Private Equity

We have represented major global and PRC sponsors in their private equity investments in China over the last 20 years. Our past experience has earned us a leadership role in this dynamic and fast-evolving sector, having advised on many high-profile and groundbreaking private equity transactions in China, often involving novel structures.

We advise on all types of private equity transactions, including public, private and cross-border buyouts and other equity and debt investments, portfolio secondaries, co-investments, and a wide variety of investment opportunities with customized structures. We often service our clients by putting together collaborative and multi-disciplinary teams, including lawyers with unrivaled expertise in private equity M&A, leverage finance, capital markets, fund formation, compliance and employment law.

We represent all the market participants, including financial sponsors, venture capitalists, sellers, banks and alternative financing providers, independent directors and independent financial advisors in public company transactions, as well as founders of high-growth companies.

Recognition

  • Private Equity: Buyouts & Venture Capital Investment (PRC Firms) - Band 1
    Chambers Asia-Pacific, 2011-2021
  • Private Equity - Tier 1
    IFLR 1000 Financial Law Firm Rankings, 2010-2021
  • Private equity/venture capital: PRC firms - Tier 1
    The Legal 500, Asia Pacific, 2018-2021
  • Private Equity – Outstanding
    Asialaw Profiles, 2018-2021
  • Private Equity Law Firm of the Year – China
    Asian Legal Business, 2017 and 2019

Notable Matters

We have advised on many of the market’s most significant transactions. These include representing:

Private Equity

General
  • KKR’s acquisition of a majority stake in NVC Lighting’s China business for US$794 million.
  • PAG Asia Capital in bidding for the acquisition of Yingde Gas for HK$11.3 billion.
  • Blackstone on its acquisition of SHP Group, a global cosmetics packaging manufacturer, for US$1.1 billion.
  • The investors’ consortium of ANTA, FountainVest and others on their all-cash tender offer for Amer Sports Corporation, a sporting goods company, for €4.6 billion.
  • Canada Pension Plan Investment Board, Warburg Pincus, Discovery Capital Management and Boyu Capital on their minority investment in Ant International Co. involving a total financing of US$14 billion.
  • Local Services Holding, the holding company of me and Koubei, on its equity financing by Alibaba, SoftBank, and other third party investors, involving a transaction price of US$3 billion.
  • KKR, TPG and GIC on their investment of US$1 billion in CICC, the first foreign-invested Chinese investment bank.
  • Carlyle on its investment in a minority stake in China Pacific Insurance Corporation for US$800 million.
  • TPG on its minority investment in Lenovo for US$350 million.
  • Blackstone on its US$600 million investment in China National BlueStar Group
  • Baring and other investors in relation to the privatization of Giant Interactive Group Inc., with a deal size of US$2.8 billion.
  • Focus Media on its privatization backed by private equity investors with a deal size of US$3.7 billion.
  • The investor consortium led by the chairman of eHi and MBK Partners to take private eHi Car Services for US$938 million.
  • Newbridge Capital on its acquisition of a controlling stake in Shenzhen Development Bank, the first acquisition of an A share-listed bank by a foreign investor.
  • A buyer consortium comprising Kunlun, Qihoo 360 and Golden Brick Capital Management on the US$575 million purchase of the Opera web browser, the core business of Opera, a Norway-listed internet company.
  • TPG on its US$460 million acquisition, together with Fosun Pharm, of Chindex International, Inc.
  • MBK Partners on its offer of US$253 million to buy Singapore-listed AsiaPharm, a company listed on the Singapore Stock Exchange.
  • Goldman Sachs and GIC on their investments in iKang Healthcare, the leading health inspection service provider in China, for approximately US$100 million.
Exit Deals
  • EQT Partners on its exit from its investment in LBX Pharmacy Chain Joint Stock Company, raising RMB 5.3 billion.
  • Oaktree Capital on its sale of its 100% equity stake in Axilone Group’s global business (including Zhejiang Axilone Shunhua Aluminium & Plastic Co) to Citic Capital by way of an auction sale.
  • Unitas Capital on its sale of its controlling stake in Guangdong Jiahao Foodstuff Co., for US$700 million.
  • EQT Partners on its sale New Qinyuan Bakery Co. to Swire Pacific.
  • FountainVest Partners on the sale of its 17.5% stake in Peacebird, an A-share listed company, to Peacebird Group, for RMB1.7 billion.
  • KKR on its exit from Haier through negotiated deal and block trade.
  • Newbridge Capital on the sale of its controlling stake in Shenzhen Development Bank to Pingan Group.
  • TPG on its sale of HCP, a China packaging business, to Baring Equity Partners.
  • TPG on its sale of UniTrust Leasing to Haitong Securities for US$715 million.
  • TPG on its sale of Chindex, which operates United Family hospitals in China, to New Frontier.