Zhonghua (Stephen) Shi

Stephen’s experience includes advising:

Private Equity Buyouts, Joint Ventures, and Exits

• A consortium led by Starwood Capital Group, Sixth Street, and SSW Partners on the proposed US$7.1 billion take-private of ESR Group Limited by way of a scheme of arrangement from the Hong Kong Stock Exchange. This deal represents the largest privatization from the HKEX since 2021
• LG Display on a series of transactions to dispose of its entire interest in LG Display (China) and LG Display (Guangzhou), which manufacture liquid crystal display (LCD) panels and modules in China, as it shifts its focus to organic light-emitting diode (OLED) technology. This transaction was awarded M&A Deal of the Year by China Business Law Journals’ Deals of the Year Awards 2024
• Warburg Pincus on:
  • The US$700 million Series A preferred share and Series B preferred share financing for JD Property Group Corporation, a subsidiary of JD.com and the infrastructure asset management and integrated service platform within the JD group
  • The strategic merger of two portfolio companies, D&J China and New Ease China, into DNE Group as the leading new economy infrastructure platform in China
  • The establishment of Golden Union Assets with Golden Union Group, a new platform focusing on the urban renewal and redevelopment sector in China with a total AUM of CNY15 billion
  • The various investments and shareholders arrangements in relation to Princeton Digital Group, a leading investor, developer, and operator of digital infrastructure in Asia
  • The series of secondary transactions in relation to ARA Asset Management Holdings Pte. Limited, the leading APAC real assets fund manager, including its US$275 million acquisition of a minority stake in ARA from AVICT Dragon Holdings Limited
  • The exit from CAGR, a natural gas distribution operator in China
• Trustar Capital, formerly CITIC Capital Partners, on:
  • The acquisition of a stake in Intramco Europe B.V., one of the leading European manufacturers and developers of electric vehicles charging station components and charging wires
  • The acquisition of Amoy Food Limited and other assets related to the AMOY brand sauce and frozen food business from Ajinomoto Co., Inc.
  • The US$385.6 million acquisition, together with FountainVest, of a 55% stake in China Merchants Loscam International Holdings Co., Limited from Hong Kong-listed Sinotrans
  • The acquisition of Axilone, a global provider of premium packaging solutions to the beauty care industry, from Oaktree Capital Management. Awarded Private Equity Deal of the Year by Mergermarket 2018
• Carlyle on:
  • The US$2.76 billion disposal of its Korean portfolio company ADT Caps to a consortium led by SK Telecom of Korea and Macquarie’s Korean Opportunities Fund
  • The divestment of its preferred shares in Zhongmei Healthcare Group Limited, a China-based hospital group
  • The sale of its stake in Hong Kong-listed New Century REIT to Huge Harvest International Limited, the transaction triggering a mandatory general offer for all other outstanding units in New Century REIT*
• A large Asia-headquartered real estate fund on:
  • The formation of a private trust with another sponsor and the S GD 313.5 million acquisition of five industrial facilities in Singapore from the SGX-listed ESR-Logos REIT, with such trust and the acquired assets being managed by a joint venture set up by the same two sponsors
  • The joint venture with ATLATL Innovation, a China-based biotechnology company, to develop life science related incubators, accelerators, and industrial parks in China
  • The investment to develop and operate renewable energy and digital infrastructure businesses across the APAC emerging markets

Growth Equity

Advising lead investors on their investments in:

• Ant Financial
• Bytedance
• JD Property
• J&T Global Express Limited
• Zeekr
• Zuoyebang Education Limited

Corporate M&A Transactions

• Tencent on:
  • The US$1.38 billion take-private of the HKSE-listed Leyou Technologies, an international game development and distribution company, by way of a scheme of arrangement
  • The subscription of US$100 million convertible notes issued by US-listed NIO Inc., a pioneer in China’s premium electric vehicle market, through a private placement
  • The US$1.1 billion privatization of Bitauto Holdings Limited, a US-listed internet content and marketing service provider focusing on the automobile industry, as part of a buyer consortium together with Hammer Capital and Tencent as a joint offeror on the consequential mandatory general offer for Yixin Group Limited, Bitauto’s Hong Kong-listed subsidiary, as triggered by the Bitauto privatization
• DNE Group on:
  • The US$1.5 billion equity raise from Partners Group, StepStone and other investors
  • The control acquisition of a Hong Kong-based real estate asset manager
  • The PIPE investment into a US-listed digital infrastructure operator in China
  • Many other significant corporate matters, including restructuring of its US$300 million convertible bond, US$565 million of syndicated loan facility, warrant investment from a strategic investor, and its debut C-REIT listing
• Sinotrans Limited, the largest integrated logistics service provider in China and dual-listed on HKEX and Shanghai Stock Exchange, in its 100% acquisition of KLG Europe, a leading logistics solutions provider in Europe, in a two-step acquisition for a total consideration of no more than €385.7 million
• Loscam (Greater China) Holdings Limited and its affiliates in its US$132.2 million acquisition of CHEP China, an operator of pallet and automotive pooling operations in mainland China and Hong Kong
• Vipshop Holdings on its US$523.5 million acquisition of Shan Shan Commercial Group, a China-based owner and operator of a chain of outlets
• Goertek on the proposed US$263 million joint venture with MACOM Wireless, a subsidiary of MACOM Technology Solutions, to create a company that will supply, market, and distribute GaN-on-Si based RF Power components

*Matter handled prior to joining Latham