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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's culture, media and entertainment team consists of legal professionals possessing extensive expertise and insightful understandings of the culture, media and entertainment industry.

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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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Professional legal team and extensive project experience

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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 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 2024 VC/PE Data Analysis Report

2025-08-29

BEIJING, August 29, 2025 - Han Kun Law Offices ("Han Kun") today officially released the "Han Kun 2024 VC/PE Data Analysis" (English Version) (the "Report").

In the Report, Han Kun assesses data from the VC/PE transactions the firm worked on as legal counsel in 2024 and analyzes the investment structures and key legal terms commonly used in such transactions. At the same time, Han Kun horizontally compares the data collected from nearly 4,100 VC/PE transactions closed in the previous eight years, illustrating the evolving trends and changes in the investment structure and key legal terms.

Part I

Part I of the Report is an executive summary which highlights the trends and characteristics of the VC/PE transactions in 2024:

The volume of transactions continued to decline while the average deal value showed a slight increase.
The percentage of early-stage investments continued to rise.
Onshore transactions continued to gain strength, while in offshore transactions the direct shareholding structure outperformed the VIE structure.
Favorite domiciles for investee companies' principal business operations: Beijing, Shanghai and Shenzhen.
Hot sectors for VC/PE investment: Artificial intelligence and biomedical.
Transactions initiated by strategic investors trended upward.
VC/PE transactions with pre-signed term sheet reached an eight-year low.

Part II

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

Han Kun has been publishing VC/PE data analysis reports for nine consecutive years. Based on its own industry experience and observations, Han Kun hopes that the 2024 VC/PE Data Analysis will provide a valuable reference for the development of the VC/PE market.

Click on Han Kun 2024 VC/PE Data Analysis (English Version) to read or download the full PDF version.