Li He
  1. Partner

Mr. He is a partner of Davis Polk & Wardwell LLP and practices in the Corporate Department. He has extensive experiences in capital markets transactions, mergers and acquisitions, private equity investments and other general corporate matters. He has represented the leading China-based companies, global investment banks and well-recognized private equity funds. He has advised many of the fast-growing Chinese technology and healthcare companies (such as Meituan, Qunar, iQiyi, iKang). He has also led the execution of the most significant cross-border transactions by Chinese state-owned enterprises in the last decade, including the restructurings and IPOs of Agricultural Bank of China (ABC) and Industrial & Commercial Bank of China (ICBC), each was the world’s largest-ever IPO at the time of listing.

Mr. He is well-recognized as a leading U.S. lawyer practicing in Greater China and has received numerous honors. He was recognized as the "International Dealmaker of the Year" by China Law & Practice. He was also elected by clients as one of the "Top 20 Lawyers in China" for “his deep insights, outstanding skills, and extensive experience,” according to Asian Legal Business.

Work Highlights

U.S. IPOs and Follow-on Offerings
  • X Financial
  • Cango Inc.
  • Uxin
  • Puxin
  • iQIYI
  • Sunlands
  • Sogou
  • Zai Lab
  • Yintech
  • BeiGene – “Deal of the Year” by Asia Business Law Journal (2016)
  • Xunlei
  • – “Deal of the Year” by Asian-MENA Counsel (2014)
  • Cheetah Mobile
  • iKang
  • Qunar
  • Taomee Holdings 
  • 21 Vianet
  • Xueda Education 
  • ChinaCache
  • China Lodging (Hanting) 
  • Yingli Green Energy
  • AirMedia Group
  • Neoware
  • NICE-Systems
  • Aventine Renewable Energy
  • Gasco Energy
  • Vimicro International Corporation
  • Health Management Associates
Hong Kong IPOs
  • Meituan Dianping
  • Hope Education Group
  • 51 Credit Card
  • Liepin
  • Ping An Healthcare and Technology Company Limited 
  • CSC Financial
  • Postal Savings Bank of China – the world’s largest IPO since 2014; “Equity Deal of the Year” by IFLR (2017); “Equity Market Deal of the Year” by Asian Legal Business (2017) and “Deal of the Year” by Asian-MENA Counsel (2016)
  • Yihai International
  • China Development Bank Financial Leasing
  • Orient Securities
  • China International Capital Corporation (CICC) – “Hong Kong Equity Issue of the Year” by IFR Asia (2015)
  • Legend Holdings Corporation
  • Red Star Macalline Group
  • 3S Bio Inc.
  • Linekong Interactive Co., Ltd.
  • CAR Inc.
  • Qingdao Port
  • China Everbright Bank – the largest Chinese company IPO in 2013
  • China Cinda Asset Management – the first IPO of one of the four biggest state-owned asset management companies; “Legal Innovation in an IPO” by Financial Times (2014) and “Equity Deal of the Year” by China Law & Practice (2014)
  • Forgame Holdings Limited
  • China Galaxy Securities Co. Ltd.
  • People's Insurance Company (Group) of China (PICC) – the largest Chinese company IPO in 2011 and 2012; “Equity Deal of the Year” by IFLR (2013), ALB (2013) China Law & Practice (2013)
  • China Nonferrous Mining Corporation Limited (CNMC)
  • New China Life Insurance Company (NCI)
  • Sunac
  • Agricultural Bank of China (ABC) – the world’s largest-ever IPO at the time of listing – “Best China Deal” by  FinanceAsia (2010)
  • Longfor Properties
  • Metallurgical Corporation of China (MCC)
  • SinoMedia
  • Industrial & Commercial Bank of China (ICBC) – the world’s largest-ever IPO at the time of listing; A+H shares offering in Hong Kong and Shanghai for the first time in history
  • Air China
Other Capital Markets Transactions (Share and Debt OFFERINGS)
  • China Reinsurance (Group) Corporation on its debut $800 million notes offering
  • China Cinda on its placing of new H shares to COSCO SHIPPING Financial Holdings
  • Wuxi Construction and Development Investment Company on its $300 million guaranteed bond offering
  • Zhejiang Geely on its $400 million credit enhanced green bond offering – “Securities Deal of the Year: Debt” by Asia Legal Awards (2017) and “Best Corporate Green Bond” by Asset (2016)
  • CAR inc. on its $300 million notes offering and $500 million senior notes offering
  • China Three Gorges on its $700 million and €700 million guaranteed notes offerings
  • ICBC on its $10 billion medium-term notes program establishment and $2.25 billion notes takedown offering
  • China Cinda Asset Management on its $1.5 billion guaranteed senior notes offering
  • China Oilfield Services Limited on its HK$5884 million primary H shares placing
  • CNOOC Limited on its $4 Billion SEC-registered guaranteed notes offering – “Best Debt Deal of the Year” by  ALB (2012)
  • China Longyuan $375 million share placing
  • The initial purchasers in connection with the $500 million Regulation S offering by Sinopec Group Overseas Development Limited
  • The initial purchasers in connection with the $3 billion senior notes offering by Sinopec Group Overseas Development Limited
Private Equity and M&A
  • iKang Healthcare on its acquisition by Yunfeng Capital and Alibaba
  • Tongcheng in connection with its combination with E-dragon
  • China Vanke on its participation in the $11.6 billion acquisition of Global Logistics Properties
  • iQIYI's $1.53 billion convertible notes financing
  • IDG Capital, together with China Oceanwide on its acquisition of International Data Group
  • China Cinda Asset Management on its $8.7 billion acquisition of Nanyang Commercial Bank – “Best FIG Deal” by  FinanceAsia (2016); “Deal of the Year” by Asian-Mena Counsel (2016)
  • Huatai Securities' acquisition of AssetMark – “M&A Deal of the Year” by IFLR (2017)
  • UCAR Technology Inc. on its acquisition of an interest in CAR Inc.
  • Postal Savings Bank of China's $7 billion sale of shares to strategic investors
  • Meituan's strategic cooperation with Dianping – “Best China Deal” by FinanceAsia (2015)
  • UCar's issuance of preferred shares to Warburg Pincus and CAR
  • IDG Capital Partners on its investment in SouFun
  • iQIYI’s issuance of $400 million Series F preferred shares to Baidu and Xiaomi
  • iKang’s issuance of $100 million shares to GS and GIC
  • Acquisition of Mueller Water Products by Walter Industries
  • Restructuring of the portfolio companies of Trust Bridge Partners
  • Issuance of convertible notes by China Time Share Media


Mr. He is recognized as a leading lawyer in various industry publications:

Professional History

  • Davis Polk and Wardwell LLP since 2003

Bar Admissions

  • State of New York
  • Beijing Ministry of Justice - Registered
  • Hong Kong Law Society - Registered


  • B.A., Literature, Peking University, 1995
  • M.A., Asian Studies, UC Berkeley, 1999
  • J.D., Yale Law School, 2003
    • Editor, Yale Journal of International Law


  • Mandarin
  • English