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  • Name: Cai, Hang
  • Job Title: Partner
  • Tel: 021-2422 4866/ 4877
  • Fax: 012-2422 4800
  • E-mail: caihang@anjielaw.com
  • Expertise: Private Equity; FDI; M&A; Fund Raising; Security; Dispute Resolution; Corporation Compliance



  • People’s Republic of China


  • LLM Shanghai University of International Business and Economics

  • LLB  Shanghai Jiaotong University

Working Experience

  • Partner, AnJie Law Firm
  • Deputy Chief, Legal Division of Economy and Informatization of Commission of Shanghai Municipal

Social Posts

  • Master Tutor of KoGuan Law School in Shanghai Jiao Tong University

  • Member of Internet Research Committee of Shanghai Bar Association 


  • the PRC Leading Lawyer in the PE/VC sector by LEGALBAND, 2015 and 2016

  • the PRC Leading Lawyer in theTMT sectorby LEGALBAND, 2015 and 2016


  • Chinese
  • English

Representative Matters

Private Equity & Venture Capital Investment

Closed more than 200 transactions in which more than RMB 30 billions of capital were raised and benefitingthe start-up companies,listed companies and unicorns. CAI has advised more than 10 leading private equity and venture capital firms, including Morningside Venture Capital, Yuantai Partners, CGP Investment, Ivy Capital, Engage Capital, Everbright Limited, SAIF Partners, Panda Capital, Peivy Funds and Eastern Bell Venture Capital, on their investments, as well as advise the company such as NHD, YY Inc. andWe Doctor Group, on their private equity investments and acquisitions.  

Representedmore than 50 Companies on their equity financing transactions in which the aggregate capital of more than US$ 2 billion was raised. The investorswere the PRC leading firms including IDG, Sequoia, Hillhouse, Banyan, DST, DCM, Qiming, Matrix,GSR, SIG, TBP, Yonghua Capital, Legend Capital, IFC, Shunwei, Tiantu Capital and some Internet companiessuch as Tencent, JD, Xiaomi and Ant Financial, etc.

The major remarkable transactions of CAI’s team includethe US$ 300 millionequity financing of We Doctor Group, the RMB 1 billionequity financing of SMEE, the US$ 100 millionequity financing of iwjw.com, and around US$ 50 million equity financingtransactions of other companies, including Aihuishou, Souche, Xueqiu, Daojia, WPS, Huixiaoer, Kunlun Fight, etc.

TMT (Technology, Media, Telecommunication)

  • Assisted T-GAIA in entering into the PRC mobile phone distribution market and set up the outlets branded “T-GAIA”.
  • RepresentedChina Mobileto on itsbusiness cooperation with theRIM.
  • Represented more than 100 TMT companies on their various matters including private equity financing, M&A, restructuring, establishment/deconstruction of VIE structure, compliance, ESOP, etc. The major clients include lvmama.com, hujiang.com, tudou.com, 99bill.com, YY, 5173, Kuaipao, Aihuishou, 273.com, We Doctor Group, China Smartpay Group, Kuaishou, microseer.com, chinac.com, Souche, woqu.com, Kunlun Fight, yi-inc.com, Huixiaoer, ChinaScope, Autoant, emao.com, hftsoft.com, Yongqianbao, ZDworks, etc.

Health Care & Biological Sciences

  • Provided legal service in relation of medical institutions,biological science enterprise and hospitals, including Z’an Clinic, Fudan Hospital Logistic Service, Labway, MedicalSystemand APT.
  • Advised some mobile medical companies, including We Doctor Group, Wuzhen Internet Hospital,Uhealth Medical, tanghushi.com and Ruoshui.me.
  • Advised some medical instrument and intelligence hardware vendors, including Panther Healthcare, VR Medical, Wenxin Electronic, H&L Medical systems.
  • Advised an air cleaner company, Suzhou Beiang Tech.

Merger & Acquisition

  • Represented China Smartpay Group Holdings on itsacquisition of Open Union and Colourful China. The Open Union deal was the first successful acquisition via VIE structure after the HKEX amended the rule of LD43-3 applying to VIE structure.
  • Represented yi-inc.com on its destruction of VIE structure,splitting the business of Yami.ren.
  • Represented YY Inc.on its investment to Edu24Ol.com.

  • Assisted dhf100.com in its merger with kuaidadi.com.

  • advised OLX.com as PRC counsel in its sale of edeng.cn to Naspers.