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Private Equity & Venture Capital

TransAsia represents private equity funds, venture capital funds, hedge funds and investee entities on both domestic and cross-border investment activities involving China. These include portfolio company investments, exit transactions (including initial public offerings), recapitalizations and M&A transactions. We represent local start-ups and mature companies, investors as well as investees.

In 2010 and 2011, we served as PRC counsel for two of the four largest NYSE initial public offerings by Chinese companies.

As one of the earliest local firms to advise on private equity and venture capital transactions under PRC law, TransAsia enjoys a reputation for our experience in providing effective, practical solutions and strategic thinking.

We operate across a wide array of industry sectors, such as IT and telecoms, media and entertainment, real estate, education and vocational training, retail, mining, renewable energy and public utilities. Our private equity and venture capital team works closely with our corporate and commercial, intellectual property and employment practices. This multi-disciplinary approach enables us to provide comprehensive, integrated assistance and to design and implement sophisticated structures.

Client Services

  • Structuring investments
  • Fund formation
  • Company secretary services
  • Employee stock options
  • Founder non-compete and non-solicitation undertakings
  • Target identification and selection
  • Due diligence
  • Pre-IPO investments and restructuring
  • Post-financing operational issues (employment, IP protection, regulatory issues, licenses and permits)
  • Implementing exit strategies
  • Asset and equity valuations

Representative Transactions

Investors

  • PRC counsel to Tiger Global and Tiger Technologies (leading private equity fund) for their major private equity investments in China, including into:
    • Joyo.com (leading B2C e-commerce company)
    • Dangdang.com (leading B2C e-commerce company)
    • ChinaEdu (largest online university in China)
    • Carling Technology Limited (leading bio-diesel oil company)
    • Impel Media Limited (leading outdoor media company)
    • New Oriental (largest foreign language training institution in China)
    • Shanxi Qinhe (mining company)
    • Dulwich (leading private school)
  • Advised CDH Fund on its investment in AirTV (leading out-of-home media company)
  • PRC counsel to Blue Ridge China (leading U.S.-backed private equity fund) for its investments in several portfolio companies in China, including into:
    • Xinyuan Real Estate (first real estate company in Asia to list on the NYSE)
    • a commercial real estate developer focused on secondary cities
    • a petroleum equipment manufacturer
    • a private petro-chemical company
    • 2 leading private higher education institutions
  • Served as PRC counsel for Lightspeed, a leading U.S. venture capital group, for its Series A investment in an online advertising company
  • Represented Taishan Invest AG, a Swiss-based angel investment fund, in its investment in Qoolu Networks Inc.
  • PRC counsel to Bertelsmann Digital Media Investments, for its Series B investment in Yoho media
  • Represented Spark Capital and Gobi Ventures in their investment in 8D World (online education platform developed for English language study)
  • PRC counsel to Mustang Ventures for its Series A investment in Madeforchina.com (CPA marketing platform)
  • PRC counsel to Pantheon Capital for its pre-IPO investment in a leading flooring solutions provider in China

Investees

  • Represented Mtime.com (China's largest movie website) in multiple venture capital financing rounds involving well-known international funds
  • Advised Youku.com (leading video sharing website in China) on its last 2 venture capital financing rounds led by Bain Capital and Maverick Capital with a total investment value of US$ 55 million, as well as its US$ 10 million venture debt and leasing facility
  • Represented OPI (whose 2 flagship companies, Mop.com and Xiaonei.com, are the leading community websites in China) on a US$ 430 million investment by Softbank, the largest investment to date in the SNS sector
  • Advised Xinyuan Real Estate on its offshore US$ 100 million bond financing (Series D) and subsequent IPO on the NYSE
  • Advised Qunar.com (largest online travel search engine in China) on its seed financing and subsequent venture capital financing rounds by GSR, Mayfield, Tenaya Capital and Granite Global Ventures
  • Represented Qunar.com in its strategic equity financing from Baidu for US $306 million

RMB Fund Formation

  • Advised ZTE Energy on its fund raising and fund formation for a renewable energy and clean technology focused RMB fund
  • Represented Carbon Trust, a UK-based leading low carbon technology company, in its formation of a RMB fund with the China Energy Conservation Investment Corporation, to develop and deploy low carbon and new energy technology projects in China
  • Advised Forward & Future on its fund raising and formation of an early stage venture capital investment focused RMB fund
  • Advised Taishan Invest AG on its fund formation of an angel investment focused RMB fund

Representative Clients

  • Bertelsmann
  • Blue Ridge China
  • CADF
  • CDH Fund
  • Gobi Ventures
  • Morningside
  • Mustang Ventures
  • Oak Pacific Interactive
  • Pantheon Ventures
  • Qunar.com
  • Spark Capital
  • Tiger Global
  • Tiger Technologies
  • Xinyuan Real Estate
  • Youku.com
  • ZTE Energy