Cermain Cheung
Cermain Cheung Modern counsel for what you’re building.
Draft · for Cermain’s review before publishing
← Back to Get to know us

Experience · selected matters

Whatever the matter — I’ve likely sat on your side of it before.

Practising in Hong Kong since 2009, on the company and founder side throughout — M&A and venture financing, cross-border structuring, regulatory and licensing, and market entry. A selection of anonymised matters follows.

The range

Across practice areas and sectors.

Practice areas

M&A Venture capital Cross-border structuring Regulatory & licensing Market entry Corporate & commercial Founder governance & ESOP

Sectors

AI Robotics & optics Fintech & payments Logistics Consumer & e-commerce Web3 / digital assets Biotech / food-tech Property

Selected matters

Anonymised — and grouped by the kind of problem.

No client names. Figures are limited to documented matters.

01Major M&A & strategic
Deal of the Year

HKEX-listed logistics group

10+ acquisitions and JV formations over a decade; the latest acquired 30+ overseas subsidiaries at RMB 4B+ — Deal of the Year, China Business Law Journal.

USD 62.5M

PRC sportswear group

Global sports-apparel brand acquisition — diligence, deal structuring, and execution.

Largest M&A · 2022

Logistics & real-asset group

Acted on the group’s largest M&A of the year.

Strategic investment

Major China internet group

A strategic investment in Tokyo.

Acquisition

PRC wealth-management group

Acquisition of Hong Kong entities — structure, due diligence, and transaction documents.

Exit / buyout

Payments / POS company

Majority investment into the company by a Hong Kong telecom group — a founder-side exit.

Spin-off / carve-out

Innovation business unit

Spun off from a traditional professional-services firm into a standalone company.

02Cross-border & structuring
Pre-IPO · RMB 2B

Shanghai-listed company

Pre-IPO restructuring of HK operations — WFOE / VIE build-out; capital investment exceeding RMB 2B.

Joint ventures

Cross-border JVs

China–UK fashion; Japan–HK/PRC climate control; Shenzhen–Europe software.

Holding structures

HK / offshore holdcos

Cross-border structuring with HK holdcos and BVI / Cayman top-cos.

Family office

HK private family business

Structured the startup-incubation and investment arm — policy, governance, and investment-paper template.

Investment advisory

US-listed PRC internet group

Investment advisory across multiple China tech sectors.

Offshore structuring

UAS manufacturer

Offshore structuring and general corporate advice.

Notes offering

PRC property group (HK sub)

A notes offering later exchanged into Europe-listed notes.

Fund investment

Overseas venture fund

Proposed investment into a PRC consumer company — structuring, due diligence, PRC-counsel coordination.

03Regulatory, licensing & compliance
SFC compliance

Alternative-investment platform

Regulatory compliance and SFC rules advice.

Licensing

Technology company expansion

SFC and MSO licensing, among other matters.

Virtual assets

Web3 businesses

VATP licence applications and general regulatory advisory.

04Market entry into Hong Kong
PRC tech & consumer

Establishing HK operations

Leading PRC consumer, e-commerce, and tech companies — strategy, local knowledge, operational contracts.

Consumer / F&B

International brand

HK market entry and expansion.

General counsel

Korean-listed entertainment group

Multi-year general legal adviser to its HK subsidiary.

F&B franchise

Chain F&B brands

Multiple chain F&B brands — franchise design, corporate structures, and multi-outlet expansion.

05Corporate, employment & special situations
Restructuring

Co-working business

Shareholding restructuring and overseas expansion.

Employment

Listed companies & multinationals

Compliance and dispute advisory.

Special situations

Founder in distress

Advised on transferring certain investor interests to another platform — pre-dispute planning and risk management.

06Government VC
Government VC

HKSAR ITVFC

VC advisory to the Innovation and Technology Venture Fund — a past engagement.

In their words

Clients who keep coming back.

A few words from founders and operators we've worked with — from first seed rounds to ten-year relationships.

OLN has represented us on every fundraising round since our seed. Cermain and Phyllis prepare, negotiate and close every document with real efficiency — and a deep understanding of Hong Kong's investment landscape. They've given us guidance and confidence at every stage.
Stephen Founder, N-hop Fundraising
A client of ten years, and we recommend Cermain wholeheartedly. She cuts to the heart of complex commercial questions, clarifies the legal position fast, and tailors practical, risk-controlled solutions we can act on. Responsive, clear, and genuinely accountable.
Frank Ten-year client · a successful business owner in the PRC Commercial
Cermain's team is among the most professional and efficient we've worked with. They grasp what we need quickly, get straight to the point, and give clear, comprehensive, practical advice on complex issues — always responsive, always reassuring.
Claire CFO, a leading start-up (China) Commercial
Cermain has been a trusted legal partner to me and to Return Helper from day one — consistently thoughtful, responsive, and bringing real professionalism to every matter.
Roy Wan Co-founder & CEO, Return Helper Founder
Thanks to Cermain and Phyllis, our first round of financing negotiations went smoothly and efficiently. Responsive, clear and professional throughout.
Fastlight Tech Early-stage founder team Fundraising
Cermain thinks like a founder, not only a lawyer. She tells us what's worth fighting for and what isn't — and she's still our first call whenever something matters.
Andy Wong Founder, Papabo Group Founder

Shared with each client's permission. Some quotes are translated from Chinese and lightly condensed for length.

Standing

Recognised by the profession — and trusted to serve it.

Recognition
  • Deal of the YearChina Business Law Journal
  • HK Law Firm of the YearOLN · Asialaw Awards 2025
Appointments & public service
  • Chair, Women Initiative APECGlobaLaw
  • Member, Appeal PanelBasic Housing Units
  • AdjudicatorRegistration of Persons Tribunal
  • Member, Immigration TribunalSecurity Bureau
Teaching & editorial
  • Part-time Lecturer, HKU Law SchoolCommercial Contract Drafting
  • Editorial DirectorLegal Industry Review · China & HK

A matter that doesn’t fit a box?
That’s usually mine.

Whether you’re weighing an acquisition, a cross-border structure, a licence, or a market-entry plan — that’s exactly the conversation I’m happy to have.

Anonymised throughout — no client names. Figures are limited to documented matters. Illustrative of practice; not legal advice.