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Houlihan Lokey Introduction

Houlihan Lokey, Inc. (NYSE:HLI) is a global investment bank with expertise in mergers and acquisitions, capital markets, financial restructuring, and financial and valuation advisory. Houlihan Lokey serves corporations, institutions, and governments worldwide with offices in the Americas, Europe, the Middle East, and the Asia-Pacific region. Independent advice and intellectual rigor are hallmarks of the firm’s commitment to client success across its advisory services. The firm is the No. 1 investment bank for all global M&A transactions, the No. 1 M&A advisor for the past nine consecutive years in the U.S., the No. 1 global restructuring advisor for the past ten consecutive years, and the No. 1 global M&A fairness opinion advisor over the past 25 years, all based on number of transactions and according to data provided by LSEG (formerly Refinitiv).

Houlihan Lokey in China

Houlihan Lokey has three offices in China: Hong Kong, established in 2007; Beijing, established in 2008; and Shanghai, added with the acquisition of global investment bank GCA Corporation in 2021. The Houlihan Lokey China team mainly focuses on cross-border mergers and acquisitions, financial restructuring, corporate finance, and independent financial consulting. We provide professional investment banking consulting services to state-owned enterprises, private enterprises, various listed and nonlisted companies, sovereign wealth funds and private equity funds, etc., to help Chinese clients achieve strategic planning and development goals.

Recent Transactions of Houlihan Lokey in China

  1. Cross-Border M&A 

    • Vetrerie Riunite S.p.A.: Advised the company, an affiliate of Sun European Partners, LLP, on its strategic investments in Liaoning Suizhong Minghui Industrial Technology Co. Ltd. (2021).
    • The Board of Nam Tai Property, Inc. (NYSE:NTP): Advised the board on the US$170 million PIPE financing (2020).
    • EnTouch Systems, Inc.: Advised this U.S. company on its sale to RCN/Grande. Dr. Peng Telecom & Media Group Co., Ltd. (SHSE:600804) provided related M&A financing prior to the sale (2020).
    • Sinovac Biotech (NASDAQ:SVA): Advised the company on financing US$515 million of Sinovac Life Sciences, the subsidiary of Sinovac Biotech (2020).
    • Rubicon Partners: Advised the company on the sale of its U.K. investment, Farsound Aviation Ltd., to Handel Capital (2019).
    • The Board of Phoenix New Media Ltd. (NYSE:FENG): Advised the board on the sale of its shares for approximately US$350 million in Yidian Zixun (2019).
    • Aircrete Technology Holding BV: Advised the company on the sale of a controlling interest in its Netherlands-based affiliate, Aircrete Europe Holding BV, to Zhejiang Yuanzhu Residential Industrialization Company Ltd. (2019).
    • Toledo Molding & Die, Inc.: Advised the company on its sale to Grammer AG (XTRA:GMM), an affiliate of Ningbo Jifeng Auto Parts Co., Ltd. (SHSE:603997), for US$271 million (2018).
    • Motus Integrated Technologies: Advised the company on the sale of 100% of its automotive sun visors business in France and Mexico and the related assets of its sun visors business in North America to Shanghai Daimay Automotive Interiors Co., Ltd. (SHSE:603730) for approximately US$150 million (2018).
    • Zhengzhou Coal Mining Machinery Group Company Ltd. (SHSE:601717, SEHK:564) and China Renaissance Capital Investment: Advised the companies on the acquisition of the starter motor and generator business of Robert Bosch GmbH for Eur545 million (2017).
    • The Toronto Oak Trust: Advised the company on the sale of its Canada investment, Iovate Health Sciences, to Xiwang Foodstuffs for US$730 million (2016).
    • Yinyi Group: Advised the company on its acquisition of ARC Automotive, Inc., for approximately US$500 million (2016).

  2. Financial Restructuring

    • Luckin Coffee: Advising the company on its launch of a Cayman Islands scheme of arrangement to restructure its US$460 million convertible bonds. The company has entered into a binding term sheet to settle class action claims filed on behalf of purchasers of the company’s ADS (ongoing).
    • China Fishery: Advising an ad hoc group of holders of the company’s US$1.2 billion in OpCo debt on a comprehensive restructuring and recapitalization transaction. The transaction involves a significant deleveraging and transfer of ownership of the Peruvian OpCos to an entity wholly owned and controlled by existing senior creditors (ongoing).
    • GCL New Energy (SEHK:0451): Advised an ad hoc group of noteholders on the restructuring of the company’s US$500 million senior notes (2021).
    • Hilong Holdings (SEHK:1623): Advised an ad hoc group of noteholders on the restructuring of the company’s US$365 million in offshore notes (2021).
    • Car Inc. (SEHK:0699): Advised the company on the consent solicitation transaction to amend certain terms of its three tranches of offshore unsecured notes (2020).
    • Swissport (previously a subsidiary of HNA Group): Advised the company on the restructuring of its c. Eur2.4 billion debt obligations (2020).
    • GNC: Advised first lien term loan creditors on the sale of substantially all of the company’s assets, pursuant to Section 363 of the U.S. Bankruptcy Code, to Harbin Pharmaceutical Group (2020).
    • PizzaExpress (Hony Capital portfolio company): Advised the company on the financing of super senior term loan (2020).
    • Noble Group: Advised the unsecured creditors of the company on a comprehensive financial restructuring of its c. US$4.1 billion in total debt via concurrent U.K. and Bermuda schemes of arrangement (2018).
    • Kaisa Group (SEHK:1638): Advised the company on the comprehensive financial restructuring of its onshore and offshore debt obligations (2016).
    • Winsway (SEHK:1733): Advised an ad hoc group of noteholders on the restructuring of the company’s US$309 million senior notes (2016).
    • LDK Solar: Advised an ad hoc group of noteholders on the restructuring of the company’s US$725 million in offshore liabilities (2014).
    • Sino-Forest Corp.: Advised the company on a US$1.8 billion debt-for-equity swap transaction under the Canadian Companies’ Creditors Arrangement Act (2013).

  3. Going-Private Transactions

    • Wanda Sports Group Company Ltd. (NASDAQ:WSG): Exclusive financial advisor to the special committee of the board of directors; negotiating the terms of the merger and providing a fairness opinion (2021).
    • China Customer Relations Centers, Inc. (NASDAQ:CCRC): Exclusive financial advisor to the special committee of the board of directors; negotiating the terms of the merger and providing a fairness opinion (2021).
    • Ossen Innovation Co., Ltd. (NASDAQ:OSN): Exclusive financial advisor to the special committee of the board of directors; negotiating the terms of the merger and providing a fairness opinion (2021).
    • Fuling Global Inc. (NASDAQ:FORK): Exclusive financial advisor to the special committee of the board of directors; negotiating the terms of the merger and providing a fairness opinion (2020).
    • 58.com Inc. (NYSE:WUBA): Exclusive financial advisor to the special committee of the board of directors; negotiating the terms of the merger and providing a fairness opinion (2020).
    • Jumei International Holding Ltd. (NYSE:JMEI): Exclusive financial advisor to the special committee of the board of directors; negotiating the terms of the merger and providing a fairness opinion (2020).
    • Gridsum Holding Inc. (NASDAQ: GSUM): Exclusive financial advisor to the special committee of the board of directors; negotiating the terms of the merger and providing a fairness opinion (2019).
    • Changyou.com Ltd. (NASDAQ:CYOU): Exclusive financial advisor to the special committee of the board of directors; negotiating the terms of the merger and providing a fairness opinion (2019).
    • JA Solar Holdings Co., Ltd. (NASDAQ:JASO): Exclusive financial advisor to the special committee of the board of directors; market check; go-shop; negotiating the terms of the merger and providing a fairness opinion (2018).
    • Nord Anglia Education, Inc. (NYSE:NORD): Exclusive financial advisor to the special committee of the board of directors; go-shop; negotiating the terms of the merger and providing a fairness opinion (2017).
    • Migao Corp. (TSX:MGO): Exclusive financial advisor to the special committee of the board of directors; negotiating the terms of the merger and providing a fairness opinion (2016).
    • Synutra International Inc. (NASDAQ:SYUT): Exclusive financial advisor to the special committee of the board of directors; market check; go-shop; negotiating the terms of the merger and providing a fairness opinion (2016).
    • Actions Semiconductor Co., Ltd. (NASDAQ:ACTS): Exclusive financial advisor to the special committee of the board of directors; negotiating the terms of the merger and providing a fairness opinion (2016).
Newsroom

Weimin Chen, Managing Director and Head of China at Houlihan Lokey, Was Invited as Guest of Honor at the 2021 London Business School China Business Forum

On May 15, 2021, Weimin Chen, Managing Director and Head of China at Houlihan Lokey, attended the 2021 London Business School China Business Forum and shared his unique insights, which impressed the participants. Mr. Chen explained that the pandemic had a negative impact on investment banking business, and the quarantine requirement caused a great hindrance to business travel, with some projects closed without meeting related parties. In addition, he suggested that the overall leverage ratio of the Chinese economy is high, and the legal basis for bankruptcy protection in China is gradually improving, so more restructuring opportunities are expected to emerge in China in the future.

Founded in 2012, the London Business School China Business Forum is one of the largest and most influential China-focused business forums in Europe. The forum aims to engage business, academic, and political leaders in a conversation that offers incisive understandings of industrial dynamics and diverse insights into the future development of China, Europe, and the world.

The 10th forum was titled “The Future is Everywhere: Adapt and Achieve,” which featured an engaging program of panel discussions, covering wide-ranging topics. Prominent speakers from around the world were brought together to share their knowledge in diverse fields, covering challenges and opportunities, young leadership, sustainability, etc.

Participants who attended this business forum included Professor François Ortalo-Magné, Dean of London Business School; Yang Xiaoguang, Minister of the Chinese Embassy in the United Kingdom; Stephen Perry, Chairman of the Forty-Eight Group Club of the United Kingdom; Qingzhong Pan, Executive Deputy Dean of Schwarzman College of Tsinghua University and Deputy Dean of One-Belt-One-Road Research Institute; Henry Tillman, Founder of China Investment Research; and David Wei, Founding Partner and Chairman of Vision Knight Capital, among others.


Houlihan Lokey Awarded “Golden Whistle Award for Best Financial Advisor in 2020–2021 China Investment & M&A”

On April 28, 2021, the “8th Global Investments and M&A Summit” and the “7th Golden Whistle Award Ceremony,” themed “New Industry Chain Innovation,” held as scheduled. The conference was organized by Morning Whistle Group and Shanghai Innovital Capital Investment Management Co., Ltd.

During the conference, Houlihan Lokey was awarded the “Golden Whistle Award for Best Financial Advisor in 20202021 China Investment & M&A.” In 2020, Houlihan Lokey advised 14 cross-border M&A transactions, involving a total transaction amount of US$11.95 billion and for five cross-border M&A restructuring transactions, including the privatization of 58.com (NYSE:WUBA); the privatization of Wanda Sports (NASDAQ:WSG); the financing of Sinovac Biotech (NASDAQ:SVA); and the financing and debt restructuring of Luckin Coffee (OTCPK:LKNC.Y). Houlihan Lokey is persistent in the providence of professional capability and expertise required by M&A transactions and will continue to provide high-quality services for leading companies in China’s market.

Morning Whistle Group is an industry-leading intelligent transaction information provider focusing on primary market, which has established long-term partnerships with about 800 investment banks, 200 law firms, 200 government investment promotion agencies, and 100 overseas private equity funds worldwide.


Weimin Chen, Managing Director and Head of China at Houlihan Lokey, Attended the SPAC Networking Session With King & Wood Mallesons to Share SPAC Investment Banking Practices

On April 5, 2021, as a mentor of the Cheung Kong English MBA program and an alumnus of CKGSB EMBA, Weimin Chen, Managing Director and Head of China at Houlihan Lokey, attended the SPAC networking session with King & Wood Mallesons as the keynote speaker to share his opinions about investment banking practices in SPACs.

Mr. Chen introduced the business overview of Houlihan Lokey and SPAC market trends to CKGSB students and alumni. In addition, he shared the practical knowledge of SPACs and the role of investment banks in SPAC transactions. Mr. Chen also summarized the unique advantages, professional experience, and value that Houlihan Lokey can provide as a cross-border M&A financial advisor in SPAC transactions. Finally, International Partner Ling Huang and Partner Rui Zhou from King & Wood Mallesons gave a detailed introduction to the legal issues involved in SPACs.

As a senior investment banking expert, Mr. Chen answered questions from CKGSB students and alumni on the related topics. They were impressed by Houlihan Lokey’s leading international investment banking services.


Weimin Chen, Managing Director and Head of China at Houlihan Lokey, Attended the “UIBE Alumni Forum,” Focused on Prospect and Opportunities in the Post-Brexit China and U.K. Market

On January 17, 2021, Weimin Chen, Managing Director and Head of China at Houlihan Lokey, attended UIBE Alumni Forum hosted by YOUNEE Coffee and assisted by the University of International Business and Economics Alumni Association.

At the forum, Mr. Chen shared his transaction experience and brought vivid and informative cases to participants. He shared his views on the prospect and opportunities in the post-Brexit China and U.K. markets, emphasizing the critical role in investment banks for advising investments under unfavorable circumstances.

Xiaofei Lu, Partner in Baker McKenzie’s London office, and Chanchan Wang, Senior Vice President in Houlihan Lokey’s London office, were invited to speak at the event.


Houlihan Lokey Awarded “Best TMT M&A Financial Advisor” by Mergermarket

On October 31, 2020, Mergermarket announced the results of the 2020 China M&A Awards. Houlihan Lokey’s China team was awarded “Best TMT M&A Financial Advisor.” As a leading investment bank in the global financial market, Houlihan Lokey will continue to leverage its professional capabilities to provide high-quality M&A advisory services and offer strategic suggestions through all stages of the company’s development.

Mergermarket is one of the most influential independent M&A market information service providers, covering more than 67 countries and regions worldwide, focusing on providing professional market advisory for top financial institutions, legal advisors, and multinational companies.


Weimin Chen, Managing Director and Head of China at Houlihan Lokey, Was Invited as the Guest Speaker at Hong Kong University Leaders Online

On April 22, 2020, Weimin Chen, Managing Director and Head of China at Houlihan Lokey, was invited as the guest speaker at Hong Kong University Leaders Online to share his insights about M&A and restructuring opportunities in the volatile capital market.

Mr. Chen presented the potential transaction opportunities and M&A procedures for listed companies and financial investors to the participants of the Hong Kong University Business Leadership Class. He also shared the trends and considerations regarding Chinese companies’ cross-border M&A activities. Furthermore, Mr. Chen discussed the key considerations during the execution of U.S.-listed Chinese companies going private. Last but not least, he presented the characteristics of the debt restructuring and acquisition opportunities and summarized the roles and values provided by Houlihan Lokey as a professional financial advisor.

As a senior investment banker, Mr. Chen answered the practical questions asked by the course attendees. The participants of the Hong Kong University Business Leadership Class were impressed by Houlihan Lokey’s leading international investment banking services.


Weimin Chen, Managing Director and Head of China at Houlihan Lokey, Was Invited to Attend the 2020 London Business School China Business Forum

On April 8, 2020, Weimin Chen, Managing Director and Head of China at Houlihan Lokey, was invited to attend the China Business Forum (CBF) organized by London Business School to share the M&A opportunities for Chinese companies. Since its inception in 2012, the CBF has become one of the most influential forums focusing on China’s business development. It has been reported by CCTV, China Global Television Network (CGTN), People’s Daily Online, and Phoenix News. The forum connects the leaders of business, academia, and politics in China and Europe.

This year, the forum attracted more than 2,000 participants and was titled “From stumbling blocks to stepping-stones: China in the 2020s.” Top economists, business leaders, and governors from around the world joined together to interpret the challenges and opportunities brought by the COVID-19 pandemic to global businesses, the healthcare industry, and the economy.

Mr. Chen shared the capital market transaction track records of Houlihan Lokey. He pointed out the three major trends that were taking place: privatization of U.S.-listed Chinese stocks, Chinese companies actively buying and selling European and American assets, and restructuring accordingly under the highly volatile market condition.

Contact Us

Weimin Chen Managing Director Head of China
Weimin Chen
Brandon Gale Managing Director Head of Asia Restructuring
Brandon Gale
Tom Seward Managing Director Asia Restructuring
Tom Seward
Danmin Yan Co-Head of China Restructuring
Danmin Yan
Sophia Xia Co-Head of China Restructuring
Sophia Xia
Zi H. Cheng Director Financial and Valuation Advisory
Zi H. Cheng

Achievements

Houlihan Lokey has been consistently named the No. 1 investment bank in its class for the past 11 years. Our accomplishments reflect our commitment to creating value for our clients.

Current Rankings

No. 1 Investment Bank for Global M&A Transactions*
No. 1 Global Investment Banking Restructuring Advisor
No. 1 Global M&A Fairness Opinion Advisor Over the Past 25 Years**
No. 1 U.S. M&A Fairness Opinion Advisor Over the Past 25 Years**
No. 1 M&A Advisor for All U.S. Transactions
No. 1 Global Private Equity M&A Advisor (Source: PitchBook.com)*

 

Source: LSEG (formerly Refinitiv). (unless noted)
*Excludes accounting firms and brokers.
**Announced or completed transactions.

2023 Awards
  • Best Valuations Firm for Hard to Value Assets—With Intelligence HFM European Services Awards
  • Best Valuations Firm for Hard to Value Assets—With Intelligence HFM U.S. Services Awards
  • Best Valuations Firm for Hard to Value Assets—With Intelligence HFM Asian Services Awards
  • Best CLO Valuation Service—Creditflux 2023 CLO Census
2022 Awards
  • Restructuring Deal of the Year for Europe – Intralot—The Banker’s Deals of the Year 2022
  • Restructuring Deal of the Year for Africa – Petra Diamonds—The Banker’s Deals of the Year 2022
2021 Awards
  • Investment Bank of the Year for Restructuring—The Banker
  • Best Valuations Firm for Hard to Value Assets—HFM European Services Awards
  • Restructuring Deal of the Year for Europe – Swissport International—The Banker’s Deals of the Year 2021
  • Cross-Border Restructuring of the Year ($500 Million–$1 Billion) – Restructuring of GNC—The M&A Advisor
  • Mega Company Turnaround/Transaction of the Year – Murray Energy Holdings Co.—Turnaround Management Association
  • International Company Turnaround/Transaction of the Year – Virgin Australia Holdings Ltd.—Turnaround Management Association
  • International Company Turnaround/Transaction of the Year – Swissport International—Turnaround Management Association
  • Best Loan Restructuring House—GlobalCapital Syndicated Loan and Leveraged Finance Awards
2020 Awards
  • Best Loan Restructuring House—GlobalCapital Syndicated Loan and Leveraged Finance Awards
  • EMEA Restructuring: Virgin Atlantic—International Financing Review
  • Best Valuations Firm for Hard to Value Assets—HFM European Services Awards
  • Best Valuations Firm for Hard to Value Assets—HFM U.S. Services Awards
  • Best Valuations Firm—HFM Asia Services Awards
  • Best Valuation Service—Alt Credit European Services Awards
  • Restructuring Deal of the Year for Europe – Steinhoff International Holdings—The Banker’s Deals of the Year 2020
  • Outstanding M&A Advisory Firm (2019–2020)—Vietnam M&A Forum*

*Awarded to GCA prior to its acquisition by Houlihan Lokey

Offices

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