OLN · Oldham, Li & Nie · In Association with Watson & Band
Curriculum Vitae · Confidential
Cermain Cheung
Curriculum Vitae

Cermain Cheung

Consultant · Corporate & Commercial
Founders, funds, and regional businesses on M&A, venture capital, and cross-border transactions — from seed rounds to multi-billion-yuan acquisitions.
Massage the relationship. Manage the risk.
Direct+852 9822 2278
Emailcermain.cheung@oln-law.com
Office+852 2868 0696

§ 01 About

Cermain has practised in Hong Kong since 2009, advising founders, funds, regional businesses, universities, and private clients on M&A, venture capital, cross-border transactions, and personal investment matters. Her practice spans seed rounds for first-time founders to multi-billion-yuan acquisitions for HKEX-listed companies — always on the company and founder side. Many of her clients she has acted for over a decade. She co-leads OLN's Startup Tech team, chairs the Women Initiative APEC of GlobaLaw, and from 2023 to 2025 lectured part-time in commercial contract drafting at HKU Law School.

"Contracts should be clear, fair, and built for real relationships — not weapons stockpiled for the day the relationship ends."

§ 02 Selected experience

M&A · Deal of the Year
Led 10+ private acquisitions and JV formations for an HKEX-listed Chinese logistics group — 10+ deals over a decade. Most recent: 30+ overseas subsidiaries at RMB 4B+, named Deal of the Year by China Business Law Journal.
Pre-IPO · WFOE / VIE
Pre-IPO restructuring of a Shanghai-listed company's Hong Kong operations — WFOE and VIE build-out, with capital investment exceeding RMB 2B.
Series C · Tech
Lead counsel on a USD 60M Series C for a Chinese knowledge-sharing platform — company-side subscription, shareholders' agreement, and SAFE-to-equity conversion.
Strategic M&A · USD 62.5M
Global sports-apparel brand acquisition for a PRC sportswear group — diligence, deal structuring, and execution.
Year of call
2009
Practising since
17 years
Position

Consultant, OLN — Corporate & Commercial

Co-Lead, Startup Tech team

Current appointments
Chair, Women Initiative APEC GlobaLaw
Editorial Director Legal Industry Review · China & HK · 2024–
Practice areas
  • Corporate & Commercial
  • Emerging Companies & VC
  • Private M&A
  • Cross-Border Investment
  • Private Client
  • Local Compliance
Sectors
AIFintechBiotechE-commerceLogisticsConsumerCryptoProptech
Languages
  • English
  • Cantonese
  • Mandarin
OLN · Cermain Cheung · Curriculum Vitae
Page 2 of 3

§ 03 Experience by area

Major M&A & strategic
Deal of the Year
10+ acquisitions and JV formations over a decade for an HKEX-listed PRC logistics group; latest acquired 30+ overseas subsidiaries at RMB 4B+ — Deal of the Year, China Business Law Journal.
Sports apparel · USD 62.5M
Global sports-apparel brand acquisition for a PRC sportswear group — diligence, deal structuring, and execution.
Largest M&A · 2022
A leading logistics & real-asset group on the group’s largest M&A of 2022.
Strategic investment
A major China internet group on a strategic investment in Tokyo.
Acquisition
A PRC wealth-management group on the acquisition of Hong Kong entities — deal structure, due diligence, and transaction documents.
Exit / buyout
A payments / POS company on the majority investment into it by a Hong Kong telecom group — a founder-side exit.
Spin-off / carve-out
Spin-off of an innovative business unit from a traditional professional-services firm into a standalone company.
Cross-border & structuring
Pre-IPO · RMB 2B
Pre-IPO restructuring of a Shanghai-listed company’s HK operations — WFOE / VIE build-out, capital investment exceeding RMB 2B.
Cross-border JVs
China–UK fashion; Japan–HK/PRC climate control; Shenzhen–Europe software.
Holding structures
Cross-border structuring with HK holdcos and BVI / Cayman top-cos.
Family office
Structured the startup-incubation and investment arm of a prominent HK private family business — policy, governance, and investment-paper template.
Investment advisory
A US-listed PRC internet group on investment advisory across multiple China tech sectors.
Offshore structuring
An unmanned-aerial-systems manufacturer — offshore structuring and general corporate advice.
Notes offering
A PRC property group’s HK subsidiary on a notes offering exchanged into Europe-listed notes.
Fund investment
An overseas venture fund on a proposed investment into a PRC consumer company — structuring, due diligence, and PRC-counsel coordination.
Venture & emerging companies
Series C · USD 60M
Lead counsel on a USD 60M Series C for a knowledge-sharing platform — subscription, SHA, and SAFE-to-equity conversion. Founder-side financing from seed through Series C across AI, fintech, and Web3.
University schemes
Appointed counsel to RAISE+ founder teams at more than one HK university, and to university Offices of Knowledge Transfer (OKT).
Founder governance
Co-founder arrangements, vesting, and ESOP design across numerous founder matters.
OLN · Cermain Cheung · Curriculum Vitae
Page 3 of 3

§ 03 Experience by area — continued

Regulatory, licensing & compliance
SFC compliance
An alternative-investment platform on regulatory compliance and SFC rules advice.
Licensing
A technology company’s business expansion — SFC and MSO licensing, among other matters.
Virtual assets
Virtual-asset / Web3 businesses — VATP licence applications and general regulatory advisory.
Market entry into Hong Kong
PRC tech & consumer
Leading PRC consumer, e-commerce, and tech companies on establishing and structuring HK operations — strategy, local knowledge, operational contracts.
Consumer / F&B
An international consumer / F&B brand on HK market entry and expansion.
F&B franchise
Multiple chain F&B brands on franchise design, corporate structures, and multi-outlet expansion.
General counsel
A Korean-listed entertainment group’s HK subsidiary — multi-year general legal adviser.
Corporate, employment & special situations
Restructuring
A co-working business — shareholding restructuring and overseas expansion.
Employment
Compliance and dispute advisory for listed companies and multinationals.
Special situations
Advised a founder in distress on transferring certain investor interests to another platform during a difficult period — pre-dispute planning and risk management.
Government VC
ITVFC · former
VC advisory to the HKSAR Innovation and Technology Venture Fund (ITVFC) — a past engagement.

§ 04 Qualifications & admissions

  • 2009
    Admitted as a Solicitor of the High Court of Hong Kong
  • 2007
    Postgraduate Certificate in Laws (PCLL), University of Hong Kong
  • 2005
    Bachelor of Laws (LLB), University of Hong Kong

§ 05 Teaching & thought leadership

  • 2023–2025
    Part-time Lecturer in Commercial Contract Drafting, University of Hong Kong Law School.
  • Ongoing
    Editorial Director, Legal Industry Review (China & Hong Kong); invited speaker on founder structuring, vesting, and the enforceability of restrictive covenants.

§ 06 Appointments, public service & recognition

Public service
  • Latest
    Member, Appeal Panel (Basic Housing Units)
  • Current
    Adjudicator, Registration of Persons Tribunal
  • Current
    Member, Immigration Tribunal (Security Bureau)
Profession & editorial
  • Current
    Chair, Women Initiative APEC — GlobaLaw
  • Current
    Member, The Law Society of Hong Kong
Industry recognition
  • China Business Law Journal — Deal of the Year
  • OLN — Hong Kong Law Firm of the Year, Asialaw Awards 2025