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Clifford Chance

Clifford Chance
Liu Fang

Liu Fang


Liu Fang

Fang Liu focuses on both securities offerings and mergers and acquisitions.

He represents issuers and global investment banks in Hong Kong IPOs, SEC-registered offerings, share placements as well as Rule 144A and Reg. S bond offerings. He also advises PRC state-owned and private companies, multinationals and private equity firms on China inbound and outbound acquisitions, investments, dispositions and related financings. His deal experience extends across a wide variety of industry sectors, including technology, new energy, healthcare/consumer goods and financial services.


  • Technology: Black Sesame (proposed 18C), RoboSense, SenseTime, AInnovation, UniSound (proposed), Chenqi Technology (proposed), Mobvoi, Zhihu, Bilibili, Kuaishou, Archosaur Games,, China Literature, Huifu Payment, Xiaomi, iDreamSky, Maoyan Entertainment, Huitongda Network, Linmon Media, JF Wealth,, SF Intra-City Industrial, Youzan, SF Holding (proposed), Secoo, China Digital TV, Qiniu Limited (proposed)
  • New energy: CALB, Tianqi Lithium, Leapmotor, Xinte Energy, CGN Power, Datang Environmental Technology, Solarfun, Gotion High Tech, LONGi (proposed), Aiko Solar (proposed), Hangzhou First Applied (proposed)
  • Healthcare/consumer goods: Sirnaomics (18A), Lepu Biopharma (18A), Harbour BioMed (18A), Ascentage Pharma (18A), Jiangsu Recbio Technology (18A), Zylox-Tonbridge Medical (18A), MicroTech Medical (18A), Giant Biogene, Neusoft Xikang, Adicon, Beauty Farm, Sipai Health Technology, Medlive Technology, SciClone Pharmaceuticals, Hygeia Healthcare, Hansoh Pharmaceutical, Ping An Good Doctor, Dingdang Health, Arrail Group, Hospital Corporation of China, CR Pharmaceutical, PW MedTech, Shanghai Pharmaceuticals, China Isotope & Radiation, Phoenix Healthcare Group, Yisheng Biopharma (proposed 18A), Advaccine Biopharmaceuticals (proposed 18A), I-Mab Biopharma (proposed 18A), Cali Biosciences (proposed 18A), Shenzhen Edge Medical (proposed 18A), HeMo Bioengineering (proposed 18A), Infervision (proposed 18A), WeDoctor (proposed), IMEiK (proposed), Mindray Medical, Genetron Health, Lepu Medical, JS Global Lifestyle, Nongfu Spring, Budweiser Brewing Company APAC, Haidilao, Xiaomi, Weilong Delicious, Chongqing Hongjiu Fruit, China Shengmu Organic Milk, Sichuan Baicha Baidao, Kayou (proposed), Qingdao Haier
  • Financial services: Bank of China, Postal Savings Bank of China, China Minsheng Bank, Huishang Bank, Shenwan Hongyuan, China Merchants Securities, Dongguan Rural Commercial Bank, GF Securities, Sunshine Insurance, JF Wealth, Bank of Guizhou, CDB Leasing, Qingdao Bank, Luzheng Futures, Hanhua Financial Holding, Harbin Bank, Bank of Chongqing, OneConnect Financial Technology, Futu Securities International


  • China Post Life's 24.99% stake sale to AIA for US$1.86 billion; Sensetime's Series B equity financing; IFC's US$300 million investment in Postal Savings Bank of China; co-investments in acquisition consortiums for WuXi Pharma-Tech, Omnivision and PizzaExpress; US$500 million asset disposition by NYSE-listed China Digital TV; Khazanah's investment in Huarong; US$1.5 billion acquisition by COFCO and HOPU of Noble Agriculture; US$1.6 billion investments by UBS and others in Cinda; BGP's investment in and joint venture with Nasdaq-listed ION Geophysical; US$3 billion acquisition by Huaneng Group of Tuas Power; and US$5 billion investments by RBS and others in Bank of China

Bond offerings and others

  • Cinda (AT1), Minsheng Bank (AT1), Huishang Bank (AT1), Union Life, Yangtze Power (exchangeable bond), Agricultural Bank of China (green bond), China Construction Bank (AT1), China Life (CT2), Finance Street, China Three Gorges, State Grid Int'l, Bank of China (AT1 and T2), Sichuan Development Holding, CRCC (perpetual), PKU Founder, Nippon Life (regulatory capital) and Datang Power (convertible bond), China Pacific Insurance (share placement), CNOOC (share placement), PetroChina (share placement), Huaneng Power Int'l (share placement)

News and client work

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Contact details

Career and qualifications

  • Peking University (LL.B) 1998
  • Stanford University (LL.M) 2004
  • Admitted to the New York bar 2005
  • Admitted as a solicitor in Hong Kong 2012
  • Admitted to the PRC bar 1999 (currently inactive)
  • Sullivan & Cromwell (2004 to 2013)
  • Joined Clifford Chance 2013
  • Partner since 2014

Awards and citations

  • “He excels in client service, displaying a high level of sophistication in his legal expertise and demonstrating exceptional commercial awareness and vision. His commitment to client satisfaction, strategic thinking, and ability to navigate complex legal and commercial landscapes make him a highly valuable asset.”
    Chambers Greater China Region 2024: Capital Markets – Equity: Leading Individual
  • Leading Individuals
    Legal 500 – Hong Kong Capital Markets (Equity) – 2024
  • Dealmaker of The Year
    ALB Hong Kong Law Awards 2019
  • Asia's Top 10 TMT Legal Advisor
    TMT Finance 2018
  • Top 50 TMT Dealmaker
    TMT Finance 2018
  • Dealmaker of The Year – International
    ALB China Law Awards 2017