financial investors on take-private transactions. Steven Sha is noted for his broad knowledge of de-SPAC transactions and pre-IPO financings. William Fong regularly assists a number of private equity sponsors with domestic and international divestitures and acquisitions. Having been promoted to partner in January 2023, Tzi-Yang Seow’s practice remains focused on the Southeast Asian region, where he continues to provide expert advice.
Practice head(s):
Daniel Yeh
Other key lawyers:
Paul Tang; William Fong; Tzi-Yang Seow; Steven Sha
Testimonials
‘The team is able to provide prompt and effective advice, always on the ball and highly reliable.’
‘Tzi-Yang Seow is a very conscientious partner, constantly making sure that our needs are taken care of, taking into consideration his client’s commercial needs.’
Key clients
AGIC Capital
Brookfield Asset Management
The Carlyle Group
Copenhagen Infrastructure Partners
Creative Artists Agency, LLC
CVC Asia Pacific Limited
DigitalBridge Group, Inc.
Flow Digital Management Pte Ltd
Goldman Sachs (Asia) LLC
Hopu Investment Management Co. Ltd.
Macquarie Capital
Magnum Opus Acquisition Limited
RRJ Capital
Work highlights
- Advised DigitalBridge in its acquisition of a majority ownership stake in AIMS Group.
- Represented Copenhagen Infrastructure Partners (CIP) on the divestment of a 25 percent stake in an offshore wind farm in Taiwan.
- Represented Goldman Sachs (Asia) in multiple investments in Chinese technology, bioprocessing and AI companies.
Clifford Chance
Jointly led by Andrew Crook and Terence Foo, the practice at Clifford Chance handles a variety of issues, including PIPEs, take-privates, and mezzanine financings. The team is recognised for its leveraged financing expertise, in addition to its combined knowledge of venture and growth capital investments. Crook has broad experience in assisting financial investors across a broad range of sectors, including energy and resources, education, and healthcare. Promoted to partner in May 2023, Julie Fu utilises her vast expertise in private equity led joint ventures and M&A within greater China to advise a range of pharmaceutical companies and international funds. Bryan Koo maintains a diverse practice consisting of fundraisings, secondaries transactions and restructurings, often assisting Chinese PE funds and financial investors.
Practice head(s):
Andrew Crook; Terence Foo
Other key lawyers:
Bryan Koo; Winifred Chow; Petra Ho; Julie Fu
Testimonials
‘Provides a one-stop service, particularly useful in a large M&A transaction. The work quality of each team is definitely top-notch.’
‘Bryan Koo is very dedicated and committed on our transactions. He always provides very hands-on advice and support.’
‘Clifford Chance’s private equity platform leads the market, with partners who are among the most commercial I’ve worked with, backed by teams that are proactive, technically excellent, collaborative, and truly able to understand our needs. They navigate deals seamlessly, have top-notch and current deal experience, and fantastic sector-specific knowledge.’
‘Andrew Crook is our go-to for complex deals, committed to achieving the best outcome for us. He is probably one of the best PE lawyer in the market. Extremely commercial and solutions-oriented, and importantly, leads a great team that takes this approach as well.’
‘Bryan Koo is an extremely bright lawyer and is very responsive. He negotiates hard where necessary on key commercial points but always in a professional and graceful manner.’
‘Julie Fu is a rising star. We often need her perspective on PRC-specific nuances.’
Key clients
CVC
EQT
PAG
Carlyle
Partners Group
Navis Capital Partners
CDPQ
L Catterton Asia
Advantage Partners
Tencent
Work highlights
- Advised CVC on its buyout of Xi’an Yikang Pharmacy Chain Co., Ltd. The firm previously advised CVC on its initial strategic investment in Xi’an Yikang Pharmacy in 2021, and more recently on its acquisition of full control.
- Advised EQT on its majority stake acquisition of Guardian Shanghai Hygiene Service Ltd.
- Advised PAG on its acquisition of the majority stake in Shandong Fengxiang Co., Ltd. through an auction and on the subsequent mandatory general offers.
Goodwin
Yash Rana, Douglas Freeman, and Daniel Dusek lead the practice at Goodwin, which is known for its vast experience in handling a myriad of issues for clients. The group regularly advises clients on the full spectrum of issues, from early stage investments to dispositions and exits, in addition to growth equity transactions. Rana handles a broad range of multinational transactions for a number of notable investors and private equity funds, while Freeman regularly advises on large leveraged buyouts and acquisitions. Dusek has broad expertise spanning take-privates, series fundraisings, and business combinations.
Practice head(s):
Yash Rana; Douglas Freeman; Daniel Dusek
Other key lawyers:
Victor Chen; Edwin Chan; Chi Pan
Key clients
Hillhouse Investment
FountainVest Partners
B Capital Group
LionRock Capital
GIC
DST Global
TA Associates
Ontario Teachers’ Pension Plan
Goldman Sachs
CareCapital
Aspex Management
PAG
Horizons Ventures
Work highlights
- Acted for LionRock Capital in the sale of its remaining indirect stake in Clarks.
- Acted for TA Associates in its acquisition of Faria Education Group.
- Acted for Goldman Sachs’s Principal Strategic Investments Group as an significant investor in the sale of Tora Holdings.
Linklaters
Led by Betty Yap, the practice at Linklaters is recognised for its broad and varied expertise in leveraged finance and restructuring processes, regularly acting for numerous Chinese real estate developers. The team is also noted for handling transactions in a variety of sectors, including digital infrastructure, financial services, and energy. Yap is well regarded for her longstanding expertise in assisting private equity funds and sovereign wealth investors with divestments, joint ventures, and co-investment transactions. Xiaoxi Lin is particularly adept in advising both public and private companies, and financial sponsors on outbound acquisitions and leveraged buyouts, with a strong emphasis on transactions involving US public corporates.
Practice head(s):
Betty Yap
Other key lawyers:
Xiaoxi Lin
Testimonials
‘Attention to detail, partner attention, and good practical advice.’
Key clients
Macquarie Asset Management
Evenstar Capital
CBRE
China Merchants Bank
Shanghai Pudong Development Bank
Hopu Fund Management Company Limited
OCI International Holdings Limited
Actis
Work highlights
- Advised an international private equity investor on its US$320m convertible note investment and its further US$300m convertible note investment in GDS Holdings, a China-based data centre business dual listed in Hong Kong and on Nasdaq.
- Advised Macquarie Infrastructure and Real Assets’ third Asia-focused infrastructure fund (MAIF3) as part of a consortium on its approximately US$610m acquisition of a significant minority stake in Bersama Digital Infrastructure.
- Advised Actis on the acquisition of a majority stake in Levanta Renewables, a Southeast Asia-focused renewables platform with 300MW of onshore wind power projects in advanced development in Vietnam.
Baker McKenzie
Headed by Derek Poon, the team at Baker McKenzie is known for leveraging its international network, having ‘deep experience‘ in servicing private equity sponsors and sovereign wealth funds with transactions within the life science, digital infrastructure, and retail sectors. Praised for being ‘reliable and engaged’, Poon advises a varied client base consisting of investment banks, funds, and companies on joint ventures and private mergers. Robert Wright primarily assists financial sponsors with co-investments and exits, often handling transactions across both Hong Kong and Australia, while associate Xinxing Chen has broad expertise spanning leveraged buyouts and minority transactions, regularly acting for Chinese businesses.
Practice head(s):
Derek Poon
Other key lawyers:
Robert Wright; Xinxing Chen
Testimonials
‘Strong team with full service capabilities and deep experience in cross border transactions.’
‘Derek Poon and Xinxing Chen are both strong lawyers with good cross border experience and capabilities. Reliable and engaged.’
Key clients
AGIC
AllianzX
APG Strategic Real Estate Pool
Bain Capital
BentalGreenOak
Caisse de dépôt et placement du Québec
Canada Pension Plan Investment Board
Casetify
CMC Capital
Coatue Management LLC
Digital Bridge/Vantage Data Centers
EQT Mid Market GP B.V.
Gaw Capital Partners
Global Infrastructure Partners
One Equity Partners
Ontario Teacher’s Pension Plan
Platinum Equity
Snow Lake Capital
Tencent
TR Capital
Vitruvian Partners
Work highlights
- Acted for EQT on the sale of its co-control stake in GPA Packaging to Ontario Teachers’ Pension Plan (OTPP) and on the sale of its majority interest in ELEVATE, a Hong Kong-based leading provider of ESG and supply chain services to LRQA, a global assurance provider.
- Advising Bain Capital on the setup of a new platform/portfolio company in China in the healthcare space.
Gibson Dunn
Gibson Dunn houses a broad team which assists clients with a myriad of issues, including both leveraged and unleveraged control acquisitions, divestments, and joint ventures. Scott Jalowayski and Brian Schwarzwalder jointly head the practice. Spending time between Hong Kong and Singapore, Jalowayski assists a diverse client roster consisting of portfolio companies, domestic and international investment managers, and private equity funds in the telecommunications, energy, and retail industries. Schwarzwalder handles a broad range of issues for asset managers and funds, including carve outs and co-investments.
Practice head(s):
Scott Jalowayski; Brian Schwarzwalder
Other key lawyers:
Tyler Cohen
Key clients
I Squared Capital
IPI Partners
KKR
Canada Pension Plan Investment Board
Anchor Equity Partners
First Pacific Company
Platinum Equity
TPG Capital
Hahn & Company
Goldman Sachs Private Equity
CPE Advisors
Milbank
The team at Milbank is known for handling a broad range of issues for investors in a number of industries, including financial services, e-commerce, and telecoms. Praised for being ‘solid and dependable', Andrew Whan has longstanding expertise in advising clients on public take-private deals concerning unicorn companies, and digital infrastructure transactions in the Philippines. Neeraj Budhwani is a ‘strong lawyer' who is noted for his expansive knowledge in leveraged buyouts, PIPE disposals, and structured exits, often acting for investment banks and private equity funds.
Practice head(s):
Andrew Whan; Neeraj Budhwani
Other key lawyers:
James Feng
Testimonials
‘Neeraj Budwhani is a strong lawyer and counsellor.’
‘Andrew Whan and Neeraj Budhwani are both good lawyers.’
‘Andrew Whan and Neeraj Budhwani are solid and dependable.’
Key clients
CVC Capital Partners
Baring Private Equity Asia
Permira
Goldman Sachs
The Carlyle Group
PAG Capital
AGP International Holdings Ltd
Maso Capital Partners Limited
Advantage Partners
Platinum Equity
ADV Partners
Caisse de dépôt et placement du Québec
Green Transition Partners Limited
Trustroot Internet Private Limited
Nexus Point Capital
Work highlights
- Advised telecommunications provider PLDT Inc. and its subsidiaries Smart Communications, Inc. and Digitel Mobile Phils., Inc. on the PHP9.2 billion sale of 650 telecom towers and related passive infrastructure to Unity Digital Infrastructure Inc., a joint venture between AboitizInfraCapital, Inc. and private markets firm Partners Group.
- Advised GTP Holdings Limited on its sale of Green Transition Partners Limited, an asset manager dedicated to energy transition infrastructure in Asia, to HSBC Global Asset Management (Hong Kong) Limited.
- Advised Globe Telecom Inc. in connection with a joint venture partnership with ST Telemedia Global Data Centres and Ayala Corporation for the development, construction and operation of data centre projects in the Philippines.
Morrison Foerster
Morrison Foerster houses a team which is praised for its ‘deep bench of talent', regularly handling transactions within a myriad of sectors, including e-commerce, fintech, and online gaming. The ‘outstanding' practice is co-led by Marcia Ellis and Thomas Chou. Ellis is noted for her vast expertise in assisting financial investors with investments, joint ventures, and the setting up of SPACs. Chou regularly handles minority investments, in addition to advising on seed extension funding issues. The ‘excellent' Maureen Ho has ample knowledge of bolt-on acquisitions, and both public and private mergers.
Practice head(s):
Marcia Ellis; Thomas Chou
Other key lawyers:
Maureen Ho
Testimonials
‘Marcia Ellis has become the best business builder in Asia law firms. Maureen Ho is an excellent young partner.’
‘I commend Marcia Ellis for building an outstanding M&A practice. They are thoughtful, engaged with a deep bench of talent across junior and senior levels. They took on a complex deal for us and did an outstanding job on a structured China transaction.’
‘We work mainly with Thomas Chou in HK, he is always highly responsive, can handle any issue that comes his way with a practical solution, and is professional and organized in closing transactions for us.’
‘We are impressed by the depth of their team and their experience, including their understanding of the market.’
‘Given their long term experience across numerous deal cycles, their advice on structuring investments amidst a challenging fundraising environment is particularly valuable. This is above and beyond what we normally expect from our lawyers.’
Key clients
Ark Pacific Capital
Ally Bridge Group
Alibaba Group
Affirma Capital Managers (Singapore) Pte. Ltd.
Ascendent Capital Partners
Bain Capital Credit
BlackRock
C2 Capital
Celadon Partners
Farallon Capital Asia
GLP
Intudo Ventures
Hony Capital
Macquarie
PAGAC Tea Holdings I Ltd.
NewQuest Capital Partners
Prax Capital
Princeton Digital Group
Serenity Capital
SoftBank Group Corp
SoftBank Vision Fund
Silver Crest Acquisition Corp.
Vectr Ventures
Work highlights
- Advised SoftBank Group Corp. and SoftBank Vision Fund on their acquisition of a substantial interest in Arm China, as a necessary step enabling the planned listing of Arm Limited.
- Advised Silver Crest Acquisition Corporation, a publicly traded special purpose acquisition company established by the principals of Ascendent Capital Partners, in connection with its successful completion of US$1.4 bn business combination with TH International Limited, a franchisee and operator of Tim Hortons coffee shops in China.
- Represented Ally Bridge Group in various growth, late stage and public life sciences investments across the US and Europe, including as lead investor in connection with the $101 m Series B financing of Endeavor BioMedicines, a clinical-stage biotechnology company targeting the core drivers of terminal diseases including oncology and fibrosis.
Paul, Weiss, Rifkind, Wharton & Garrison
Paul, Weiss, Rifkind, Wharton & Garrison handles a broad range of transactional issues concerning co-investments and direct investments. The group assists both funds and corporates from a wide variety of sectors, including education, transportation, and biotechnology. Dividing her time between Beijing and Hong Kong, practice co-head Judie Ng Shortell primarily handles regional private equity investments and spin off transactions. Co-head Bosco Yiu joined the team from Goodwin in October 2022, contributing his broad knowledge of M&A and investment related issues, often assisting venture capital firms, companies, and sponsors.
Practice head(s):
Judie Ng Shortell; Greg Liu; Bosco Yiu
Key clients
Baring Private Equity Asia
L Catterton Asia
KKR
Didi Global
Work highlights
- Advised Baring Private Equity Asia (BPEA) on its sale to EQT. The transaction brought together EQT with BPEA. Under the terms of the deal, BPEA received 191.2 m new ordinary EQT shares and €1.6 bn in cash. BPEA EQT now has private equity teams based in Beijing, Hong Kong, Mumbai, Seoul, Shanghai, Singapore, Sydney and Tokyo.
- Advised KKR in its investment in Ruichen Pet Hospital Group Co., Ltd., a Chinese pet hospital chain. Financial terms of the transaction were not disclosed. Ruichen provides pet-focused medical services that include healthcare, laboratory diagnosis, grooming and pet products.
- Advised KKR in its investment in ZJLD Group Inc., the company that owns Guizhou Zhen Liquor Brewing Co., Ltd., the brewer of Zhenjiu, a liquor brewed by Moutai technicians. The firm worked closely with local counsel and specialists (including tax, anti-trust and FCPA experts) on a thorough due diligence and transaction documents drafting and review.
Davis Polk & Wardwell LLP
Regularly collaborating with the Beijing practice, the team at Davis Polk & Wardwell LLP handles the full gamut of issues for emerging companies seeking advice on fund formations, recapitalisations, and dispositions. Notable clients include Tencent Holdings Limited and Esco Lifesciences. Miranda So and Yang Chu jointly lead the practice. So is recognised for her broad knowledge of pre-IPO financings, PIPEs, and cross border M&A, while Chu leads the corporate team.
Practice head(s):
Miranda So; Yang Chu
Other key lawyers:
Howard Zhang
Fangda Partners
Colin Law leads the team at Fangda Partners, which is known for handling a broad range of transactions with elements of China law. The practice regularly assists financial and strategic investors across a variety of sectors, including education, energy, and chemical. Law represents a number of bulge bracket investment banks on takeovers and privatisation matters, particularly in relation to the biotech and healthcare sectors.
Practice head(s):
Colin Law
Key clients
PAG
China State-owned Enterprise Mixed Ownership Reform Fund Co., Ltd
AstraZeneca-CICC Capital
Boyu Capital
IDG Capital
Hillhouse
Shangqi Capital
Lightspeed China Partners
Primavera Capital
TPG
Mubadala
China UAE Fund
Softbank Vision Fund
42XFund
OrbiMed Partners
Yunfeng Capital
Work highlights
- Represented China State-owned Enterprise Mixed Ownership Reform Fund Co., Ltd. in its participation in the Cornerstone Placing of the listing of CTG DUTYFREE on the Stock Exchange of Hong Kong. Mixed Reform Fund, as the cornerstone investor, subscribed for the offer shares of CTG DUTY-FREE with the subscription amount of HK$1,177 m.
- Advised an investment vehicle of Boyu on its voluntary conditional general cash offer for all of the offer shares in Jinke Smart Services Group Co., Ltd.
- Represented IDG in its approximately US$50 m investment in Bain GammaLimited (Gamma) through the subscription of certain series A preferred shares. Gamma and its subsidiaries are engaged in the owning and operating of private hospitals in the PRC. IDG’s co-investors in this transaction include PICC and GL, and the total investment amount is approximately US$80 m.
Morgan, Lewis & Bockius
The broad team at Morgan, Lewis & Bockius attracts a stellar client roster, notably including Warburg Pincus, Sequoia Capital, and Bank of China International. The practice is recognised for its collective experience in handling a wide variety of issues, including buyouts, dispositions, and add-ons. Maurice Hoo co-heads the practice alongside Beijing’s Ning Zhang. Hoo is known for his longstanding expertise in advising both international and local venture capital and private equity investors on divestments, investments, and cross-border M&A.
Practice head(s):
Maurice Hoo; Ning Zhang
Other key lawyers:
Connie Cheung
Key clients
Sequoia Capital
Warburg Pincus
GIC
Hong Kong Science and Technology Parks Corporation
Meten International Education Group
China Distance Education
Silk Road Fund
Lake Bleu Capital
Bank of China International
Proskauer Rose LLP
The team at Proskauer Rose LLP is known for handling a varied range of issues concerning co-investments, restructurings, and continuation funds. Dividing his time between Beijing and Hong Kong, practice head Yuval Tal has broad expertise in securities and M&A within the fintech, real estate, and healthcare sectors.
Practice head(s):
Yuval Tal
Key clients
Partners Group
Hollyport Capital
Ropes & Gray LLP
Ropes & Gray LLP is known for handling a wide variety of issues involving take-private acquisitions, M&A, and consortium leveraged buyouts. The group services a number of notable clients, including Bain Capital, Baring Private Equity Asia, and MBK Partners. Practice head Oliver Nip advises both international and regional asset managers and private equity sponsors on an array of matters, including minority investments and joint ventures.
Practice head(s):
Oliver Nip
Testimonials
‘The Ropes team is capable of helping on the private equity investments and is able to provide helpful solution and advice.’
‘Oliver Nip is very commercial driven and has solid experience. He understands the client’s demands properly and is able to provide prompt and effective legal support to make things happen.’
Key clients
Ares SSG Capital Management
Baillie Gifford
Bain Capital
Baring Private Equity Asia
China Resources Capital Management
ICBC International
Inspiration Advisors HK Limited
Manulife Investment Management
MBK Partners
Nexus Point Advisors HK Limited
Siguler Guff
TPG Inc.
Work highlights
- Represented Nexus Point Advisors HK Limited in Nexus Point-led consortium’s leveraged buyout of Honour Lane Shipping.
- Advised funds affiliated with Baring Private Equity Asia on its acquisition of Hong Kong headquartered Tricor Group.
- Represented BPEA in the approximately US$1 bn take-private acquisition of Ginko International by BPEA-backed Glamor Vision.
A&O Shearman
A&O Shearman’s team is known for handling a vast range of issues for portfolio companies and investors. Lorna Chen acts as the regional managing partner for Asia and leads the investment and asset management practice, often advising on co-investment projects and joint ventures. Working between the Beijing and Hong Kong offices, Li Chen acts for both Chinese and international companies and financial institutions within the TMT and infrastructure sectors.
Other key lawyers:
Lorna Chen; Li Chen
Work highlights
- Advised a client on the restructuring of one of its portfolio companies.
- Represented PTT of Thailand in relation to its investment into an energy transition business, as well as strategic cooperation arrangements for the development of the business in Asia.
Debevoise & Plimpton LLP
Debevoise & Plimpton LLP houses a broad team which advises a variety of clients, including financial sponsors, sovereign wealth funds, and family offices on leveraged acquisitions and take private transactions. The group is also known for assisting a number of both domestic and international investment managers. Practice head Edwin Northover displays vast expertise in bancassurance distribution agreements and strategic partnerships, while associate Sheng Shao is noted for his broad knowledge of corporate matters. William Chua left the practice in May 2023 and Wen-Wei Lai rejoined the team from an in-house role.
Practice head(s):
Edwin Northover
Other key lawyers:
Sheng Shao; Wen-Wei Lai
Key clients
Brunei Investment Agency
Harbour Vest Partners
Work highlights
- Advised Brunei Investment Agency (BIA) in its purchase from Yidu Tech Inc. of a 20% stake in EVYD Technology Limited for US$55 million, as well as related shareholder matters.
DLA Piper
Led by Luke Gannon, the team at DLA Piper assists clients with a whole host of issues, ranging from control and minority investments to fund formation. The group regularly assists private equity funds and corporates with distressed investments and growth capital matters. Xin Fang joined the team from Mayer Brown in January 2023, contributing her broad experience in advising multinational corporates on bidding processes and joint ventures within the Chinese and wider Asia Pacific regions.
Practice head(s):
Luke Gannon
Other key lawyers:
Xing Fang
Key clients
Wise Road Capital
Silk Road Fund Co., Ltd.
Arlington Capital Partners
New Enterprise Associates, Inc.
Recco Control
Auster Capital
Huntsman Corporation
CPE Fund
Blue Ocean Structure Investment Company Ltd.
Qumei Runto S.à r.l.
Scientia Technologies Limited
Work highlights
- Advising Arlington Capital Partners and Everest Clinical Research on the acquisition of U.S. based Brightech International.
- Advising Recco Control Technology Pte Ltd. on its US$1.531 bn non-binding indicator offer to privatize the Nasdaq-listed Hollysys Automation Technologies Ltd.
- Advising Wise Road Capital and JAC Capital Management on the regulatory aspects of US$9.4 bn acquisition of China’s one-time chip making champion Tsinghua Unigroup.
King & Wood Mallesons
The broad team at King & Wood Mallesons assists a varied client roster on bilateral exit agreements, dispositions, and investments. Helena Huang, Hayden Flinn, Gong Mulong, and Wen Huang jointly head the practice, dividing their time between Hong Kong and Beijing. Helena Huang regularly advises both Chinese and international companies on fund formation, while Wen Huang focuses on takeovers and joint ventures. Flinn assists a wide variety of clients, including infrastructure, feeder, and registered funds.
Practice head(s):
Hayden Flinn; Helena Huang; Wen Huang; Gong Mulong
Key clients
Chemchina Petrochemical Co., Ltd
Link Real Estate Investment Trust
China Orient Asset Management (International) Holding Limited
SUSI Partners Asia Pte. Ltd.
Work highlights
- Advised China Orient Asset Management (International) Holding Limited on n the establishment of a USD600m Hong Kong Limited Partnership Fund. A third-party limited partner was introduced to the Fund upon closing. The firm advised on the underlying restructure and investments of the fund.
- Advised Link Real Estate Investment Trust on the approximately USD405.5m acquisition of 49% interest in an Australian trust.
- Assisted Swiss-based infrastructure investment manager SUSI Partners Asia Pte. Ltd. on its second and third closings of the SUSI Asia Energy Transition Fund SCSp.
Paul Hastings LLP
Paul Hastings LLP houses a broad team which exhibits strength across a broad range of areas, namely investment strategy, fund management, and exits. Fang Pei and Vivian Lam jointly lead the Hong Kong team. Lam is particularly adept at assisting Chinese companies and financial institutions with transactional issues, whilst Pei has deep knowledge of venture capital financings and securities offerings. Neil Torpey left the practice in March 2023.
Practice head(s):
David Wang; Jia Yan; Fang Pei; Vivian Lam
Key clients
CDH Investments
Ping An Group
Alpha Investment Partners
AEW Global
China Orient Summit Capital
ARA Asset Management
NewQuest Capital
Montana Capital Partners
De Well
GenScript Biotech Corporation
Probio Technology Limited
YF Capital
Work highlights
- Advised GenScript Biotech Corporation and its subsidiary Probio Technology Limited in Probio’s Series C financing with investments from Legend Capital, Highlight Capital, Hillhouse (Probio’s Series A investor) and other prominent institutional investors.
- Represented GenScript Biotech and its subsidiary Probio Technology Limited in a US$37 m Series B financing from Zhenjiang High-Tech Venture Capital.
- Represented Chindex Medical Limited in its and other investors’ subscription of new shares in Telefield Medical Imaging Limited.
Reed Smith Richards Butler LLP
The team at Reed Smith Richards Butler LLP advises a number of target companies, sovereign wealth funds and venture capital funds. Practice co-head Mark Cornell has broad knowledge of investment fund formation and restructurings. Dividing her time between Hong Kong and Singapore, co-head Denise Jong utilises her longstanding expertise to advise on private M&A, secondary debt issues, and privatisations. Vivian Ji joined the team from Jeffrey Mak Law Firm in February 2023, bringing longstanding experience in overseas bond issuance transactions and compliance issues.
Practice head(s):
Mark Cornell; Denise Jong
Other key lawyers:
Vivian Ji
Sidley Austin
Constance Choy and Raymond Oh act as joint practice heads at Sidley Austin, which is noted for advising emerging companies on venture capital investments and financings. Choy has broad experience of the real estate, consumer retail, and life sciences sectors. Oh divides his time between Hong Kong and Singapore, advising on a range of issues, including PIPE transactions and pre-IPO investments.
Practice head(s):
Constance Choy; Raymond Oh
Other key lawyers:
David Kalani Lee
Testimonials
‘Raymond Oh and his team have good attention to detail, and Raymond also makes himself available where needed for a discussion whenever required.’
Key clients
Cloudview Technology Limited
Noco-Noco Pte. Ltd.
Inspiration Capital Partners
Lilly Asia Ventures
Work highlights
- Advised Cloudview Technology Limited in its Series A preferred shares financing round, with investments from a South East Asian sovereign fund and existing shareholders, Tencent and Transsion.
- Advised Noco-Noco Pte. Ltd. (formerly 3DOM Singapore), a development-stage manufacturer of carbon-zero electric vehicle battery technologies in Asia, going public in the United States through a business combination with Prime Number Acquisition I Corp.
- Advised Lilly Asia Ventures, one of the lead investors, in the Series A financing of Precede Biosciences, Inc.
Skadden, Arps, Slate, Meagher & Flom LLP
Skadden, Arps, Slate, Meagher & Flom LLP’s team is known for its expertise in financial sponsor-led M&A, often handling asset acquisitions and divestitures, and joint ventures. Jonathon Stone has a great deal of corporate expertise, representing numerous target companies and financial investors in transactions. Paloma Wang is particularly adept at acting for issuers and underwriters in IPOs, in addition to assisting corporates with private equity investments.
Practice head(s):
Haiping Li; Paloma Wang; Jonathan Stone; Peter Huang; Yuting Wu
Key clients
VSPO
Growatt Technology Co. Ltd.
The special committee of the board of directors of O2Micro International Limited
Northstar Advisors
Buyer group of LAIX
The special committee of the board of directors of BlueCity Holdings Limited
Work highlights
- Advised VSPO (formerly VSPN Group Limited) in a US$265 m pre-IPO investment by Savvy Games Group, a games and esports company backed by Saudi Arabia’s sovereign wealth fund Public Investment Fund.
- Advised Northstar Advisors in the sale of its shares in PT Centratama Telekomunikasi Indonesia Tbk to Digital Colony Partners.
- Advised on the take privates of O2Micro International Limited, LAIX Inc., and BlueCity Holdings Limited.