Beijing – LAWFUEL – Legal News Network – DLA Piper Rudnick Gray Cary (“DLA Piper”) has advised Sequoia Capital China as lead investor in the first tranche of the Series-A financing of China Concord Alliance Co Limited (“CCAC”), a leading insurance aggregator in China. The Series-A investment will be used to further strengthen CCAC’s management and delivery teams, as well as to pursue organic and inorganic growth.
Beijing-based corporate lawyer Rocky Lee, who heads the venture capital and private equity practice in China and led the deal, said: “We are seeing a renewed interest in non-technology deals in China as well as an increase in foreign venture investors diversifying and moving beyond just technology companies in China.”
“To create a stronger domestic venture capital industry the government is continually changing regulations and policy, making it is essential for investors to have the most savvy up-to-date business and legal advice. The success of this financing deal further demonstrates DLA Piper’s extensive experience and strong expertise in advising clients under the complicated and highly regulated business environment in China,” said Mr Lee.
The DLA Piper team also comprised of corporate lawyers Christopher Terry and Jie Huang and Jennifer Gallo from the Hong Kong office.
Nick Seddon, Asia Managing Director of DLA Piper, said: “Attracted by high economic growth and encouraged by examples of extraordinary returns gained by companies that have already successfully invested, an increasing number of venture investors, particularly foreign ones, have been focusing their investment strategies in China. However China has not always been the easiest place to do business and recent regulations offer domestic firms better tax treatment and easier exit routes than foreign rivals.”
“DLA Piper’s venture capital and private equity practice offers both local and international clients an in-depth understanding of the challenges and benefits of this continually changing environment. We provide cost-effective and professional advice which makes a real difference – not only from a legal perspective but also with the business and bottom line,” said Mr Seddon.
In July DLA Piper advised leading international venture capital and private equity firms in the Series-B financing of HiSoft Technology International Ltd, a leading IT services provider with offices in China, Japan and the US. This financing deal is believed to be the single largest investment in China’s IT outsourcing service industry to date.
For further information:
Helen Obi, Media Relations, DLA Piper Rudnick Gray Cary, Tel: +44 (0)20 7796 6989 or email [email protected]