AllBright Law Offices
With integrated management headquartered in Shanghai, AllBright Law Offices is among the largest full-service Chinese law firms. It has branch offices in 29 cities that house more than 3,500 lawyers.
AllBright has built itself a good reputation in transactional law. The firm is well versed in a range of matters including IPOs, debt equity swaps, M&A, private equity, investment funds, banking, restructuring and insolvency, PPPs and asset securitisation.
In the banking and finance sector, the firm advised Tianjin Trust in the innovative Xinsheng No.1 Service Trust Project, pioneering market-oriented restructuring services in Tianjin and potentially setting a national precedent.
In debt capital markets, the firm facilitated the issuance of several bonds and REITs, including billion RMB-level deals. Particularly noteworthy was the successful service provided to Suzhou SND Group in issuing the first dual institution certified sustainable development bond in Jiangsu.
Bank of East Asia, Logan Group, State Grid, Shanghai Lujiazui Group, and Haitong Unitrust International Financial Leasing.
AnJie Broad Law Firm
Headquartered in Beijing, AnJie Broad Law Firm provides full legal services in transactional law and is strong in financial legal services related to the insurance industry.
Highlights
The firm has experience in domestic and foreign M&A, foreign direct investment, real estate and construction projects, financial leasing, infrastructure, banking and finance, overseas investment, capital markets, private equity and venture capital.
In the M&A sector, the firm advised Ningbo Huaxiang Electronic Co. on its acquisition of the China operations of Luxembourg-based International Automotive Components Group. This complex transaction involved sellers from three foreign entities and six domestic target companies across multiple jurisdictions, including wholly owned subsidiaries, a joint venture, and their respective branches. The legal team successfully navigated the intricacies of this deal by efficiently conducting due diligence under tight deadlines, creatively structuring the transaction, and managing the closing arrangements.
The firm also assisted Yinchuan Shengrong Investment in establishing a joint venture with American Lycra Company, known as the Yinchuan Spandex Project. This initiative revitalised local assets, unlocked the market potential of Yinchuan's non-performing assets, and significantly enhanced the efficiency of state-owned asset utilisation. By resolving historical burdens associated with underutilised assets from previous transactions, the project is poised to have a profound impact on local economic and social development. Scheduled to commence operations in August 2025, the project is expected to create between 300 to 500 local jobs and generate an annual tax revenue of RMB 100 million (US$14 million), thereby contributing to the local economy's prosperity.
Key clients
CICC Capital, CITIC Securities, Sinopec, PetroChina, Sequoia Capital, Hillhouse Capital, and Ping An Group.
Chance Bridge Law Firm
Founded in 2011, Chance Bridge Law Firm currently has four offices in Beijing, Shanghai, Shenzhen and Haikou, and there are nearly 100 professionals in the firm.
The firm’s core strengths include capital markets, financial markets, corporate and international trade, and compliance.
In 2022, Chance Bridge Law Firm completed Gansu-based Jinhui Mining’s listing in Shanghai. This company was the first enterprise in Gansu province listed on the main board of Shanghai Stock Exchange in the past five years. The team also advised data acquisition equipment manufacturer and distributor Seuic Technologies’ IPO on the Star Market, which involved the changes of rights of state-owned properties as one of the shareholders was a well-known public university.
Also, the team assisted China National Railway Group Corporation’s subsidiary Haoji Railway on a RMB 9 billion (US$1.27 billion) corporate bonds non-public offering. The funds raised will repay bank loans for the construction of Haoji Railway. Haoji Railway is the first north-south railway in China that is dedicated to coal.
Last year, the team assisted a real estate company in exiting a logistics company’s bankruptcy project as an investor. Due to significant policy changes, the restructuring of the logistics company was difficult to implement. Facing pressure from the creditors of the logistics company, the bankruptcy administrator and the lending banks, and potential legal risks, the real estate company decided to quit the project.
The firm also provided legal services for a few top-notch securities companies, trusts and banks.
Xiamen International Bank, China Construction Bank, China Minsheng Bank, Industrial Bank, CITIC Securities, China Chengtong Holdings Group, Huarong Capital Management, and China Industrial International Trust.
Commerce & Finance Law Offices
Founded in 1992, Commerce & Finance Law Offices is active in key areas of transactional law, especially in the overseas capital markets. Headquartered in Beijing, the firm also has branch offices in Shanghai and Shenzhen.
Commerce & Finance’s core practice areas cover securities, investment, banking and finance, and M&A. It has a traditionally strong IPO practice and is recognised as a market leader in this area. The firm has participated in many landmark listings and reorganisations of state-owned and private enterprises.
The firm provided legal services on various significant bond issuances, including advising the People's Government of Guizhou Province on a special bond issuance by the Agricultural Bank of China Guizhou Branch, assisting Taiwan Cement Corporation in issuing its first international green equity-linked securities, and advising China Xiongan Group on a public offering of green corporate bonds.
Throughout the research cycle, the firm garnered positive peer feedback for their expertise in the overseas IPO market and proficiency in domestic capital markets, highlighted by their completion of notable deals such as the groundbreaking HKD 120 billion (US$15.36 billion) listing of J&T Express in Hong Kong, marking the first IPO project in the logistics sector in Hong Kong with a Weighted Voting Rights structure in 2023.
NIO, China Energy Engineering, Ningbo Zhoushan Port, Guizhou Branch of Agricultural Bank of China, Yunnan Branch of Agricultural Bank of China, Export-Import Bank of China, ICBC, Chengdu Branch of Agricultural Bank of China, Bocom Financial Asset Investment, and International Alliance Financial Leasing.
Dacheng Law Offices
Dacheng Law Offices has 51 offices across China, including in Beijing, Shanghai, Chongqing, Guangzhou, Hangzhou and Shenzhen.
The firm is strongest in private equity and investment funds and has a highly active restructuring and capital markets structured finance and securitisation practice. Its capital markets practice has had a mixture of Hong Kong IPO and bond work, including corporate and convertible issuances. The firm is also recognised for its M&A, project development and banking work.
Dacheng Law Offices facilitated a fixed asset syndicated loan and standby loan project valued at around RMB 44.8 billion (US$6.4 billion) for Sabic Fujian Petrochemicals Co., a joint venture between the international giant Saudi Basic Industries Corporation and the Chinese party, Fujian Energy and Petrochemical Group. In this deal, Dacheng Law Offices represented more than 10 banks.
The firm advised clients in both domestic and overseas IPOs in recent years. It acted as the PRC counsel of Guangzhou Zhongxu Future Technology Co. in completing its Hong Kong IPO; assisted Ningbo Heli Technology Co. in its private placement, and represented Chongqing Spring Technology in its listing on the New Third Board as the first listed enterprise in Chongqing applying the “Chongqing Stock Connect” green channel mechanism.
PayPal, China Construction Bank, Industrial and Commercial Bank of China, Bank of China, HSBC, BNP Paribas, Ningbo Communications Investment, Zhejiang Linyang Real Estate Development, and Zhongdu Holding Collection Association.
"Dacheng Law Firm assigned Lawyer Hanlin Wang to lead and coordinate the work. He demonstrated significant strengths and benefits in terms of professional capability, work attitude, responsiveness, and delivery of results, receiving consistent praise from our company and other intermediaries."
“Their real estate team is top-notch in structuring deals and navigating planning and zoning. The firm has serious clout with local authorities. The legal team led by lawyer Chang is highly experienced in the field of energy and construction.”
“For financing large-scale energy infrastructure, Dacheng's project finance and construction expertise is vital. They drafted bulletproof EPC and O&M agreements protecting our investment. Their ability to coordinate specialist teams (tax, environment) is impressive.”
“Dacheng's counsel on our acquisition of a real estate project of a racing court was first-rate. Their due diligence on the target's situation was exceptionally thorough. The firm's ability to mobilize specialized resources for technical site assessments and PPA reviews significantly strengthened our position.”
"Lawyer and her team possess extensive project experience and unique insights in investment, financing, funds, insurance, and infrastructure. They deliver high-quality legal services for cross-disciplinary projects, with a sharp ability to identify and effectively resolve compliance issues and risks. Their strong professional skills enable them to propose creative project solutions, making them a rare and high-quality legal team."
Dacheng law office is a very sophisticated lawyer whose expertise is contributing to a complex energy project. She managed the M&A contract negotiations and grid connection agreements flawlessly. She understands the investor perspective and finds practical solutions to keep projects bankable.
“Qing Chang acted as lead counsel with exemplary precision and strategic foresight. Her ability to identify critical regulatory limitations early, particularly concerning grid connection rights and relevant matters within the target portfolio, constructing the transaction within the frame of the laws and regulations. Her negotiation tactics secured highly favourable terms during the final SPA adjustments. We particularly valued her calm authority under tight deadlines.
“As lead partner, lawyer Qing Chang masterfully navigated the complexities of acquiring an early-stage development platform. Her foresight in structuring contingent consideration linked to permitting milestones in the execution of the agreement aligned perfectly with our risk control policy. She skilfully managed negotiations between us and the opposing party by reasonably illustrating the cons and pros of the project.”
"Lawyer Hanlin Wang has particular expertise in providing legal services for companies in capital markets, equity investment and financing, and other non-litigation matters."
"Lawyer Huazhen Huang delivers exceptionally high-quality legal services. Firstly, she possesses superb professional skills and extensive project experience, enabling her to quickly grasp project specifics and accurately identify legal risks. Secondly, she has outstanding research and innovation capabilities, excels at balancing the needs of various parties, and creatively designs tailored transaction structures to achieve win-win outcomes. Finally, she is frequently invite
d as a speaker or guest to forums and exchanges in specialized fields such as investment, financing, funds, insurance, and infrastructure, where her expertise is widely recognized by the industry."
"Lawyer Xuanyuan Huang has provided excellent legal services to our company. He is very familiar with our business and investment sectors, possesses solid legal expertise, and demonstrates excellent professional ability. He is meticulous, responsible, provides timely and clear feedback, and can accurately and efficiently resolve our legal issues. He is an outstanding lawyer."
DeHeng Law Offices
Headquartered in Beijing, DeHeng Law Offices is a full-service PRC law firm that has 50 offices in and outside China.
The firm is regarded for its work in M&A, capital markets and banking.
Last year, the firm was actively performing in debt capital markets. It advised China Resources Beer (Holdings) Company on the successful registration of RMB 4 billion (US$565 million) commercial papers and RMB 8 billion medium-term notes in NAFMII (Panda bonds), advised Zhuhai Huafa on RMB 500 million offshore bonds issue and Huatai Security issued US $800 million bonds.
China CITIC Bank International, Export-Import Bank of China, BOCOM International Universal Investment, HSBC, China Gold, and Qingdao Sifang Rolling Stock Research Institute.
East & Concord Partners
East & Concord Partners
is a full-service law firm in China covering over 20 practice areas. The firm is headquartered in Beijing, with offices in Shanghai, Shenzhen, Wuhan and Hangzhou.
East & Concord specialises in banking and finance, and capital markets. In the research period, the firm showed a deep understanding of fast-growing industries such as healthcare, sports and data protection. The firm has been involved in several M&A projects in the pharmaceutical and health industry.
In 2022, the firm advised China CITIC Bank on launching equity refinancing projects by placing shares to original shareholders in China and Hong Kong.
In one highlighted case, the firm established Huaxia Wealth, which is the first commercial bank wealth management subsidiary registered in Beijing by a national joint-stock commercial bank.
In another notable case, the firm assisted SPD Silicon Valley Bank to acquire an asset from a confidential company. The target has businesses in various industries such as hardware, software, internet, mobile, consumer technology, life sciences, biotechnology and clean-tech, and private hospitals. Advising on financing structures for various acquisitions in these sectors illustrates the team’s comprehensive legal knowledge.
China CITIC Bank, CITIC Group, Huaxia Bank, Guomin Pension & Insurance, Beijing Capital Eco-Environment Protection Group, Fullgoal Fund Management, China International Capital, CICC Fund Management, and China Orient Asset Management.
Fangda Partners
Fangda Partners has steadily risen from its Shanghai roots to become a national powerhouse in China, and it has also earned a first-class reputation in the Beijing and Guangdong market.
The firm has hundreds of lawyers with expertise in a number of transactional practice areas, with prominent strength in M&A, banking and finance, capital markets and investment funds work.
Fangda Partners represented Shanghai Pudong Development Bank's Shanghai branch and SPD Silicon Valley Bank in signing a RMB 968 million (US$133 million) loan facility agreement with an offshore SPV of VIVO Capital-Arrace Holding Co. and advised Huayou (Hong Kong) Co.’s multi-currency sustainable development indicator-linked syndicated loan.
The firm has extensive experience in RMB-denominated private equity funds advising private investment firms and institutional investors. Notable publishable deals include advising CITIC Capital in forming CITIC Capital RMB Fund IV managing US$17 billion; advising Shang Qi Capital in forming Shang Qi Capital’s flagship RMB fund, of which major limited partners include governmental ; and representing Cainiao in its logistics and warehousing fund II co-sponsored with China Life.
Fangda Partners’ M&A team advised container leasing company Triton International Limited in its US$13.3 billion acquisition by Brookfield Corporation; assisted the Saudi Arabian Oil Company Saudi Aramco on its strategic investment in two significant Chinese petrochemical companies; and represented China Baowu Steel Group Corporation and Baoshan Iron & Steel Co. in their strategic investment in Shandong Iron & Steel Group Co. and Shandong Iron & Steel Group Rizhao Co.
Bank of China, Export-Import Bank of China, China Development Bank, China Construction Bank, ICBC, Ping An Bank, Asian Development Bank, Asian Infrastructure Investment Bank, China Resources Microelectronics, Blackstone, Boyu Capital, Carlyle, and CICC Capital.
“A-grade team. Expert in investment funds, very responsive and able to provide practical solutions.”
“Precision on legal advice, responsive, solutions that fit business needs.”
“Fangda Partners stands out because they combine elite legal expertise with an unwavering commitment to client service and a relentlessly practical mindset. Their deep, specialized knowledge is matched by their dedication and work ethic. Crucially, they don't just advise; they partner with us to find commercially viable solutions, cutting through complexity to deliver results efficiently. The professionalism of the entire team and their proactive, strategic approach make them an indispensable partner for demanding work.”
Financial services regulatory
“Deep understanding of the market and industry practices beyond the black letter law.”
“It is highly professional with state-of-the-art expertise and solid insights into business.”
“Good communications, very responsive, expert in the field, well connected in the community.”
“Comprehensive and in-depth understanding of law and practice in fund-related areas, especially good understanding on USD fund manager's needs and provides solutions that are suitable for them in China.”
“Deep industry knowledge.”
“Professional, solid expertise, responsive.”
“Deep and solid expertise.”
“Solid expertise and pragmatic approach.”
“Very dedicated and professional.”
“Expertise of the lawyers we have been working with make them stand out, and also quite responsive.”
“Knowledgeable in M&A areas.”
“Works on corporate and M&A matters; quite responsible.”
Global Law Office
Founded in 1984, Global Law Office is a reputable full-service law firm in China. It has four offices in Beijing, Shanghai, Shenzhen and Chengdu.
The firm is traditionally committed to banking and finance, insurance, capital markets, securities and investment matters. It is experienced in sectors such as energy, mining, chemicals, steel, manufacturing, transport, infrastructure and public facilities.
Global Law Office is an expert in the banking and finance sectors. Notable deals include representing the Export-Import Bank of China for a US$24 million oversea investment to an offshore subsidiary of China Gezhouba Group's project in Uzbekistan; advising the International Finance Corporation’s second-tranche lending to New China Water (Nanjing) Renewable Resources Investment; advising Standard Chartered Bank (Hong Kong) and DBS Bank as mandated lead arrangers in a secured loan facility to an international ship leasing company.
Last year, the firm hired partners Yong Jia, Ping Yao and to strengthen its capability in banking and finance.
Export-Import Bank of China, China Development Bank, China Construction Bank, Bank of China, China CITIC Bank International, Agricultural Bank of China, China Resources Microelectronics, New Frontier Group, Vivo Capital, Fosun Pharma, Warburg Pincus, and Goldman Sachs.
“Understand the parties to the transaction, are familiar with the legal and regulatory requirements, and provide legal solutions for the client with the purpose of facilitating the transaction.”
“Close to the business, as a partner, still providing legal services on the front line. Timely feedback.”
“Excellent legal support in equity investment.”
Grandall Law Firm
Grandall Law Firm
is a full-service law firm headquartered in Shanghai. It has offices in 28 Chinese cities including Beijing, Shenzhen, Hangzhou, Guangzhou, Tianjin, Chengdu and Ningbo, and has a further five offices globally.
Traditionally, Grandall is known for its capital markets practice, where it has been dominant in the A-share market and has more recently made a push to strengthen its overseas listing practice.
China Merchants Bank, China Minsheng Bank, China Huarong, Air China Cargo, Beijing Yansha Group, and Zhongsheng Beikong Biotechnology Company.
“They have done a good job in understanding business objectives and providing effective legal solutions."
“Rich industry experience accumulated from years of practice in the private equity fund field.”
Guantao Law Firm
Guantao Law Firm was established in 1994 and is a full-service law firm headquartered in Beijing.
The firm’s practice areas cover capital markets, corporate and M&A, banking and finance, restructuring and insolvency, private equity and venture capital.
During the research cycle, the Guantao team facilitated the acquisition of 51% of Huajin Coking Coal and 49% of Mingzhu Coal by Shanxi Coking Coal, raising a total of RMB 4.4 billion (US$622 million). They also assisted Guangdong Yuehai Urban Investment in acquiring majority stakes in two companies, resulting in 60% and 40% ownership of Foshan Baoli Real EstateShanhai (Beijing) New Energy in purchasing a controlling interest in Haimo Technologies, a company listed on the A-share market.
Furthermore, the firm assisted China Insurance Investment (Beijing) in establishing and raising a RMB 10 billion private fund as the fund manager, focusing on the development of rail transit in Tianjin.
Shanxi Coking Coal Energy Group, China Development Bank, China CITIC Bank, China Merchants Bank, China Life Investment, China Reinsurance, Beijing Building Material Group, China Energy Engineering Group, China Communications Construction Group, and Huayi Tencent.
Haiwen & Partners
Established in 1992, Beijing-based Haiwen & Partners is a leading firm in China with branches in Shanghai, Shenzhen, Hong Kong,
Chengdu and Haikou.
The firm
specialises in areas such as capital markets, mergers and acquisitions, private equity investment, foreign direct investment and fund formation.
The firm
provided legal services for
China Mobile Communications Group
in its RMB 45 billion
investment
in Postal Savings Bank of China. The team represented underwriter in
Nexchip Semiconductor Corporation’s A share listing.
This listing is the third largest A-share IPO in terms of financing scale in the
integrated circuit industry, the third largest A-share IPO as of 2023, and the largest A-share IPO in terms of financing scale in Anhui province.
Haiwen & Partners strengthened its capital markets
team by hiring veteran Tom Chau, Zhong Wang and Isaac Chen from Herbert Smith Freehills in 2023.
The firm main clients include
China Mobile Capital Holding,
Lufax Holding,
Goldman Sachs (Asia),
China International Capital Corporation,
Syngenta Group, Syngenta Group Finance, Beijing Strong Biotechnologies, Credit Suisse (Hong Kong), China Tourism Group Duty Free Corporation,
OneConnect Financial Technology, China Three Gorges, CNPC International, HSBC, CICC, BP
Xiaoju, X-EPIC,
Qimai, Plum and
Guotai Junan Securities.
Han Kun Law Offices
Established in 2004,
Han Kun Law Offices has developed aggressively from its Beijing origins. It has not only expanded its bench of lawyers, but it is also recognised in various industries, such as telecommunications, healthcare and retail. The firm now has six offices: Beijing, Shanghai, Shenzhen, Haikou, Wuhan and Hong Kong.
The firm is especially known for its high-quality work and regularly advises clients in capital markets, M&A, private equity and investment funds.
Han Kun Law Offices has a strong banking and finance team that is widely recognised in the international market. Last year, the team represented China Eastern Airlines as buyer in the purchase of 100 C919 aircraft from Commercial Aircraft Corporation of China, and represented Tradeweb’s participation in Swap Connect.
IDG Capital, Sequoia Fund, Walmart, Baidu, Tencent, China Everbright Bank, and Meituan.
“Han Kun Law Firm services are excellent, team is stable with high-level expertise, turnover is very quick with high quality.”
“Hankun’s team is professional, meticulous, and proactive, and communicates well with clients and other advisers in the project. Wang Dandan, the lawyer in charge, has rich experience in capital markets, and is able to analyse complex legal issues in depth, propose practical solutions, and protect clients' interests to the largest extent possible.”
“Han Kun Law Offices in China has professional knowledge reserves, a large number of practical cases and rich experience in the C-REIT field, which can help us efficiently achieve our commercial objectives.”
“Responsive and professional.”
“Practical, quick response and rich industry insights.”
“The firm demonstrates exceptional proficiency in foreign-related and offshore investment activities, leaving a highly positive overall impression. This favorable evaluation is based on several key aspects:
First, the firm possesses extensive and mature experience in handling significant legal matters related to offshore investments, enabling it to identify legal risks and recommend appropriate solutions.
Second, the firm exhibits a strong sense of dedication; its service quality is exemplary, actively safeguarding clients' rights and interests, negotiating on their behalf with firmness and strategic insight, and demonstrating the ability to effect positive outcomes. The firm maintains a high standard of accuracy, responds promptly, and employs a well-structured division of labor within its team.
Third, beyond providing sound legal advice on project management, the firm excels in managing relationships with partners and their consultants, earning considerable recognition from the partners involved.”
“Experienced, responsive, attentive to details, commercial sense.”
"Mrs Zheng works closely with us, supervises her team's work, so as to maintain a high quality of work. She has very good solid legal/industry knowledge"
"Eryin works very professionally, he is very responsive and knowledgeable on market-related matters, not only in general banking legal work.”
“Professional with great industry insights and always provides constructive legal advice.”
“Nie promptly responds to clients' needs, provides answers with professional expertise, and offers personalized resources beyond the scope of the case itself to solve problems.”
"Professional: mature experience in handling significant legal matters; actively safeguarding clients' rights and interests; negotiating on their behalf with firmness and strategic insight and demonstrating the ability to effect positive outcomes. Responds promptly. Our investment partners like her too."
“Wang Dandan is professional, meticulous, and proactive, and communicates well with clients and other advisers in the project. She is able to analyze complex legal issues in depth, propose practical solutions, and protect clients' interests to the largest extent possible.”
“Strong ability to handle complex deals, attention to details, strong commercial sense, good drafting skills.”
Jia Yuan Law Offices
Headquartered in Beijing with branch offices in Shanghai, Shenzhen, Hong Kong, Guangzhou and Xi'an, Jia Yuan Law Offices is ranked ‘Highly recommended’ in capital markets. The firm specialises in capital markets, corporate and M&A, financial and international businesses. Senior partner Liangjuan Wen has expertise in corporate restructuring, refinancing and M&A.
The firm acted as legal adviser for Qilianshan Group on its major asset reorganisation. The team also advised Qingdao Port in acquiring eight subsidiaries from Rizhao Port Group and Yantai Port Group for US$2.14 billion by issuing shares and paying cash. They also advised Sinoma International on its purchase of 100% equity of Hefei Cement Research & Design Institute Corporation by issuing shares and paying cash.
Key clients include Qingdao Port, Sinopack Electronic, and Tianjin Printronics.
Testimonials
Asset finance
“Professional.”
Jing Liu
“Good.”
M&A
"Jia Yuan has consistently provided our company with strong support and assistance, offering reliable guidance on both domestic and international legal matters."
Xi Wei
"Delivers comprehensive legal support in day-to-day operations and demonstrates exceptional legal expertise and adaptability when specialized services are required."
Jingtian & Gongcheng
"Jingtian & Gongcheng's professional capability in PRC insolvency law and restructuring procedures is particularly outstanding. They are well-versed in judicial reorganisation paths under the Enterprise Bankruptcy Law and have a deep understanding of the interests and commercial dynamics among various creditors, enabling them to provide actionable integrated legal and commercial solutions. Particularly commendable is their ability to coordinate with offshore counsel in handling cross-border insolvency matters, ensuring consistency and progress in domestic and overseas proceedings. Team members are highly responsive and communicate efficiently; the seamless collaboration from partners to associates significantly enhances project efficiency."
"What sets Jingtian & Gongcheng apart is their deep expertise in PRC insolvency law and restructuring procedures. The team demonstrates a strong command of judicial reorganisation under the Enterprise Bankruptcy Law and has an excellent grasp of creditor dynamics and commercial sensitivities. Their advice is not only legally sound but also highly pragmatic and commercially actionable. Their ability to coordinate with offshore counsel and navigate cross-border insolvency protocols is particularly impressive. The responsiveness and cohesion of the team, including both senior partners and associates, greatly enhanced the efficiency of the restructuring process."
"Lawyer Bangwei Xu demonstrates exceptional capability in handling complex insolvency and restructuring matters. He possesses not only solid expertise in PRC bankruptcy law but also a pragmatic, solution-oriented approach to advancing projects. He is highly responsive, exercises sound business judgement, and is particularly adept at handling shareholder coordination, judicial dissolution processes, and overall management of cross-departmental projects. In time-sensitive, multi-party scenarios, his ability to proactively identify legal risks and propose viable solutions is especially valuable."
“Mr. Bangwei Xu demonstrates outstanding capabilities in managing complex insolvency and restructuring matters. He combines solid technical expertise in PRC bankruptcy law with a pragmatic, solutions-oriented approach. He is highly responsive, commercially astute, and excels at navigating shareholder coordination, judicial dissolution procedures, and cross-functional project management. His ability to anticipate legal risks and proactively design workable solutions is especially valuable in time-sensitive and multi-stakeholder scenarios.”
“Always responsive, and very professional.” 
“They have demonstrated professionalism and insight.”
Financial services regulatory
"Jingtian & Gongcheng in China provided us with professional legal services, demonstrating a high level of legal expertise in both resolving legal issues and litigation representation. In legal counselling, they quickly and accurately understood our problems and provided comprehensive, targeted advice. In litigation, leveraging rich experience and solid legal skills, their team helped formulate reasonable litigation strategies for complex disputes and strived for favorable outcomes."
"Mr. Sun Shiqi and his team represented the company in this series of lawsuits. The cases covered various legal fields, including contract law, tort liability law, and trust law, demonstrating the team's breadth of integrated cross-disciplinary legal knowledge. Through detailed familiarity with the case and a comprehensive grasp of the disputes involved, Mr. Sun developed effective response strategies as the case advanced, constructing a multi-dimensional defense framework by comprehensively applying different legal provisions and theories, fully reflecting the breadth and comprehensiveness of their case handling. Through detailed deconstruction of trust plan products, in-depth analysis of legal relationships, and rigorous examination of infringement elements, Mr. Sun demonstrated a deep understanding of the financial industry and complex financial litigation. Mr. Sun and his team devised a novel defense strategy, not limited to traditional frameworks but also proposing innovative legal viewpoints and analytical methods regarding the establishment of tort legal relationships and fault proof based on financial product characteristics, holding significant demonstrative and innovative value for resolving similar financial product disputes."
"The law firm's service teams, comprising a fund-side team and a project acquisition-side team, demonstrated exceptional collaboration and independence. Their seamless coordination enabled efficient end-to-end legal support for our pilot fund, covering all stages from establishment to asset acquisition. With profound full-process expertise, both teams consistently ensured regulatory compliance and operational excellence, underscoring their capability to handle complex cross-functional mandates in China's evolving private equity landscape."
“Jin Ying communicates excellently, swiftly understanding our needs and taking full responsibility to fulfill them. In negotiations and regulatory work, the partner prioritizes our interests, ensuring effective solutions and proving indispensable.”
Shiqi Sun
"Mr. Sun has extensive practical legal experience and is particularly adept at handling complex cases, quickly grasping the core issues and developing effective solutions. He possesses solid legal expertise and a precise understanding and application of laws and regulations, enabling him to provide us with high-quality legal
advice."
"Ms. Zhang participated in developing a novel defense strategy, not limited to traditional frameworks but also proposing innovative legal viewpoints and analytical methods regarding the establishment of tort legal relationships and fault proof based on financial product characteristics, which has significant demonstrative significance and innovative value for resolving similar financial product disputes."
"Ms. Zhang has many years of legal experience, specializing in securities compliance, dispute resolution, corporate disputes, bankruptcy, and liquidation."
“She is very responsive and very innovative, good at solving problems.”
“Mr. Gao is quite innovative and has good business sense. Very professional in his work.”
“Professional and diligent.”
“Very patient and always thinks for the client.”
JunHe
JunHe is a top-tier firm in transactional law in China. Headquartered in Beijing, JunHe also has offices in cities such as Shanghai, Guangzhou, Shenzhen, Hangzhou, Chengdu and Qingdao. It is highly regarded for its banking and finance, capital markets, M&A and investment funds work.
During the research cycle, the firm’s capital markets team assisted Industrial Bank (Hong Kong) in issuing US$650 million of green bonds, which needed to be aligned with China-EU Common Ground Taxonomy. The bonds will support renewable energy, low carbon and low emission transportation-related projects. In addition, the team assisted China National Nuclear Corporation in its successful issuance of carbon-neutral green bonds on the Shanghai Stock Exchange.
The JunHe team also achieved great success in IPO work last year. One highlighted case is where the team advised Atour Hotel’s IPO on the Nasdaq with the issuance of new regulations by China’s legislative and administrative authorities including data security laws, cybersecurity laws and personal information protection laws. Another notable deal is the team advising Tianqi Lithium in its US$16.84 million IPO, which was the largest IPO in the global lithium sector.
The firm also completed a few restructuring transactions. For example, the team represented A-share listed company Hengkang Medical in its restructuring and two Quanzhou-based property developers in finishing their restructuring.
un Lin, Libin Shi and Xiaofei Chen to strengthen the firm’s capital markets team. Also, five new partners joined the firm’s restructuring and insolvency team: Zhengdong Liu, Yifan Xian, Tao Bai, Bingbing Gai and Chenghao Li.
58.com, Industrial Bank, Standard Chartered Bank, Blackstone, Bank of China, DCIG, Bank of Communications, HSBC China, CMBSm and JPMorgan.
"Professionalism sets them apart, particularly the highly complex M&A structure proposed by JunHe."
"The work quality is high, and deliverables are always timely."
"The JunHe team maintains remarkable stability in their personnel, which is uncommon in the current market. When servicing projects, they consider the full spectrum and identify potential long-term issues at an early stage."
"They provide professional legal opinions in the private equity fund field, helping us improve the quality of agreement reviews. Their legal due diligence is professional and valuable. For litigation cases, they offer professional solutions that increase the probability of winning."
"They deliver quick results. The firm has a wide range of legal services and can quickly match us with a suitable lawyer."
"The JunHe team demonstrates satisfactory professional competence and efficiency."
"They deliver professional legal services with high efficiency, offering clients highly valuable advice and support."
"Their expertise in funds is outstanding. With dozens of fund investors, decision-making on exits and distribution mechanisms is critical. JunHe assisted us in detailed contract analysis and provided practical solutions, which was impressive."
"They work efficiently, provide timely and accurate advice, and help customers resolve issues effectively."
"He is very hard-working and provides strong support for our business. He is also highly responsible and solution-oriented."
"Rapid response speed and high-quality service."
"Accurately addresses client needs and handles complex matters at a high level."
"Drafts reorganisation plans with exceptional efficiency and professional skill."
"Responds promptly, understands business needs, and delivers quality work."
"Provides professional legal services in the private equity fund sector."
"Communication is always timely. He is accessible when needed and provides effective feedback. For issues requiring multi-faceted consideration (such as litigation aspects), he promptly coordinates with other partners at the firm to provide comprehensive advice."
"Lawyer Cui has extensive experience in private equity legal services and can mobilize the firm’s resources to provide comprehensive professional services and solutions."
"He is always available, very helpful, and responsible."
"Quick response speed and high-quality service."
Kangda Law Firm
Kangda Law Firm
is a large full-service law firm headquartered in Beijing which has a pan-China presence with more than 1,100 professionals spread across 18 branches. It was founded in 1988 and is among the first private partnership law firms approved by the Ministry of Justice of China.
The firm is best recognised for its restructuring and insolvency work and is also active in capital markets. Sectors of experience include real estate, industrials and manufacturing, technology, agriculture, construction and engineering, and logistics.
During the research period, the firm represented Liaoning Xinglong Group Enterprise, a debtor, in Liaoning Xinglong Department Store Group’s reorganisation. The debtor companies are distributed among department stores, hotels, restaurants and entertainment. This case involved nearly RMB 20 billion (US$2.8 billion) in debt and tens of thousands of creditors.
The firm advised 21 IPO-related deals. Highlighted clients include Aerospace Nanhu Electronic Information Technology, Suzhou Kuaike Photovoltaic Electronics, Beijing China Sciences Runyu Environmental Technology, Tianjian Electroacoustic and Hebei Huami New Material Technology.
the firm hired Zhiwu Dong from AllBright Law Offices’ Xiamen office to its banking and finance team and Feng Xie from Fujian Yingkun Law Firm joined the firm’s restructuring and insolvency team.
Guandian Defense Technology, Beijing China Sciences Runyu Environmental Technology, Guangdong Fenghua Advanced Technology, Liaoning Xinglong Group, and Shaanxi Jinyuan Real Estate Development.
Kejie Associates
Established in 2015, Cathay Associates Kejie is a boutique transactional law firm specialised in advising domestic and international companies, financial institutions and governments.
Highlights
It has a global network of offices across 57 countries and works with its member firms to provide cross-jurisdictional legal services for Chinese enterprises on outbound investments, M&A and other cross-border matters.
Kejie’s legal services focus on M&A, private equity, financing and investment matters, investment funds, and capital markets.
King & Wood Mallesons
King & Wood Mallesons
is a Hong Kong-based international firm that was formed as a merger between PRC firm King & Wood, Australian firm Mallesons Stephen Jaques, and UK firm SJ Berwin. It has more than 2,000 lawyers and 23 offices worldwide. Apart from Hong Kong, the firm also has mainland offices in Beijing, Chengdu, Guangzhou, Haikou, Hangzhou, Jinan, Nanjing, Qingdao, Sanya, Shanghai, Shenzhen and Suzhou.
The Sino-Australian venture is a dominant player in China’s legal market. It is the only international firm that can practise PRC law and so a go-to counsel for A-Share, H-Share, and panda bond transactions. The firm is also strong in projects, private equity, finance, M&A and structured finance and securitisation – especially in Korean cross-border ABS deals, cross-border auto loan securitisations and retail structured products.
Key clients of the firm include Wise Road Capital, Lingyi iTECH, Jingdan New Energy Investment, China Merchants Bank, State Power Investment, China International Capital, Baidu, SenseTime Group, China General Nuclear Power, Geely, Macquarie, CNOOC, Sinopec and Zhongman Petroleum.
"Excellent. We once collaborated on an equity financing project for a foreign-invested enterprise. This company did not have a shareholders' meeting but only a board of directors. Their advice to the company was highly professional."
"What distinguishes them is their capacity to craft agile legal responses to complex commercial challenges, underpinned by a team that exemplifies dedication and expertise."
Financial services regulatory
"KWM has a team consisting of professional lawyers across various legal areas, enabling them to provide one-stop legal services to solve complicated real-life challenges."
"As a long-term business partner, King & Wood Mallesons always provides professional legal services and timely responses. Their experience in the renewable energy field helps identify legal risks and figure out solutions."
"Quality of service, depth of knowledge, and very quick response time."
"Preemptive identification of critical risks, solution-oriented approach to complex problems, execution excellence."
"King & Wood Mallesons is a top-tier team highly regarded for handling financing transactions, from general term loans to acquisition financings. Their lawyers are thoughtful, effective, and efficient on large, complicated deals. They provide strategic legal advice, adeptly amend complex finance documents, and have strong market knowledge and commercial acumen."
"Prompt response and good understanding of onshore regulations."
"We once collaborated on an equity financing project for a foreign-invested enterprise which only had a board of directors, not a shareholders' meeting. Following the abolition of the Law on Sino-foreign Equity Joint Ventures in 2020, the company could have faced governance challenges if a shareholders' meeting was not properly established."
"Fast response and practical problem-solving."
"Wang Ningyuan primarily serves private equity and IPO clients. With rich project experience, he offers efficient and professional legal services."
"Lawyer Hou leads an impressive team and delivers excellent work."
"Beilei Hou recently advised our company on multiple high-profile renewable energy M&A transactions in China, successfully assisting in acquiring strategic assets. Her work included comprehensive due diligence, regulatory-aligned deal structuring, risk mitigation for foreign investors, and document negotiation."
"Listens and communicates well; offers innovative solutions."
"Yinghao is an excellent lawyer, dedicated to meeting challenging client demands."
"The dedication and professionalism of Zhe Zeng and his team left a deep impression. They conscientiously fulfilled their duties, overcame significant challenges like high-altitude conditions, and resolutely implemented tasks assigned by the liquidation group, making positive contributions to the enterprise rescue and successfully protecting the rights of creditors and employees."
"Very responsive and provides effective solutions."
Lantai Partners
Lantai Law Firm was founded in Beijing in 2002 and has a further 16 offices in other Chinese cities including Shanghai, Shenzhen, Chengdu and Nanjing.
Focusses / specialisms
The firm is especially active in banking and finance. Since January 2020, it has provided legal services on more than 30 financing projects, covering fixed asset loans, M&A loans, syndicated loans, operating property loans, consumer loans, wealth management financing, PPP loans and asset-backed special plans, asset-backed bills and development financial support.
Key clients
Key clients of the firm include China Development Bank, China Construction Bank, Agricultural Bank of China, China CITIC Bank, Bank of Communications, Beijing Bank, Beijing Rural Commercial Bank.
Research period review: 33rd edition (2022/2023)
In 2022, the firm advised several commercial banks and developmental financial institutes. Key names are senior partners: Xiaomin Yao and Qing Wang. Notable deals include advising China Development Bank in its issuance of a REITS project for a local state-owned credit subject enterprise; advising China CITIC Bank Kunming Branch as the lender on the M&A between Cloud Group and Platinum Industry.
Apart from the deals above, the firm also assisted China Development Bank in Rmb360 billion of infrastructure investment funds formation. The project was completed within a short period and the structure involved different delivery means.
On the capital markets side, the firm advised Henan-based Zhongyuan Bank on the placement of 3.15 billion H-shares; and advised Heilongjiang ZBD Pharmaceutical on its listing.
Deal highlights: 33rd edition (2022/2023)
China Development Bank’s REITS project.
Cloud Group and Platinum Industry Co’s merger and acquisition.
Zhongyuan Bank’s H-share placement.
Heilongjiang ZBD Pharmaceutical’s listing.
Beijing Yicheng Real Estate’s Rmb4 billion syndicated loan.
CDB Financial’s Rmb1.5 billion structured financing.
Beijing Wuyi Real Estate Development’s Rmb1 billion real estate development loan.
Beijing Jingu Chuangxin Real Estate’s Rmb1 billion syndicated loan.
Client feedback: 33rd edition (2022/2023)
Banking and finance
“High quality of legal services, timely feedback, well meet the needs of the bank's domestic and foreign business legal services.”
Lawyer feedback: 33rd edition (2022/2023)
Qing Wang
“High quality of legal services, timely feedback.”
Leaf Law Firm
Leaf is a boutique law firm founded in 2012 by a team of European lawyers, led by Bruno Grangier. The firm has offices in Beijing and Shanghai. In the last quarter of 2020, SNB Law and Leaf started a strategic cooperation, a joint M&A team is to be established and will consist of experienced professionals from France, Germany, Austria, China and Vietnam. To increase its footprint in Europe, the firm opened an office in Paris in January 2020. Partner Charlotte Mantoux, who was previously in Shanghai, joined the firm’s Paris office.
Highlights
With a focus on M&A and private equity, the team is composed of Chinese and international corporate lawyers trained in international law firms and familiar with cross-border transactions with major MNCs, entrepreneurs, funds, and setting up joint ventures in China.
Key clients
Key clients of the firm include GL Events, Pernod Ricard, Beaumanoir, Babolat, Nuxe, Galeries Lafayette, Full Jet, Tomorrow, Havas Group, and Cerba and Sanyou Medical.
Llinks Law Offices
Llinks Law Offices is a Shanghai law firm with nationwide and international practice.
Highlights
Its main practice areas include banking and finance, capital markets, restructuring and insolvency, and M&A.
While confidential, the law firm's deals this year highlight expertise in banking and finance, with notable clients like Bank of China, Bank of Shanghai and DBS, showcasing its capabilities.
The firm advised United Imaging Healthcare Technology Group on issuing technology innovation corporate bonds to institutional investors in 2024, a first for private medical enterprises. They also assisted Sonavox with A-share convertible corporate bonds, Jiangsu Bojun Industrial Technology with convertible bonds, and Zhuhai CosMX Battery with public convertible bonds.
The firm advised Sungrow Hydrogen Technology's A round financing and Wise Living Technology's Hong Kong IPO. They also assisted Goldlink Capital in transferring Best Linking Group Holdings to the Main Board and advised Hua Hong Semiconductor on listing on the Science and Technology Innovation Board of the Shanghai Stock Exchange.
Key clients
Beijing Jingdong Century Trading, Shanghai Banghui Commercial Factoring, China Re Asset Management, New China Asset Management, China Insurance Investment, Sunshine Asset Management, Generali China Asset Management, and China Insurance Investment.
Testimonials
Project finance
"Demonstrates exceptional 'risk precision capability' in financing operations and provides an 'embedded service' experience in legal advisory."
Candice Du
"Specializes in cross-border investment, M&A, and dispute resolution, with particular expertise in technology, new energy, and healthcare sectors."
Merits & Tree
Merits & Tree Law Offices was initially established in 2006 under the name Beijing Hawkhigh Law Offices until it was renamed in 2017. It has offices in Beijing, Shanghai, Shenzhen, Zhuhai and Haikou, with a Wuhan office now in the phase of establishment. The firm now has more than 80 partners and 300 lawyers and other professionals.
Highlights
It is a relatively young law firm in China but continues to develop rapidly. The firm’s strength is in handling private equity and investment funds mandates.
Among the publishable deals, the team advised on the establishment and investment in New Fusion Energy (Anhui) by NIO Limited. This project involves a joint venture between NIO and two government-backed investment institutions to create a company focused on the development and commercialisation of fusion technology. The firm also advised on Round B-4 financing of Beijing Zhipu Huazhang Technology.
The firm hired three partners Bo Hu, Ying Hui and Qingyang He in 2023 to strength its teams in private equity and M&A work.
Key clients
China Pengfei Group, Wuxi Shangji Automation, China National Nuclear Corporation, SanNuo Biosensor, China Pacific Insurance, Sequoia Capital, IDG Capital, CITIC Capital, Gaorong Capital, Tencent, and Xiaomi.
Testimonials
Investment funds
“Merits & Tree Law Offices stands out for its highly stable and cohesive legal team. The same core partner and associates have handled our matters for years, delivering deep institutional knowledge and continuity in legal service. Their attorneys combine technical expertise with industry-specific experience, particularly in private equity fund investment and corporate equity investment. This consistency eliminates the need to repeatedly onboard new teams, which is a common pain point with other firms.”
“In recent years, we've collaborated with M&T on many complex investment fund cases. M&T lawyers have shown excellent understanding of insurance-fund investment in private funds and great skill in solving complex legal problems. They have been a key partner in our projects. They have shown innovative thinking in designing transaction structures for insurance-fund investments in private funds. Their strategic wisdom and problem-solving skills in project negotiations have been vital for our project's success. M&T lawyers also have unique views on resolving fund-transaction disputes. They have solved multi-party disputes, met various commercial needs, and helped us maximize our interests.”
Project finance
“Demonstrated strong responsiveness and attention to detail when collaborating with others. Consistently delivered timely and accurate support during collaborative work.”
Feng Zhou
“Very knowledgeable and truly professional.”
Xiongping (Allen) Liu
“Xiongping Liu has shown innovative thinking in designing transaction structures for insurance-fund investments in private funds. His strategic wisdom and problem-solving skills in project negotiations have been vital for our project's success.”
Xiaoxing Guo
“Xiaoxing Guo approached every aspect of the project with great care and diligence. He took the time to understand our needs, provided clear and well-reasoned legal advice, and always followed through on deadlines. His sense of responsibility gave us confidence at every stage.”
Bei Hu
“Lawyer Hu has an exceptional ability to solve problems and a very solid professional foundation, making outstanding contributions to our transactions.”
PacGate Law Group
Founded in 2005, PacGate Law Group is a professional boutique law firm that provides premium legal services to business entities and institutional investors. Headquartered in Beijing, the firm has attorneys qualified both in China and in the US to offer clients professional, business-oriented and cost-effective legal services on complex transactional matters.
Highlights
The firm specialises in a wide range of legal practice areas, such as PE & VC, investment funds, M&A, financial services, securities and capital markets, foreign direct investment and overseas direct investment.
Last year, the firm advised GRC FuHua Capital, a Taiwanese venture capital fund, in its investment in Shenzhen Yuanshixin Intelligent Technology.
Shihui Partners
Established in 2016 in Beijing, Shihui Partners is an emerging boutique law firm in China.
Highlights
The firm provides specialist advice in M&A, private equity, capital markets and investment funds, and has achieved many results in the new economy industry.
The firm advised Guming Holdings on its Hong Kong IPO, which was the largest in the consumer market this year. Additionally, Shihui Partners advised JD Group on a US$2 billion convertible bond issuance, marking the second-largest convertible bond issuance by a Chinese concept stock in history and the largest by an Asian company since 2024.
Partner Jian Zhang played a key role in advising Midea Group on its Hong Kong IPO, a transaction that stands out as the second-largest IPO globally since 2024. This IPO was also the largest in the Hong Kong market over the past three years and the largest H-share IPO of a non-financial A-share listed company to date. Following the issuance, Midea Group became the first A-share listed company to complete an H-share IPO under the new overseas listing filing system.
In 2024, Shihui Partners expanded its team with new hires, including Baao Zhao from Han Kun Law Offices, Huikai Wang from King & Wood Mallesons, Yangyuqian Meng from Zhong Lun Law Firm, Xian Zhang from Longfor Group, and Yuan Zhang from Liu Shen & Associates.
Key clients
Orchid Asia Investment Fund, JD.com, JD Health Group, Lightspeed Venture Capital, CICC Capital, Ping An Insurance, ZZ Capital, East West Bank of China, and Legend Capital.
Tahota Law Firm
Headquartered in Sichuan, Tahota Law Firm is a full-service law firm that enjoys a leading position in western China’s legal market. The firm has branches in cities such as Beijing, Shenzhen, Shanghai, Nanjing and Tianjin.
Highlights
Core practice areas of Tahota Law Firm include securities, investment and mergers and acquisitions, private equity, bankruptcy liquidation, foreign-related investment and financing, and debt restructuring.
The firm advised on several key projects, including the PPP project for the new urban express line from Bishan to Tongliang, the first domestic rail transit under the PPP+TOD model. They also advised on the acquisition of asset operation rights for the China Southern Power Grid Laos project, part of the Belt and Road initiative, and assisted Nakano Transportation Co in establishing a warehousing centre in Norfolk, Virginia.
Key clients
Yunnan Hongta Bank, Aluminum Corporation of China, Sichuan Cable Broadcasting Network, Tiansheng Securities, Development Bank of Singapore, Zhongtai International Securities, and ICBC International.
Tian Yuan Law Firm
Tian Yuan Law Firm is a full-service law firm founded in 1992. It is headquartered in Beijing and has 11 branch offices in Shanghai, Shenzhen, Chengdu, Hangzhou, Xi'an, Haikou, Suzhou, Guangzhou, Hefei, Kunming and Hong Kong.
Highlights
The firm’s practice areas cover capital markets, M&A, banking and finance, and restructuring and insolvency.
In the capital markets sector, the firm has an impressive history of advising on notable deals. Last year, they provided legal counsel for Weil AG's issuance of Global Depositary Receipts and their listing on the SIX Swiss Exchange. Additionally, they advised on the IPOs of Keep Inc. and Neusoft Xikang Holding Inc.
In the M&A sector, the firm played a crucial role in the strategic reorganisation of Anhui Military Industry Group and China National Military Equipment Group. They also advised Garman Apparel on the acquisition of IP assets for the Hush Puppies brand in mainland China, Hong Kong and Macau.
Key clients
China Nuclear Power, China Metallurgical, Guoyuan Securities, Sanyuan Food, Sinomach, Changjiang Power, Yunda Express, Sanqi Mutual Entertainment, NavInfo, Bilibili, Sinochem, and China Jinmao.
Testimonials
M&A
"The company's satisfaction is primarily attributed to lawyer Chai Jie. As the leading lawyer and the person-in-charge of specific matters, he is a representative scholar-type lawyer in the Chinese mainland. He has provided highly professional legal support in areas such as the supervision of mainland listed companies, state-owned assets supervision, domestic compliance, and post-investment management of listed companies in Peru.
“He is particularly proficient in overseas investment and mergers and acquisitions, anti-monopoly reviews, the US FCPA, long-arm jurisdiction, and resolving issues between state-owned assets supervision and localization requirements. Since 2019, our company has maintained a positive cooperative relationship with lawyer Chai Jie's team. He is not only our legal advisor but also a good teacher and friend to CPI and has helped cultivate a group of cross-border legal talents within the company."
"Tian Yuan Law Firm demonstrates keen business acumen, strong combativeness, and rapid response times. They possess excellent judgement regarding the transaction management and regulatory rules involved in M&A. Furthermore, their accurate assessment of market participant psychology is particularly impressive and supports us in making better decisions."
“Tian Yuan Law Firm (Guangdong) stands out in several key areas, beginning with its deep biotech-specific expertise, where the team provides unmatched insight into genetic resource (HGRAC) filings and biosecurity compliance, supported by lawyers who often hold advanced degrees in biology or pharmaceuticals, offering intellectual property understanding beyond that of general firms. Furthermore, the firm is known for its proactive, industry-tailored solutions, having preemptively audited our partnerships for HGR regulation compliance, flagging potential risks, and providing commercial-grade contracts with precisely tailored clauses. The team is highly responsive and business-minded, offering reliable support and cost-transparent fee structures that have resulted in significant savings. Finally, their unique differentiators include a valuable government liaison network that helped expedite approvals and the ability to provide benchmarking data from similar transactions, offering critical market context.”
"A core advantage is their ability to deliver tailored legal solutions that address the company's specific needs."
Capital markets
"Efficient and professional."
Tao (Cedric) Xu
"Lawyer Xu Tao is highly renowned in the field of M&A and anti-takeovers of listed companies and is a leading expert lawyer. Although relatively young, he has extensive experience handling numerous hostile takeovers of listed companies and has developed many innovative acquisition and counter-acquisition methods suited to the characteristics of the Chinese market. His understanding of market participant psychology and grasp of business dynamics have been greatly helpful to the advancement of our overall project. He is a legal advisor we rely on and trust." "His key strength is providing the company with practical and effective legal solutions."
"He provides timely feedback on legal documents, resolves legal disputes, and offers professional advice."
Laixiang Li
"Li Laixiang, a distinguished biotech legal expert at Tian Yuan Law Firm, specializes in biopharmaceutical regulations, intellectual property strategy, and investment frameworks. Notable successes include streamlining CAR-T therapy approvals through optimized HGRAC submissions and structuring milestone-based IP agreements for gene-editing startups to align fundraising with patent portfolio growth."
W&H Law Firm
Founded in 1995 by esteemed lawyers from the former China Legal Affairs Center of the Ministry of Justice,
W&H Law Firm has evolved into a prominent W&H operates over 50 branches both domestically and internationally, employing more than 4,000 practising attorneys. This widespread presence cements its status as one of China's largest and most comprehensive law firms.
Highlights
The firm is currently advising on several significant projects. It provides legal counsel for the proposed establishment of the Chengdu Technology Innovation Relay Equity Investment Fund project, which involves a planned total investment of RMB 1.5 billion (US$212 million). Additionally, W&H Law Firm is offering legal services for Sichuan Chuantou Energy Co.'s proposed acquisition of equity in Hubei Far'an Pumped Storage Co. from China Three Gorges Construction Engineering (Group) Co. via a public trading platform.
Key clients
Sichuan Bank, Luzhou Bank, Jintai Property Insurance Co., Chengdu Jiaozi Industrial Fund Management Co., and Sichuan Development Industry Guidance Equity Investment Fund Management Co.
Zhong Lun Law Firm
Zhong Lun Law Firm continues to enjoy the coveted position as one of the strongest and most in-demand transactional law firms in China.
Highlights
Zhong Lun’s strongest forte is banking and finance, capital markets, M&A, investment funds, restructuring and insolvency, and private equity.
The firm's capabilities are demonstrated through its involvement in significant financial transactions. Notably, Zhong Lun advised a US$1 billion acquisition loan for the delisting and privatisation of Hollysys from the Nasdaq. The firm also handled a substantial loan facility of nearly US$8.2 billion for the Phase III ethylene and polycarbonate projects, syndicated by major Chinese banks.
Zhong Lun advised Inner Mongolia Mengniu Dairy (Group) on the Ping An Securities-Mengniu Dairy No.3 Phase I Receivables Asset-Backed Special Purpose Scheme. As of 2024, this securitisation project achieved a scale of over RMB 10.15 billion (US$1.43 billion), setting a precedent for industry-financing combinations in China's fast-moving consumer goods sector.
Additionally, the firm advised on the CITIC Securities-YueXiu Commercial Holding-Type Real Estate ABS Scheme, marking the debut of a holding-type real estate ABS product, also known as a Private REIT, in China. Backed by commercial and office properties, this issuance was the first of its kind on the Shenzhen Stock Exchange, signifying a milestone in the entry of commercial and office properties into the holding-type real estate ABS market.
Key clients
Structure Therapeutics, Lufax Holding Limited, Atour Lifestyle Holdings, Kingdee International Software Group Company, Haier Smart Home, China Publishing & Media Holdings, Dongfeng Motor Group Company, Beijing Health Guard Biotechnology, and Shenyang Fortune Precision Equipment Co.
Testimonials
Banking
“Chen Dongyue is extremely knowledgeable and gives very clear instruction.”
Banking and finance
“They have excellent professionals, deep experience and, where needed, good connections with relevant regulatory bodies.”
Investment funds
“In navigating regulatory gray areas, their ability to find viable paths forward when regulations are ambiguous is a key differentiator in China's investment landscape. In handling government relations, their experience and sophistication in managing necessary interactions with Chinese regulatory bodies effectively really alleviated our burdens. In complex cross-border structuring, their expertise in designing investment vehicles and transaction flows that optimize tax, regulatory compliance, and commercial goals across multiple jurisdictions, especially involving China, truly helped us settle several legal matters. In execution certainty, their deep experience and resources translate into a high degree of reliability in getting complex, high-stakes deals closed successfully.”
"Professionalism: Zhong Lun offers highly professional services. Its top-notch legal team gives accurate legal advice and effective solutions, reflecting solid legal knowledge and rich experience. Efficiency: the firm swiftly meets client needs, promptly updates on project progress, and shows remarkable efficiency in handling urgent matters. Teamwork: with a closely-knit team, it can handle complex projects through multi-field and cross-departmental collaboration, providing clients with all-round legal support. Innovative thinking: when dealing with tough cases, the firm's lawyers use creative ideas and flexible strategies to offer unique, tailor-made solutions. Deep client-need understanding: it deeply understands the characteristics and needs of clients' industries, and provides practical-oriented legal advice and solutions from a business perspective."
"Zhong Lun stands out for its deep industry expertise, especially in cross-border transactions and compliance, providing practical and commercially savvy legal solutions."
M&A
“Offer a serious service such as legal opinion. M&A agreement negotiation.”
Private equity
"Quick turn-around, Super professional, having business sense, can provide solutions that really work."
"Professional. Very responsive. Provide good judgement and advice."
“Zhong Lun was outstanding in contract drafting, deal structure designing and negotiation.”
Shaun Gao
"PE/VC financing, rRestructuring, capital markets."
Moxi Zhang
"Possesses strong knowledge, is highly responsive, and provides effective solutions."
Xin Li
"Smart, professional, and patient."
Tian Liu
"Tian Liu excelled in defining the path by clearly identifying the core legal obstacle and structuring a viable solution acceptable to all parties. She maintained constant, clear communication to ensure our business objectives were fully integrated into the legal strategy and documentation. Liu drove the team with strong project management to meet deadlines, manage complex due diligence, and ensured meticulous attention to detail. Her decisive guidance and ability to harness the firm's resources were instrumental in achieving a successful outcome."
Jialiang Zheng
"Patient in communication and excellent in legal expertise."
Xining Dai
"Xining Dai demonstrates (1) a solid professional foundation: with in-depth understanding of private fund regulations, offering precise advice; (2) extensive practical experience: handling numerous projects across all fund stages; (3) strong problem-solving capability: tackling complex issues in structure design and risk control; (4) deep client demand understanding: providing personalized service plans; (5) effective communication and collaboration: explaining complex issues clearly and building sound cooperative relationships."
Ping (Evan) Zhang
"Ping Zhang is (1) a regulatory and practice expert: with profound understanding of private fund laws, able to anticipate compliance risks; (2) commercial thinking-oriented: optimizing terms from a business perspective to balance GP/LP interests; (3) strong in risk control: safeguarding client interests through agreement design; (4) well-connected: possessing extensive industry resources to offer solutions in financing and cross-border investment."
Fang Chen
"With decades of consistent excellence, Fang Chen stands out as one of China's most experienced and devoted private funds practitioners, combining deep technical mastery with tireless professionalism."
Jie Ma
"Excellent in every aspect."
Wenxiang Meng
"Good. Possesses deep expertise in his specialized field and applies it effectively."
Zhong Yin Law Firm
Zhong Yin Law Firm, established in January 1993, is among the earliest partnership law firms approved in China. It is headquartered in Beijing and currently has branch offices in 42 mainland cities including Shanghai, Tianjin, Shenzhen, Hangzhou, Xi'an and other cities (including the branches established and such in preparation). It established its association law firm, ZLF Law Office, with Hong Kong and Macao law firms, which is China’s first such setup, as well as its Qianhai branch. It has over 4,000 lawyers and staff members, including more than 3,000 lawyers.
Highlights
The team has provided legal counsel for several significant IPO transactions. In the realm of A-share listings, they advised a high-tech enterprise focused on military-civilian integration. For a Chinese-American joint venture, the team participated in its NYSE listing and guided the company through a series of mergers and acquisitions prior to listing. Additionally, they served as legal counsel for the sponsor and lead underwriter in the GEM listings of Chongqing International Composite Materials Co. and Wing Morning Industry.
This year, the details of their banking, finance and M&A deals remain confidential.
Testimonials
Banking and finance
"We have collaborated with lawyer Xiaoyu Liu and her team from Beijing Zhongyin Law Firm for many years, and we highly trust her professional competence and service capabilities. Lawyer Liu has provided our company with multiple specific legal services and is familiar with our business operations and legal needs."
Xiaoyu Liu
"Our company has cooperated with Xiaoyu Liu on numerous litigation and non-litigation projects over the years. Lawyer Liu is able to meet our comprehensive legal needs, particularly in the fields of finance and dispute resolution, where she demonstrates extensive experience and strong capabilities."
A&O Shearman - China
Shearman & Sterling is a New York-based international law firm with 850 lawyers across 23 offices. The firm’s Hong Kong office leverages off its global and Asia network to carry out transactions in Greater China,
southeast Asia, Japan, India, Mongolia and South Korea.
The firm has
a dedicated bilingual team of lawyers in Beijing, Hong Kong and Shanghai qualified to advise on Hong Kong, US and UK law.
The firm has a strong practice in foreign project finance, where the firm has achieved top-tier status in China for this area, it is also very active in foreign M&A, private equity, project development and capital markets.
Key clients include PetroChina, China National Petroleum Corporation Exploration & Development Company, Clear Media, Investcorp, PTT Oil and Retail, Bank of America Securities, HSBC and Credit Suisse.
Anli Partners
Established in 2001, Anli Partners is a Beijing-based law firm with over 120 partners and senior consultants, and further offices in Shanghai, Shenzhen, Tianjin, Nanjing, Zhengzhou, Hohhot, Kunming, Xi’an, Hangzhou, Chongqing, Haikuo and Tokyo.
Focusses / specialisms
The firm is strongest in banking and project financing, asset management, overseas investment and M&A.
Key clients
Key clients of the firm include China Development Bank, China CITIC Bank, R&F Properties and Binhai New Area Construction and Investment.
Research period review: 33rd edition (2022/2023)
Key partners are Xuliang Xu, whose focuses are banking and finance, and Xuefeng Ji, who specialises in corporate matters, investment and financing.
During the research cycle, all submitted cases remain confidential but showcased the firm’s capacity in handling complicated transactions.
Ashurst
London headquartered multinational law firm
Ashurst was founded in 1822 and currently boasts a team of 458 partners spread across 29 offices. The firm exerts a strong presence in China through its offices in Beijing, Shanghai and Hong Kong.
Focusses / specialisms
Ashurst in China is best known for its projects work and is also active in the corporate and M&A space.
The projects team advises clients such as sponsors, lenders, and multilaterals on matters across a wide range of industries, including energy, transport, social infrastructure, utilities, oil and gas, and mining, and natural resources.
Key clients
Notable clients include China Development Bank, Bank of China, Export Import Bank of China, Deutsche Bank, Shanghai Rural Commercial Bank, China Export & Credit Insurance Corporation, and China Construction Bank.
Baker McKenzie
Chicago headquartered multinational law firm Baker McKenzie caters to the Chinese market through its offices in Beijing, Hong Kong, and Shanghai. In 2015, the firm launched Baker McKenzie FenXun (FTZ) Joint Operation Office, the first joint operation between an international and a Chinese law firm in China.
Focusses / specialisms
Baker McKenzie in China is known for its strong banking and finance, corporate and M&A, and project development offerings and also boasts a well-established capital markets practice.
The banking team advises on a range of financing matters such as project finance, acquisition finance, syndicated loans, and export credit finance. The capital markets team is experienced in advising clients such as issuers and underwriters across a gamut of debt and equity offerings. The private equity team is active in sectors such as healthcare, technology and telecommunication, energy, retail, industrials and manufacturing, and consumer products.
Key clients
The firm acts for the likes of Bank of China, HSBC, Standard Chartered Bank, DBS Bank, Tencent, Abu Dhabi Retirement Pensions & Benefits Fund, Canada Pension Plan Investment Board, and Gaw Capital Partners.
Cleary Gottlieb Steen & Hamilton
Cleary Gottlieb Steen & Hamilton is an international law firm headquartered in the United States.
With 16 offices worldwide, the firm has established a significant presence in Asia. with its Hong Kong office opened in 1980 and Beijing office opened in 2006.
Its Hong Kong office, opened in 1980, and Beijing office, opened in 2006, have played a pivotal role in serving clients from both Asian and
non-Asian backgrounds.
Clifford Chance
Clifford Chance is a London-based magic circle law firm with over 3300 lawyers and 34 offices across 23 countries. The firm opened its Hong Kong office in 1980 which now has 150 lawyers servicing clients’
Greater China interests in conjunction with its Beijing and Shanghai offices. The firm has market leading transactional practices across an array of practice areas as it has the largest banking team in Hong Kong and strong relationships with Chinese policy and commercial banks.
CM Law Firm
Established in 2018, CM Law Firm is an eight partner and 50-lawyer-strong Shanghai-based PRC law firm with a further office in Beijing.
Focusses / specialisms
The firm is focussed on early-stage financing, pre-IPO investment, IPOs, secondary market financing and facilitating domestic and cross-border private equity transactions.
Key clients
Key clients of the firm include Futu Securities International, Morgan Stanley, Goldman Sachs, Cloopen, Kintor Pharmaceutical, Zhejiang Energy and Credit Suisse.
CMS
CMS
is a German-based full-service law firm with over 4,800 lawyers across 17 independent member law firms with more than 70 offices globally. It services its Greater China interested clients from its offices in Shanghai, Beijing and Hong Kong. CMS Hong Kong entered an association with Shirley Lau & Co in May 2018.
Co-effort Law Firm
Founded in 1998, Co-effort is a business focused law firm headquartered in Shanghai. It has 14 branch offices across China, as well as international offices located Tokyo, Osaka, Fukuoka, Milan, Paris, France, Singapore, Berlin and Geneva.
Focusses / specialisms
In terms of capital markets, the firm advises in equity deals like IPO’s, private placements and secondary offerings. The capital markets team also advises in securities law, assisting clients in the process of debt issues, securitization and asset-backed securitization.
M&A advice sees the firm advise on cross border acquisitions for corporate clients and financial entities.
Key clients
Key clients include Yijiayuan Xiamen Property Management, Chongqing Fuling State-owned Assets Investment Management Group, of Shenchi electromechanical and Jiangxi Huisheng Gongchuang Environmental Resources Technology.
Cooley
Cooley
is an American international law firm with more than
1,300 lawyers across 19 offices in the United States, Asia and Europe, and a total workforce of more than 3,000. The firm
regularly advises clients on unique business opportunities and legal challenges across
APAC region, with offices in Shanghai, Beijing, Hong Kong, and Singapore.
Cuatrecasas
Cuatrecasas is a Spanish, Portuguese and Latin American focused firm with more than 1,000 lawyers across 14 countries. The firm opened an office in Shanghai in 2007 followed by Beijing in 2017. The firm advise clients on their investments in China and other countries in the region through a team of Chinese consultants and foreign lawyers.
DaHui Lawyers
DaHui Lawyers is a boutique law firm based in Beijing.
Focusses / specialisms
The firm services private equity and venture capital investors to include hedge funds and other investors forming and investing in funds.
Key clients
Key clients include China International Capital Corporation, Credit Suisse, Goldman Sachs, JPMorgan, Yinxiang Biji, Hewlett Packard Enterprise and Alibaba.
Research period review:
32nd edition (2022/2023)
The firm performed well in capital markets in 2021. They worked—mainly as lead counsel—on several (de-)SPAC deals as well as some IPOs and numerous pre-IPO private placements and share transfers.
In 2020, the firm assisted on over a dozen matters centred around funds—not counting many private equity or venture capital investments that just involved funds—and the total value involved was over $1 billion. Highlighted cases include Tiger Brokers’ various confidential transactions, Lenovo’s investment in Cyclone, and Xiaomi’s investment in a Chinese company. Although most of its cases are confidential, the legal issues and solutions involved have shown the professionalism of the firm.
Last year, the firm hired Lucy Lu from Morrison & Foerster. She focuses on cross-border investment and M&A. In 2021, the firm added Zhao Pei, a funds specialist, from Shearman & Sterling.
Deal highlights
All highlight cases the firm submitted are confidential.
Davis Polk & Wardwell
Davis Polk & Wardwell is a New York-headquartered law firm with 982 lawyers across 10 offices in North and South America, Europe and Asia.
The firm has
offices in Beijing and Hong Kong with more than 100 legal professionals handling transactions and disputes for Chinese corporates, multinationals, funds and financial institutions.
Deacons
Established in 1851, Deacons is Hong Kong’s oldest and largest law firm with 300 lawyers and further offices in Guangzhou, Beijing and Shanghai. The firm has connections with independent law firms across the world through its membership of legal networks such as Lex Mundi, Interlex, World Services Group and Employment Law Alliance.
Focusses / specialisms
Deacons has the largest investment funds team in Hong Kong and dominates in retail funds. It covers PRC-related funds and mandatory provident funds (MPF), which are unique to Hong Kong. The firm also has strong capital markets, corporate and regulatory practices.
Key clients
Key clients of the firm include Manulife, Kerry Logistics Network, Bank of China, BNP Paribas Securities, Mirae Asset Global Investments, Janus Henderson Management and The Bank of East Asia.
Research period review: 30th edition (2019/2020)
The firm’s capital markets team kept busy advising on Hong Kong IPOs, PRC sovereign bond issues and programme updates.
The firm’s funds team were preoccupied advising on ETFs, ESG funds and SFC authorised funds alongside money market funds, ICITS funds and private equity strategy.
The corporate practice acted on take-privates, disposals, investments, corporate restructuring mandates and acquisitions in logistics, technology, retail, healthcare and financial services, while the regulatory team provided compliance, corporate governance and SFC-related advice.
In 2019 the firm brought in regulatory partner Stephen Tisdall from the Securities and Futures commission.
Deal highlights: 30th edition (2019/2020)
-Horizon Global Sustainable Equity Fund
-Huijing Holdings Company HKSE IPO
-JY Grandmark Holdings HKSE IPO
-Mirae Asset Horizons China Biotech ETF
-Manfield Chemical HK$790 million acquisition of 51% stake in Mao Hong Information Technology Holding
-Ministry of Finance of the PRC Rmb9.5 billion sovereign bond issue
-Wharf Real Estate Investment Company $300 million 2.50% bond issue
-Wheelock and Company HK$47.5 take-private
Client feedback: 30th edition (2019/2020)
Banking
“Sharp and right to the point advice.”
Investment funds
“Good understanding of regulations and trends, market practice.”
“Deacons are very familiar with the regulatory requirements, development and market practice. Their team of professionals are very supportive and can provide useful advice to assist us in fulfilling the necessary regulatory requirements while being able to accommodate commercial needs.”
“Timely and practical advice, client-focused, awareness of market practice and solid understanding of regulator's expectations.”
“Deacons was able to indicate the gap between the market practice and the already outdated regulatory requirements. Deacons was very practical and has strong knowledge in operation of the fund industry.”
“Responsive, multidisciplinary, well connected to the regulator and on top of recent regulatory changes.”
“The firm knows our business well and their advice is based on this intimate knowledge of what we need and what works and what does not work for us.”
Debevoise & Plimpton
Debevoise & Plimpton is a New York-based global law firm with 655 lawyers across 10 offices in the US, Europe and Asia. The firm services its clients with Chinese interests from its offices in Hong Kong and Shanghai.
Debevoise & Plimpton is transactionally strongest in strategic and private equity, M&A and private funds.
Key clients of the firm include Carlyle Group, Alibaba Group, Baring Private Equity Partners Asia, Ontario Teachers Plan Pension Board, Clayton, Dubilier & Rice and Wilsonart International.
During the research period, the firm handled large private equity fund formation and secondaries matters alongside take-privates, joint ventures, recapitalisations, restructuring mandates and acquisitions in the healthcare, consumer goods, retail, agriculture, chemicals and insurance industries.
Deal highlights
-Anta Sports Products $5.15 billion acquisition of Amer Sports
-Baring Private Equity Asia Fund VII
-MYOB Group $1.2 billion take-private
-National Investment and Infrastructure Fund
-New Frontier Corporation $1.44 billion acquisition of United Family Healthcare
-WeWork Companies restructuring
Client feedback: 30th edition (2019/2020)
Investment funds
“Know us and the market norms very well; extremely efficient in their work; proactive and strong advocates for their clients.”
“Technically very sound and great depth in domain knowledge and experience. Excellent turnaround times.”
“Technically excellent and good, in-depth understanding of the private equity industry.”
“Practical advice and prompt responses”
M&A
“Responsive, understands clients’ goals.”
Private equity
“Good market intel. Responsiveness. Professional with good technical knowledge.”
“Very responsive and worked to tight capped fee estimates.”
“Proactive, commercial, tailors work to the client and remembers previous deals and positions. User friendly.”
DHH Law Firm
Founded in 1993, Beijing DHH Law Firm is a full-service law firm that was established by Deheng Law Group. Over the years, the firm has expanded aggressively, targeting various strategic locations throughout the country, and it now has 60 offices across China and nine overseas.
Focusses / specialisms
DHH Law Firm has been dedicated to serving listed companies in more than 20 practice areas with a focus on the operation, compliance, and risk management issues of listed companies.
Key clients
Key clients include Bank of China, Industrial and Commercial Bank of China, China Construction Bank, PetroChina, China Merchants Bank, China First Automobile, Shandong Financial Asset Management, The People's Insurance Company, and China Vanke.
Research period review:
32nd edition (2022/2023)
Last year, the banking and finance team represented Tianjin Rural Commercial Bank in a series of financial loan dispute cases with deal value at Rmb2 billion. The team provided legal services during litigation and enforcement.
In 2020, the firm worked in various financial-related practice areas, including banking and finance, M&A, capital markets, investment funds, private equity, restructuring and insolvency, and financial services regulatory.
Deal highlights
China State Shipbuilding Corporation acquisition of shares in China Ship Heavy Industry Group and China Ship Industry Group
Kaitai Capital $5 million investment in Worktile
Shanghai King Chemical Rmb20 million round A financing
Shenzhen Shi Jia Chang Yuan Group Company $750 million debt restructuring
Client Feedback:
32nd edition (2022/2023)
Banking and finance
“During our cooperation, Beijing DHH Law Firm's legal service and their one-stop professionalism support, cost-saving and efficient communications greatly impress us. Most importantly, their great resources and efficient connections with offshore law firms is another big reason why we recommend.”
Dorsey & Whitney
Dorsey & Whitney is a US-based law firm with over 500 lawyers spread across 21 offices in the US, Canada, Europe, and Asia. In Asia, the firm has
established offices in Hong Kong, Shanghai, and Beijing. The Hong Kong office was opened in 1995, followed by the Shanghai office in 2001 and the Beijing office in 2015.
Eiger in association with Shanghai Runyi Law Firm
Eiger in association with Shanghai
Runyi Law Firm is the Shanghai office of Eiger, a full-service law firm with offices in Taipei and Shanghai.
Partner David
Jin and
Tian Xu
lead the firm’s
Shanghai
practice.
Focusses / specialisms
The firm is experienced in consulting clients regarding
corporate/M&A and restructuring-related mandates in China. The firm also covers a wide range of practices, including banking and finance, and projects across different sectors.
Eversheds Sutherland
Eversheds Sutherland is the result of a 2017 merger between law firms Eversheds and Sutherland Asbill & Brennan. It has over 2800 lawyers and 68 offices across 32 countries. The firm serves its clients with China interests from its offices in Hong Kong, Beijing and Shanghai.
In Hong Kong the firm is most active in handling structured finance and securitisation mandates and has expertise in contentious and non-contentious restructuring and insolvency-related matters.
Key clients of the firm include Hong Kong Capital Finance Corporation, Meritz Securities, Oceanwide Holdings, DBS Bank, HSBC, Gibson Innovations and Liberty Group.
In the past 12 months, the team has kept busy advising on RMBS mandates and Korean securitsation mandates, public to private structured financing, trade recievables and derivatives matters. The restructuring and insolvency team has handled Indian mandates, and matters in consumer goods, retail and mining.
In 2019, the team was bolstered with the relocation of partner Alex Doughty from the London office and the hire of of counsel Simon Barrell from Shearman & Sterling.
Deal highlights
-Adhunik and Zion Metals NLCT insolvency
-Gibson Innovations insolvency
-HKCFC HK$1.7 billion RMBS securitisation
-Manley Toys insolvency
-Meritz Securities HK$1.3 billion Korean securitisation warehousing transaction
-Springland International Holdings HK$4.5 billion public-to-private structured financing
Client feedback: 30th edition (2019/2020)
Banking
“The firm understands commercial realities and offers practical advice and solutions to assist the bank.”
“Can provide timely responses and is flexible in budgeting.”
“Kingsley Ong led the Eversheds team and did a remarkable job. They were very efficient and responsive to requests and comments. Legal advice is always on-point and practical solutions offered.”
Capital markets: Debt
“They are very responsive, supportive and focused. They tried to find the work that they could do for their clients.”
Capital markets: Structured finance and securitisation
“Eversheds has a very steady and logical approach, which engenders confidence. They have plenty of market knowledge and experience and this allows them to provide helpful and innovative solutions. They are proactive and their turnaround is fast. Overall, a top notch product.”
“The law firm is pragmatic, commercial and responsive.”
“The deal went through numerous negotiations, comments, and editing. Eversheds quickly reviewed and responded with recommended ideas and comments.”
“Overall quality of the advice has been off the charts. Substantial experience, which has been market-proven, in this structured financing involving the residential mortgage market has been clearly differentiated, and the level of proactive support throughout the entire deal process has been truly instrumental.”
“Strong local and international market knowledge with good grasp of structuring concepts and the ability to properly document these.”
Restructuring and insolvency
“Clear advice which avoids jargon and pompous legal jargon.”
“Three key attributes are: the team's appreciation of the position and perspectives of administrators/liquidators which contributed to their quick and sharp response to the issues we raised; the ability to mobilise and draw on their local expertise in UK and China has been very helpful in dealing with issues which have arisen in the course of the liquidation; and the multi-lingual ability of the team. They were able to support us in meetings conducted in Cantonese, Putonghua and English.”
“Very responsive and provides a fairly valuable service.”
FenXun Partners
Established in Beijing in 2009,
FenXun Partners is a PRC law firm with 140 fee earners, 30 partners and further offices in Shanghai and Qionghai. In 2015 Baker McKenzie FenXun (FTZ) Joint Operation Office was jointly established by FenXun and Baker McKenzie as the first joint operation approved by the Shanghai Justice Bureau.
Focusses / specialisms
The firm is focused on M&A, foreign direct investment, capital markets, asset securitisation, investment funds, private equity, competition and finance, and has expertise in financial services and real estate.
Key clients
Key clients of the firm include Nashwork, Chongqing Baidu Microfinance, Herald International Financial Leasing, Huarong Rongde Asset Management, Whirlpool and GlaxoSmithKline.
Garrigues
Formed in 1941, Garrigues is a Spanish law firm with 2,000 employees and further offices in 12 countries including Portugal, the UK and
the
US. It became the first Spanish law firm to establish an office in Shanghai in 2005 and an office in Beijing in 2015.
Gibson Dunn & Crutcher
Established in 1890,
Gibson Dunn & Crutcher is a Los Angeles-based international law firm with more than
1,300 lawyers across 20 global offices. The firm’s Hong Kong office opened in 2010 and works closely with its other Asian offices in Beijing, which
opened in 2013, and Singapore, which opened
in 2008.
The firm is best known for its private equity, investment funds, M&A, projects and leveraged finance work in China. It
offers US, Hong Kong and English law advice to its global and Asia-based clients.
Key clients of the firm include
Ruhnn Holding,
Robert Bosch, AGIC Capital, Shanghai Pudong Science and Technology Investment, CPE Advisors, Tarena International and NetEase.
Gide Loyrette Nouel
Founded in Paris in 1920,
Gide
is a leading international law firm with 12 offices spread throughout the world. With a presence in China dating back to 1987, Gide was one of the first foreign law firms to operate in mainland China and now has established offices in Beijing and Shanghai.
Goodwin Procter
Goodwin Procter is an American-headquartered law firm with a strong presence in Asia. The firm's Asia team
operates from offices in Hong Kong, India, and Singapore. The firm's
Greater China team composed with lawyers who are qualified in Hong Kong, the People's Republic of China (PRC), and the United States (US).
GRATA International
GRATA International, founded in 1992, is an international law firm that specializes in providing services for projects in the countries of the former Soviet Union and Eastern Europe. The firm has also
established an office in Beijing, China, where it
regularly offers legal services to Chinese companies in relation to Kazakh corporate law, projects, and
M&A transactions.
Hai Run Law Firm
Beijing-headquartered Hai Run Law Firm was formed in January 2018 by the merger of two former longstanding law firms, Beijing Hairun Law Firm and Beijing Tianrui Law Firm. The firm now is home to more than 300 lawyers across 11 offices in China.
Focusses / specialisms
Its transactional team is active in several practice areas, such as equity capital markets, banking and finance, and financial regulatory. Zhang Shenghuai and Zhu Yushuan are the key names of the firm’s capital markets team.
Key clients
Key clients include Guangzhou Automobile Group, Beijing Dalong Weiye Real Estate Development, China National Machinery Industry, Sunwave Communications, Shaanxi Construction Machinery, Xinsanxia Equipment, and Hawtai Motor Group.
Research period review: 33rd edition (2022/2023)
Last year, Hai Run team advised several companies in providing capital markets services. The team assisted Sansec Technology in completing its IPO, which is the first listed company in the commercial cryptography industry on the SSE STAR Market. In April 2022, Hai Run Law Firm assisted Yongtaiyun Chemical Logistics, a cross-border chemical logistics supply chain services provider, to land on the main board of the Shenzhen Stock Exchange and raise over Rmb790 million.
Also, Hai Run team advised on China Technology Exchange-Zhongguancun Guarantee/Changjiang-Phase 2 intellectual property asset-backed securities issuance. Compared with traditional asset securitization projects, this project is a great innovation in terms of underlying assets, transaction mode, guarantee method and credit enhancement method.
Deal highlights: 33rd edition (2022/2023)
Yongtaiyun Chemical Logistics’ IPO.
Sansec Technology’s IPO.
Newonder Special Electric’s IPO on ChiNext.
China Technology Exchange-Zhongguancun Guarantee/Changjiang-Phase 2 IP ABS.
HHP Attorneys-At-Law
HHP Attorneys-At-Law is the first Chinese member firm to join Meritas, an international alliance of law offices. Headquartered in Shanghai, it is a boutique law firm that is best known for its work in banking and finance and M&A.
The firm is particularly active in the pharmaceutical, healthcare and mining sectors.
Key clients include 3M, Bank of China,
Aijian Trust, Shanghai Pudong Development Bank, Sichuan Trust, Puma,
Zhonghai Trust and Children’s Hospital of Fudan University.
Huiye Law Firm
Hui Ye Law Firm's dedicated M&A department enables the firm to provide legal services to clients in China and investment-target countries under its international service network. The team is also active in the fields of aviation, energy, manufacturing, pharmaceuticals and real estate. The firm now has a total of 35 offices around the world with a strong strategic presence in Europe. Hui Ye Law Firm welcomed 11 partners for corporate and M&A in the last 12 months.
Hylands Law Firm
Hylands Law Firm was established in 1997 under the name of Haotian Law Firm. It is based in Beijing and—alongside an IP Agency—has 17 further offices in Shanghai, Changsha, Chengdu, Chongqing, Guangzhou, Guiyang, Hangzhou, Hefei, Hong Kong, Jiangyin, Jinan, Nanjing, Nanning, Qingdao, Shenzhen, Wenzhou and Yinchuan. Hylands is also one of two Chinese member firms of TerraLex, a global law firm network.
The firm’s main strengths are in handling M&A, restructuring and insolvency, securitisation, private equity, and banking mandates.
Key clients of the firm include National Development Bank, China Minsheng Banking, Huihua Fund Management, SAIF Partners IV, China Development Bank Securities and Jilin Yillion Bank.
Research period review: 31st edition (2020/2021)
In the past year the firm kept busy with banking advisory, due diligence matters, securitisation mandates, pre-IPO financing, investment mandates, facilitating funding rounds, and a number of restructuring and liquidation mandates.
Hylands Law Firm also hired partners Yuancheng Guo and Jiejun Li from Jingsh Law Firm in the research period.
Deal highlights: 31st edition (2020/2021)
Dalian Donglin Food restructuring
Flash Partners $200 million series D financing
National Military-civilian Integration Industry Investment Fund Rmb7.6 billion non-public issuance
SAIF Partner Rmb500 million pre-IPO financing
Jincheng Tongda & Neal
Founded in 1992, Jincheng Tongda & Neal has grown to become one of the largest and most respected law firms in China, with hundreds of qualified and talented attorneys in 15 offices located in key urban centres across the country, and one liaison office in Tokyo, Japan.
The firm is best known for its M&A, capital markets and banking work. It is also active in the private equity and investment funds area.
Jincheng
Tongda & Neal provided strategic legal counsel to China
Chengtong in its strategic partnership with China Telecom's cloud computing platform,
Chinatelecom Cloud. Additionally, the firm represented
Shagang Group in its acquisition of a 60% equity stake in Nanjing
Nangang Iron and Steel Union Co., which was jointly held by Fosun Hi-Tech and its affiliated entities.
Key clients of the firm include
China Chengtong,
Shagang Group,
China Construction Bank, Bank of Communications Lianyungang Branch, Bank of Nanjing, Jinshan New Town Construction and Development, Huahong Grace Semiconductor, Parkson Group and Youzu Network.
JunZeJun Law Offices
JunZeJun Law
Offices was founded in 1995 with its headquarters in Beijing. It is one of the earliest partnership law firms in China, as well as one of the largest, well-recognised law firms in China. The firm has so far established 14 branch offices in Shanghai, Shenzhen, Guangzhou, Tianjin, Nanjing, Chengdu, Changsha, Changchun, Zhuhai, Haikou, Kunming, Shijiazhuang, Zhengzhou and Hong Kong (which is in association with Nixon Peabody CWL).
The firm is
recognised for its work in banking and finance and capital markets. It is traditionally known for its strong aviation finance practice, but it also has a strong debt capital markets practice and is active in the equity and securitisation space.
Key clients of the firm include
Bank of China, Zhongyuan Bank, The
Lvgang International Center Branch of Bank of Beijing, New China Trust, TTCO Trust,
Huaxia Financial Management, ICBC Financial Assets Investment,
and China Minsheng Trust.
K&L Gates
K&L Gates is a US-based international law firm with 45 further offices across Asia, Australia, Europe, the Middle East, and South America. The firm assists its clients with Greater China interests from its offices in Beijing, Shanghai, Hong Kong and Taipei.
Its lawyers instruct on cross-border transactional, regulatory, and contentious matters, but are especially active in corporate and M&A.
Key clients of the firm include Koppers, TCL Holdings, Greentown Education Investment, Luye Medical, KaiOS Technology, Bluescope Steel and DIC Corporation.
Over the research period the firm kept itself busy with corporate advice and restructuiring mandates, joint ventures, investments, stake sales and acquistions in the chemicals and financial services sectors.
In 2019, the firm hired partner Guiping Lu from Haiwen & Partners and saw Grace Fan-Delatour depart for White & Case.
Deal highlights
-Greentown Service Group A$67 million acquisition of 56% stake in Montessori Academy Group
-Fangda Carbon New Material and C-Chem $107 million acquisition of Koppers (Jiangsu) Carbon Chemical Company
-KaiOS Technology restructuring
Kirkland & Ellis
Established in 1909,
Kirkland & Ellis is a Chicago-based law firm with 2,300 lawyers and 15 offices worldwide. The firm caters to its clients with an interest in Greater China from its offices in Beijing, Shanghai and Hong Kong with
more than
100
professionals
advising Chinese and international clients.
Latham & Watkins
Established in California in 1934, Latham & Watkins is an international firm with 2700 lawyers across 29 offices in the United States, Europe, the Middle East and Asia. The firm’s office in Hong Kong leverages off its Asia network of offices in Beijing, Shanghai, Seoul, Singapore and Tokyo.
Focusses / specialisms
Latham & Watkins traditional strength in Hong Kong is in M&A and capital markets, but in recent times, it has made its presence felt in regional private equity, restructuring and insolvency, regulatory and leveraged finance, where it has a unique practice that acts for lenders, sponsors and borrowers.
Key clients
Key clients of the firm include Zhengzhou Zhongrui Industrial Group, China National Chemical Corporation, ESR Cayman, Bank of America, Vipshop Holdings, Huachen Energy and China Life Insurance (Overseas) Company.
Research period review: 30th edition (2019/2020)
The firm’s capital markets team kept busy advising on Hong Kong and US IPOs, high-yield bond issuance, corporate and convertible bonds and programme updates.
In finance the firm acted in a range of conventional finance mandates, lender and sponsor leveraged finance, margin financing and bridge loans.
The corporate team were busy with take-private mandates, investments, mergers, joint ventures, spin-offs, and acquisitions in the transport, automotive, telecommunications, data centres, healthcare, technology, pharmaceuticals, and food and beverage industries.
The private equity team assisted clients in various rounds of funding while the regulatory team handled a host of contentious and non-contentious mandates.
In restructuring and insolvency, the firm acted for bondholders and advised in financial restructuring mandates alongside other matters in energy, mining and medical industries.
The firm’s corporate team was hit with the departure of its Beijing office managing partner Yilong Du to private equity firm Warburg Pincus.
Deal highlights: 30th edition (2019/2020)
-China Biologic Products Holdings $4.6 billion take-private
-China National Chemical Corporation $2.5 billion multiple-tranche (3.125%, 3.375%, 3.875%, 4.75%) bond issue
-Chongqing Sincere Yuanchuang Industrial $230 million 10% high-yield bond issue
-DouYu International Holdings NYSE IPO
-ESR Cayman HKSE IPO
-Ruangguru $150 million series C financing
-Shanghai Huaxin insolvency
-Tencent Asset Management $6.5 billion term loan and revolving credit facility
-Vipshop Holdings Rmb3.4 billion acquisition of Shan Shan Commercial Group
Mayer Brown
Mayer Brown is a large international law firm with offices in 27 cities across the Americas, Asia, Europe, and the Middle East. It has been serving its clients in China since the 1990s with offices in Beijing, Shanghai, and Hong Kong where it has over 200 lawyers.
The firm is best known in Hong Kong and China for its restructuring and insolvency, projects, banking and debt capital markets practice where it is ranked highest—its high-yield practice is active often representing trustees on bond issuances. It also has a strong regulatory practice.
Key clients of the firm include Mongolian Mortgage Corporation HFC, China Gas Capital Management, Jiu Zun Digital Interactive Entertainment Group Holdings, Leapfrog Investments, Maybank, and Asian Development Bank.
Research period review: 32nd edition (2022/2023)
Over the research period, the firm was active in banking, capital markets, investment funds, M&A, private equity, project development, project finance and
restructuring and
insolvency.
The firm’s
banking team worked on multiple confidential financings, mainly on the lender side.
The capital markets team worked on the debt and equity side, advising issuers, underwriters and guarantors in complex securitizations such as sovereign bond issuances and high-yield bond issuances. The firm also participated in cross-border IPOs and private offerings.
The
M&A team
worked on corporate acquisitions and investments, mainly
advising financial institutions
on strategic acquisitions and share or
bond purchases.
The
projects team was very active on the finance side, leveraging its expertise advising financial institutions. The firm advised lenders, investors and developers in diverse projects.
In restructuring and insolvency, the firm acted in restructurings and liquidation issues of entities, most notably
in the cruise and resort businesses. The firm advised debtors and creditors.
Between June and
July of 2021, the firm bolstered its strength by recruiting partners Joanne Du from Baker
Botts, partners
Guiping Lu and Philip Hyde from K&L Gates and partners Bonnie Yung and Jason Wang from EY Law Hong Kong, also
known as LC Lawyers.
These partners will
all be joining the corporate & securities practice.
In August of 2021, partner Tom Pugh departed from the firm’s restructuring practice to join Walkers.
Deal highlights: 32ndedition (2021/2022)
Alpargatas $475 million acquisition of
Rothy’s
Chubu Electric Power $200 million acquisition of
Bitexco
Genting Hong Kong Limited $3.5 billion restructuring
Mongolian Mortgage Corporation $250 million 8.85% bond issuance
Republic of Indonesia $3.05 billion 1.3% sovereign bond issuance
Sagaliam Acquisition Corporation Nasdaq IPO
Sinochem Offshore Capital Limited $305 million
2.25%, .75%, 1%, 2.375% and 3.12% bond issuance
Sun Hung Kai $90 million investment
Sygnum Bank
Client feedback: 32nd edition (2021/2022)
"Very knowledgeable about the China market, up to date with latest regulatory changes and the impact on offshore financing."
Morgan Lewis & Bockius
Morgan Lewis & Bockius is a Philadelphia-based international law firm with 2200 lawyers across 31 offices in North America, Europe, Asia and the Middle East. The firm services its clients with Greater China interests from its offices in Hong Kong, Shanghai and Beijing.
Morrison & Foerster
Morrison & Foerster is the Chinese presence of the international firm of the same name. In Greater China, the firm established its Hong Kong office in 1983 followed by Beijing in 1998 and Shanghai in 2003. The firm is also one of the first US law firms to establish an office in the above-mentioned Chinese
major business centres.
Formed in 1883, Morrison & Foerster is a San Francisco-based international law firm with 1,000 lawyers and 17 offices across the US, Asia and Europe.
The firm has a focus on foreign M&A and private equity but is also very active in foreign capital markets and project development.
Key clients of the firm include
Alibaba Group, GLP,
SoftBank, Silver Crest,
Haitong International Capital, CLSA Capital Markets, BOC International Holdings
and China Securities (International) Finance Holding.
Nishimura & Asahi
Nishimura & Asahi is a ‘Big Four’ Japanese law firm with 530 lawyers across 14 offices, including 10 overseas. The firm’s China
practice group
assists its Chinese and Japanese clients with
more than 20
Chinese lawyers, Japanese lawyers and paralegals across its offices in Beijing and Shanghai, which
were established in 2010 and 2014 respectively.
O'Melveny & Myers
International law firm O'Melveny & Myers
established
its first
mainland
and Hong Kong offices in the mid-1990s and has an elite
corporate
and M&A practice in China. Currently the firm has
more than
30 corporate lawyers based in Beijing, Hong Kong and Shanghai.
The firm is strongest in the M&A, private equity and
capital markets practice. It
provides a diverse practice set spanning private M&A, public M&A, joint ventures, growth investments, leveraged acquisitions, private equity buyouts, going-private transactions, carve-outs and spin-offs for both Chinese and international companies.
Key clients include Warner Brothers, PAG, Alibaba,
Seek, Yunfeng Capital,
RemeGen,
BocomAsia
and Viva Biotech.
Client
feedback:
32nd edition (2022/2023)
“OMM led the law parts in our HK IPO project.”
Paul Hastings
Founded in 1951, Paul Hastings is a global law firm that has strategically grown to anticipate and respond to clients' needs in markets across the globe. The firm has a strong presence in Asia. The firm’s Beijing and Shanghai teams work closely with offices in Hong Kong, Seoul, and Tokyo to advise clients throughout Asia.
Paul Weiss Rifkind Wharton & Garrison
Paul Weiss Rifkind Wharton & Garrison is the Chinese presence of the international law firm of the same name. The firm services its Greater China clients from its offices in Beijing and Hong Kong.
Originally founded in 1875, Paul Weiss Rifkind Wharton & Garrison is a New York-based international firm with more than
1,000 lawyers across eight offices. It is also one of first foreign law firms to establish an office in mainland China, opening in Beijing in 1981.
The firm is strongest in
the foreign private equity market, achieving top-tier status in China for this area. It
is also well recognised
for its work in foreign M&A practice.
Key clients of the firm include DCP Capital, Didi
Chuxing, PAG, State Grid International Development and Wanda Sports & Media.
Proskauer Rose
Proskauer Rose is a New York-headquartered law firm 12 global offices and 725 lawyers. The firm caters to its clients with Chinese interests from its offices in Hong Kong and Beijing.
From its offices in Hong Kong the firm is best known for its private equity, M&A and regulatory enforcement work.
Key clients of the firm include Grifols, Accor, RRJ Capital, CCB International Asset Management, Greater Bay Area Homeland Development Fund, Adamas Asset Management and Parker-Migliorini International.
During the research period the firm kept busy with joint ventures, disposals, investments, acquisitions and fund formation mandates in the hotels, real estate, retail, healthcare and fintech sectors alongside SFC investigations and compliance work.
Deal highlights
-Accor acquisition of Tribe
-B.M. Group $100 million investment in LVC Super Unicorn Fund
-Greater Bay Area Homeland Development Fund financial technology investment
-Grifols / Shanghai RAAS Blood Products strategic alliance
Client feedback: 30th edition (2019/2020)
Capital markets: Equity
“Knowledgeable, professional, problem solving.”
Financial services regulatory
“The firm is street smart and technically sound. It has a realistic view of the situation and can provide pragmatic advice.”
Investment funds
“Knowledgeable and thorough.”
“Experienced in fund formation, responsive to clients’ requests and good communication skills.”
M&A
“Responsive, provides timely and practical advice.”
“The Proskauer team serving on our deals was technically strong, very commercial and reliable. The team was led by Ying, a go-to lawyer for cross-border M&A and financing deals in the real estate sector. Ying is a native Chinese with dozens of years of experience advising clients on various cross-border transactions. He really focused on the client's needs and had a great understanding of our business and culture. Ying was very commercial and had a very good insight into the market. He was known for his sharp style at the negotiation table. When negotiating deals for clients, Ying always knew how to maximise the clients' negotiation leverage. Ying was also practical and efficient, and was quick in coming up with solutions that were both commercially and legally sound. We really benefited from his representation.”
Private equity
“Fast responses, flexible, raise risk awareness and solutions.”
“Knowledgeable, efficient, practical.”
“Professional, responsive and hard working with a good attitude.”
R&P China Lawyers
R&P China
Lawyers is a
foreign-oriented Chinese law firm
established in 2010. The firm is led by managing principal Maarten
Roos and has offices in Shanghai and Beijing.
The firm has a focus
on the
M&A practice, it advises corporate and private equity clients on a broad spectrum of corporate matters as well as on cross-border and domestic M&A transactions.
Client
feedback:
32nd edition (2022/2023)
“They provide me
with answers in a way that I can understand without needing to have a law degree. They give me straight answers
and good advice when I ask.”
“R&P is a very well-resourced firm that can answer most corporate law issues without delay and with a very reasonable quote.”
Reed Smith
Reed Smith is the Chinese presence of the international firm of the same name, which headquartered in Pittsburgh, Pennsylvania, with more than 30 offices across the US, Europe, the Middle
East and Asia. The firm has over 30 years’ experience in
Greater China with its offices in Hong Kong,
Beijing and Shanghai.
Ropes & Gray
Ropes & Gray is the Chinese presence of the international law firm of the same name. The firm caters to its clients with Greater China interests from its offices in Shanghai and Hong Kong.
Established in 1865, Boston-based Ropes & Gray is an international law firm with
more than 1,400 lawyers and 11 offices across the US, Asia and Europe.
The firm is strongest in its private equity practice
and also recognised for its work in banking, capital markets, and M&A in
mainland China. Its Shanghai office
provides legal services to both domestic and global clients.
Key clients of the firm include Ares SSG Capital Management, Baillie Gifford, Bain Capital, Baring Private Equity Asia, China Resources Capital Management, ICBC International, Alibaba, API Hong Kong Investment and Didi Global.
Seyfarth Shaw
Seyfarth Shaw
is an international law firm headquartered in the US. With over 900 lawyers spread across 18 offices, the firm provides legal services to clients in various practice areas, including corporate and M&A, capital markets, family offices, and related regulatory mandates. Seyfarth Shaw has
established offices in Shanghai and Hong Kong SAR
advising clients in cross-border issues.
SF Lawyers in association with KPMG Law
SF Lawyers is a member of KPMG’s Global Legal Services network that has over 2700 legal professionals across 81 jurisdictions. The affiliated Hong Kong firm SF Lawyers has 10 lawyers and more recently launched in Shanghai with Shanghai SF Lawyers as the English registered name of the independent PRC firm Ruiwei Law Firm.
Focusses / specialisms
The firm is focused on cross-border mergers and acquisitions and corporate and commercial legal services.
Key clients
Key clients of the firm include Semiconductor Manufacturing International Corporation and Wangsu Science & Technology.
SG & Co Lawyers
Based in Shanghai, SG & Co Lawyers was founded in 2010 with the merger of several law firms. After years of growth, the firm has set up branches in cities such as Tianjin, Shaoxing and Suzhou.
The team focuses on capital markets, M&A and equity investment.
Last year, SG & Co Lawyers provided crucial legal counsel on several high-profile projects. They advised on the issuance of Green Asset-Backed Securities for personal auto mortgages and
assisted
the establishment of various investment funds. Additionally, they offered
expertise on distressed asset-backed securities and notable financing and investment projects. This
demonstrates their extensive knowledge and versatility in the financial and investment sectors.
Key clients of the firm include Shanghai Film Group, Baohua (Shanghai) Enterprise Management and Shanghai International Trust.
SGLA Law Firm
Based across Shanghai, Chongqing, Guangzhou, Tianjin and Chengdu, SGLA Law Firm was jointly founded by members of the former Sino-Global Legal Alliance, a leading alliance recognised by international rating agencies. SGLA is now a large complex of top regional firms serving the needs of both domestic and international clients.
Focusses / specialisms
SGLA Law Firm is noted for its track record in successfully representing clients in restructurings and insolvency and M&A proceedings.
Key clients
The firm’s key clients include Vanke Group, Alibaba Chongqing, Ant Group and Li Ning.
Research period review: 33rd edition (2022/2023)
In 2022, the firm represented Chongqing Water Group Public Engineering Consulting to integrate the waste-water treatment project held and operated by Tianjin Motimo Membrane Technology by means of direct merger and acquisition, merger and acquisition by cooperative fund or other means.
The firm’s Chongqing office hired six partners to strengthen its corporate matters capability while four partners left - three joined Zhong Wen Law Firm and one joined Longan Law Firm.
Deal highlights: 33rd edition (2022/2023)
Chongqing Water Group Public Engineering Consulting and Tianjin Motimo Membrane Technology’s M&A.
Shanghai Joius Law Firm
Joius Law Firm is a boutique law firm with headquarters in Shanghai
and offices in Taipei and Warsaw. The firm offers legal consultation mainly to commercial clients and government agencies.
The firm is specialised in banking and finance
and the practice provides legal services to financial institutions.
Key clients of the firm include Industrial and Commercial Bank of China, Bank of China Shanghai Branch, Shanghai Bank, Shanghai Rural Commercial Bank, Bank of
Hangzhou, East West Bank, DBS Bank, Korea Development Bank,
Huarong International Hong Kong,
AVIC Trust and China Continent Insurance.
Shanghai Pacific Legal
Based in Shanghai,
Shanghai
Pacific Legal focusses on providing Chinese business law services across China.
It is active in banking and finance and has
capacity and experience in advising both international and local lenders and borrowers on a wide range of China-related financing transactions, including acquisition finance, real estate finance, bilateral and syndicated finance, and corporate lending.
Shanghai Pacific Legal served a lender syndicate led by Standard Chartered Bank on a green financing project for a Hong Kong subsidiary of Zhejiang
Huayou Cobalt Co. Ltd., the first multi-currency sustainable-linked syndicate involving US dollars, cross-border RMB, and offshore RMB. They also advised DNB Bank and other banks on two syndicated green financing facilities totaling €1.075 billion for Cadeler A/S, an Oslo-listed offshore wind turbine installation company.
Key clients include ANZ, BNP Paribas, ING, Bank of China, China Development Bank, ICBC, Orion, Everest Infrastructure, PT Provident Capital Indonesia, PT Saratoga
Investama Sedaya, Energizer Household Goods and Energizer Trading.
Sidley Austin
Formed in 1866, Sidley Austin is a Chicago-based international law firm with over 2000 lawyers across 20 global offices. In Asia-Pacific the firm has 200 legal professionals in Hong Kong, Shanghai, Beijing, Singapore, Sydney and Tokyo. Its Hong Kong office was established in 1994.
Focusses / specialisms
The firm offers US, Hong Kong and English legal advice to its clients and excels transactionally in the equity capital markets, the debt—especially high-yield bond issuances—capital markets, investment funds, M&A and private equity.
Key clients
Key clients of the firm include Springland International Holdings, Vivo Capital, CanSino Biologics, Kaisa Group Holdings Company, Standard Chartered Bank, DBS Bank and Fosun International.
Research period review: 30th edition (2019/2020)
The firm’s equity capital markets practice was very active during the research period advising on Hong Kong IPOs, share placements and rights issues; while the debt team handled corporate bond issuances alongside high-yield, convertible and green bond issues.
The M&A team acted in take-privates, joint ventures, disposals and acquisitions in the transport, real estate and construction industries. In private equity the firm assisted clients in various rounds of funding and in investments.
Deal highlights: 30th edition (2019/2020)
-China Evergrande Group Rmb13.2 billion acquisition of Shengjing Bank
-Fosun International €400 million 4.35% high-yield bond issue
-HiFiBiO Therapeutics $67 million series C financing
-Kaisa Group Holdings $400 million 11.95% high-yield bond issue
-Shanghai Henlius HKSE IPO
-Springland International Holdings HK$4.5 billion take-private
-Vodafone Idea $3.5 billion rights issue
-Zhongliang Holdings HKSE IPO
Simpson Thacher & Bartlett
Simpson Thacher & Bartlett is a New York-based international law firm with 900 lawyers across 11 offices across the Americas, Asia and Europe. he firm services its clients’ Greater China interests from its offices in Hong Kong and Beijing.
Skadden Arps Slate Meagher & Flom
Formed in 1948, Skadden Arps Slate Meagher & Flom
is a New York-based international law firm with 1,700 lawyers across 22 offices. The firm’s Beijing office opened in 1991. The firm serves its clients’ Greater China interests from its offices in Hong Kong and Beijing with more than 70 lawyers.
Slaughter and May
Slaughter & May is the Chinese presence of the international firm of the same name. The firm became the first London law firm to establish an office in Hong Kong when it opened in 1974.
Established in 1889, Slaughter & May is a London-based magic circle law firm with 560 lawyers across additional offices in Brussels, Beijing and Hong Kong. Compared to similar firms of its stature the firm has a minimal overseas presence relying instead on relationships with local law firms for its international practice.
Focusses / specialisms
The firm has a focus on foreign capital markets and M&A.
Key clients
Key clients of the firm include Tencent Holdings, United Energy Group, Haitong International Capital, Goldman Sachs, Standard Chartered Bank, Hong Kong Exchanges and Clearing and FWD Group.
Stephenson Harwood
Stephenson Harwood is a London-headquartered law firm with nine offices across Asia, Europe and the Middle East. The firm has offices in Shanghai, Hong Kong and an association—with PRC law firm Wei Tu—in Guangzhou catering to its clients’ interests involving Greater China.
The firm provides English and Hong Kong law advice especially in regulatory matters and in restructuring and insolvency mandates.
Key clients of the firm include Futu Lending, Convoy Global Holdings, CSL Securities, PwC, Société Générale, Rabobank and UIL Singapore.
In the research period the firm was preoccupied providing its clients with regulatory advice, technology company establishment and some strong debt restructuring and insolvency mandates including Shanghai Huaxin Group’s liquidation and a host of individual and Indian mandates.
Partner Malcolm Kemp, who led the firm’s litigation and financial services (contentious) practice, retired in April 2020.
Deal highlights
-CECEP COSTIN New Materials Group insolvency
-Shanghai Huaxin Group insolvency
-UIL Hong Kong restructuring
Client feedback: 30th edition (2019/2020)
Banking
“They understand what we and our client want them to do and provide the best advice in accordance therewith.”
“Responsive team – the partner is hands on when he needs to be. Generally a team that is very good to work with on general banking matters as well as on ship finance transactions where they have particular expertise.”
“The wording of agreements are very precise, and it's helpful with their opinion.”
Financial services regulatory
“Have a good wealth of experience in this type of work, so their advice is authoritative and little of their time is spent learning things from scratch. They have a deep bench of experienced associates, so costs are well managed, and also ensures deadlines are met. Fee discussions are commercial and transparent.”
“Responsive, helpful and sound business acumen.”
“They are technically strong and experienced in the area and offer useful and practical advice and solutions. They are also responsive and flexible.”
“Engaging and proactive.”
Investment funds
“Very responsive and timely turnaround on requests. Well considered and thought out comments and suggestions. Documents are well drafted without excessive legal language.”
Restructuring and insolvency
“Can-do attitude and user-friendly; willing to explore and push the limits.”
“SH adopts a practical and effective approach to matters rather than an overly academic one.”
“Very sensible, down to earth, and user-friendly but clear, objective and supportive at the same time.”
“Provides very practical solutions and timely responses.”
“Personal attention. Practical solutions.”
“The lawyers handling the case are helpful and knowledgeable. They are responsive to all my questions and concerns in a timely and professional manner. They can always provide highly reliable and quality services. I am glad to have them in my team so that we can make well informed and strategic decisions quickly.”
“They provided professional advice and a holistic legal strategy for dealing with complicated issues.”
“Provides in-depth analysis and recommended approaches that are practical.”
“The team at Stephenson Harwood knows both shareholders well because of their earlier relationship. Notwithstanding their role was effectively lost, they continue to assist in helping both shareholders and we (as liquidator) to re-build the communication channel and facilitate both parties to assist the liquidator's work in a short-term trading-on of the business and also in the course of selling the company's business. They did this work out of their good initiative.”
“The recent elevation of Eloise and Alex to partnership is reflective of their abilities and certainly well deserved. I have worked with Stephenson Harwood on both contentious insolvency and restructuring matters. I consider both Jamie, Eloise and Alex to be extremely capable and leading practitioners within the HK market. I turn to them when I need assistance as they are responsive, accommodating, easy to communicate with, have the requisite technical skills and more importantly the ability to consider pragmatic commercial solutions.”
Sunshine Law Firm
Sunshine Law Firm
is a PRC law firm with extensive experience providing energy, environment and infrastructure-related legal services in China and abroad.
The firm
was established in 1995 and now has offices in Hangzhou, Beijing, Shanghai and Guangzhou. Key figures at the firm include founding partner Jane Chen.
The firm is recognised as a market leader for its high-quality project development practice. The firm notably advises clients across the life cycle of energy projects and also focuses on the environment and infrastructure sectors.
Key clients of the firm include Huarun Electric Power Investment, CNNP Rich Energy, China Telecom
Bestpay,
Zhonghai Trust, China National Petroleum BP
and CLP Holdings.
Client
feedback:
32nd edition (2022/2023)
“Get the real experts at
Sunshine working on the deal, quick study on the new deals and advice/solution balanced and practical.”
“Sunshine is very familiar with the business areas of the target company and can provide in-depth and professional legal advice to the client. Sunshine is also able to provide industry and market practices and fit-for-purpose legal advice.”
Taylor Wessing
HM Chan & Co is a Hong Kong transactional boutique that formed an association with international firm Taylor Wessing in 2016. Taylor Wessing has over 1100 across 16 jurisdictions in Asia, Europe and the Middle East including offices in Shanghai and Beijing.
In Hong Kong, the firm is most active in the equity capital markets, M&A, private equity, venture capital and the regulatory space.
Key clients of the firm include Southwest Securities, Ballas Capital, Acute Peak Investments, Earn World Enterprises, Music Sales Corporation, Recaro Aircraft Seating International and Chapman Freeborn.
During the research period, the firm handled Hong Kong IPOs and GEM listings, trade sales, private equity acquisitions, share acquisitions, disposals, joint ventures and other acquisitions in the technology, aviation, financial services and food and beverage industries. It also assisted its clients in various rounds of funding.
Deal highlights
-Design Capital HKSE IPO
-Earn World Enterprises HK$210 million acquisition of 70% stake in Earn World Development
-Hevol Services Group HKSE IPO
-Parsons Music acquisition of MusicFirst Junior
-Shinelong Automotive Lightweight Application HKSE IPO
-Wynnchurch Capital acquisition of America II Group and Advanced MP Group
Client feedback: 30th edition (2019/2020)
Capital markets: Equity
“They are highly experienced, diligent and professional.”
M&A
“A lean team that is responsive and provides effective advice.”
TransAsia Lawyers
PRC firm TransAsia
Lawyers maintains offices in Beijing and Shanghai and has an associate office in Hong Kong. The firm extends its presence internationally through an alliance in Tokyo and its membership of the Global Advertising Lawyers Alliance.
Focusses / specialisms
The firm is recognized for its corporate and M&A and private equity practices.
The firm advises clients such as corporates, private equity funds, venture capital funds and startups on a range of domestic and cross border matters and has a particular focus on the technology, media and telecommunication sectors.
Key clients
Key clients include Ainemo, Sina, Weibo, XAG, Universal Music Group, Airbnb, and Telstra.
V&T Law Firm
V&T Law Firm is a full-service Beijing-based PRC Law Firm with branch offices in Shenzhen, Shanghai and Chengdu and international offices in Madrid, Manchester and Kolding.
Focusses / specialisms
Securities law is core to the firm’s business. It provides advice in domestic and overseas IPOs, refinancing, bond issues, M&A and asset reorganisations.
Key clients
Key clients of the firm include China Vanke, Tus-Holdings, Shanghai Huaming Intelligent Terminal Equipment, Kunming Future City Development and Xingzhen Investment Management.
Weil Gotshal & Manges
Weil Gotshal & Manges
is a New York-headquartered international law firm with Asia offices in Hong Kong, Shanghai and Beijing. The firm opened its Shanghai office in 2004, advising Chinese and international clients on transactions in mainland China and throughout Asia.
Wilson Sonsini Goodrich & Rosati
Wilson Sonsini Goodrich & Rosati is a California-headquartered international firm founded in 1961. The firm opened an office in Shanghai in 2007, added one in Hong Kong in 2010, and opened another in Beijing in 2012 with approximately 50 bilingual professions to cater to its clients in the Greater China region.
Highlights
The firm's expertise lies in capital markets, where they have established a strong track record of providing valuable advice to clients on listings in both Hong Kong and the US. Over the past year, the firm has actively engaged in offering legal solutions to firms seeking deSPACs.
Their recent deal work includes notable examples such as advising WuXi XDC on a $470 million Hong Kong IPO, Fenbi on a $25.5 million IPO, and Cheche Group on a De-SPAC merger with Prime Impact Acquisition I, followed by a successful listing on Nasdaq. These achievements highlight the firm's ability to navigate complex transactions and deliver exceptional results for their clients in the equity capital markets.
Key Clients
Key clients of the firm include WuXi XDC Cayman, Cheche Technology, Fenbi, QuantaSing Group, Xiamen Yan Palace Bird’s Nest Industry Co.
Winners Law Firm
Established in 1995, Winners Law Firm is engaged in high-end commercial legal services. Winners has offices in Tianjin and Binhai New Area, with 16 professional departments and more than 160 employees including more than 100 practising lawyers.
Focusses / specialisms
The firm focuses on corporate governance, mergers and acquisitions, capital markets, restructuring and liquidation.
Key clients
The firm’s clients include China Development Bank, China Exim Bank, Standard Chartered Bank, DBS Bank, China Construction Bank and Bohai Bank.
Research period review: 33rd edition (2022/2023)
The firm represented several companies in their capital markets work such as Tianjin Kaihua Insulation Materials’ IPO and Tianjin Lingang Investment Holding Company’s $41 million foreign bonds issuance.
Key names to note are Haibo Li, the managing partner of the firm, and senior partner Dapeng Fan.
Deal highlights: 33rd edition (2022/2023)
Tianjin Kaihua Insulation Materials’ IPO.
Tianjin Lingang Investment Holding Company’s $41 million foreign bonds issuance.
Winston & Strawn
Established in Chicago in 1853,
Winston & Strawn is one of the largest and oldest firms in the city. It has nine offices in the US and six offices in Europe and Asia. With offices in Shanghai and Hong Kong, the firm assists its global and Asia-based clients navigate inbound and outbound opportunities in Greater China.
In June 2020, Winston & Strawn formed a strategic alliance in China with
Yuanda China Law Offices. Known as
Yuanda Winston, the team combines first-hand knowledge of China’s legal, political and regulatory environment and offers a strong bench of nearly 50 attorneys,
The firm’s transactional practice is most active in M&A and equity capital markets work, particularly in structuring special purpose acquisition companies, where it has a niche enabling its clients to go public as an alternative to the traditional IPO process.
Key clients of the firm include RF Acquisition, UOB Kay Hian, Karrie International Holdings, Hua Shi Zhong Guang International Media, China Shenghai Group, Vistas Media Acquisition and
Saitech.
WongPartnership
WongPartnership is a Singapore-based law firm with over 400 professionals across further offices in Beijing, Shanghai and Yangon. The firm is also a member of the regional law network, WPG, granting it access to Abu Dhabi, Dubai, Jakarta, Kuala Lumpur and Manila.
Focusses / specialisms
The firm’s Shanghai office opened in 2004 followed by its Beijing office in 2010. It is best known for corporate matters such as advising Chinese entities on joint ventures and M&A structured through Singapore.
Key clients
Key clients of the firm include CapitaLand, Raffles Education Corporation and China Everbright.
Research period review: 30th edition (2019/2020)
During the research period the firm kept busy advising on acquisitions, disposals and investments in education and real estate.
Deal highlights: 30th edition (2019/2020)
-CapitaLand S$11 billion acquisition of Ascendas-Singbridge group of companies
-Liu Yanwen Rmb420 million stake acquisition of Langfang Development Zone Oriental University City Sino-Singapore Education Investment
-State Alpha S$147 million acquisition of Ying Li International Real Estate
Yenlex Partners
Yenlex Partners is a
PRC law firm located in Beijing with a focus
on providing domestic and international clients with
professional legal services, including offshore and outbound investments.
The firm is recognised for its work in the private equity market. It is also active in the M&A, banking, capital markets and investment funds areas.
Key clients of the firm include SIG, Hillhouse, IDG, Sequoia Capital,
Legend Capital and 5Y Capital.
Zhongjian Law Firm
Established in 2016, Zhongjian Law Firm is a Beijing-based law firm. It has a collaboration with UK boutique Rooney Nimmo extending its reach to Hong Kong, US and Singapore.
Focusses / specialisms
The firm is best known for its private equity, trust, asset management, securities, international trade and intellectual property work in sectors such as real estate, banking and insurance.
Key clients
Key clients of the firm include CITIC Securities, Sinopec, Bank of China, Zhongrong International Trust, Tsinghua University Education Foundation and Shanghai Culture Assets.
Research period review: 30th edition (2019/2020)
During the research period the firm kept busy advising on confidential real estate acquisitions, investments and mixed reform projects. In 2019 it handled 60 M&A cases and 15 insurance investment cases.
