Qiuning (Frank) Sun

  • Partner
  • Efrank.sun@lw.com
  • 18th Floor, One Exchange Square
  • 8 Connaught Place, Central
  • Hong Kong
  • T +852.2912.2512
  •  
 

Profile

Frank Sun, a partner in the Hong Kong office of Latham & Watkins and a member of the Corporate Department, specializes in private equity investment and public and private M&A transactions. Mr. Sun regularly advises private equity funds and corporate clients in private equity investments, cross-border acquisitions, PIPEs, privatizations, and a wide range of other complex M&A transactions.

A native Mandarin speaker focusing on multijurisdictional work, Mr. Sun has practiced law in London, Beijing, New York, and Hong Kong. Prior to joining Latham, from 2012 he was a Hong Kong-based partner of another major international law firm.


Experience

Mr. Sun's recent experience includes advising:

  • A major PE fund in its participation as a co-lead investor in the US$500 million equity financing of Zoox, a leading US autonomous driving start-up based in Silicon Valley 
  • Boyu Capital as a lead investor alongside with Sequoia Capital China on a US$200 million investment in Klook, Asia’s largest in-destination services booking platform, by way of subscription of Series D shares
  • L Catterton Asia on its US$175 million investment with JD.com in NASDAQ-listed Secoo Holding Limited, Asia's largest online integrated upscale products and services platform, through a subscription of convertible note and warrant
  • China Traditional Chinese Medicine Holdings Co. Limited on the placement of 604.3 million shares to Ping An Life Insurance Company of China for HKD2.68 billion
  • ORIX Asia Capital on its investment in Dianrong, a China-based online platform for borrowing and lending money
  • ORIX Asia Capital on its investment in WeCash, a China-based online credit evaluation platform
  • Carlyle Asia Partners on the sale of its controlling stake in Crystal Orange Hotel Holdings, a boutique hotel operator in China 
  • Orix Asia Capital in connection with the subscription of new shares and warrants issued by Hong Kong-listed United Photovoltaics Group Limited, which is seeking to raise equity and debt financing to redeem a certain portion of its outstanding convertible bonds
  • CITIC Capital Partners on its sale of a controlling stake in King Koil Shanghai Sleep System Co., Ltd to Advent International. King Koil China is a manufacturer and retailer of premium mattresses in China
  • Bain Capital, in its acquisition of a controlling interest in Asia Pacific Medical Group, a leading private hospital group, which provides a range of primary care and specialty services through a portfolio of hospitals and clinics in the PRC and other parts of Southeast Asia*
  • CITIC Capital in the acquisition of a minority interest in City Football Group Limited, owner of the Manchester City Football Club*
  • ORG Packaging Co. Ltd (SHE: 002701) in its acquisition of a 27% interest in CPMC Holdings Limited (HKSE:906) from COFCO Corporation for a total consideration of HKD1.6 billion (approximately US$205 million)*
  • The special committee of NASDAQ-listed eLong in connection with its acquisition by a consortium that includes affiliates of Tencent Holdings Limited, Ctrip.com, and certain other existing shareholders of eLong*
  • The special financing committee of NASDAQ-listed Sohu.com in connection with its evaluation of an investment proposal from Dr. Charles Zhang, Sohu.com’s chairman and chief executive officer*
  • Xinren Aluminum Holdings Limited (SGX: MN5), in its US$600 million structured financing composed of international syndicate loan facilities, secured convertible bonds, and warrants*
  • The Carlyle Group, in its investment in Beijing Ubox Technology & Trade Co., Ltd, a leading vending machine operator in China*
  • China Traditional Chinese Medicine Co. Limited (HKSE: 570) in its two “very substantial acquisitions” regulated by the Hong Kong Listing Rules and the related equity and debt financing transactions:
  • The US$1.43 billion acquisition of a 87.30% stake in Jiangyin Tianjiang Pharmaceutical Co. Ltd., the largest manufacturer of concentrated traditional Chinese medicine granules in China, from eight sellers, partly financed by HKD8.2 billion share subscriptions by certain existing shareholders and 26 institutional investors*   
  • The US$430 million acquisition of Tongjitang Chinese Medicine Company from Hanmax Investment Limited and Fosun Industrial Co., Limited*
  • Qihoo 360 Technology Co. Ltd. (NYSE: QIHU), a leading Internet company in China, in forming a strategic partnership with Hong Kong-listed Coolpad Group Limited (HKSE: 2369), a leading smartphone company in China*
  • CITIC Securities International Company Limited, in its investment in China Huarong Asset Management Co. Ltd as part of a US$2.35 billion pre-IPO placement by China Huarong to strategic investors*
  • Vipshop Holdings Limited (NYSE: VIPS), China's leading discount online retailer for brands, in its US$132.5 million acquisition of a 75% equity interest in Lefeng.com Limited, an online retailer of cosmetics and fashion products, and its US$55.8 million acquisition of a 23% equity interest in China-based cosmetics producer Ovation Entertainment Limited*
  • Ontario Teachers' Pension Plan in its US$175 million pre-IPO acquisition of a minority interest in a Chinese healthcare company through a subscription and purchase of shares*

*Matter handled prior to joining Latham

Thought Leadership

  • Navigating Cross-Border M&A Transactions  -  May 07, 2019
  • China Issues Formal Guidance for Outbound Direct Investments -  August 30, 2017
  • Selling to China: Four Key Questions All Private Equity Deal Teams Should Ask on an Exit  -  July 18, 2017
  • IFLR Mergers and Acquisitions Report 2017 – Hong Kong -  April 30, 2017
  • China: New Measures for Deregulating and Promoting Foreign Direct Investment -  January 23, 2017
  • China: Deregulation of the Foreign Direct Investment Regulatory Regime -  September 15, 2016
  • European Commission Asserts Broad Power to Scrutinize Transactions Involving Chinese State-Owned Enterprises -  June 06, 2016
  • 欧洲委员会对涉及中国国企的交易进行详查 -  June 06, 2016

Leading Lawyer in China Private Equity: Buyouts & Venture Capital Investment and China Corporate/M&A

One client reports: "He's extremely knowledgeable and is able to find a balance between international best practices and Chinese business culture. He is very hands-on and will proactively follow up to drive the deal process."

Chambers Asia-Pacific 2019
Bar Qualification
  • Hong Kong (Solicitor)
  • New York
Education
  • LLM, Harvard Law School, 2007
    FY Chang Scholar
  • LLM, University College London, 2004
    Herbert Smith Scholar
  • LLM, Peking University, 2003
  • BA in Economics, Peking University, 2000
  • LLB, Peking University, 2000
Industries
  • Healthcare Services & Providers
  • Internet & Digital Media
  • Retail & Consumer Products
Languages
  • English
  • Chinese (Mandarin)
Practices
  • Mergers & Acquisitions
  • Public Company Representation
  • Private Equity