Taking China's Asset Management to the Next Level

As mentioned above, where specific laws and administrative regulations for private investment funds are silent, the New Rules apply, thus these provisions will have a major impact on fundraising, fund investment, fund management, fund exit, etc. However, the issue of how the provisions of the New Rules will specifically apply to private funds is yet to be seen and we will have to wait until the CSRC issues relevant rules or authorizes AMAC to formulate a self-regulatory code for clarification.

2 . WHAT ARE THE LATEST REGULATORY CHANGES ISSUED BY THE CSRC AFFECTING PRIVATE INVESTMENT FUNDS?

In addition to the New Rules mentioned above, what has been drawing particular market attention recently is the soon to be established Science and Technology Innovation Board (STIB) on the Shanghai Stock Exchange and the new policy on a pilot registration system. An officer of the CSRC, when responding to a question from reporters on the establishment of STIB on the Shanghai Stock Exchange and the pilot registration system, stated that the purpose of STIB is to make up for the shortcomings of the capital markets in serving science, technology and innovation, it is an incremental reform of the capital markets, and would, in future, make more appropriate differentiated arrangements in terms of profitability position, equity structure, etc., strengthening the inclusivity and adaptability of innovative enterprises. For private equity investment funds, the establishment of STIB will provide an effective channel for fund exit and the registration system will be conducive to the creation of a truly closed loop in the venture capital market. STIB and the pilot registration system will make the listing of scientifically innovative enterprises easier, lower the threshold and reduce the time required, which is a great positive signal for renminbi (RMB) funds overall.

3 . DESCRIBE THE LIMITED LIABILITY OF INVESTORS FOR THE DIFFERENT TYPES OF FUNDS.

In general, the legal forms available for a RMB fund include corporate fund, limited partnership fund and contract-based fund. In practice within China, securities investment fund normally adopts the contract-based fund structure, while equity investment fund adopts the limited partnership structure more frequently, or adopts the combination of the limited partnership structure and the contract-based fund structure. Private funds organized as companies are relatively rarer.

In a fund organized as a limited partnership, the investors subscribe to the partnership's capital contributions as limited partners and undertake limited liability to the extent of their capital contributions subscribed for. However, a key precondition to investors, as limited partners, bearing limited liability is that they are not involved in partnership matters and do not represent the partnership vis-a-vis third parties. If a third party has reason to believe that a limited partner is a general partner and deals with such a partner, that partner will undertake the same liability as a general partner in respect of the transaction. Furthermore, if a limited partner deals with a third party in the name of the partnership without authorization and causes a loss to the partnership or other partners, the limited partner will be liable for compensation.

A contract-based fund is a property aggregation arising on the basis of a contract signed among investors, fund manager and fund custodian. Each party shall exercise its rights and perform its obligations in accordance with the fund contract, and the fund itself is not an independent legal entity. The provisions on the limited liability of investors are usually based on the provisions on the distribution of assets and the bearing of liability in the fund contract, providing a relatively high degree of flexibility in terms of bearing of the liability. Flexible provisions may be set forth in the contract based on commercial arrangements.

A fund organized as a company can be established either as a limited liability company or a company limited by shares. Usually, investors, the shareholders of a limited liability company, shall be liable to the extent of the capital contributions for which they subscribe; or, as shareholders of a company limited by shares, bear liability toward the company to the extent of the shares for which they subscribe. However, if an investor, as a corporate shareholder, abuses the independent legal person status of the company and the limited liability of shareholders to evade its debts, and thus materially harms the interests of creditors, it will bear joint and several liabilities for the debts of the company.

4 . WHAT ARE THE KEY COMPLIANCE REQUIREMENTS WHEN ADVISING ON INVESTMENT FUNDS?

The compliance requirements include but are not limited to the following:

(1) Qualifications for engaging in fund management business: according to relevant regulations, a relevant entity may engage in fundraising or manage a private fund only after completing fund manager registration with AMAC. AMAC requires private managers to meet certain thresholds and conditions and requires a private fund manager that proposes to apply for registration to engage a professional lawyer to conduct due diligence on the applicant to confirm its compliance and issue a legal opinion.

(2) Compliance in fund offering: the Measures for the Administration of the Offering of Private Investment Funds specify that the procedures for the identification of specific targets, investor suitability matching, fund risk disclosure, qualified investor confirmation, investor cooling-off period and re-confirmation of investment should be carried out for a fund offering, and set forth specific provisions for, and restrictions on, a series of issues, including the rules for publicity and promotion during an offering and the raising of funds through various media channels. After CSRC's issuance of the Measures for the Administration of the Suitability of Securities and Futures Investors, AMAC followed by issuing the Implementing Guidelines for the Administration of the Suitability of Investors of Fund Offering Institutions (Trial Implementation), setting forth specific requirements in respect of how the fund industry is to manage investor suitability. The New Rules further provide new requirements in respect of qualified investors.

(3) Compliance in the disclosure of information in the routine operation and management of private funds: in recent years, AMAC has issued a number of regulatory documents regarding the disclosure of information by private funds, setting forth provisions on performance by fund managers of their information disclosure obligations, on their influence on investors and submitting to AMAC, and backing up disclosed information according to requirements. In addition to regularly updating product information on AMAC's comprehensive asset management business submission platform in a timely manner, fund managers are also required to carry out a backup of the fund's information disclosure documents on the online private fund information disclosure backup platform. At present, the backup system has activated functions for the monthly, quarterly and annual backup of the disclosed information of private securities investment funds and the functions for the backup of private fund information disclosure reports such as interim and annual reports of private equity investment funds.

5 . WHAT ARE SOME OF THE MAIN SECTORS THAT ATTRACT INVESTMENT FUNDS?

Generally, from my perspective, the sectors that attract investment funds center on industry upgrade and consumption upgrade, which may be further broken down as follows:

(1) the science and technology industry: mobile internet, sharing economy model, cloud technology, artificial intelligence, internet connected hardware, alternative energy vehicles, etc. are all industries that have been the most attractive for fund investment recently;

(2) the medical and health industry: innovative pharmaceuticals, diagnostics and gene sequencing, medical devices, medical services and the online medical sector;

(3) the education industry: online and offline training institutions, early education, private schools, adult vocational training, etc.; and

(4) the content, entertainment and social media industry: focusing on fragmented time content and entertainment service traffic economy, and many startups are reliant on giant platforms and eco-systems to provide segmented products and services, e.g. mobile video and new media services.

6 . HOW HAS CHINA'S OPENING UP OF ITS FINANCIAL MARKETS AFFECTED HEDGE FUND INVESTMENT? AND WHAT DOES THIS MEAN FOR CHINA?

China has expanded the opening of its financial markets by abolishing the restrictions on the shareholding percentages of foreign investors in banks and financial asset management companies, to increasing the upper limit on the shareholding percentage of foreign investors in securities companies, fund management companies, futures companies and personal insurance companies to 51% and further abolishing the 20% requirement on the outward remittance of funds by QFII. Against this backdrop, the pace of entry into the Chinese market by foreign-funded institutions has picked up markedly. Based on the disclosure on AMAC's website, the world's top hedge fund, Bridgewater Associates, completed manager registration on June 26, officially becoming a private securities fund manager. The entry of leading institutions such as Bridgewater Associates demonstrates the accelerated internationalization of China's capital markets and sets the example for other large global asset management institutions to expand their business into China.

7 . CAN YOU EXPLAIN THE LATEST ANNOUNCEMENT BY THE CBIRC ON ALLOWING ASSET MANAGEMENT FUNDS TO BE INVESTED IN STOCKS? WHAT DOES THIS MEAN FOR INVESTORS?

On September 28, 2018, the Measures for the Regulation of the Asset Management Business of Commercial Banks (the Regulation of the Asset Management Business), issued by the CBIRC under the New Rules system, is the first regulatory rules for a specific segment of asset management, and it has drawn a great deal of debate and attention in the market. Around two months later, on December 2, 2018, CBIRC officially promulgated the Measures for the Regulation of the Asset Management Subsidiaries of Commercial Banks (the Regulation of the Asset Management Subsidiaries), as the detailed rules supplementary to the Regulation of the Asset Management Business.

Article 35 of the Regulation of the Asset Management Business expressly specifies the scope of investment of bank asset management products. In addition to fixed return-type assets such as sovereign bonds, local government bonds, financial bonds, bank deposits and certificates of deposit that asset management products can currently invest in, the Regulation of the Asset Management Business further expands the scope to public securities investment funds and equity-type assets (including stocks listed and traded in China, equity of non-listed companies and its beneficial rights). Accordingly, Article 26 of the Regulation of the Asset Management Subsidiaries also stipulates that, the public asset management products issued the Asset management Subsidiary shall mainly invest in standardized debt assets and stocks listed for trading.

Compared to the provisions contained in the Circular on Issues Relevant to Further Regulating the Administration of Investment by the Personal Asset Management Business of Commercial Banks issued by the CBIRC on July 6, 2009, the above-mentioned provisions represent a major breakthrough.

The Regulation of the Asset Management Business also differentiates the investment in stocks listed and traded in China by public asset management products and private asset management products, with the regulations on the investment in stocks listed and traded in China by public asset management products to be formulated separately by the State Council's banking regulator. The Regulation of the Asset Management Business expressly provides that the scope of investment of a private asset management product is to be specified in the contract, and it may invest in bond-type assets and equity-type assets. The term “equity-type assets” refers to stocks listed and traded in China, equity of non-listed companies and its beneficial rights. However, investors need to be aware that if they wishes to invest in a private asset management product, they are required to invest not less than Rmb1 million in any single equity-type asset management product and satisfy the requirements for a qualified investor, the requirements for which are consistent with those for qualified investors under the New Rules.

8 . WHAT ARE SOME OF THE POLICIES THAT REGULATE INVESTMENT FUNDS FOR FOREIGN INVESTORS LOOKING TO INVEST IN CHINESE FUNDS?

The main policy governing investment in RMB funds by foreign investors is the pilot policy for qualified foreign limited partners (QFLP). The establishment of a pilot foreign-invested equity investment enterprise (a QFLP Fund) under the QFLP system is a major channel for foreign investors wishing to participate in investment in China. Shanghai started the QFLP pilot project at the end of 2010, following which, cities such as Beijing, Tianjin, Shenzhen, Qingdao, Chongqing, Guizhou, as well as Pingtan Free Trade Zone in Fujian also issued QFLP pilot policies. In recent years, we have also accumulated a great deal of experience in a number of QFLP Fund establishment projects, securing QFLP pilot qualifications for several leading foreign private funds in Shanghai.

9 . WHAT IS THE OUTLOOK FOR INVESTMENT FUNDS IN 2019?

Since the beginning of 2018, the bearish sentiment in China's capital markets has deepened, with the one key phrase constantly popping up in the market being “capital in deep freeze”. From my point of view, this is merely cyclical. When we take a general look at the development of the venture capital industry, the present is nothing other than a return to rationality, and the industry is on the cusp of moving toward maturity. First, I feel that the 80-20 rule for investment fund market capital will continue to increase in 2019, with more capital gravitating toward the top. When market sentiment is weak, limited partners will usually favor investing limited funds in more mature funds with a good and steady historical management track record. Second, the US dollars' pricing power will increase, and certain renminbi institutions will turn to the US dollar for raising funds. I believe that a bubble has formed in the course of the development of the VC/PE industry and it will burst in the shuffle of the capital deep freeze, which is the overall survival of the fittest effect of the market competition mechanism.

On the other hand, I believe that favorable policy factors also point to the development trend in the private funds market in 2019 being steady and taking a turn for the better. In addition to STIB and the new policy for the pilot registration system mentioned above, the CBIRC also officially issued the Measures for the Administration of the Investment of Insurance Capital in Equity (Draft for Comments) on October 26. The principal revisions on this occasion involve the abolition of the industry scope restriction on the investment of insurance capital in equity, enhancing the capacity of insurance capital to service the real economy through the “negative list + positive guidance” mechanism. The Measures abolish the industry scope restriction on direct investment of insurance capital in equity, granting insurance institutions greater autonomy in investment decision-making, which could provide more long-term funding support for the development of the private economy and create a good financing environment, all of which are extremely good news for the overall development of the capital markets. Thus, I have modest confidence in the growth of the entire fund industry in 2019.

Catherine Chen, Partner

Zhong Lun Law Firm

Catherine Chen's practice areas focus on fund formation, private equity/venture capital investment transactions, capital market, real estate financing, asset-backed securitization and internet finance. Catherine is continuously ranked as a Leading Individual in China's investment fund sector by Chambers & Partners and was voted as the Top Lawyer in the investment fund sector by Legal Band, ALB Top 15 female lawyer, IFLR1000 “Highly Recognized” lawyer and one of the Top 10 Prominent Youth Lawyer by the Pudong Government.

Catherine has extensive experience advising clients at each stage of a PE fund operation, covering fund formation, onshore and offshore PE investment transactions, and exit transactions (including IPOs, recapitalizations and M&A transactions).

Catherine's clients include: IDG, KKR, DFJ Dragon Fund China, DT Capital, Warburg Pincus, Cathay Capital, Tishman Speyer, Orchid Asia, Dachen Venture Capital, CITIC Capital, CICC, Kaiwu Capital, Envision Capital, Gopher Asset, Jade Zone Capital, Noah, Oriental Fortune Capital, CBRE, China Minsheng Bank, Ping An, China Urban Realty Association Investment, and etc.

1 . 有哪些影响中国投资基金体系的最新监管发展动态？

近期对私募基金影响比较大的是中国人民银行、中国银行保险监督管理委员会( 银保监会)、中国证券监督管理委员会、国家外汇管理局于2018 年4 月27 日联合发布的《关于规范金融机构资产管理业务的指导意见》( 以下简称《资管新规》)。

《资管新规》主要适用于“银行、信托、证券、期货、保险资产管理机构、金融资产投资机构” 等 “金融机构”，但《资管新规》同时规定 “私募投资基金适用私募投资基金专门法律、行政法规，私募投资基金专门法律、行政法规中没有明确规定的适用本意见”。目前适用于私募基金的具体规则大部分为中国证监会发布的规章或者基金业协会发布的自律规则，不属于“法律、行政法规”级别。故《资管新规》较之前述中国证监会或基金业协会颁布的规章、自律性规则或其他规范性文件而言，应该优先适用。

《资管新规》在合格投资者标准、销售机构要求、贷款或债券资金出资禁止、资管产品嵌套限制、负债比例上限、分级比例限制、主动管理、禁止保本保收益等方面较之前的相关规定提出了更高的要求。

如前所述，私募投资基金专门法律、行政法规中没有明确规定的适用《资管新规》，这些规定将对基金募集、基金投资、基金管理、基金退出将产生很大影响。但资管新规的规定具体如何适用私募基金，还有待证监会出台相关细则或授权中基协制定自律规范予以明确。

2 . 中国证监会最新发布的哪些监管新规对私募投资基金有所影响？

除上述提到的《资管新规》外，近期引起市场特别关注的就是有关将在上海证券交易所设立科创板并试点注册制的新政策。证监会负责人在就设立上海证券交易所科创板并试点注册制答记者问时表示，科创板旨在补齐资本市场服务科技创新的短板，是资本市场的增量改革，将在盈利状况、股权结构等方面做出更为妥善的差异化安排，增强对创新企业的包容性和适应性。对于私募股权投资基金而言，科创板的设立将为基金退出提供了一个有效通道，注册制有助于创业投资市场形成真正的闭环，科创板及注册制试点将使得科创企业上市更便利、门槛更低、时间更快，对人民币基金是一项重大利好。

3 . 请说明不同基金类型的投资者有限责任。

私募基金三种组织形式为：有限合伙型、公司型、契约型。目前国内实务来看，私募证券投资基金比较常用契约型形式，股权/ 创投类基金和其他类基金较多采取有限合伙型或契约型，或两者结合，公司型私募基金相对较少。

有限合伙型基金中，投资人作为有限合伙人认缴合伙企业出资，以认缴出资额为限承担有限责任。但对于投资人作为有限和合伙人承担有限责任的重要前提就是，有限合伙人不执行合伙事务，不得对外代表有限合伙企业。若第三人有理由相信有限合伙人为普通合伙人并与其交易的，该有限合伙人对该笔交易承担与普通合伙人同样的责任。此外，有限合伙人未经授权以有限合伙企业名义与他人进行交易，给有限合伙企业或者其他合伙人造成损失的，该有限合伙人应当承担赔偿责任。

契约型基金系基于投资者、基金管理人、基金托管人签订的契约而形成的财产集合，各方根据基金合同约定行使权利义务，基金本身不是独立的法律实体。其关于投资者有限责任的约定通常是基于基金合同中关于财产分配、责任承担的约定，在基金的责任承担方面具有比较大的灵活性，可以根据商业安排在合同中进行灵活约定。

公司型基金，可以采取有限公司或股份有限公司形式设立。通常情形下，投资人作为有限责任公司的股东以其认缴的出资额为限对公司承担责任；作为股份有限公司的股东以其认购的股份为限对公司承担责任。但若投资人作为公司股东滥用公司法人独立地位和股东有限责任，逃避债务，严重损害公司债权人利益的，应当对公司债务承担连带责任。

4 . 在提供有关投资基金的法律服务时，有哪些主要合规要求？

合规要求要求包括但不限于：

(1) 从事基金管理业务的资质问题。根据相关规定，相关主体需在中国证券投资基金业协会完成基金管理人登记后，方能发起设立、受托管理私募基金。基金业协会要求私募基金管理人必须具备相当的门槛和条件，并要求拟申请登记的私募基金管理人需聘请专业律师对申请机构进行尽职调查，确认其合规性并出具法律意见书。

(2) 基金募集合规性方面。《募集管理办法》明确基金募集应当履行特定对象确认、投资者适当性匹配、基金风险揭示、合格投资者确认、投资者冷静期、回访确认的程序，并对基金募集过程中过的宣传推介行为准则、通过各类媒介渠道募资等一系列问题做出了具体规范和限制。证监会发布《证券期货投资者适当性管理办法》之后，基金业协会也相继发布了《基金募集机构投资者适当性管理实施指引 (试行)》，就基金行业如何开展投资者适当性管理做出了具体的要求。《资管新规》对合格投资人进一步做了了新的要求。

(3) 私募基金日常运营管理中的信息披露合规性方面。基金业协会近年来发布了诸多在私募基金信息披露方面的规范性文件，分别对基金管理人影响投资者履行信息披露义务、并按要求向协会报送及备份信息披露信息进行了规定。基金管理人除了应按时在基金业协会资产管理业务综合报送平台上进行产品信息定期更行外，还应就基金在私募基金信息披露备份平台进行信息披露文件备份。目前，该备份系统已实现私募证券投资基金的月度、季度和年度信息披露信息的备份功能以及私募股权投资基金的半年报、年报等私募基金信息披露报告的备份功能。

5 . 吸引投资基金的，主要有哪些行业？

吸引投资基金的领域，个人感觉总体围绕产业升级与消费升级，细分以下：

第一，科技行业：移动互联网、分享经济模式、云技术、人工智能、互联网化硬件、新能源汽车等都是近期最为吸引基金投资的热点行业部门。

第二，医疗健康行业：如创新药、诊断及基金测序、医疗器械、医疗服务、互联网医疗领域。

第三，教育行业，线上线下培训机构，早教、民办教育、成人职业培训等。

第四，内容与娱乐、社交媒体行业：更聚焦在碎片化时间的内容和娱乐服务的流量经济上，创业公司更多依托在巨头平台和生态之下，提供细分的产品和服务。比如移动视频、新媒体服务。

6 . 中国开放金融市场如何影响对冲基金投资？这对中国有何意义？

中国对金融市场加大了开放力度，从取消银行和金融资产管理公司的外资持股比例限制到将证券公司、基金管理公司、期货公司、人身险公司的外资持股比例上限放宽至51%，再到取消QFII 资金汇出20% 的比例要求。在这样的背景下，外资机构布局中国市场的节奏明显加快，根据中国证券投资基金业协会网站披露，世界顶尖对冲基金桥水基金已于6 月29 日完成管理人登记，正式成为私募证券基金管理人。桥水基金等顶尖机构的入场，代表着中国资本市场国际化的加速，也给全球其他大型资产管理机构在华拓展业务带来了 “榜样效应”。

7 . 银保监会近期宣布允许理财基金投资股票，您如何解释这一新规？这对投资者意味着什么？

2018 年9 月28 日，中国银行保险监督管理委员 ( 银保监会) 会发布了《商业银行理财业务监督管理办法》（《理财业务管理办法》），作为备受关注的《关于规范金融机构资产管理业务的指导意见》（《资管新规》）体系下第一个以征求意见稿形式出台的资产管理细分领域的监管细则，在市场中引起了广泛的讨论和关注。时隔约两个月后，2018 年12 月2 日，银保监会又正式出台了《商业银行理财子公司管理办法》（《理财子公司管理办法》），作为对《理财业务管理办法》的进一步细化和补充。

《理财业务管理办法》第35 条明确了银行理财的投资范围，除了原先理财产品已经可以投资的国债、地方政府债、金融债券、银行存款、大额存单等固定收益类资产之外，进一步放开了公募证券投资基金、权益类资产（包括境内上市交易的股票、未上市企业股权及其受 ( 收) 益权）。相应地，《理财子公司管理办法》第26 条规定银行理财子公司发行公募理财产品的，应当主要投资于标准化债权类资产以及上市交易的股票。

该规定相较于2009 年7 月6 日银监会发布的《关于进一步规范商业银行个人理财业务投资管理有关问题的通知》中的规定实现了较大的突破。《理财业务管理办法》中对公募理财产品及私募理财产品投资境内上市交易的股票的情形亦进行了区分，其中，公募理财产品投资境内上市交易的股票的相关规定，由国务院银行业监督管理机构另行制定；私募理财产品则明确规定，其投资范围由合同约定，可以投资于债权类资产和权益类资产等。权益类资产是指境内上市交易的股票、未上市企业股权及其受 ( 收) 益权。但对投资者而言，需要注意的是，若投资私募理财产品，需要求投资者投资单只权益类理财产品的金额不得低于100 万元，而且需要满足合格投资者的要求，该等合格投资者要求与《资管新规》中对合格投资者的要求一致。

8 . 对寻求投资中国基金的外国投资者而言，有哪些监管投资基金的政策？

与境外投资人投资境内人民币fund 的主要的政策是QFLP(Qualified Foreign Limited Partner）试点政策。QFLP 是合格境外有限合伙人的缩写，在QFLP 制度下设立外商股权投资试点企业(QFLP 基金) 是境外投资人参与境内投资的重要渠道。上海于2010 年底开始QFLP 试点项目，之后，北京、天津、深圳、青岛、重庆、贵州、福建平潭自贸区等地也相继出台了QFLP试点政策。我们近年来也积累了诸多QFLP 基金设立项目的经验，为多家境外顶尖私募机构在上海获得了QFLP 试点资格。

9 . 您认为投资基金在2019 年的前景如何？

今年以来，中国资本市场寒意渐深，市场上一直出现的一个关键词就是“资本寒冬”。其实在我看来这也只是资本周期使然，当我们纵观创投行业的发展历程，当下无非是回归理性，行业走向成熟的前夜。首先，我认为在2019 年投资基金市场资金的头部效应会继续扩大，越来越多的资本正在向头部聚集。在市场情绪低迷时，LP 往往会更加倾向于将有限的资金投资到较为成熟、有着良好稳定历史管理业绩的基金中。其次，美元的定价权会提高，部分人民币机构也会转向美元募资。我个人理解在VC/PE 行业发展过程中积累的泡沫也会在资本寒冬的洗牌中被挤掉，这也是整个市场竞争机制优胜劣汰的作用。

另一方面，我认为政策利好因素也预示着2019 年私募基金市场的发展趋势将是稳中向好的，除了之前提到的科创板与注册制试点新政策，10 月26 日中国银保监会也正式发布了《保险资金投资股权管理办法》( 征求意见稿)，本次修订调整的主要内容是取消保险资金开展股权投资的行业范围限制，通过“负面清单+ 正面引导”机制提升保险资金服务实体经济能力，《办法》取消了保险资金开展直接股权投资的行业范围限制，赋予保险机构更多的投资自主权，可以为民营经济发展提供更多长期资金支持，营造良好的融资环境，对整个资本市场的发展都是极大的利好消息。因此，我对2019 年的整个基金行业的发展是谨慎有信心。

陈芳 合伙人

中伦律师事务所

陈芳律师专注私募投资基金设立、投资、资本市场、金融及房地产投融资、资产证券化、资产管理领域。陈律师连续多年被钱伯斯评为中国地区“投资基金”领域杰出律师，曾被评为国际金融法律评论（IFLR1000）“高度评价”律师、ALB中国十五佳女律师、上海市第六届优秀女律师、上海市浦东新区第五届十大杰出青年律师等。

她为客户就私募股权投资基金运营的各阶段提供法律服务，包括基金的设立、境内外私募股权投资交易和退出交易 (包括首次公开发行、再资本化和并购交易)，拥有广泛的经验。

陈律师服务的客户包括：纪源资本、IDG、华平、KKR、中信资本、德同资本、开物资本、国和资本、上海国际集团、上海国际创投、国鑫资本、红星美凯龙、达晨创投、德丰杰龙脉、维思资本、歌斐资产、铁狮门、京兆资本、万家共赢、民生银行、平安证券、平安信托、平安不动产、平安资管、中城投资、兰馨亚洲、东方富海等。