DLA Piper and Clifford Chance advised on Ping An/Yun Chen Capital’s sale of 43% of Autohome to Cartech (Haier Group).
Autohome provides occupationally-generated, professionally-generated, user-generated content, and AI-generated content, a comprehensive automobile library, and extensive automobile listing information to automobile consumers, covering the entire car purchase and ownership cycle.
Founded in 1984, Haier is a global provider of better life and digital transformation solutions.
DLA Piper advised Yun Chen Capital Cayman, a Ping An subsidiary, on the sale of 43% of Autohome’s ordinary shares to Cartech, a Haier Group company. The transaction amount being USD1.8 billion, it is one of China’s largest and most notable M&A transactions to date in 2025.
The transaction team was co-led by Corporate partner James Chang and Roy Chan, Senior Partner, Asia and Co-Country Managing Partner, China.
Clifford Chance has advised Cartech Holding Company, a subsidiary of Haier Group Corporation, on the global antitrust filings for its acquisition of Autohome Inc.’s ordinary shares from Yun Chen Capital Cayman, a subsidiary of Ping An Insurance (Group) Company of China, Ltd., for approximately US$1.8 billion. Following completion of the transaction, Cartech Holding Company has become the controlling shareholder of Autohome, holding approximately 43.0% of the shares of Autohome (based on the issued and outstanding shares of Autohome as of June 30, 2025).
Lead Partner Yong Bai was supported by counsel Dayu Man in Hong Kong, senior associate Michael Yan, and associate Ziwen Wang in Beijing. The transaction also involves local counsel from other jurisdictions.
The firm’s antitrust team regularly advises on major M&A transactions, including Haier on its acquisition of controlling stake in Shanghai STEP and Haier Smart Home for its acquisition of Carrier’s Commercial Refrigeration business, which involves the first ever merger filing made by a Chinese company before the European Commission under the Foreign Subsidies Regulation regime.
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