Clifford Chance is advising Chinese brokerage Haitong Securities Co. Ltd. on its proposed $715 million acquisition of a Chinese financial leasing business controlled by U.S. private equity firm TPG Capital.

A subsidiary of Haitong plans to buy TPG’s UT Capital Group Co. Ltd., which operates two financial leasing businesses that serve small and medium-sized companies in China. The all-cash deal will give Haitong the opportunity to diversify away from its main brokerage business.

Hong Kong partner Cherry Chan is leading the Clifford Chance team advising Haitong.

Cleary Gottlieb Steen & Hamilton Hong Kong partner Mike Preston is advising TPG, with Fangda Law serving as Chinese counsel.