Fangda Partners recently advised BlueFive (as co-lead investor) and Primavera Capital on their equity investments in Kling AI. Kling AI raised, in the aggregate, approximately USD 3 billion in this round of equity financing, resulting in an expected post-money valuation of USD 18 billion.

Kling AI is an AI-powered video generation platform under Kuaishou and is one of the leading video generating foundational models. This transaction is the largest single-round financing ever recorded for an AI video generation model company, marking the formal launch of Kling AI's independent commercialization. The proceeds of this transaction are expected to be used for R&D and ecosystem expansion for Kling AI's business.

Fangda acted as legal counsel to the above investors and provided comprehensive legal services to our clients.

The Fangda team advising BlueFive was led by partner Susie SHI. Team members included counsel Leon LU and associates Felix GUAN, Barlow LIU and Harvey QUE. Fund partner CHEN Zhen and counsel Claire KOU also provided important support. Fangda provided comprehensive legal services to BlueFive including the review of upper-level investment documents, legal due diligence, review of and advice on the transaction documents.

The Fangda team advising Primavera Capital was led by partners Jeffrey DING and Flora QIAN. Team members included LI Zhiyuan, Hattie ZHANG, DONG Shiyue and Miranda GUO. Fangda provided comprehensive legal services to Primavera Capital including upper-level investment structuring, review of transaction documents, and fund-raising matters.