JunHe, acting as the PRC legal counsel for the Cjia Group, recently advised the company in its recent series A financing of nearly US$300 million.
Cjia Group, since its incorporation in 2015, has been a key component of the Huazhu Group in the non-standard accommodation sector. It has developed three major product lines consisting of apartments, hotels and services. It also has eight other brands, made up of Yuansu (员宿), Cjia Apartments (城家公寓), Cjia Prime Aparthotels (城家高级公寓), Cjia Selected Apartments (城家精选公寓), Citadines Aparthotels (馨乐庭公寓酒店), CitiGO House and Cjia Luxe Apartments (城家奢华公寓). Of these eight brands, CitiGO House has the highest surface efficiency in the market and represents a fun lifestyle. With more than 100 properties and over 20,000 rooms, Cjia Group has become a veritable leading operator of apartments and accommodation in China.
Boyu Capital was the lead investor in this round of financing, and a group of reputable domestic and overseas institutions consisting of Yunfeng Capital, Huazhu Group, Ascott and CCB International, were the co-investors. China Renaissance acted as the sole financial advisor in connection with this round of financing. This round of financing by Cjia Group was a record-breaking amount for any single round of financing among domestic centralized operators of long-term rental apartments.
JunHe provided legal services to Cjia Group, which consisted of drafting, reviewing, revising and negotiating the relevant transaction documents. JunHe also advised on the closing of the transaction, and gained much appreciation from the parties in the transactions with its timely and efficient work.
Our leading partners on this project are Ms. Xie Zheng and Mr. Tao Xudong.