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1.28.26
Wilson Sonsini Advises Boyu Capital on $110 Million Convertible Bond Investment in Gushengtang
On January 26, 2026, Gushengtang Holdings Limited (Gushengtang) announced that it had entered into a subscription agreement with an investment vehicle of Boyu Capital for the issuance and subscription of convertible bonds of Gushengtang in the aggregate principal amount of $110 million.
Client Highlights
11.13.25
Wilson Sonsini Advises Huanxi Media on Strategic AI Cooperation with Stepfun
On November 11, 2025, Huanxi Media Group Limited announced that it has entered into a strategic framework agreement with Shanghai Stepfun Intelligent Technology Co., Ltd. to establish a joint venture aimed at leveraging artificial intelligence and large model technologies.
Client Highlights
10.28.25
Wilson Sonsini Advises WuXi AppTec on Sale of China-Based Clinical Research Services Business to Hillhouse
On October 24, 2025, WuXi AppTec Co., Ltd. (WuXi AppTec), a leading global provider of R&D and manufacturing-enabling services in the pharmaceutical, biotechnology, and medical device industries, announced that its wholly owned subsidiary has entered into a sale and purchase agreement to sell its two subsidiaries, WuXi Clinical Development Services (Shanghai) Co., Ltd. (WuXi Clinical) and WuXi MedKey Med-Tech Development (Shanghai) Co., Ltd. (WuXi MedKey), to Hillhouse Investment Management (Hillhouse), one of the world’s leading global private asset managers focusing on sectors such as healthcare, manufacturing, green energy, hard technology, and consumer technology. WuXi Clinical and WuXi MedKey are the operating entities of WuXi AppTec engaged in China-based clinical research services.
Wilson Sonsini Goodrich & Rosati advised WuXi AppTec on the transaction. The Wilson Sonsini team includes:
Wilson Sonsini Goodrich & Rosati advised WuXi AppTec on the transaction. The Wilson Sonsini team includes:
Client Highlights
3.17.25
Wilson Sonsini Advises Warburg Pincus on Stake Increase in United Family Healthcare
On March 13, 2025, United Family Healthcare (UFH), a leading high-end private healthcare services company in China, announced that Warburg Pincus, a global private equity investment leader, would further increase its stake in UFH. Upon completion of the transaction, Warburg Pincus will become a significant shareholder of UFH and secure a seat on the board of directors, and Fosun Pharma will exit from UFH.
Client Highlights
12.03.24
Wilson Sonsini Advises 6 Dimensions and Its Portfolio VFLO Medical on Joint Venture with Inari Medical in Greater China
On December 2, 2024, Inari Medical, Inc. (Inari), a medical device company, announced it has entered into a joint venture with 6 Dimensions Capital (6 Dimensions) and its successor fund 120 Capital, and VFLO Medical (VFLO), a medical device platform incubated by 6 Dimensions and 120 Capital, to provide access to Inari’s innovative technology for patients with significant unmet needs in Greater China. On December 3, 2024, VFLO Medical also announced the strategic cooperation with Inari as well as its $80 million Series B financing with participation from 6 Dimensions, 120 Capital, and certain other investors.
Client Highlights
4.17.24
Firm Advises Investors on D3 Bio’s $62 Million Series A+ Financing
On April 8, 2024, D3 Bio, Inc., a globally orientated, clinical-stage biotechnology company that focuses on the discovery, development, and registration of new medicines in oncology and immunology, announced its closing of a $62 million Series A+ financing. The financing was led by Medicxi, a leading European life sciences investment firm, with participation by existing investors Matrix Partners China and WuXi AppTec’s corporate venture fund. The funding will be allocated to expedite the development of D3 Bio’s assets through preclinical and clinical stages, with a particular focus on accelerating the global clinical trial of D3S-001, a new generation small molecule KRAS G12C inhibitor with the best-in-class potential. D3S-001 is currently in Phase II development in non-small cell lung cancer, colorectal cancer, and pancreatic cancer.
Wilson Sonsini advised existing investors, including Matrix Partners China and WuXi AppTec’s corporate venture fund, on this transaction. The Wilson Sonsini team was led by partner Jie Zhu, and included Jill Sheng, Xuchao Dong, and Yang Liao.
Wilson Sonsini advised existing investors, including Matrix Partners China and WuXi AppTec’s corporate venture fund, on this transaction. The Wilson Sonsini team was led by partner Jie Zhu, and included Jill Sheng, Xuchao Dong, and Yang Liao.
Client Highlights
3.27.24
Wilson Sonsini Advises Boyu Capital in Connection with US$587 Million Series A Investment in GDS International
On March 26, 2024, GDS Holdings Limited (GDSH), a leading developer and operator of high-performance data centers in China and South East Asia, announced that its wholly-owned subsidiary, DigitalLand Holdings Limited, or GDS International, that acts as the holding company for GDSH’s international data center assets and operations, has entered into definitive agreements for certain private equity investors, including Boyu Capital, to subscribe for US$587 million of Series A convertible preferred shares newly issued by GDS International. Wilson Sonsini Goodrich & Rosati represented Boyu Capital in connection with the transaction.
Client Highlights
11.09.23
Wilson Sonsini Advises Celest Therapeutics on Strategic Collaboration with Senti Biosciences
On November 6, 2023, Celest Therapeutics, a China-based biotechnology company focused on developing intelligent CAR-immune cell therapy for treatment of challenging solid tumors, and Senti Biosciences announced a new strategic collaboration for the clinical development of SENTI-301A to treat solid tumors in China. Celest will lead clinical development, operations, and manufacturing for the advancement of SENTI-301A and Senti Biosciences will be eligible to receive up to $156 million in certain milestone payments, in addition to potential tiered royalty payments.
Client Highlights
10.31.23
Wilson Sonsini Advises Lumentum on $750 Million Acquisition of Cloud Light
On October 30, 2023, Lumentum Holdings (Lumentum) and Cloud Light Technology Limited (Cloud Light) announced that they have entered into a definitive agreement under which Lumentum will acquire Cloud Light with a transaction value of approximately $750 million, subject to certain adjustments. At the time of closing, transaction consideration will be paid in cash and the assumption and substitution of outstanding unvested Cloud Light options. The transaction has been unanimously approved by the boards of directors of both companies and by Cloud Light’s shareholders. Lumentum intends to finance the transaction through cash from its balance sheet. The transaction is expected to close by the end of calendar 2023, subject to receipt of regulatory approvals and other customary closing conditions.
Client Highlights
8.02.23
Wilson Sonsini Advises Boyu Capital on Quasar Medical Acquisition
On July 31, 2023, The Longreach Group announced that it had, together with the founder family minority shareholders, completed the sale of all the issued and outstanding shares in Quasar Medical to funds managed by Boyu Capital. The deal value was not disclosed. Wilson Sonsini Goodrich & Rosati represented Boyu Capital in this acquisition.
Client Highlights
7.24.23
Wilson Sonsini Advises Michael Li on Harris Ownership Group’s $6.05B Acquisition of the Washington Commanders
On July 21, 2023, a partnership led by Josh Harris announced the closing of its $6.05 billion acquisition of the Washington Commanders pursuant to the sale and purchase agreement entered into on May 12, 2023. The Harris group’s ownership was approved by the NFL at a league meeting on July 20, 2023.
Client Highlights
5.15.23
Wilson Sonsini Advises Michael Li on Acquisition of the Washington Commanders
On May 12, 2023, the Washington Commanders and a partnership led by Josh Harris jointly announced that they have entered into a purchase and sale agreement, pursuant to which Harris and partners shall acquire the Washington Commanders from the Snyder family. The agreement is subject to NFL approval as well as the satisfaction of customary closing conditions.