DLA Piper has advised Yun Chen Capital Cayman, a subsidiary of Ping An, on the sale of approximately 43% of ordinary shares in Autohome to Cartech Holding Company (Cartech), a subsidiary of Haier Group. The transaction establishes Cartech as the largest shareholder of Autohome.
The deal was signed on 20 February 2025 and completed on 27 August 2025, after receiving the necessary antitrust and ODI (Overseas Direct Investment) approvals. The transaction amount being USD1.8 billion, it is one of China’s largest and most notable M&A transactions to date in 2025, highlighting the robust growth potential of the country’s technology sector.
Autohome is a leading online platform serving automobile consumers in China. Dual-listed on both the Hong Kong Stock Exchange and the New York Stock Exchange, the company leverages advanced technology to streamline decision-making and reduce transaction costs across the entire auto industry. Its platform features a comprehensive vehicle database and extensive listings, supporting the entire car ownership lifecycle with content generated by professionals, users, and AI.
The transaction was co-led by Corporate partner James Chang (Beijing) and Roy Chan (Shanghai), Senior Partner, Asia and Co-Country Managing Partner, China. They were supported on M&A aspects by of counsel Shuting Lu and consultant Hao Guo, along with consultant Zhiyuan Wu and associates Sophia Sun and Jenny Wang from Shanghai Kaiman Law Firm.
Additional legal counsel was provided by Vivian Liu, Head of Capital Markets Compliance, Greater China; Windson Li, Co-Head of Tax, Asia; and Consultant Ivy Zou. US Corporate partner Andrew Ledbetter and associate Bianca LaCaille provided US Securities Law support.
James Chang commented: “The successful completion of this transaction is a testament to the trust our clients place in us to navigate complex, high-value deals. It also highlights the depth of our China practice and our ability to work seamlessly across borders to deliver results. We are pleased to have played a role in shaping the future of China’s dynamic automobile sector.”
Roy Chan added: “As Ping An’s trusted adviser for over a quarter of century, we are deeply honored and fortunate to have participated and witnessed Ping An’s remarkable growth and development. This transaction stands as a milestone of our firm’s enduring commitment to the delivery of timely, practical and strategic advice. I look forward to continuing our partnership and supporting our valued client on many more future transactions.”