Stephen Peng
彭 俊
Senior Partner
Beijing
Phone: 86-10-5706 8030
pengjun@jtnfa.com
Stephen Peng is an expert in foreign direct investment (FDI), M&A, venture capital and private
equity investment, IPO, international trade and WTO trade policy.
Stephen Peng’s practice focuses on foreign direct investment (FDI). He has advised investors
on FDI projects in China for over 10 years, representing a wide variety of clients, from major
multinational corporations, large PRC state-owned enterprises and leading private companies
to small- and medium-sized start-up companies.
Mr. Peng has an extensive practice advising clients on mergers and acquisitions, including
venture capital and private equity investment transactions. He has been actively involved in
dozens of VC and PE projects on behalf of clients such as International Data Group (IDG),
CDH VC, Sequoia Capital, SAIF Capital, Intel, Carlyle, International Finance Corp (IFC),
Singapore Vertex and Singapore OWW.
Mr. Peng also has substantial experience in restructuring and IPOs, in both the PRC and
overseas capital markets, with particular expertise in PRC regulatory practices. Mr. Peng’s
clients have been successfully listed in the US or Hong Kong or acquired by strategic
investors.
In the WTO and international trade area, Mr. Peng has represented the PRC government and
the Ministry of Commerce (MoFCOM) in WTO dispute resolution negotiations and acted as
chief defense counsel in the special safeguard investigations initiated by the US and Turkey
against textiles and apparel from China. He represented the largest Chinese pharmaceutical
producer in the first antitrust case filed in the US against Chinese companies. In addition to
representing Chinese producers in antidumping and countervailing investigations, Mr. Peng
also represents companies and associations in the US, EU and Taiwan in antidumping and
safeguard investigations initiated in China.
Representative Experience
Among the transactions on which Mr. Pang has acted as counsel are:
Venture Capital and Private Equity

Investment by IDG and Singapore Vertex Fund in the website jrj.com

Investment by IDG and several investment funds from Singapore and Germany in
Beijing Gaoweida Science and Technology Development Company

Investment by IDG in Zonbo, a film and television program maker

Investment by IDG, Intel, Hong Kong New World and Founder in LinkAir.com, raising
a US$65 million fund

Investment in the website 3721 by IDG

Investment in the website 8848 by IDG

Investment in EachNet by IDG

Investment in Chinaedu.net by IDG and McGraw-Hill

Takeover of Tong Tech by IDG and Shanghai Yongjin Investment Company

Investment by CDH in China Data, the largest commercial outsourcing company in
China

Investment by CDH in Firestone, a game software developer

Investment by CDH in REC, a customer relationship management company

Investment by CDH in YOHO, a print media company

Investment by CDH in Xueda Education Technology

Investment by CDH in Umessage, a wireless telecommunication value added
service company in China

Investment by Sequoia Capital in a insurance brokerage

Investment by Sequoia Capital in a travel company specializing in scenic tours

Investment by Sequoia Capital in a diamond sales company

Investment by Sequoia Capital in a new energy equipment producer

Investment by SAIF Capital in a coal chemical company

Investment by Singapore OWW fund in two shipping agencies in Qingdao and
Beijing

Investment by OWW in a beauty care medical institute

Investment by MIH in Tixa Internet Technology, a Internet media company

Investment by Orchid Asia fund in IT168, an online digital product information
company

Investment by Newbridge Capital and IDG in HiChina Web Solutions, China’s
largest domain registration and virtue host computer service provider

Investment in GCTech Company by Singapore Vertex and Cheung Kong
(Holdings)
Limited

Investment in Inca Co.Ltd. by Singapore Vertex

A 250-million investment in a domestic real-estate developer by Lehman Brothers
and CDH

Overseas IPOs

IPO of jrj.com on NASDAQ (completed)

IPO of ATA on NASDAQ (completed)

IPO of an IT service company on NASDAQ (quiet period)

IPO of a real estate company in Hong Kong (quiet period)

IPO of a shipping company in Hong Kong (preparation period)
International M&A and Foreign Investment

Kodak‘s US$250 million takeover of China Lucky, named one of the top 10 M&As in
2003 in China and a landmark for the takeover of assets of State-owned enterprises
by foreign investors

Takeover by Hong Kong Land of a major real estate project from Vantone Real
Estate

Takeover by SYNNEX, a NASDAQ-listed company, of HiChina Web Solutions, the
largest PRCdomain registration and virtual host computer service provider

Negotiation and establishment of a Sino-foreign joint venture value-added service
company by SK Telecom and China Union, the first Sino-foreign joint venture
enterprise to be granted a value-added telecommunications service permit following
China’s entry into the WTO

Represented SK Telecom in negotiations with Datang Telecommunications for the
establishment of a joint venture mobile phone manufacturer

Takeover by Telstra, a Australian-listed company, of Norstar (controlling IT168.COM
and CHE168.COM), one of the largest IT and auto internet advertisement provider
in China
International Trade Remedy

Anti-dumping,
Anti-subsidy,
Safeguard,
337
Investigation
and
Anti-trust
Investigations, including:

Anti-dumping investigations initiated by US against condensed apple juice, ball
bearing products, garlic, steel wire, garden fencing, wooden bedroom furniture,
warm water shrimp, honey, polyester staple fiber , from China

Anti-dumping and anti-subsidy investigations initiated by US against off-road tires
from China

Anti-subsidy investigations initiated by US against off-road tyre from China
(representing the government and enterprises to make response)

Safeguard investigation against steel and WTO dispute settlement procedure
initiated by US

Anti-dumping investigation initiated by the European Union against polyester chips
from China

Anti-dumping and anti-subsidy investigations initiated by the European Union
against shoe leather from china

Anti-dumping investigation initiated by China against Kraft Linerboard from the US
(representing American responding enterprises)

Anti-dumping investigation initiated by China against cold-rolled steel products from
the Taiwan region

Safeguards adopted by China on steel products

337 investigation initiated by the US against marker pens from China

Anti-trust investigation initiated by the US against vitamin C from China
Bilateral Trade Policies and the WTO

Representation of the Chinese government as third party participant in the case of
America suing Mexican beef and rice (DS295) and appeal

Representation of the Chinese government as third party participant in the case of
Indonesia suing Korean anti-dumping (DS312) and appeal

Representation of the Chinese government as third party participant in the case of
Korea suing Japanese seaweeds (DS323) and appeal

Representation of the Chinese government as third party participant in the case of
the US suing Korean and Turkey’s Rice (DS334) and appeal

Representation of the Chinese government as appellee in the case of America suing
Chinese publications (DS363) and appeal

Representation of the Chinese government in the safeguard investigation initiated
by the US against textiles from China

Representation of the Chinese government in the safeguard investigation initiated
by Turkey against textiles from China
Education
China Foreign Affairs University, Beijing, LLB, 1996
Graduate School of China Foreign Affairs Law School, LLM, 1999
Languages
Mandarin Chinese, English