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JunHe Advises Carlyle on the Sale of its Entire Stake in McDonald’s China Business


In November 2023, The Carlyle Group (NASDAQ: CG, “Carlyle”) announced that McDonald’s Corporation had agreed to acquire all of the 28% equity interest held by Carlyle in the strategic partnership that operates and manages McDonald’s business in mainland China, Hong Kong and Macau. Upon completion, McDonald’s stake increased to 48% and the transaction closed in January 2024. JunHe is a long-term legal service partner of Carlyle and Golden Arches China (formerly known as “McDonald’s China”), and acted as the sole PRC legal counsel to Carlyle in this project.

Carlyle is a global investment firm with industry expertise that deploys private capital across three business segments: Global Private Equity, Global Credit and Global Investment Solutions. As of September 30, 2023, it had assets under management of $382 billion.

McDonald’s (NYSE: MCD) is the world’s leading global food service retailer with over 40,000 locations in more than 100 countries. Currently it has more than 5,500 restaurants in China.

Acting on behalf of Carlyle, JunHe conducted the sell-side due diligence, provided legal counseling services, and assisted with the antitrust notification. The in-depth legal analysis and comprehensive support provided by JunHe’s team at each stage of this project facilitated the successful contract execution and the approval by the Chinese government. JunHe’s Shanghai and Hong Kong offices worked closely to leverage their expertise in the laws of mainland China and Hong Kong and provided cross-jurisdictional legal services seamlessly and efficiently to the client. JunHe’s Beijing office also provided support for the antitrust notification.

The JunHe team was led by partners ZHOU, Hui (Nelson), HE, Kan (Daniel), Phyllis Xu and SUN, Zhen (Lily). JunHe partners Yung Yung Janet Hui and YANG, Chen provided great support for the antitrust notification in China.

JunHe is the only Chinese law firm to be admitted as a member of Lex Mundi and Multilaw, two international networks of independent law firms. JunHe and selected top law firms in major European and Asian jurisdictions are “best friends.” Through these connections, we provide high quality legal services to clients doing business throughout the world.
As the first carbon neutrality fund sponsored by a law firm in China, the BAF Carbon Neutrality Special Fund was jointly established by JunHe and the Beijing Afforestation Foundation (BAF) to promote carbon neutral initiatives, and encourage social collaboration based on the public fundraising platform to mobilize engagement in public welfare campaigns.