Cadwalader, Wickersham & Taft LLP, a leading counselor to global corporations and financial institutions, recently advised All-Stars Investment Limited (All-Stars), a specialized Greater China TMT-focused investment fund, as the lead investor on the US$300 million Series D financing of Tujia.com International (Tujia) with other co-investors in the transaction, including Ctrip.com and The Ascott Limited.
This transaction makes Tujia one of the latest additions to a list of “unicorn” tech start-ups from China that are valued at over US$1 billion. Unicorn companies were so-named a few years ago, because it was very rare for tech startups in private hands to be worth as much as US$1 billion.
The transaction was led by Cadwalader partner Rocky T. Lee and a team of Beijing-based, US-qualified associates.
“We are grateful that this dynamic fund selected Cadwalader for this transaction,” said Lee. “We continue to help clients like All-Stars with complex, large ticket TMT deals in a highly competitive environment, where the best Chinese tech companies are sought after by some of the largest PE funds.” Lee added that “the China Renaissance team was also instrumental in helping Tujia manage a multitude of complex issues that allowed the deal to complete successfully.”
“Cadwalader’s China team is one of the go-to legal advisors for China TMT investors, particularly on demanding deals like this one.” said Richard Ji, CIO and Managing Partner of All-Stars. “As always, on a tight timetable, with impossibly complex structuring and deal issues, they served as our invaluable legal advisor from inception to closing. It is another landmark transaction for All-Stars, and Cadwalader was instrumental in the deal’s success.”
Cadwalader has been advising clients in China and across the region for the last 10 years, providing premier legal services to leading U.S., U.K. and European financial institutions and multinational companies doing business and investing in Asia. Cadwalader also serves China-based entities in their international business activities and investments in the U.S. and throughout the world.
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