Clifford Chance was the lead legal counsel of The Carlyle Group in its recent investments in two of China’s most prominent fintech companies.
The American investment giant, with more than US$200bn in assets under management, subscribed to the Series C preference shares of Ant International and invested US$1.9bn into Du Xiaoman, also known as Baidu FSG.
Ant International is a wholly owned subsidiary of Ant Financial. Financial details of the subscription were not disclosed, but the investment is part of Ant Financial’s equity financing totalling US$14bn.
The investment into Du Xiaoman is in connection with its spin-off from its parent Baidu. Lead investors also include TPG. After the investment, investors will own a majority of Du Xiaoman, which will operate independently from Baidu. The company is expected to be spun off later this year.
The Clifford Chance team is jointly led by partner Fang Liu in Hong Kong and Terence Foo in China. Support is provided by partner Zhang Hong. Senior associate Maureen Ho and associate Ethan Ying worked on the Ant Financial deal. Senior associates Brian Harley and Jay Liang are assisting on the Du Xiaoman spin-off.
Global firm taps cross-border team for international acquisition
International firm fields Australian, Chinese lawyers for major inbound private equity investment