Private Equity 2025

CHINA Law and Practice Contributed by: Lingyun Dai, Tao Liu, Xueyong Liao and Yuzhou Shang, Lifeng Partners

Lifeng Partners was founded in Shanghai and boasts a 100-member professional team (including over ten partners, more than 20 senior associates and doz - ens of seasoned lawyers), with over a dozen lawyers holding practice qualifications in jurisdictions such as New York, the UK, the Cayman Islands and China. Pioneering the “One Firm, One Team” model, Lifeng Partners excels the practice areas of transactions, capital markets, funds, compliance, family law, intel - lectual property, dispute resolution, tax and criminal

law. Lifeng Partners focuses on industries including life sciences, AI, semiconductors, new energy, retail, SaaS, advanced manufacturing, autonomous driving and automotive. Serving as trusted counsel to lead - ing corporations, institutions, families and individuals, Lifeng Partners has guided hundreds of clients from start to success. As a next-generation firm dedicated to handling major, complex and novel legal matters, Lifeng Partners aims to lead in core practices and to be the most trusted adviser to entrepreneurs.

Authors

Lingyun Dai is the managing partner of Lifeng Partners. With his rich experience in M&A, PE/VC and other transactional legal services, Lingyun Dai boasts strong expertise in domestic and global capital markets.

Tao Liu is the managing partner of Lifeng Partners. With extensive experience in legal services spanning investment funds, PE/VC, M&A, SOE restructuring and domestic/overseas listings, Tao Liu has developed

Additionally, he specialises in commercial dispute resolution encompassing litigation and arbitration, with a focus on equity investments and corporate governance. Lingyun Dai has a distinguished track record of advising leading domestic and international investment institutions, listed companies, industrial conglomerates and start-up unicorns. His sector expertise spans life sciences, artificial intelligence, semiconductors, retail and consumption, SaaS, advanced manufacturing and automotive/autonomous driving. Xueyong Liao is a partner of Lifeng Partners. With extensive expertise in capital markets, PE/VC and M&A, he also possesses profound experience in start-up incubation, corporate governance and state-owned enterprise restructuring. Xueyong Liao has led over a hundred influential and innovative projects including IPOs, M&A transactions and restructurings, as well as numerous technology commercialisation initiatives, private financings and executive equity incentive programmes. Xueyong Liao’s practice covers a variety of industries, including semiconductors, artificial intelligence, robotics, life sciences, advanced manufacturing, retail and consumption, and the digital economy.

particularly deep expertise in both domestic and global capital markets. He particularly excels at structuring complex transactions and resolving sophisticated legal challenges. Tao Liu’s practice covers key sectors including automotive, healthcare, artificial intelligence, semiconductors, retail and consumption, SaaS, advanced manufacturing and automotive/autonomous driving. Tao Liu has successfully led dozens of IPOs and listed company financings/restructurings, as well as hundreds of equity financing projects, M&A transactions and equity incentive plans. Yuzhou Shang is a partner of Lifeng Partners. With expertise in capital markets (especially A-shares), equity incentives, major asset restructurings, refinancing, PE/VC and M&A, he has advised issuers and underwriters on domestic and overseas IPOs, restructurings and refinancings across biopharma, high-end manufacturing, medical devices, SaaS, TMT, semiconductors and new energy. He has also provided investment, restructuring and equity incentive services to leading companies and funds. He is skilled in designing complex structures, resolving challenging legal issues, and delivering capital, tax and commercial solutions.

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