Coco Liu

COCO LIU focuses her practice on M&A and Private Equity transactions and regularly advises sovereign wealth funds, private equity sponsors, and multinational companies on transformative, cross-border deals throughout Asia and across the entire investing lifecycle, from venture capital to private equity, public offerings, PIPE, and take-privates.

Her secondment and deal experience with a major Middle Eastern sovereign wealth fund from 2020 to 2022 gives Coco an insider’s perspective on investing in cutting-edge sectors such as AI, tech, healthcare, energy transition, and digital infrastructure. 

Coco’s strong work ethic and zealous advocacy have earned her the trust and confidence of boards and executives. Her triple legal qualification in the P.R.C. (non-practicing), New York, and Hong Kong, language skills, and sector-focused experience enable her to bridge gaps between different counterparties and tailor creative solutions to her clients’ most complex and pressing legal and commercial issues.

Examples of Coco’s experience include advising on the following matters:

Private Equity

• Apollo-managed hybrid strategy funds in their strategic minority equity investment in Charles Monat Associates, a leading global life insurance brokerage firm.
• ABC Impact, the Singapore-based, Asia-focused impact investor backed by Temasek Trust and Temasek, on its 16% strategic investment in Ayala Healthcare Holdings, Inc. (AC Health), the healthcare arm of Ayala Corporation (PSE: AC), one of the Philippines’ most established conglomerates
• Stonepeak on various transactions in the digital infrastructure and energy transition space, including its US$1.3 billion preferred equity investment into Princeton Digital Group (PDG)
• Macquarie Asset Management, Macquarie Asia Infrastructure Fund, and their affiliates on:
  • The sale of Stride Climate Investments, a solar generation platform in India, to Actis
  • The sale of its interests in Formosa 2 offshore wind farm in Taiwan
• The asset management arm of a leading global investment bank on its bid for a Taiwan offshore wind farm project
• A leading Asian sovereign wealth fund in its co-investment alongside Altimeter Capital in OpenAI
• A leading European food and beverage company, a portfolio company of Lone Star Funds managed by Hudson Advisor, on the exit of its joint venture in Hong Kong
• A leading Chinese sovereign wealth fund on its co-investment together with a fund managed by Warburg Pincus, which controls certain PRC-based real estate assets
• A leading Chinese sovereign wealth fund on its participation in the proposed approximate US$4 billion privatization of Chindata (CD.US) led by Bain Capital
• A Chinese private equity fund on its proposed Series B investment in Ubitus K.K, a Japanese cloud gaming technology company; other reputed co-investors included NVIDIA, Google, and Tencent
• A leading Chinese private equity fund on its proposed Series 3-B investment in an indoor vertical farming company headquartered in the U.S.
• A leading Middle Eastern sovereign wealth fund on:
  • the set up and ongoing operations of its China business
  • USD Fund LP investments, including those into funds managed by Sequoia, Hillhouse, Boyu, IDG, DCP, CPE, Eastern Bell, C-Bridge Capital, 6 Dimensions Capital, and MSA, among others
  • the due diligence, structuring, negotiation, and closing of direct investments and co-investments in China and Asia generally, ranging from venture, growth, to pre-IPO, on-market, and PIPE transactions, primarily in:
    • Consumer: Xingsheng, Giant Biogene (SEHK: 2367), ZXG, AI Dream, October Rice (SEHK: 9676), and Pure Natural, among others
    • Tech: DiDi Ride Hailing, Kuaishou (SEHK:1024), Pony AI (PONY.US), WeRide (WRD.US), DiDi Autonomous, 4th Paradigm (SEHK: 6682), Boss Zhipin (BZ.US), and Full Truck Alliance (YMM.US), among others
    • Healthcare: JD Health (SEHK:6618), Novotech, Hugel (KOSDAQ: 145020), several GP incubated biotech companies including Nicoya, C-Ray, Ignis, Alfa MedTech, and VFLO, among others
    • Real Estate, Logistics & Digital Infrastructure: Princeton Digital Group, Hotwon, JD Logistics, VX Logistics, and J&T Express (SEHK: 1519), among others
    • Energy Transition: BYD (SZSE: 2594 | SEHK:1211), XPeng (XPEV.US | SEHK: 9868), and CATL (SZSE:300750 | SEHK: 3750), among others
  • portfolio management matters spanning follow-on investments, secondary transfers, and sell-downs, exercise and non-exercise of voting/ROFO/ROFR/pre-emptive/redemption/co-sale rights, warrants and put/call options, exits, etc.
  • assisting with post-investment value creation, investment disputes, ESG, and compliance-related matters
  • attending and presenting to Investment Committee meetings at both platform and group level; attending board meetings as observers
• A leading Chinese sovereign wealth fund on several co-investments in Asia led by private equity sponsors including KKR, Warburg Pincus, and Sequoia
• A leading Asian sovereign wealth fund, in its proposed minority investment in PRC healthcare assets
• A global development institution in its investment in Voyager Innovations, a leading digital technology company in the Philippines controlled by PLDT Inc. (PHI.US | PSE: TEL). Other investors included KKR and Tencent, and the total funds raised amounted to US$215 million
• A Middle East-based private equity sponsor, in its approximate US$500 million investment in a fund managed by China Everbright Limited primarily focused on the “New Economy” sectors including Internet plus, fintech, artificial intelligence, media & entertainment and consumption upgrade
• A global investment management organization, as the single largest shareholder, in HKBN Ltd.’s (SEHK: 1310) acquisition of WTT Group from affiliates of TPG and MBK Partners at an enterprise value of approximately US$1.34 billion
• Principal investment arm of an international investment bank, in the proposed investment in Series C+ preferred shares of SenseTime Group Inc. (SEHK: 0020), the then-largest AI unicorn by valuation

Private M&A

• An affiliate of a formerly HKSE-listed international securities company, in the acquisition of the Obagi Medical Products business for US$190 million from Bausch Health (BCH.US) (formerly known as Valeant Pharmaceuticals)
• One of the largest equipment manufacturing conglomerates in China, for the proposed investment in a thermal power project in Pakistan
• A HKSE-listed flagship healthcare platform controlled by a leading Chinese e-commerce conglomerate on its proposed acquisition of Tmall’s online pharmacy business for approximately HK$19.4 billion
• A HKSE-listed flagship media & entertainment platform controlled by a leading Chinese e-commerce conglomerate on its acquisition of 100% of the equity interests in Guangdong Yueke Software Engineering Company Limited, one of the largest suppliers of cinema ticketing systems in the PRC, for RMB830 million
• One of the four major Chinese state-owned asset management companies, on its acquisition of the entire issued share capital of Nanyang Commercial Bank from Bank of China (Hong Kong) for US$8.7 billion

Public M&A

• CEO and Executive Director of a leading PRC outdoor media company formerly listed on the Hong Kong Stock Exchange, as a lead member of an investor consortium comprising the management, Antfin (Hong Kong) Holding Limited (an affiliate of Ant Financial), JCDecaux Innovate Limited and China Wealth Growth Fund III L.P. (a state-owned private equity fund indirectly controlled by Central Huijin Investment), on the proposed US$497 million take private through a voluntary general offer
• The controlling shareholder (a Chinese state-owned conglomerate engaged in the metals and minerals business) on the privatization of its formerly HKSE-listed subsidiary through a voluntary conditional cash offer of approximately HK$6.4 billion in total consideration, followed by a merger by absorption 

Joint Ventures

• The world’s largest EV battery maker in its joint venture with the Indonesia Investment Authority (Indonesia’s sovereign wealth fund) for the establishment of a green energy platform to invest in Southeast Asia’s EV supply chain opportunities
• A wholly owned subsidiary of a NYSE-listed multinational conglomerate in the establishment of an energy storage joint venture with a wholly owned subsidiary of Hong Kong-listed Chaowei Power Holdings Limited (SEHK: 0951)
• A U.S. headquartered and NYSE-listed multinational corporation engaged in the networking products business, in the proposed formation of a joint venture in China with a PRC industrial investment company wholly owned by the state-owned Assets Supervision & Administration Commission of the PRC (SASAC)
• A U.S.- and Europe-based creative company specializing in the creation of large-scale theater shows on its JV with Dalian Wanda Group to produce and operate live theatrical shows in the PRC 

Some of the above matters were handled prior to joining Sidley.