2025年私募股权趋势与发展之中国篇

Private Equity2025 Definitive global law guides offeringcomparative analysis from top-ranked lawyers China: Trends & DevelopmentsSteven Yu, Jeffrey Zhu, Jia Guo and Stella JiangGlobal Law Office CHINA Trends and Developments Contributed by:Steven Yu, Jeffrey Zhu, Jia Guo and Stella JiangGlobal Law Office Global Law Office(GLO) dates back to 1979, whenit became the first law firm in the PRC to have aninternational perspective, fully embracing the outsideworld. With more than 600 lawyers practising in itsBeijing, Shanghai, Shenzhen and Chengdu offices,GLO is today known as a leading Chinese law firmand continues to set the pace as one of the PRC’smost innovative and progressive legal practitioners,including in the private equity and venture capitalsector. Not only does GLO have vast experience in representing investors, but it has also extensivelyrepresented financing enterprises and founders. Witha deep understanding of the best legal practices anddevelopment trends of investment terms, the team atGLO knows how to find the most effective balanceof interests in terms of negotiation so as to realiseall-win results. Vast practical experience and indus-trial background knowledge enable GLO to enhancevalue in every step of the client investment cycle. Authors Steven Yuis a partner of Global LawOffice based in Shanghai. With morethan 20 years of experience at leadinginternational and Chinese firms,Steven has focused his practice onprivate equity/venture capital, M&A,fund formation and capital market transactions advised companies on their incorporation to IPO,sale or merger, as well as their daily operation. MrZhu’s recent experience in PE/VC and M&A includesrepresenting a major semiconductor investmentfund in its exit from a portfolio company through amerger with a listed company, and advising apre-IPO company on the restructuring of its cross-border business. across a wide spectrum of industries, including themanufacturing, auto, chemical, clean energy,logistics, TMT, fintech, consumer staple,pharmaceutical/healthcare, commercial property,entertainment and sports, and education sectors.Steven has long been recognised as a leading orhighly ranked/recommended lawyer in the privateequity/venture capital areas by Chambers, amongseveral other legal directories. Jia Guois a partner of Global LawOffice based in Beijing. Jia specialisesin the private equity and venturecapital, M&A, capital markets, assetmanagement and general corporatepractice areas. Industries with which he has been involved include energy and resources,real estate, infrastructure, education, advertising andmedia, telecoms, hi-tech, internet, financial services,big data, entertainment, and pharmaceutical andmedical services. In the M&A, private equity andventure capital areas, Jia has advised on more than80 cases, representing both financial and industrialinvestors and fundraising companies. In capitalmarkets, his practice experience also includes HongKong listings, US listings, A-share listings, NEEQlistings and debt offerings. Jeffrey Zhuis a partner of Global LawOffice based in Shanghai andspecialises in PE/VC, corporate andM&A, regulatory and compliance,banking and finance. Mr Zhu workswith prominent multinationalcorporations and PRC enterprises in the fields of internet, financial services, hotels, education,advertising, automobiles, consumer products,pharmaceuticals and petrochemicals. He has CHINATrends anddevelopmenTs Contributed by:Steven Yu, Jeffrey Zhu, Jia Guo and Stella Jiang,Global Law Office Stella Jiangis a partner of GlobalLaw Office based in Shanghai andspecialises in PE/VC, M&A, foreigndirect investment and generalcorporate areas. Notably, Ms Jianghas extensive experience in internet data centre practice and offers one-stop services forinternet data centre clients, including financing,offshore listing, assets and equity acquisition, andgeneral corporate and compliance matters. MsJiang is also experienced in PE/VC investment andhas represented various leading PE/VC funds in theironshore and offshore investments. Global Law Office 35 & 36/F Shanghai One ICCNo. 999 Middle Huai Hai RoadXuhui District Shanghai200031China Tel: +86 21 2310 8288Fax: +86 21 2310 8299Email: global@glo.com.cnWeb: www.glo.com.cn CHINATrends anddevelopmenTs Contributed by:Steven Yu, Jeffrey Zhu, Jia Guo and Stella Jiang,Global Law Office equity transfer before the New Company Law cameinto effect, which caused lots of disputes in practice.The SPC published an official reply later and clarifiedthat Paragraph 1 of Article 88 shall not be applied toequity transfer disputes before the effective date ofthe New Company Law and such disputes shall beresolved according to the unrevised Company Law’sprinciples before 1 July 2024. Requirements on Capital Contribution UnderChina’s New Company Law Time limit for capital contribution The revised Company Law of the People’s Republicof China which came into effect on 1 July 2024 (“NewCompany Law”) req