受国际权威法律评级机构钱伯斯(Chambers and Partners)邀请，环球律师事务所为其独家撰写《全球法律指南》系列中的《私募股权趋势与发展（2020版）》之中国篇。该指南各个国家（地区）的部分均邀请钱伯斯排行榜中该专业领域的顶级律所撰写，以简明扼要地介绍各司法辖区该专业领域法律和实务上的最新发展和趋势。

Global Law Office was invited by Chambers and Partners to contribute to the China chapter of the Chambers and Partners Global Practice Guides – Private Equity 2020 (T&D). Each country chapter has been written exclusively by Contributing Editors from firms ranked within Chambers and Partners.

此次《私募股权趋势与发展（2020版）》之中国篇由环球律师事务所合伙人郁雷、朱健飞、余峥和郭嘉律师撰写。该报告深入探讨了私募股权领域自2020年以来，特别是新冠疫情下中国地区的最新发展和趋势，包括：

• COVID-19对中国私募股权市场的影响

• 国有资本的作用

• 私募股权交易中的并购经营者集中审查

• 外商投资法的影响

• 中国PE/VC市场中S基金的出现

• 对赌条款在中国的有效性问题最新进展

• 注册制IPO新规下私募股权投资机构的退出

• A股再融资新规对PE/VC的积极影响

• 红筹架构公司获得更多的便利

The China chapter was written by Global partners including Steven Yu, Jeffrey Zhu, Liam Yu, and Jia Guo. The charter mainly discusses the latest trend and development of Private Equity in China in 2020, especially during the period of coping with COVID-19. The topics include:

• CovId-19’s impact on the Private Equity market in China

• Role of state-owned capital

• Merger clearance review in PE/ VC deals

• Impact of Foreign Investment law

• Emerging S funds in China’s PE/VC market

• Latest update on validity of the VAM clause in China

• Exit of PE/VC firms under registration-based IPO system

• Positive impacts of new refinancing rules on investors

• More convenience for companies with a red-chipstructure