Alternative Funds 2025

CHINA Law and Practice Contributed by: Zhen Chen, Candy Tang, Flora Qian and Yan Zhao, Fangda Partners

Fangda Partners was founded in 1993 and is one of the most prestigious law firms in the region. Fangda Partners has approximately 800 lawyers, serving a wide variety of major clients – including large MNCs, global financial institutions, leading Chinese enter - prises and fast-growing hi-tech companies – through its network offices in Beijing, Guangzhou, Hong Kong, Nanjing, Shanghai, Shenzhen and Singapore. The firm’s investment funds team offer seamless coverage of both RMB and USD fund markets. The firm is widely recognised as a pioneer in fund forma -

tion practice, and its expertise spans private equity, venture capital, credit, hedge, real estate, secondary funds, and managed accounts, with deep regulatory insight into mainland China and Hong Kong. The firm delivers world-class counsel in every practice area and every phase of the work of an investment adviser and across the entire life cycle of private funds, from formation, maintenance, transactions, fund restruc - turing, wind-up, regulatory issues and dispute resolu - tion.

Authors

Zhen Chen is a partner at Fangda Partners based in Beijing, qualified to practise law in both the PRC and New York. Zhen co-heads the firm’s investment funds practice and is widely recognised for her expertise in

Flora Qian is a partner at Fangda Partners based in Shanghai and Hong Kong and is qualified to practise law in New York. She has nearly two decades of experience focusing on fund formation and downstream

fund formation, asset management and regulatory advice for the fund sector. She advises top-tier global sponsors, asset managers, sovereign funds and public and private companies on the full life cycle of fund matters, including fund structuring, distribution, compliance, firm and fund restructurings, secondary market deals and wind- downs. She is frequently consulted on major legislation by government agencies and self- regulatory organisations in the fund sector.

investments. Her clients range from global asset management firms, sovereign funds, industrial leaders, Fortune 500 companies, to PRC governmental FOFs. She advises clients on fund structuring, daily operational matters, internal compliance, disputes with investors and portfolios, restructuring, and liquidations. She specialises in cross-border fund structuring and investments.

Yan Zhao is a partner at Fangda Partners based in Beijing, specialising in PRC tax, covering a broad spectrum of tax-related matters, from tax advisory on M&A deals, cross- border transactions, outbound

Candy Tang is a partner at Fangda Partners based in Shanghai and is qualified to practise law in both the PRC and New York. She leads the Shanghai office’s investment funds practice and is widely recognised for

investments, private equity investments, international/non-resident tax, tax planning, related- party transactions, tax due diligence, to dispute resolution, rendering legal/technical assistance and support to clients in general audits, special investigations, transfer pricing investigations, etc, initiated by tax authorities as well as representing clients in administrative appeals and litigations for tax matters.

her expertise in fund formation and asset management. Candy advises on the structuring and operation of a wide range of alternative investment products and frequently co-operates with the firm’s other specialised practice teams to provide clients with one-stop legal services on complex fund and investment strategies.

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