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MoFo Global PE Trends 2023 and Outlook Report 2024 - China Focus

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In this installment of MoFo's Global PE Trends and Outlook video series, Shanghai/Beijing Partner Rongjing Zhao shares the China regional highlights from the firm's 2024 Global PE Trends report. 

In this installment of MoFo's Global PE Trends and Outlook video series, Shanghai/Beijing partner Rongjing Zhao shares the China regional highlights from the firm's <a href="/resources/insights/240111-mofo-global-pe-trends-2023-and-outlook-for-2024" target="_self">2024 Global PE Trends report</a>.<div data-reactroot=""><iframe src="https://player.vimeo.com/video/915995390?h=89e29d786c&amp;badge=0&amp;autopause=0&amp;player_id=0&amp;app_id=58479" frameBorder="0" allow="autoplay; fullscreen; picture-in-picture; clipboard-write" style="position:absolute;top:0;left:0;width:100%;height:100%" title="GlobalPE Trends Japan 标题改细版"></iframe><script src="https://player.vimeo.com/api/player.js"></script></div>

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Rongjing has extensive experience advising private equity firms, institutional investors and major corporations on complex cross-border transactions, including control deals and leveraged buyouts, mergers and acquisitions, growth capital investments, spin-offs, and distressed M&A transactions. She primarily represents private equity funds on investments and acquisitions in China and the rest of Asia. She also advises clients on take privates of U.S.-listed companies and other U.S. public and private company M&A transactions. Rongjing works across a range of sectors, with a particular interest and focus in the technology sector. Prior to joining MoFo, Rongjing was a partner in a leading international law firm’s Hong Kong and Shanghai offices for several years. She is a native Mandarin speaker and fluent in English. <h4>Representative Matters</h4><h5>Private Equity Investments and Controlling/Buyout Transactions </h5><ul><li>The Carlyle Group <ul><li>in its leveraged buyout of HCP Packaging, a global designer and manufacturer of packaging containers for the beauty industry, from Baring Private Equity Asia. This transaction was included in “Deals of the Year 2022” by China Business Law Journal;</li><li>in its US$1.05 billion leveraged buyout of VXI Global Solutions, a U.S.-based multinational service provider with major operations in the United States, Southeast Asia, Europe, and China; </li><li>and Anchor Equity Partners in their respective investments in Airoha Technology Corp., a global leading communications solutions fabless integrated circuit design house based in Taiwan, majority-owned and controlled by MediaTek Inc. (TWSE: 2454);  </li><li>with CITIC Limited and CITIC Capital Holdings in the US$2.08 billion acquisition of the McDonald’s operations in China and Hong Kong and negotiation of a 20-year master franchise agreement―the largest McDonald’s franchise in the world; </li><li>in its US$150 million investment in OneSmart Education Group (NASDAQ: ONE); </li><li>in its pre-IPO investment in Neiwai Inc., a Shanghai-based lingerie retail group; and</li><li>in its RMB530 million investment in Beijing Ubox Technology & Trade Co., Ltd, a leading vending machine operator in China. </li></ul></li><li>Centurium Capital in its US$150 million pre-IPO investment in NTX Group, a global textile technology company.</li><li>China International Capital Corporation in its pre-IPO convertible bond investment of an auto finance company and the subsequent restructuring and litigation. </li><li>Clearlake Capital Group and its portfolio company Alkegen, one of the largest specialty materials platforms in the world, on its US$470 million partial tender offer in Luyang Energy-Saving Materials Co. Ltd., a Shenzhen Stock Exchange-listed company (SZSE: 002088). </li><li>Coatue Management in its investment in Niutron Technologies, AI Rudder Technologies, Rox (Cay) Holdings Ltd; and the US$700 million pre-IPO investment in Dingdong Maicai (NYSE: DDL).  </li><li>KKR in its US$645 million sale of MMI Holdings to a Chinese consortium and the subsequent restructuring to regain control. </li></ul><h5>Cross-Border/Public M&A Transactions  </h5><ul><li>Ocumension Therapeutics (HKSE: 1477) in its PIPE investment in Alimera Sciences, Inc., a U.S. pharmaceutical company (NASDAQ: ALIM). </li><li>Sea Limited (NYSE: SE) in its acquisition of Phoenix Labs, an acclaimed independent games development company based in Vancouver.</li><li>Vimicro International Corp (NASDAQ: VIMC) in its going-private transaction.</li><li>Webull Corporation in three rounds of equity financings and pre-IPO financing, which raised over US$460 million in total. </li></ul>

赵蓉婧律师为私募股权基金、机构投资者和大型企业提供建议，对处理复杂的跨境交易（包括控股交易和杠杆收购、并购、成长型资本投资、分拆和困境企业并购交易）拥有丰富经验。赵律师主要代表私募股权基金处理其在中国和亚洲其他地区的投资和收购交易，她还就美国上市公司的私有化和其他美国上市及私有公司涉及的交易为客户提供建议。赵律师的业务涵盖各类行业领域，其中尤其侧重于科技领域。在加入美富之前，赵律师曾在一家领先的国际律师事务所的香港和上海办事处担任合伙人数年。赵律师的母语为普通话，精通英语。<h4>具有代表性的交易</h4><h5>私募股权投资和控股/收购交易 </h5><ul><li>代表凯雷投资集团 <ul><li>处理其向霸菱亚洲投资基金对HCP Packaging公司进行的杠杆收购。HCP Packaging是一家美容行业包装容器的全球设计与制造商，该交易被《商法》杂志评为“2022年度交易”；</li><li>处理其以10.5亿美元对VXI Global Solutions进行的杠杆收购，该公司是一家美国跨国服务提供商，在美国、东南亚、欧洲和中国有大量业务；</li><li>处理其和Anchor Equity Partners分别投资达发科技股份有限公司的事宜。达发科技是一家全球领先的通信解决方案无晶圆厂集成电路设计公司，其总部位于台湾，由联发科技股份有限公司（台交所代码：2454）持有多数股权并控制；</li><li>处理其与中信股份有限公司和中信资本控股组成的联合投资团以20.8亿美元收购麦当劳中国内地和香港业务的事宜，以及关于有效期20年的特许经营主协议的谈判（是麦当劳在全球规模最大的特许经营权）；</li><li>处理其针对精锐教育集团（纳斯达克代码：ONE）的1.5亿美元投资；</li><li>处理其对中国内衣零售集团内外集团的上市前投资；以及</li><li>处理其针对中国领先的售货机经营商北京友宝科斯科贸有限公司的人民币5.3亿元投资。</li></ul></li><li>代表大钲资本处理其针对全球纺织技术公司NTX Group的1.5亿美元上市前投资。</li><li>代表中国国际金融股份有限公司处理其对一家汽车金融公司的上市前可转换债券投资以及此后的重组和诉讼事宜。</li><li>代表清湖资本集团及其投资组合公司奇耐亚太处理其以4.7亿美元对深圳证券交易所上市公司山东鲁阳节能材料股份有限公司（深交所代码：002088）的部分要约收购。奇耐亚太是全球最大的特种材料平台之一。</li><li>代表Coatue Management处理其对Niutron Technologies、AI Rudder Technologies、Rox (Cay) Holdings Ltd的投资，及其对叮咚买菜（纽交所代码：DDL）的7亿美元上市前投资。</li><li>代表KKR公司处理其以6.45亿美元将MMI Holdings公司出售给一个中国财团，以及其后为重获控股权进行的重组事宜。</li></ul><h5>跨国并购/上市公司并购交易 </h5><ul><li>代表欧康维视生物（港交所代码：1477）处理其对美国制药公司Alimera Sciences, Inc.（纳斯达克: ALIM）进行PIPE投资的事宜。</li><li>代表冬海集团（纽交所代码：SE）处理其收购总部位于温哥华的知名独立游戏开发公司Phoenix Labs。</li><li>代表中星微电子有限公司（纳斯达克代码：VIMC）处理其私有化交易。</li><li>代表微步集团 (Webull Corporation)处理其三轮股权融资和上市前融资事宜，共筹集超过4.6亿美元。</li></ul>

Rongjing Zhao

Partner

Private Equity Investments + Buyouts

China