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Han Kun is a leading full-service law firm in China. Over the years, Han Kun has been widely recognized as a leader in complex cross-border and domestic transactions.

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Han Kun is a leading PRC law firm for capital markets and is recognized as an expert in the field.

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Our team in energy (including traditional energy and new energy), minerals and environmental protection comprises more than ten experienced professionals who are graduates of top law schools both in China and abroad. They are equipped with excellent legal writing skills and are able to conduct negotiations in English, French, and other foreign languages. Our partners all have more than ten years of practice experience, specializing in energy, minerals, environmental protection industries and other related fields.

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Han Kun’s mergers and acquisitions practice leads the market in numerous authoritative legal rankings.

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We represent clients in their overseas equity and asset acquisitions and direct investments.

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Precise and Efficient, Professional and Practical
Han Kun has more than 700 professionals located in six offices, in Beijing, Shanghai, Shenzhen, Haikou, Wuhan and Hong Kong. Our lawyers are graduates of top universities and have extensive experience as counsel to both Chinese and foreign clients in complex cross-border transactions.

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Han Kun has always been committed to providing clients with legal services that efficiently and practically solve their complex legal problems in a rapidly evolving legal environment. Our network of offices in Beijing, Shanghai, Shenzhen, Hong Kong, Haikou, Wuhan, Singapore and New York City provide seamless, diversified professional legal services across localities and regions to help our clients achieve their objectives and to continually meet new challenges.

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Han Kun has a high-quality team of lawyers and offers compensation packages that are highly competitive in the market. Our offices are all located in first-class office buildings and boast superior office environments. We promote harmonious interpersonal relationships, an easy-going work environment, and a people-oriented corporate culture. We look forward to you joining us!

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Han Kun imparts excellence and pursues brilliance-we are legal counsel you can count on at any time.

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Han Kun Releases its 2022 VC/PE Data Analysis Report

2023-09-18

BEIJING, Sept. 18, 2023 – Han Kun Law Offices ("Han Kun") today officially released the "Han Kun 2022 VC/PE Data Analysis" (English Version) (the "Report"). The online version of the Report has been successfully launched on the firm's website.

In the Report, Han Kun assesses the data collected from around 500 VC/PE transactions it has assisted clients in completing in 2022 and then analyzes the investment structures and key legal provisions prevalent in such transactions. Han Kun also provides a horizontal comparison of the data compiled from nearly 3,500 VC/PE transactions it has advised on over the past six years, showing the evolution of the investment structures and key legal provisions over the time span.

Part I

The first part of the Report summarizes the features and trends of the VC/PE transactions in 2022:

The number of transactions and total investment declined in 2022, while early-stage investments bucked the trend.
Onshore transactions continued their upward trend.
Beijing, Shanghai, Shenzhen, Hangzhou and Suzhou were the most favored domiciles for investee companies to base their principal operations.
The top five market sectors for VC/PE investments were biomedical, semiconductor, smart hardware, e-commerce and food catering.
Transactions by financial investors trended upward.

Part II

The second part of the Report focuses on a number of key legal provisions in VC/PE transactions and summarizes their trends in recent years. These provisions include liquidation preference, repurchase right, preemptive right, right of first refusal and co-sale right, drag-along right, anti-dilution right, dividend preference, restrictions on founders, share transfer by founders, control right (protective provisions and board composition), information right and inspection right, employee equity incentive plans, survival period for representations and warranties, indemnification and founders' personal liability, restrictions on investors, most-favored nation clause, valuation adjustment mechanism, and dispute resolution.

Han Kun has published VC/PE data analysis reports for seven consecutive years. The Report embodies Han Kun's industry experience and observations in the past years, as well as rigorous and professional data analysis. It is our hope that the Report will serve as a valuable reference for the further development of the VC/PE market.

Click here for PDF version of Han Kun 2022 VC/PE Data Analysis.