China

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.

Focusses / specialisms    

AllBright has built itself a good reputation in transactional law. The firm is well versed in a range of matters including IPOs, debt for equity swaps, M&A, private equity, investment funds, banking, restructuring and insolvency, PPPs and asset securitization.

Key clients   

Main clients include the Bank of East Asia, Logan Group, State Grid, Shanghai Lujiazui Group and Haitong Unitrust International Financial Leasing.

Research period review: 33rd edition (2022/2023)

In 2022, the M&A team represented Logan Group on its sale of 40% equity and debt of Guangxi Longguang Guiwu Expressway to Xinchuang (Guangdong) investment. In September 2021, the M&A team completed XCMG Machinery’s mixed ownership reform project. The total investment is Rmb21.05 billion ($2.93 billion) and the deal is among the first batch of mixed ownership reform cases in the reform of state-owned enterprises in Jiangsu province.

On the capital markets side, last year, the firm completed Huaxia Eye Hospital Group’s IPO. Rooted in Fujian and radiating across the country, the company has opened 57 ophthalmic specialised hospitals in 46 cities in 17 provinces. After listing, Huaxia Group is the second largest chain hospital group of ophthalmology specialty in China. This issue is the largest A-share IPO project with the largest market value and financing scale in the medical service industry so far.

Also, the firm advised Shanghai International Airport on its purchase of 100% equity of Hongqiao International Airport, 100% equity of Shanghai Airport Group Logistics Development and relevant assets of the fourth runway of Pudong Airport from Shanghai Airport (Group) by issuing shares, and raised matching funds of no more than Rmb5 billion from the Airport Group, with a total transaction scale of Rmb24.132 billion. It is the largest restructuring project (excluding supporting financing) in the past seven years for enterprises affiliated to Shanghai SASAC.

Deal highlights: 33rd edition (2022/2023)

China Resources Sanjiu Pharmaceutical acquires Kunming Pharmaceutical Group.

Logan Group selling 40% of Guangxi Longguang Guiwu Expressway.

Huaxia Eye Hospital Group’s IPO.

Zhejiang Bofay Electric’s IPO.

Shanghai Airport gains on $3 billion plan to take public Pudong and Hongqiao Airports public.

Chengdu Minsheng Real Estate’s restructuring.

Nanjing Construction Industry Group’s reorganisation.

Jiangsu rural revitalization investment fund setup.

Client feedback: 33rd edition (2022/2023)

Insolvency    

“AllBright Law Offices, as a large national law firm, has experienced lawyers practising in various professional fields. In the bankruptcy reorganisation case of our company, AllBright's lawyers provided high-quality, efficient and professional legal services for our company, timely handled our company's relevant legal affairs and assisted our company's bankruptcy reorganisation plan to be approved by Hefei Central Court.”

“As the law firm with the largest revenue-generating staff in Shanghai, AllBright has experienced practising lawyers in various legal specialties. In this case of our company's application for compulsory liquidation of the investment company, the lawyers of AllBright provided our company with high-quality, efficient and professional legal services, timely handled the legal affairs related to our company and the investment company and assisted our company and the liquidation team of the investment company to advance the liquidation work in an orderly manner.”

Lawyer feedback: 33rd edition (2022/2023)

Qiao Fengshuo 

“In the process of providing legal services, Qiao can fully listen to clients’ opinions and develop a plan that meets their requirements. To provide better services to clients, Qiao has the spirit of constantly learning and exploring new things. Combining with the characteristics of our industry, he developed relevant service plans to provide us with good experience.”

Headquartered in Beijing, AnJie & Broad Law Firm provides full legal services in transactional law and is strong in providing financial legal services related to the insurance industry.

Focusses / specialisms

The merged 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.

Key clients

Clients of the firm include CICC Capital, CITIC Securities, Sinopec, PetroChina, Sequoia Capital, Hillhouse Capital and Ping An Group.

Research period review: 33r^d edition (2022/2023)

During the research cycle, the AnJie & Broad team represented an equity investment fund managed by CICC, acted as the lead investor in a leading domestic supplier of automotive thermal management systems, Nanjing Xiezhong Auto-Airconditioner (Group), with a total financing amount of approximately Rmb530 million. The delisting of the target company adds to the complexity of the transaction.

Among the confidential deals during the period, the firm completed several private equity deals involving multi-jurisdiction work. The firm also completed a few aircraft financing deals lead by partner Fan Rong. Fan was originally from Broad & Bright Law firm which merged with Anjie Law Firm in 2022.

Deal highlights: 33rd edition (2022/2023)

CICC’s investment into Nanjing Xiezhong Auto-Airconditioner (Group).

BAIC Foton Motor’s investment into Shandong branch of Shanghai Eastern Aviation Equipment Manufacturing.

Xiaopeng Motors’ series C financing.

DSV Panalpina’s acquisition of Prime Cargo.

Azelis’ acquisition of Bronson & Jacobs China.

ACA series A+ investment in Ostay.

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.

Focusses / specialisms

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.

Key clients

The firm’s notable clients include NIO, China Energy Engineering, Ningbo Zhoushan Port, Guizhou Branch of Agricultural Bank of China, Yunnan Branch of Agricultural Bank of China, the Export-Import Bank of China, Industrial and Commercial Bank of China, Chengdu Branch of Agricultural Bank of China, BOCOM Financial Asset Investment and International Alliance Financial Leasing.

Research period review: 33r^d edition (2022/2023)

Commerce & Finance Law Offices is a go-to firm for many top-notch banks. Among the publishable transactions, the team assisted the Export-Import Bank of China in issuing green agency bond of Rmb5 billion for “carbon neutrality” in the national interbank bond market through Bond Connect. This issuance attracted more than 70 investment institutions and participation from more than 10 financial markets including Europe, Japan and the US.

On capital markets side, the team is well-recognised by peers and clients during the research cycle. The firm assisted co-sponsors Morgan Stanley, Credit Suisse and China International Capital Corporation in electric vehicle producer NIO’s secondary listing in HKSE in early 2022; and assisted co-issuing managers Credit Suisse and Goldman Sachs in NIO’s secondary listing in Singapore in May 2022. The firm advised Ningbo Zhoushan Port in completing its non-public issuance of A-shares totalling Rmb20 billion.

In late 2021, the firm assisted CICC, the financial adviser of H-share listed China Energy Engineering Corporation (CEEC), in CEEC’s share exchange and merger of A-share listed Gezhouba Group. The share exchange and merger amounted to Rmb120 billion, and it was the first occasion of H-share listed companies merging with A-share listed companies. After the merger, Gezhouba terminated its listing and CEEC took over all the assets and liabilities from Gezhouba.

Deal highlights: 33r^d edition (2022/2023)

NIO’s secondary listing in Hong Kong and Singapore.

Export-Import Bank of China’s Rmb5 billion bond issuances.

Ningbo Zhoushan Port’s non-public A-share offering.

Super Hi International Holding’s Hong Kong listing.

Hainan Strait Shipping and Guangdong Xuwen Strait’s joint venture.

Client feedback: 33r^d edition (2022/2023)

M&A

“Professional and conscientious.”

Lawyer feedback: 33r^d edition (2022/2023)

Priscilla Lee

“Priscilla is quite professional and conscientious, with excellent analytical and problem-solving skills.”

Dentons China was formerly known as Dacheng Law Offices but is now structured as a Swiss verein since international firms cannot practice PRC law. The firm has 48 offices across China, including in Beijing, Shanghai, Chongqing, Guangzhou, Hangzhou and Shenzhen.

Focusses / specialisms 

The firm is strongest in private equity and investment funds and has a highly active restructuring and capital markets structured finance and securitization 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.

Key clients 

Key clients of the firm include 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. 

Research period review: 33rd edition (2022/2023)

On the capital markets side, the firm advised Bank of Communications Financial Leasing on its Rmb2.4 billion ($0.33 billion) Free Trade Zone ESG offshore bond. The funds raised will be used for the company's green and social responsibility-related projects. The Dentons China team also assisted video technology solutions provider Baijiayun’s IPO on Nasdaq and became the first Chinese audio and video SaaS stock in the US.

Dentons China is also a go-to firm for many domestic and international banks. Among publishable transactions, the firm is assisting the Red Lion Indonesia East Canada Phase I Rmb2.15 billion syndicate project of the Zhejiang branch of the Export-Import Bank of China. This transaction involves multiple jurisdictions and requires reviews of the borrower and guarantor's situation and provides legal opinions.

Deal highlights: 33rd edition (2022/2023)

Baijiayun’s IPO on Nasdaq.

Meihua International Medical’s IPO on Nasdaq.

Deewin Tianxia’s Hong Kong listing.

Client feedback: 33rd edition (2022/2023)

Project finance

“Global network so no issues with multiple law firms. They provided good advice.” 

Headquartered in Beijing, DeHeng Law Offices is a full-service PRC law firm that has 50 offices in and outside China.

Focusses / specialisms   

The firm is regarded for its work in M&A, capital markets and banking.

Key clients  

Key clients include China CITIC Bank International, Export-Import Bank of China, BOCOM International Universal Investment, HSBC, China Gold and Qingdao Sifang Rolling Stock Research Institute.

Research period review: 33rd edition (2022/2023)

In 2022, DeHeng excelled at M&A transactions. The DeHeng team advised China Petroleum & Chemical Corporation (Sinopec) on its purchase of Sinopec Group Asset Management, Sinopec Yizheng Chemical Fibre and Sinopec Group Beijing Yanshan Petrochemical. The transaction consideration is approximately Rmb7 billion, involving a wide range of specific asset types and including the transfer of asset-related claims and liabilities.

The team also advised Guangzhou Great Power Energy & Technology on the purchase of around 24% of shares of the company’s holding company, Shida Battery, through the issuance of shares to the shareholders of Shida Battery. Prior to the purchase, the client owned around 70% of shares in Shida Battery.

On project development side, the firm assisted several ongoing projects such as Tianjin Binhai Rail Transit Line Z2, Tianjin Metro Line 1 PPP project, Linxiang to Qingshuihe Expressway PPP project and Zhuzhou comprehensive water environment management PPP project.

DeHeng also showed its capability in domestic and overseas capital markets. In domestic capital markets, the firm assisted China Railway Harbin Group of Technology Corporation, Suzhou Kechuan Electronic Technology, Tianjin Meiteng Technology, Xuzhou ZM-Besta Heavy Steel Structure, Shenzhen Highpower Technology, Shanghai Ziyan Foods, Highbroad Advanced Material (Hefei) and GRINM Semiconductor Materials. For overseas capital markets, the firm served as the Chinese legal adviser to the listed underwriter of Jianzhi Education on its listing on Nasdaq.

Deal highlights: 33rd edition (2022/2023)

China Petroleum & Chemical Corporation’s restructuring.

Guangzhou Great Power Energy & Technology’s purchase of Shida Battery.

China Minsheng Investment Group’s restructuring.

Jianzhi Education’s listing on Nasdaq.

China Railway Harbin Group of Technology Corporation’s IPO.

Suzhou Kechuan Electronic Technology’s IPO.

Client feedback: 33rd edition (2022/2023)

Investment funds

“They are professional, competitive, efficient and friendly.”

Insolvency

“Strong professional quality and strong communication and coordination skills.”

Project development

“Their service team is responsive and efficient, and can provide legal and compliant soil storage solutions and risk mitigation measures according to our company's needs, which has greatly helped us.”

“They are particularly familiar with legal services related to construction project bidding and contract management, as well as legal services related to government relations in PPP projects, which have greatly helped us.”

“They have rich experience in large-scale comprehensive projects such as PPP projects and franchise projects, and their team depth can meet our needs.”

“Lawyer Deheng has excelled in PPP projects, engineering bidding and procurement, contract negotiation, engineering management and legal affairs with government parties.”

Private equity

“Professional, meticulous and response speed.”

Lawyer feedback: 33rd edition (2022/2023)

Yunfeng Wang

“She is professional, competitive, efficient and friendly.”

Chunlei Zhang

“Good communication and problem-solving skills, especially in coordination with government and courts.”

Hongyuan Li

“Lawyer Li has a good service attitude and provides feedback very quickly. He is also very familiar with construction engineering and has investment and financing knowledge, especially PPP projects, franchise projects, bidding business, etc. He has smooth communication with us and has won high praise from everyone.”

“He not only excels in the legal profession, but also is particularly familiar with the bidding and construction management business of construction projects. He is also a bidding expert and contract management expert, and has a good service attitude. His feedback is particularly prompt, which has greatly helped our team.”

“Lawyer Li is not only a lawyer with excellent legal skills, but also a bidding agent for government adoption and engineering bidding. He has rich practical experience and has a good attitude and quick feedback in cooperation with us, which has greatly helped us.”

“Lawyer Li is hard-working, has a friendly attitude, and provides quick feedback. He has rich professional knowledge in PPP projects, construction project management, and bidding procurement, as well as rich experience in designing complex project transaction structures.”

Ruchuan Tang

“Professionalism.”

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.

Focusses / specialisms

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.

Key clients

The firm’s key clients include Bank of China, Export-Import Bank of China, China Development Bank, China Construction Bank, Industrial and Commercial Bank of China, Ping An Bank, Asian Development Bank, Asian Infrastructure Investment Bank, China Resources Microelectronics, Blackstone, Boyu Capital, Carlyle and CICC Capital.

Research period review: 33r^d edition (2022/2023)

Fangda’s team is active in providing capital markets legal services. In late 2022, the firm advised Kingsoft Cloud, China’s leading cloud service provider, on its successful dual-primary listing by way of introduction on the main board of the Hong Kong Stock Exchange. Fangda also assisted Kingsoft Cloud on its listing on the NYSE in 2020.

Fangda also represented the joint sponsors, CICC and CCB International in OrbusNeich Medical Group Holdings’ listing in Hong Kong.

Last year, Fangda handled M&A transactions for both domestic and foreign companies. Highlighted cases include advising Kirin Holdings in its sale to Plateau Consumer of its 40% stake in a joint venture established with China Resources. After that, Kirin will exit the JV, while it will continue part of its business partnership with China Resources. The deal is significant in food and beverage sectors, and it is also a typical case of foreign capital exiting from previously PRC state and privately owned joint ventures.

The team also represented China Mobile Capital Holding in its subscription of the 2022 private placement of China Eastern Airlines. The non-public offering was taken up by 20 investors including China Mobile and the total amount raised of the placement was about Rmb15 billion.

The Fangda team shows their deep understanding in restructuring and insolvency cases. During the research cycle, the firm has been advising on the bankruptcy of CEFC International Group Shanghai as a joint administrator, which involves cross-border insolvency issues. For now, the team has applied, and the court has ruled, 79 subsidiaries and affiliates enter the consolidated procedure.

One highlighted case is that the Fangda team advised on the reorganisation of Dalian Shipbuilding Industry Offshore as a joint administrator, the debt claims amount to $2.5 billion. The team assisted the firm in insurance compensation, identifying executory contracts and selling offshore platforms. This is the first bankruptcy reorganisation case of tens of billion that succeeds without investors in China.

Last year, the firm hired Henry He, who specialises in M&A and the healthcare industry, as a partner.

Deal highlights: 33r^d edition (2022/2023)

China Eastern Airlines’ A-shares non-public offering.

Kingsoft Cloud’s secondary listing.

OrbusNeich Medical Group Holdings’ HKSE IPO.

Chongqing Hongjiu Fruit’s HKSE IPO.

Dalian Shipbuilding Industry Offshore’s reorganisation.

Client feedback: 33r^d edition (2022/2023)

M&A

“They lead the drafting and negotiation as the deal counsel. Sound knowledge of both tech and finance, good at identifying issues and providing balanced approach.”

Investment funds

“Professional, responsive, resourceful.”

Financial services regulatory

“Very professional, knowledgeable and insightful.”

Capital markets

“Valuable experience in the debt market, good network, excellent communication skills with clients with different background, responsive and diligent services.”

Insolvency

“The team represented by Ji Nuo has a high educational level and strong professional ability. More importantly, they have a strong sense of social responsibility and outstanding humanistic feelings. They not only handle bankruptcy cases effectively, but also contribute a lot to the field of legislative amendment and professional research.”

Lawyer feedback: 33r^d edition (2022/2023)  

Raymond Chan

“Managed the deal well.”

Tianyi Chen

“Smart and responsive, and good with management of fees.”

Christina Fu

“Very professional, knowledgeable and insightful. Thorough work, sharp mind.”

Christine Chen

“Christine has in-depth knowledge and experience in advising sophisticated international issuers on local law issues. By providing practical and thoughtful solutions to complicated or tricky legal issues in the course of bond issuance, Christine has gained our deep trust and respect. Her advice and constant contribution are immensely helpful to the successful execution of cutting-edge debt offering transactions."

Nuo Ji

“He has organised a high-level team, handled a large number of major bankruptcy cases, maintained close cooperation with universities, and cultivated many young legal talents. During his term as president of Shanghai Lawyers Association, he promoted the development of lawyers and the improvement of the system, and also contributed a lot of professional wisdom to the reform and improvement of China's bankruptcy legal system.”

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.  

Focusses / specialisms

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.

Key clients

The firm’s key clients include the 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.

Research period review: 33r^d edition (2022/2023)

During the research period, the firm advised Mercedes-Benz International Finance on issuing its first green panda bonds in the China Interbank Bond Market; advised the joint lead underwriters on Industrial and Commercial Bank of China (Macau)’s 2022 RMB Bonds (Bond Connect) issuance, which was the first time ICBC Macau issued panda bonds in the national interbank bond market.

Global Law Office acted on Jadard Technology Inc’s SSE STAR Market listing; assisted Guotai Junan Securities in Sansec Technology’s SSE STAR Market listing as a sponsor; assisted Mexin Yishen Machinery's NEEQ listing.

In 2022, Global Law Office strengthened its banking and finance team with two newly joined partners: Ke Zhao and Xiaomin Liu. The firm also hired six partners in its capital markets team: Yvonne Gao, Xiaoni Qi, Shuhui Dai, Kevin Wang, Roy Zhu and Liya Peng.

Deal highlights: 33r^d edition (2022/2023)

Jadard Technology Inc’s SSE STAR Market listing.

Sansec Technology’s SSE STAR Market listing.

Mexin Yishen Machinery's NEEQ listing.

Mercedes-Benz International Finance’s green panda bonds issuance.

ICBC Macau’s panda bonds issuance.

Client feedback: 33r^d edition (2022/2023)

M&A

“Good drafting and negotiation.”

Capital markets

“They work professionally, quickly and efficiently in the field of financing.”

Private equity

“Global Law Office, China provides professional legal advice with quick response, which is what we need.”

Banking

“Responsive to request and manage to turn around within a very short timeframe. The team is also capable in advising on local regulatory requirements and compliance-related issues.”

Lawyer feedback: 33rd edition (2022/2023)

Huawei Lin

“Good skill.”

Yanan Cao

“She is a good lawyer in financial law, she works hard and efficiently.”

Jia Guo

“Professional, quick response, patient.”

Ben Zhong

“Responsiveness and accessibility.”

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.

Focusses / specialisms

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.

Key clients

Key clients include China Merchants Bank, China Minsheng Bank, China Huarong, Air China Cargo, Beijing Yansha Group and Zhongsheng Beikong Biotechnology Company.

Research period review: 33rd edition (2022/2023)

In 2022, Grandall Law Firm represented 45 companies in their A-share IPOs and represented 41 companies in non-public offerings. In overseas capital markets, Grandall team advised Rainmed Medical’s listing in Hong Kong and represented HuZhou Gas’ IPO in Hong Kong Stock Exchange.

In Beijing, Grandall was the legal counsel for Tencent Music’s NYSE IPO. This was one of the largest IPOs of Chinese companies in the US in recent years.

In Shandong, the firm represented Shandong Luqiao Group in its share issuance, which was the first market-based debt-to-equity swap project in Shandong province. The project was helpful in improving Shandong Road and Bridge’s governance and capital structure.

In Sichuan, the firm provided legal services to Jiaozi Financial Holding Group’s epidemic prevention and control bond issuance, which was the first "epidemic prevention and control bond" issued by a state-owned enterprise in Chengdu.

In Jiangsu, the firm represented State Grid Jiangsu Integrated Energy Service’s mixed ownership reform project. The establishment of the mixed ownership reform company was not only to deepen the reform of state-owned enterprises, but also to promote the mixed reform in key areas and key links. The case was also an exploration path for mutual benefit and win-win, multi-party profitability, and strong alliances in the comprehensive energy service business.

In Tianjin, the highlighted case is Tianjin Zhonghuan Group’s mixed ownership reform project, which was a characteristic and pioneering project in the promotion of mixed reform of state-owned enterprises in Tianjin.

Deal highlights: 33rd edition (2022/2023)

Rainmed Medical’s listing in Hong Kong.

Huzhou Gas’s IPO in Hong Kong Stock Exchange.

Daojiale’s Rmb500 million pre-A round financing.

Glory Star New Media Group’s Nasdaq IPO.

Shandong Luqiao Group’s share issue.

State Grid Jiangsu Integrated Energy Service’s mixed ownership reform project.

Tencent Music’s NYSE IPO.

Jiaozi Financial Holding Group’s epidemic prevention and control bond issue.

Guantao Law Firm was established in 1994 and is a full-service law firm headquartered in Beijing.

Focusses / specialisms

The firm’s practice areas cover capital markets, corporate and M&A, banking and finance, restructuring and insolvency, private equity and venture capital.

Key clients

Main clients of Guantao include 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.

Research period review: 33r^d edition (2022/2023)

In 2022, the firm represented The National Trust, Bank of Dalian, China Fortune International Trust and China Jiangsu International Trust in financing. The team also represented fund manager China Insurance Investment (Beijing) in establishing and raising a Rmb10 billion ($1.4 billion) private fund within a tight schedule. 

In 2021, the firm represented CK Asset Holdings in its HK$19.3 billion buyback of 380 million shares from the Li Ka Shing Foundation. Also, the firm has acted in several restructuring cases with significant deal value.

In 2020, the team acted in PipeChina’s $38 billion acquisition of PetroChina’s pipeline business and assets. Completion of this deal has resulted in the formation of one national oil and gas pipeline network.

In another significant mandate, the firm assisted Liaoning Huishan Dairy Group – the largest enterprise group producing dairy products in the entire industry chain in China – complete its reorganisation. The case is the largest among 83 successful reorganisation cases in China’s substantial mergers and reorganisations in 2020. The case lasted for three years and finally succeeded last year.

Deal highlights: 33r^d edition (2022/2023)

The National Trust’s Rmb5.5 billion financing.

China Insurance Investment (Beijing)’s fund setup.

Liaoning Huishan Dairy Group’s restructuring.

PipeChina’s $38 billion acquisition of PetroChina pipeline business and assets.

Client feedback: 33rd edition (2022/2023)

Financial services regulatory     

“Dedicated work with professional legal advice on behalf of the client.”

Insolvency

“The team is led by partners with abundant experience in bankruptcy and capital markets. The team always provides timely feedback and positive response to our inquiries and has cooperated with us in communicating and coordinating with the court, local government, administrator, listed company, creditors, original shareholders and other investors, as well as securities regulators, stock exchanges, and China Securities Registrars, during the course of the project.

Although this project faced several complicated and individualised special issues, the team of lawyers, based on the accuracy of the application of the law and the successful experience and practice of past cases, combined with the actual situation of this project, put forward a number of creative opinions and suggestions in the process of solving difficult and complicated issues.”

Lawyer feedback: 33rd edition (2022/2023)

Xiaochuang Chen

“Professional services and very dedicated working.”

Yucheng Jin

“Very professional and responsive to our questions.”

Established in 1992, Beijing-based Haiwen & Partners is a leading firm in China with branches in Shanghai, Shenzhen, Hong Kong, Chengdu and Haikou.

Focusses / specialisms

The firm specialises in areas such as capital markets, mergers and acquisitions, private equity investment, foreign direct investment and fund formation.

Key clients

The firm main clients include 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.

Research period review: 33r^d edition (2022/2023)

In 2022, the firm participated in several significant IPOs domestically and overseas. Haiwen & Partners acted as PRC legal counsel to China Mobile’s A-share listing on the Shanghai Stock Exchange. China Mobile is the largest telecommunications operator in China and was previously listed in New York and Hong Kong.

The team also acted for China Tourism Group Duty Free (CTG Duty Free), the world’s largest travel retailer, on its HKD16.24 billion ($2.07 billion) secondary listing on the HKEX last August.

Deal highlights: 33r^d edition (2022/2023)

China Mobile’s listing in Shanghai.

Gotion High-tech’s GDR issuance on SIX Swiss Exchange.

CTG Duty Free secondary listing in Hong Kong.

Lepu BiopharmaH-share listing.

Client feedback: 33r^d edition (2022/2023)

Private equity

“Haiwen is a focused law firm that executes with extreme professionality. Haiwen has handled our previous rounds of complex financing.”

“Responsive and cooperative.”

M&A

“Strong professional ability, high efficiency, and adaptability to business needs.”

Lawyer feedback: 33r^d edition (2022/2023)

Jiangshan Tang

“Jackson (Jiangshan)'s knowledge and experience in the private equity area is so deep that we can count on him on many complicated issues. He always helps us win the hand in negotiation.” 

“Very responsive and can coordinate and allocate resources to the deal.”

Peng Fu

“Strong professional ability, accordance with commercial requirements, flexible design of legal solutions.”

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.

Focusses / specialisms

The firm is especially known for its high-quality work and regularly advises clients in capital markets, M&A, private equity and investment funds.

Key clients

Key clients include IDG Capital, Sequoia Fund, Walmart, Baidu, Tencent, China Everbright Bank and Meituan.

Research period review: 33r^d edition (2022/2023)

The firm’s overseas IPO practice has been busy in the research period. It advised and acted as the PRC counsel for Tencent Music Entertainment Group on its listing by way of introduction on the main board of Hong Kong Stock Exchange. Prior to this listing, it acted on the same client’s listing in the US.

Han Kun also represented Lotus Technology, a global luxury electric vehicle maker, on its de-SPAC and proposed business combination with L Catterton Asia Acquisition Corp.

Another notable deal is that the team advised Li Auto, a listed company in the US and Hong Kong, on its up to S$2 billion of American depositary shares through the US at-the-market offering. This is the first at-the-market offering by a US-listed issuer with a dual primary listing in Hong Kong.

On the M&A side, the firm represented National Integrated Circuit Industry Investment Fund Phase II in its establishment of a joint venture, Changjiang Storage Phase II Technology; acted as the PRC counsel to RBC Bearings Incorporated for its acquisition of the DODGE mechanical power transmission division of Asea Brown Boveri.

In early 2022, Han Kun Law Offices and Shanghai Young-Ben Law Firm reached an agreement for Han Kun’s Shanghai office to absorb Young-Ben.

In 2022, the firm hired Ping Xu and Jianhui Li from Tian Yuan Law Firm, Shuting Qi from Kirkland & Ellis, Sheldon Chen and Clarence Chung from Llinks Law Offices and Yan Xia from Shihui Partners.

Deal highlights: 33r^d edition (2022/2023)

Tencent’s $5 billion and $6 billion global medium-term notes.

China Unicom’s Rmb77.914 billion mixed ownership reform.

Tencent Music Entertainment Group’s Hong Kong IPO.

Li Auto’s $2 billion at-the-market offering of shares.

Meituan Dianping’s HK$32.6 billion Hong Kong IPO.

ZhongAn Online P&C Insurance’s HK$11.531 billion H-share listing.

Client feedback: 33r^d edition (2022/2023)

Private equity

“Han Kun Law Offices provided excellent legal support for us, including QFLP fund's applying and establishment, private equity investment, all the policy of the fund managers.” 

“Helped us to get the QFLP licence, gave us a lot of useful legal opinion. Han Kun are also very proficient in finance and private equity investment.”

Investment funds

“Han Kun was a great partner and able to manage all aspects of the project, including liaising with the underlying client to ensure everything went smoothly.” 

“Efficient and timely feedback; solid experience, supported by their industrial and deal data; constructive advice to assist our investment decisions.”

“Professional, effective.”

“Quite responsive. Strong commercial sense.”

“They provide great ideas.”

M&A

“Han Kun is very responsible and skilful in designing minority shareholders' protection clauses.”

“Quick response, practical problem-solving skills, first priority and deep insight in real estate industry.”

“The team has comprehensive experience in the pharma industry and is able to provide solutions to client's daily inquiries and contract review requests in a timely manner.”

Banking and finance

“Han Kun Law Offices always provide us with prompt and practicable legal advice, helping us to cope with various legal issues, and they support the business team effectively.”

Leveraged finance

“Bold enough to think from the client's side, to advise some innovation on deal terms, and cautious enough to check if we have any unconsidered issues.”

Private equity

“Han Kun is able to coordinate all resources within the firm efficiently and provide outstanding services.”

Insolvency

“They are dedicated, experienced and highly responsive. They show their expertise and professionalism in all cases, especially for insolvency-related issues.”

Lawyer Feedback: 33r^d edition (2022/2023)

Xiaotong Pei

“Xiaotong Pei is responsive, communicative and solutions orientated.”

Shuting Qi

“Shuting is very responsible and understands the takeover practice very well.”

Chaoying Li

“Chaoying Li always handles our sophisticated legal issues and coordinates the resources we need inside Han Kun.”

Pei Zhao

“Efficient communication. Solid experience and expertise in fund formation and tailored designing of fund terms.”

Wei Li

“Solid experience in PE/VC investment deals; efficient and timely communication and feedback; innovative advice on complicated deal issues.”

Jun Zhu

“Thinks ahead for the client.”

Sheng Li

“Always innovative and client orientated. He has a very wide vision across different industry sectors.”

Shiwen Dong

“Quick response, problem-solving, with strong commercial-driven sense.”

Hong (Allison) Huang

“Strong ability to coordinate with different teams. Solid legal skills. Excellent in communicating with clients and other parties.”

Liming Yuan

“Professional with good client relationship management.”

Li Yang

"She is very responsible and proficient, always gives us the most helpful legal service."

Xi Chen

“She is very proficient to give us legal support, and always provides feedback quickly.”

Yaxing Zhang

“Yaxing has extensive experience in dispute resolution and insolvency. He is truly reliable and a genuine solution provider. We don't need a problem finder, like most of the lawyers do, but someone creative, seasoned, that can figure out a feasible and effective solution for us. That's why Yaxing is different.”

Jin Qian

“Strong commercial sense. Responsive. Good local knowledge. Regular follow-ups/newsletters for legal developments.”

Li Zhang

“Strong commercial sense. Good fee transparency. Responsive and responsible.”

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.

Focusses / specialisms

The firm is particularly active in the pharmaceutical, healthcare and mining sectors.

Key clients

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.

Research period review: 33r^d edition (2022/2023)

Most deals the firm submits remain confidential. One publishable matter is that HHP represented Shanghai Pudong Development Bank, as the fund management on a pilot programme for long-term rental housing rent supervision in Shanghai in 2022. The HHP team was faced with the challenge of drafting a model text that effectively balances the interests of both tenants and landlords, while ensuring compliance with all legal and regulatory requirements.

In 2021, the firm advised a leading insurance company, on its cross-border acquisition of a healthcare project. The transaction involves multiple overseas shareholding platforms and domestic operational platforms, including medical institutions, elderly care institutions and pharmacies.

Deal highlights: 33r^d edition (2022/2023)

Shanghai Pudong Development Bank’s long-term rental housing rent supervision pilot programme.

Client feedback: 33r^d edition (2022/2023)

M&A

“They demonstrated advanced legal skills in identifying and mitigating risks, as well as ensuring our interests were protected throughout the deal. HHP showed a deep understanding of our industry and was able to speak directly with our business team to ensure that the legal solutions they provided aligned with our business goals. They have a deep bench of lawyers with diverse backgrounds and expertise, which allows them to provide comprehensive legal services for all aspects of corporate transactions. Their high level of responsiveness has been critical to our success in completing complex transactions in a timely manner. Their ability to anticipate potential issues and proactively address them has helped us to avoid costly and time-consuming delays in our transactions.”

Lawyer feedback: 33r^d edition (2022/2023)

Yao Rao

“Yao is an exceptional M&A lawyer with impressive business acumen that enables him to swiftly identify potential issues and develop innovative solutions. His hands-on approach to his work is truly admirable, and he consistently makes himself available to provide guidance, answer questions and offer solutions. His attention to detail is unparalleled, and he always prioritises our interests.

Moreover, Yao is a lawyer of high integrity and unwavering commitment to doing what's right. He is not afraid to make tough decisions and always acts in our best interests. His vast experience and deep understanding of the industry have proved invaluable to us, and I highly recommend him to anyone seeking a top-notch M&A lawyer.”

Sijia Zhang

“Sijia has been an exceptional asset to us as she takes the lead on our legal matters. Her expertise in corporate law has been invaluable in guiding us through complex transactions and helping us make sound business decisions. We have consistently been impressed by Sijia's ability to anticipate potential legal issues and provide proactive solutions to mitigate risks. Her attention to detail and thoroughness in drafting legal documents have been commendable. Moreover, Sijia is an excellent communicator and collaborator. She takes the time to understand our business needs and is able to explain legal concepts in a clear and concise manner. Her ability to work effectively with our internal teams and external parties has been instrumental in the success of our projects.”

Shihao Xiao

“I had a very positive experience working with Shihao on our deals. His attention to detail and dedication to ensuring smooth and efficient transactions were truly impressive. He consistently kept us informed and made sure we understood the potential risks and benefits of each decision, which was extremely helpful in making informed choices.

His service attitude was outstanding, as he was always available to answer questions and provide guidance throughout the entire process. His legal skills are solid, and he demonstrated a deep understanding of the industry, which greatly helped in navigating complex legal matters.”

Jia Yuan Law Offices is a PRC law firm headquartered in Beijing with further offices in Shanghai, Shenzhen, Hong Kong, Guangzhou and Xi’an.

Focusses / specialisms

The firm is focussed on capital markets, providing legal services including IPOs in domestic and overseas markets, corporate restructuring and refinancing of listed companies.

Key clients

Key clients include China National Materials Group Corporation, Aviation Industry Corporation of China, China National Salt Industry Corporation, Qingdao Port International, and China International Capital Corporation.

Research period review: 33r^d edition (2022/2023)

In 2022, the firm kept busy with equity capital markets work. It advised on Jiangsu Asieris Pharmaceuticals’ listing on SSE STAR Market; private-owned military enterprise Huaqin Technology on its IPO on STAR Market. The Jia Yuan team also assisted Shanghai Junshi Biosciences in completion of its issuance and listing of A-shares to specific investors.

In overseas capital markets, the firm also assisted new energy technology company CALB Group in its H-share listing. In China Tourism Group Duty Free Corporation’s IPO in Hong Kong, the Jia Yuan team represented the sponsors and lead underwriter.

On investment funds side, the firm completed several fund establishment and equity financing transactions last year. The team set up China Venture Capital Beijing Intelligence Fund, which raised Rmb10 billion in late 2022.

On the M&A side, the firm represented China Avionics Systems in its shares exchange to absorb and merge with AVIC Electromechanical Systems. The completion of this merger  would make Avionics a world-class aviation airborne company and build an airborne system listing platform with a market value of Rmb100 billion ($14 billion).

Deal highlights: 33r^d edition (2022/2023)

Jiangsu Asieris Pharmaceuticals’ IPO on SSE STAR Market.

Huaqin Technology IPO on SSE STAR Market.

AVIC UAV Science and Technology Innovation on SSE STAR Market.

MGI Tech’s IPO on SSE STAR Market.

CALB Group’s Hong Kong IPO.

Headquartered in Beijing, Jingtian & Gongcheng is a full-service law firm that enjoys a market-leading position in the equity capital markets, especially in Hong Kong listings.

Focusses / specialisms

Apart from the equity capital markets, the firm also has extensive experience in M&A, investment funds, and banking matters.

Key clients

The firm’s notable clients include CLSA, Zhongtai International Capital, Holly Futures, Guodu Securities, Sany Heavy Truck, BOE Technology Group, Chery Automobile, Beijing Electronic Zone Investment and Development and Qingmu Digital Technology.

Research period review: 33r^d edition (2022/2023)

In 2022, the team retains its strength in capital markets. Jingtian & Gongcheng undertook 40 Hong Kong listings, accounting for around half of Hong Kong listings of companies with interests in China. Some of the notable deals include the Hong Kong IPO of China’s largest Q&A-inspired online community,  Zhihu, KE Holdings’ dual primary listing in Hong Kong, Leapmotor’s Hong Kong IPO, JL Mag’s Hong Kong IPO and Loongson’s SSE STAR Market IPO.

Last year, the firm represented AVIC Electromechanical in the acquisition and absorption of AVIC Electromechanical by AVIC Avionics. This transaction is the largest merger and restructuring of an A-share listed company in the history of the defence and military industry.

The team also represented two foreign underwriters on the issuance of A-shares by a leading global new energy innovation and technology company, Contemporary Amperex Technology, to specific targets. The deal was completed in June 2022, with an issue size of about Rmb45 billion.

During the research period, the firm hired Yufeng Wang and Yicong Zhang as capital markets partners and lost partner Junda Dai.

Deal highlights: 33r^d edition (2022/2023)

Tehai International’s Hong Kong IPO.

Zhihu’s Hong Kong IPO.

KE Holdings’ dual primary listing in Hong Kong.

Weilong Delicious Global Holdings’ HK$898 million Hong Kong IPO.

Leapmotor’s Hong Kong IPO.

JL Mag’s Hong Kong IPO.

Loongson’s SSE STAR Market IPO.

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.

Focusses / specialisms

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.

Key clients

Key clients of the firm include Guandian Defense Technology, Beijing China Sciences Runyu Environmental Technology, Guangdong Fenghua Advanced Technology, Liaoning Xinglong Group and Shaanxi Jinyuan Real Estate Development. 

Research period review: 33r^d edition (2022/2023)

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 in department stores, hotels, restaurants and entertainment. This case involved nearly Rmb20 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.

In 2022, 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.

Deal highlights: 33r^d edition (2022/2023)

Liaoning Xinglong Department Store Group’s reorganisation.

Aerospace Nanhu Electronic Information Technology’s STAR Market IPO.

Yunkang Group's listing on HKEX.

Guangdong Monte-Bianco New Materials’ IPO.

Client feedback: 33r^d edition (2022/2023)

Banking and finance

“Beijing Kangda Law Firm gave professional and practical legal opinions during the period of providing legal services for our company in domestic and overseas financing. In particular acting as our permanent legal adviser in the process of due diligence and assisting the company's standardised operation, the team was able to provide targeted and operative legal solutions by combining our actual situation and the special requirements of the local normative documents.”

Capital markets

“Excellent.”

Lawyer feedback: 33r^d edition (2022/2023)

Shipeng Zhang

“Professional.”

Tongtong Lu

“Lu is a senior partner of Beijing Kanda Law Firm. Lu’s team of attorneys has a complete staffing structure and is capable of responding to clients’ requests and dealing with urgent issues; Lu’s attorneys have extensive experience and are able to provide professional and practical legal compliance solutions tailored to the specific circumstances of our company.”

Established in 2015, Cathay Associates Kejie is a boutique transactional law firm specialised in advising domestic and international companies, financial institutions and governments.

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. 

Deal highlights

-SDIC investment in Beijing Jingdiao

-Sino-Ocean Group $400 million bond issue

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.

Focusses / specialisms

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 and funds 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. 

Research period review: 33r^d edition (2022/2023)

During the research period the firm kept busy in the corporate and M&A area.

The firm was very active in providing legal support in private acquisitions and joint venture activities, advising both the buy- and sell-side. Active space included pharmaceuticals, logistics, e-commerce, luxury goods, events and digital.

Deal highlights: 33r^d edition (2022/2023)

Sanyou Medical’s €5.5 million strategic partnership with Implanet.

Llinks Law Offices is a Shanghai law firm with a nationwide and international practice.

Focusses / specialisms

Its main practice areas include banking and finance, capital markets, restructuring and insolvency, and M&A.

Key clients

The firm’s notable clients include 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.

Research period review: 33r^d edition (2022/2023)

During the research cycle, the firm is advising Contemporary Amperex Technology as the investor on the bankruptcy reorganisation of Yajiang Sinuowei Mining Development. The investment amounts to Rmb6.4 billion, which set the record for the disposal amount of domestic lithium resources.

In 2022, Llinks Law Offices performed outstandingly in the capital markets. The team assisted a number of companies in their initial public offerings, refinancings and issuance of convertible bonds. Highlighted cases include advising Zhuhai CosMX Battery on the public issuance of convertible bonds; advising China International Capital Corporation on the IPO of LED display control system provider, Colorlight Cloud Tech; representing Shanghai United Imaging Healthcare on its IPO and listing on the Science and Technology Innovation Board of the Shanghai Stock Exchange; and advising Gotion High-tech on offering GDRs and listing on the SIX Swiss Exchange.

Deal highlights: 33r^d edition (2022/2023)

Zhuhai CosMX Battery’s convertible bonds issuance.

Colorlight Cloud Tech’s IPO.

Yajiang Sinuowei Mining Development’s reorganisation.

Shanghai United Imaging Healthcare’s SSE STAR Market IPO.

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.

Focusses / specialisms

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.

Key clients

Key clients of the firm include 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.

Research period review: 33r^d edition (2022/2023)

During the research cycle, the firm has been active in private equity, capital markets, and restructuring and insolvency areas.

In the private equity space, the firm was very active in private acquisitions and financial investments and advised both investors and target companies in different industries, such as life sciences, TMT, advanced manufacturing, energy and chemical, new economy, entertainment, education, retail and real estate. The firm has also strengthened its services relationship with Shunwei Capital and Qiming Venture Partners.

In capital markets, the firm kept busy with domestic and overseas IPOs, share offerings, private placement of shares, securitizations and convertible corporate bonds, often advising administrators and issuers.

Last year, the firm’s private equity team hired partners Songsong Gao from Dentons China, Junyi Li from Dahui Lawyers, Yunyun Tang from Haiwen & Partners, Zeyu Li from Zhong Lun Law Firm, Yan Zheng from T&C Law Firm and Hu Bo from AnJie Broad Law.

The firm expanded its capital markets team by hiring Jiayi Pang from Grandall Law Firm, Xiu Peng from Grandway Law Offices, Yinan Fan from Hai Run Law Firm and Shujuan Wang from King & Wood Mallesons.

Deal highlights: 33r^d edition (2022/2023)

Sironax’s $200 million Series B financing.

GenFleet’s Rmb500 million Series C financing.

Wenzhou Yuanfei Pet Toy Products’ Rmb468 million IPO.

Changzhou Shichuang Energy’s SSE STAR Market IPO.

Client feedback: 33r^d edition (2022/2023)

Private equity

“Zhou Feng from the firm is professional, efficient, pragmatic and can think from the client’s point of view, which is very trustworthy.”

“Professional, efficient and prompt.”

Financial restructuring

“Professional and efficient. Good at cross-industry work.”

Lawyer feedback: 33r^d edition (2022/2023)

Feng Zhou

“Precise grasp of client needs and deep understanding of the operation of existing equity investment funds.”

“Professional, efficient and prompt.”

Youyuan Jin

“Very professional, humble and full of positive energy.”

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.

Focusses / specialisms

The team focuses on capital markets, M&A and equity investment.

Key clients

Key clients of the firm include Shanghai Film Group, Baohua (Shanghai) Enterprise Management and Shanghai International Trust.

Research period review: 33r^d edition (2022/2023)

In 2022, the firm demonstrated expertise in finance and securities, especially asset-backed securities. Last year, the team assisted Cofco Trust in completing Rongteng 2022-3 Retail Auto Loan Securitization, of which SAIC-GMAC Automotive Finance was the originator. The team also assisted CITIC Trust in Youying Huixing 2022-3 NPL-backed securitization.

The M&A deals the firm submitted in this research cycle remain confidential.

In 2021, the firm assisted a few companies in their issuance of medium-term notes such as like BLOGIS Holding Company and Shanghai Shendi Group Company.

Deal highlights: 33r^d edition (2022/2023)

Rongteng 2022-3 Retail Auto Loan Securitization.

Youying Huixing 2022-3 NPL-backed securitization.

Client feedback: 33r^d edition (2022/2023)

Capital markets

“High efficiency, high quality – even during the Covid-19 pandemic.”

Lawyer feedback: 33r^d edition (2022/2023)

Yifan Huang

“High efficiency, high quality. Deep expertise, usually very efficient.”

Based in Shanghai, Pacific Legal focusses on providing Chinese business law services across China.

Focusses / specialisms

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.

Key clients

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.

Research period review: 33r^d edition (2022/2023)

During the research period, the team advised Health and Happiness International Holdings on obtaining a USD term loan facility from a syndicate of lenders led by HSBC, which was used to refinance its previous loans taken for the acquisitions of Swisse, an Australian nutrition brand, and Zesty Paws, a US pet nutrition brand. This is a complex re-financing deal involving many loans taken for the acquisitionsof several offshore businesses (direct and indirect) by a HK-listed company across several years.

The team is also advising WuXi AppTec (Hong Kong), a leading multinational company in pharmaceutical and medical devices, on a USD loan facility made available by a syndicate coordinated by HSBC and Standard Chartered, which is used for working capital and refinancing.

The banking and finance practice of Shanghai Pacific is led by Joy Gao. She was a banking and finance partner at Zhong Lun prior to joining Shanghai Pacific in September 2020.

Deal highlights: 33r^d edition (2022/2023)

Health and Happiness International Holdings’ USD term loan facility.

Client feedback: 33r^d edition (2022/2023)

Banking and finance

“Smooth execution, sound legal advice, good knowledge on loan structuring amid changing regulations.”

“Shanghai Pacific Legal was quite proactive and professional when we were negotiating the T&C with lenders' counsel. Also, Shanghai Pacific Legal is quite supportive and experienced in terms of NDRC filings.”

Lawyer feedback: 33r^d edition (2022/2023)

Joy Gao

“Good knowledge on financing structure and regulations on foreign debt.”

“In our deal, Joy showed her expertise on FA negotiation, NDRC filing and SAFE filing.”

Sophia Zhang

“In our club deal, Sophia is quite professional in terms of FA negotiation, NDRC filing and SAFE filing topics. We got lots of support from SPL, including Sophia Zhang and Joy Gao.”

Established in 2016 in Beijing, Shihui Partners is an emerging boutique law firm in China.

Focusses / specialisms

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.

Key clients

Key clients of Shihui include 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.

Research period review: 33r^d edition (2022/2023)

In 2022, Shihui Partners represented JD Property Group Corporation on its $800 million of Series B preferred stock financing project; advised PICC Investment for its investment in the private equity financing of CEC GienTech digital technology group with the total financing amount of more than Rmb2.5 billion. Key names to note in the firm’s PE side are George Niu and Miranda Jiang.

On capital markets side, the firm completed an A-Share IPO of Shanghai MicroPort EP MedTech, which made the client become the first company in the medical device industry who completed the IPO on the STAR Market under the fifth set of criteria and is the only domestic manufacturer that can provide complete solutions for cardiac electrophysiology equipment and consumables to both the domestic and international markets. Besides that, the firm is also handling a few ongoing IPOs.

In 2021, the firm represented Beijing Jingdong Century Trade in its public offering of Rmb1.5 billion short-term corporate bonds and issuance of Rmb10 billion registered private placement notes.

Last year, the firm hired Jing Lu from Sidley Austin to strengthen its data compliance and anti-bribery compliance and Zhenxing Mai from Jeffrey Mak Law Firm to work on corporate finance. The firm lost partner Yan Xia who specialises at investment and financing.

Deal highlights: 33r^d edition (2022/2023)

Shanghai MicroPort EP MedTech’s A-share IPO.

Henan Zhang Zhongjing Pharmacy’s A-share IPO.

Synfuels China’s A-share IPO.

Hypower Microelectronics’ A-share IPO.

JD Property Group Corporation’s $800 million Series B preferred stock financing.

Client feedback: 33r^d edition (2022/2023)

Capital markets

“Very responsive and professional. Efficient and smart.”

Private equity

“The quality of the documents is good, basically reassuring to customers. Feedback is fast and positive. Clients can actively communicate to meet the customer's requirements.”

M&A

“Detailed work and timely replies and comments reduces the workload for us.”

Lawyer feedback: 33rd edition (2022/2023)

Xin Xie

“Very responsive and diligent. Will always find time to meet the deadlines of projects and provides useful feedback or comments.”

Xiaochen Zhang

“Great team leader able to provide the relevant resources needed for various types of projects that we inquire about with them.”

Jian Zhang

“Quick response, proactive and problem-solving, very professional and responsible.”

Liang Zhao

“Very good at communication, very innovative thinking, good at coming up with some solutions to problems. He has all-round ability.”

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.

Focusses / specialisms

Core practices areas of Tahota include securities, investment and mergers and acquisitions, private equity, bankruptcy liquidation, foreign-related investment and financing, and debt restructuring.

Key clients

Key clients include Yunnan Hongta Bank, Aluminum Corporation of China, Sichuan Cable Broadcasting Network, Tiansheng Securities, Development Bank of Singapore, Zhongtai International Securities and ICBC International.

Research period review: 33r^d edition (2022/2023)

In 2022, the firm represented Yankuang Energy Group in its issuance of no more than Rmb30 billion bonds. The team also assisted Liangshan Development Group in issuing $204 million overseas US dollar bonds.

On the M&A side, the firm represented Sichuan Development Holding with its subsidiary Sichuan Development Mining Group in its acquisition of Chengdu Santai Holding Group, a leading enterprise in the listed phosphorus chemical industry.

In 2021, the firm represented Nanjing Lishui Industrial Investment Holding Group in its issuance of Rmb500 million short-term financing bonds.

Last year, the firm hired six senior partners to strengthen its capital markets work.

Deal highlights: 33r^d edition (2022/2023)

Yankuang Energy Group’s Rmb30 billion bonds issuance.

Liangshan Development Group’s $204 million overseas US dollar bonds.

Chengdu Express’s acquisition of Chengdu Energy Development.

Santai Holdings’ non-public issuance of shares.

Tian Yuan 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.

Focusses / specialisms

The firm’s practice areas cover capital markets, M&A, banking and finance, and restructuring and insolvency.

Key clients

Key clients include China Nuclear Power, China Metallurgical, Guoyuan Securities, Sanyuan Food, Sinomach, Changjiang Power, Yunda Express, Sanqi Mutual Entertainment, NavInfo, Bilibili, Sinochem and China Jinmao.

Research period review: 33r^d edition (2022/2023)

In restructuring and insolvency, the team acted in insurance company Yi’an Property and Casualty Insurance’s bankruptcy and Chinese electric vehicle titan BYD’s takeover of the company. After completion, BYD will be the first automaker to own an insurance firm in China.

The Tian Yuan team is active in both domestic and overseas capital markets. They advised clients including Jinmao Property Services, Arrail Group, Gogox Holdings, ClouDr Group, Shanghai Orient-Chip Technology, Wuhu Yabosion Electronic Technology in their IPO work.

Deal highlights: 33r^d edition (2022/2023)

Yi’an Property and Casualty Insurance’s bankruptcy.

Gogox Holdings’ Hong Kong IPO.

Jinmao Property Services’ Hong Kong IPO.

China Yangtze Power International’s syndicated acquisition financing.

China Yangtze Power International’s $3.59 billion acquisition of Sempra Energy’s Peruvian businesses.

Client feedback: 33r^d edition (2022/2023)

M&A

“Tian Yuan Law Firm has demonstrated a high level of professionalism in its cooperation with us, representing small and medium-sized shareholders in multiple communications with the China Securities Regulatory Commission and Shanghai Stock Exchange, and discussing legal compliance with securities regulatory agencies, providing us with great support.”

Private equity

“Very hands-on service, deep understanding of the product and industry, was able to provide value-add to safeguard the smooth execution of the transaction.”

Lawyer feedback: 33rd edition (2022/2023)

Tao Xu

“Tian Yuan Law Firm, especially lawyer Tao Xu, who is in charge, is extremely professional and has an admirable spirit of research in the A-share capital market field. Their calm and effortless approach to unexpected problems gives us a full sense of security. Lawyer Xu and Tian Yuan Law Firm have made great contributions to the success of this project.”

“Xu Tao has profound expertise and skills in M&A, especially in complex transactions involving listed companies. He has a very sensitive business acumen and a highly imaginative and creative ability to solve practical solutions. Especially with his overall control over A-share securities regulation and his calm response to unexpected situations, I believe Xu Tao is already a top lawyer in this field in China.”

Yuntao Ma

“Very hands on and possesses deep knowledge, able to truly add value in critical issues, very capable lawyer and we are all very pleased with his work.”

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.

Focusses / specialisms

The firm is very strong in the capital markets practice, which has a focus on equity offerings and is also active in the corporate and M&A, private equity and venture capital spaces. The firm covers a wide range of sectors including technology, healthcare, life sciences and pharmaceuticals, media and renewable energy. 

Key clients

Key clients of the firm include 6 Dimensions Capital, Boyu Capital, CareCapital, CDH Investments, Huafang Group, Lepu Scientech Medical Technology, Nano Labs, Sequoia Capital China, Warburg Pincus, YishengBio and Zibuyu Group.

Research period review: 33r^d edition (2022/2023)

During the research period the firm kept busy in the equity capital markets, corporate and M&A, and private equity areas.

In capital markets, the firm was particularly active in equity market advising on a handful of large-scale Hong Kong and US IPOs and SPACs covering TMT, life sciences and healthcare sectors.

On the M&A side, the firm’s work encompassed multiple fields including in cross-border merger deals, asset acquisitions and fund-raising activities representing both buy and sell side clients across a broad range of industries including automotive, financial services, pharmaceuticals and life sciences, TMT, and consumer goods and services.

Deal highlights: 33r^d edition (2022/2023)

Lepu Scientech Medical Technology’s HK$654.6 million HKEX IPO.

YS Biopharma’s $230 million IPO and merger with Summit Healthcare Acquisition Corp.

$128.5 million SPAC offering of TechStar Acquisition Corp.

AIWAYS Holdings Limited’s $5.537 billion merger with China Liberal Education Holdings.

BitFuFu’s $1.5 billion merger with Arisz Acquisition Corp.

Client feedback: 33r^d edition (2022/2023)

M&A

“WSGR knows the rules and laws in the areas it provides services. WSGR also knows our company and business well and can always provide practical solutions to fulfil our business needs.”

Capital markets

“They have truly stood out with their attention to detail, broad technical and commercial knowledge, extensive expertise, and excellent ability to work bilingually in Chinese and English.”

“They are really professional in the capital markets area, diligent and can always provide timely and practicable advice and solutions and know the business as well.”

“WSGR has deep experience serving underwriters in connection with a wide variety of complicated capital markets transactions. It combines a depth of perspective with a pragmatic, business-orientated style to address most of the legal needs underwriters raised in multiple equity transactions.”

Lawyer feedback: 33rd edition (2022/2023)

Billy Yiu

“He has truly stood out with his attention to detail, broad technical and commercial knowledge, extensive expertise, and excellent ability to work bilingually in Chinese and English.”

Winfield Lau

“A good team leader, knows how to manage the project and meet the objectives before deadline.”

Weiheng Chen

“Great knowledge of our industry, great knowledge of our business, good networking, problem-solving skills.”

“He has demonstrated a high level of professionalism and technical capability in handling complex and sophisticated matters. He also has a strong drive to deliver exceptional client services using his broad mix of skill set, expertise and commercial background.”

“Really sophisticated and understands both the laws and business. A great counsel.”

“He has truly stood out with his attention to detail, broad technical and commercial knowledge, extensive expertise, and excellent ability to work bilingually in Chinese and English.”

Dan Ouyang

“Ouyang has provided insightful and high-quality legal services regarding our capital market transactions.”

Zhong Lun Law Firm continues to enjoy the coveted position as one of the strongest and most in-demand transactional law firms in China.

Focusses / specialisms   

Zhong Lun’s strongest forte is in banking and finance, capital markets, M&A, investment funds, restructuring and insolvency, and private equity.

Research period review: 33r^d edition (2022/2023)

During the research period, the team was active in banking and finance and M&A matters. Some key highlights include CCCC’s $813 million project finance regarding a reclamation project in Philippines; and International Finance Corporation’s $700 million term loan facilities to two electronics producers in Vietnam.

The firm is well known for its restructuring and insolvency work, with 20 seasoned partners and nearly 100 associates based in different offices. The team is advising Sanpower Group’s restructuring work, which is the first successful case of out-of-court debt restructuring (restructuring by agreement) of a large-scale private enterprise group in China, and the first case of out-of-court debt restructuring in China after the implementation of “Work Procedures of Financial Institutional Creditors' Committees”.

Deal highlights

CCCC’s $813 million project finance.

International Finance Corporation’s $700 million term loan facilities.

Sanpower Group’s restructuring.

Pre-reorganization and reorganization of Zhejiang Unifull Industrial Fibre.

Atour’s Nasdaq IPO

Shenyang Fortune Precision Equipment’s STAR Market IPO.

Tianqi Lithium’s Hong Kong IPO.

China Greatwall’s non-public offering of shares.

Client feedback: 33r^d edition (2022/2023)

Capital markets

“[They have] professionalism in the structured finance and securitization area, especially in shareholders’ and owners’ rights.”

“Zhong Lun Law Firm has abundant experience in the pharmaceutical industry and is familiar with the industry in which our company is engaged; the project team is highly capable of dealing with complicated matters, has strong business awareness and is good at providing the company with solutions that meet both regulatory requirements and the interests and needs of the company, and the project personnel are adequately experienced.”

“They did their due diligence well, and gave adequate legal opinions, and provided efficient advice on legal issues.”

"In terms of service attitude, the firm fulfils its duties, responds to customer needs and demands in a timely manner, and provides professional guidance. In terms of professionalism, it provides professional guidance from the perspective of the client, and is able to find a reasonable solution in a large number of cases when the transaction encounters a bottleneck. In terms of independence, the firm can be reasonable and legal from the perspective of an independent third party, adhering to the principles of prudence, fairness and integrity.”

Insolvency

“They are professional and very expert in this area. They always have plan B to solve our problem and in fact protect our legal rights.”

“Zhong Lun Law Firm handles matters very quickly and positively, with careful and meticulous reviews and a very strong sense of risk management.”

M&A

“Assisted us in conducting legal due diligence, participating in transaction negotiations, and preparing relevant transaction documents. Zhong Lun lawyers demonstrated a strong sense of responsibility, good professional ability and comprehensive quality in their work, and proposed useful solutions to the issues involved in the transaction.”

“Very professional M&A advice is given by Zhong Lun from the process of due diligence all the way to M&A. The Zhong Lun team has helped so much in negotiation and contract drafting.”

“Firstly, the background of the project is complex, involving changes in actual use and the newly issued rental housing policy, and there is a relatively complex transaction structure. They are able to quickly grasp new information, understand the essence of transactions, and complete the work with high quality. Secondly, they are able to complete heavy work in a tight time frame, which was highly praised by both parties.”

“They provided much effective legal advice on major legal issues and did a really good job on due diligence and drafting transaction documents.”

Private equity

“Professional, prompt and comprehensive service.”

“They clearly understand the relevant legal issues and business focus and can proactively tackle the relevant issues and manage the transactions well.”

“Professional advice in global service for private equity restructuring and equity financial service.”

“Professional. Prompt. Highly efficient.”

“The Zhong Lun team have outstanding legal skills. They are experienced and good at solving complicated problems for clients.”

Project development

“Excellent professionalism and responsible work.”

“Very professional, efficient and dedicated.”

“Specialists.”

“Very professional in providing services for projects in the infrastructure field and they are familiar with the ecological and environmental protection field, responding to project services in a timely manner and providing effective risk prevention recommendations in the interest of our company.”

“Zhong Lun has a strong team which is experienced, conscientious and responsible in practising private equity. Our investment could not be done so well without their efforts.”

Project finance

“Very good.”

Restructuring

“Actively maintain communication and coordination with stakeholders to ensure that all links can be quickly and effectively promoted, so as to ensure the smooth completion of project work.”

“Fully anticipate various risks and issues that may be foreseen in the project, and actively communicate and respond accordingly to ensure the smooth, rapid and effective progress of the project.”

Lawyer feedback: 33r^d edition (2022/2023)

Xiaoli Liu

“Industry knowledge, innovative solutions, jurisdiction knowledge, communication, problem-solving and risk management.”

Yueping Zhou

“Responsible.”

Fangrong Wu

“Highly professional.”

Nan Jiao

“Professional, timely, patient and comprehensive.”

Yi Shi

“Responds promptly and is very precise about risks at different stages.”

Aron Hu

“He's the partner at Zhong Lun, and he inspires the whole team to deliver the work in a very short time.”

Yong Wang

“Very efficient, patient, dedicated and professional.”

Qixiang Zhang

“Qixiang Zhang has strong professional competency as well as business and legal awareness. He is good at solving complicated legal issues and has strong ability to control projects.”

Shaun Gao

“He is very detail-orientated and can manage the transaction very efficiently.”

“Shaun is smart, practical and savvy. He is a true expert in his area of practice, with impressive problem-solving skills.”

Victor Yu

“Provides professional advice on corporate finance and restructuring services.”

Ping Zhang

“They provided helpful feedback and professional advice on the project..”

Jiadong Li

“Highly efficient.”

Fangrong Wu

“Highly professional.”

Yiheng Xu

“Mr Xu is well versed in handling complex situations with a wealth of knowledge and abundant experience in his practice area. He helped our company get through a hard time.”

“He has always shown a very strong performance in due diligence and negotiations, showing commercial sense. He is also very attentive to details which can potentially delay, jeopardise or derail cases. Most importantly, he has wonderful communication skills, which means he can make complex concepts very easy to follow.”

“Always maintains a highly professional practice philosophy and provides practical and feasible professional suggestions from multiple dimensions, such as theoretical research and physical operation.”

“Lawyer Xu Yiheng has rich experience in bankruptcy restructuring and liquidation, and is able to solve difficult, significant and complex problems in projects, earning high praise from the court and creditors.”

Zhiguang Liu

“Participated fully in the IPO and efficiently did his job, good at analysing legal issues and coming up with solutions.”

Wei Du

“Very good at capital market law-related work. Provided very serious and responsible work.”

Jie Ma

“Ma is diligent in formulating defensive and offensive strategies according to our needs and the case‘s situation. He did not miss any opportunity to advance our case. But the most valuable thing is that he is flexible in adjusting strategy according to the needs – thinking outside of the box and trying exhaustive ways. And through his excellent communication skills, he allows us to understand the intent and participate in the formulation of the strategy.”

Rui Zhang

“She has strong work abilities and is able to complete complex tasks under heavy pressure.”

Yunfan He

“Mr He is an expert in his practice area, he gives both legal and commercial advice on our projects, especially in respect of transaction structure.”

Lanping Zhou

“Zhou is very professional and dedicated, and all the advice provided was pertinent and practical.”

Liuyu Zhang

“I am impressed by Zhang. Although he is young, he is experienced at handling ecological and environmental protection PPP projects. And the advice he provided was also very pertinent and practical.”

Xiaoyan Liu

“As the leader of the legal team, she is highly responsible and proficient in her profession. She has rich experience in the cross-border investment legal business and can provide useful advice. The team is responsive to business and can effectively assist us to negotiate with counterparties.”

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.

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.

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.

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: 32^nd 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: 32^nd 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.”

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.

Focusses / specialisms

Their core strength includes capital markets, financial markets, corporate and international trade and compliance.

Key clients

Key clients include 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.

Research period review: 33r^d edition (2022/2023)

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 distributer SEUIC Technologies’ IPO on 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 Rmb9 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.

Deal highlights: 33r^d edition (2022/2023)

Jinhui Mining’s IPO in Shanghai.

SEUIC Technologies’s STAR Market IPO.

Haoji Railway’s bonds issuance.

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. 

Focusses / specialisms

Arguably the most visible magic circle firm in the Hong Kong and China market, Clifford Chance 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. The firm’s IPO practice enjoys a dominant market share and huge deal flow when it comes to debt securities.

Key clients

Key clients of the firm include Bank of China, Jindal Steel & Power (Mauritius), China National Petroleum Corporation, Carrefour Nederland, Permira, Huatai Securities and Panview Capital. 

Research period review: 30th edition (2019/2020)

During the research period the firm kept busy advising on a raft of Hong Kong IPOs, GDRs, dim sum bonds, perpetual securities, renminbi bonds, exchangeable bonds and green bonds. 

The corporate team acted in disposals, joint ventures and acquisitions in the renewable energy, real estate, transport, telecommunications, education, and food and beverage sectors. 

In private equity, the firm advised on acquisitions, investments, pre-IPO financings and various funding rounds for its clients, while on the fund side acted in fund formation, restructuring, venture capital, SFC-authorised funds, hedge funds and real estate.

The projects practice was engaged with outbound and inbound mandates in transport and oil & gas across jurisdictions such as China, Niger and Colombia. 

In the regulatory space the firm has acted in SFC investigations, market misconduct, cryptocurrency and ePayment matters, while the restructuring team has handled debt recovery and debt restructuring mandates, and insolvencies in the seafood and sustainable solutions industries.  

Deal highlights: 30th edition (2019/2020)

-Agricultural Development Bank of China Rmb1.5 billion 3.40% dim sum bond issue

-ARCM Fund IV 

-Baowu Steel Group $660 million acquisition of Maanshan Iron & Steel

-Budweiser Brewing Company APAC HKSE IPO

-Huatai Securities SSE-LSE GDRs

-Jindal Steel restructuring 

-Niger-Benin crude pipeline project

-Permira $260 million acquisition of Topcast Aviation

-Shenwan Hongyuan Group HKSE IPO

-Suning.com €1.4 billion acquisition of 80% stake in Carrefour China 

Client feedback: 30th edition (2019/2020)

Banking

“They had provided sufficient and effective help to the project. The team did a great job.”

Capital markets: Debt

“The lawyers at Clifford Chance have solid technical and execution skill that can be significantly distinguished under sophisticated transactions or an extremely short timeframe. In addition, they are always reachable which is really important from clients' perspectives. I am always happy to work with Clifford Chance’s team and have a strong preference to have that team on my deal.”

“Very experienced and professional. The lawyers can work with tight time schedules, and cooperate quite well with JLMs.”

Financial services regulatory

“Possesses in-depth knowledge of law whilst the commercial practicality and usefulness of the advice is not compromised.”

“Knowledge of regulatory environment. Lawyers that work well with our team.”

“We really like Clifford Chance's always-ready-to-provide-solutions attitude. They simply advise us 24/7 restlessly with no compromise in quality.”

“Very knowledgeable in PRC regulations and market trends; particularly good in cross-border issues.”

Investment funds

“In-depth knowledge and practical solutions.”

“Matt and his team were extremely knowledgeable and up to date. We felt very comfortable that we were creating our fund in the right way despite the ever changing regulatory landscape. They were also very responsive to all of our questions.”

“The firm has consistently provided proactive, practical advice and has been very responsive to queries.”

“Clifford Chance has top lawyers from top to bottom and is responsive, commercial, and transparent with respect to fees/billing.”

M&A

“Creative solutions to problem solving, very reliable in terms of quality and timing of the work product, extremely nice team to work with who know your business well and make you feel home.”

“CC was not only appointed for its M&A expertise but for the structuring/funding part, we also received the key input from Clifford's regulatory team in the financial services sector. This combination of expertise was extremely efficient. Whenever the client is facing a grey area under PRC laws, they take positions and give very clear recommendations based on market practice.”

“Responsive attention to detail but ever-conscious of commercial elements. They provide a perfect bridge between local legal market knowledge and foreign investor expectations.”

Private equity

“High quality, in-depth knowledge, problem solving.”

“Excellent quality and practical solutions.”

“The law firm is very efficient and is able to turnaround and provide feedback quickly. The team is also knowledgeable in the private equity area.”

Restructuring and insolvency

“Very talented team with a lot of experience and strong technical skills. Extensive market network means the team is able to add insights and current thinking on both commercial and legal issues.”

“Clear and concise advice. Responsive and adaptable.”

“Pro-active and focused on problem solving. Takes the lead to push the matter forward and seeks guidance from clients where appropriate.”

“Well positioned in the market and responsive. Knows how to get the deal done and the key pressure points. Consistently solid.”

“Expertise in multiple dimensions that are relevant to our businesses. Quick turnaround, and accessibility to senior and knowledgeable lawyers.”

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.

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.

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: 32^nd 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.

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 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.” 

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.

Focusses / specialisms

East & Concord specialises in banking and finance and capital markets. In the research period, the firm showed its 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.

Key clients

The firm’s key clients include 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.

Research period review: 33r^d edition (2022/2023)

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 on these sectors shows that the team has comprehensive legal knowledge.

Deal highlights: 33r^d edition (2022/2023)

Huaxia Wealth establishment.

Beijing Enterprises Group’s Rmb15 billion bond issue.

Suzhou Branch of China Development Bank city reconstruction project.

Yinji Entertainment and Media insolvency.

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.”

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.

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: 33r^d 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: 33r^d 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.

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. 

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.

Focusses / specialisms

It is highly regarded for its banking and finance, capital markets, M&A and investment funds work.

Key clients

Key clients include 58.com, Industrial Bank, Standard Chartered Bank, Blackstone, Bank of China, DCIG, Bank of Communications, HSBC China, CMBS and JPMorgan.

Research period review: 33r^d edition (2022/2023)

During the research cycle, the firm’s capital markets team assisted Industrial Bank (Hong Kong) in issuing $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 that 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 that the team advised Tianqi Lithium in its $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.

Last year, the firm hired Zhijin Lin, Libin Shi and Xiaofei Chan to strengthen the firm’s capital markets team. Also, five new partners joined the firm’s restructuring and insolvency team: Zhengdong Liu, Yifan Xian, Yao Bai, Bingbing Gai and Chenghao Li.

Deal highlights: 33r^d edition (2022/2023)

Atour Hotel’s Nasdaq IPO.

Han’s CNC Technology’s listing on the GEM of the Shenzhen Stock Exchange.

Jiarong Technology’s listing on the GEM of the Shenzhen Stock Exchange.

Ruqi Mobility’s Series A financing.

Geovis’ A-shares private placement.

Miniso’s listing on HKEX.

Client feedback: 33r^d edition (2022/2023)

Banking and finance

“They know the bank's requirements well and make sure these requirements are properly covered in the respective documentation.”

“Responsive and proactive in solving clients' queries.”

“JunHe has a strong finance team. They are hardworking and proactive and have a strong bench of associates. JunHe are well respected in the industry and good to work with.”

Investment funds

“Advice is practical.”

M&A

“JH's Chen Wei team provided very high-quality legal professional advice, and more importantly, provided valuable guidance from business perspectives based on her in-depth understanding of the business of the industry. Both legal and business teams are impressed by her team's professionalism.”

“Professional, efficient, highly motivated.”

“Led by Wei Chen, JunHe's team provided very professional and highly valuable legal advice to this complex project, which took more than one year and required skills and expertise in multiple areas like corporate, M&A, negotiation, dispute resolution, labour and antitrust. I am impressed by the quality of their work, the creative and constructive thinking and the very important project coordination and management capabilities.”

“The antitrust analysis is very comprehensive and pragmatic.”

“Given the fact that we used to be a subsidiary of our UK company, the deal involved restructuring of the company and handling the legal matter with a relatively large number of investors. It was quite complex and JunHe has helped us through the entire process.”

Private equity

“They advise on deal structure and documentation.”

“Very client orientated. Responds to the client's needs.”

“Strong legal expertise, responsiveness and strong commercial awareness.”

Lawyer feedback: 33r^d edition (2022/2023)

Joey Lu

“Joey knows the customer's requirements well and actively responds to customer's feedback.”

Alex Lee

“Always responds to client's email promptly and is helpful.”

“Alex is a leading finance lawyer in Hong Kong. He has a wealth of experience, having worked both in-house and in private practice for a number of years. Alex is technically strong but also bears in mind the commercial imperatives on transactions. He has a good bench of associates. Alex is friendly, easy to work with and is a fluent English and Mandarin speaker. He has strong relationships with both international and PRC banks. I recommend Alex highly.”

“Alex has been extremely helpful in supporting our company, especially throughout our Series A fund-raising exercise. His professional advice and support have been instrumental in the fund-raising exercise.”

Jacqueline Qiao

“Jacqueline is the name partner of our company, she makes sure all our legal needs are served and responded to in a timely manner.”

Jiakun (Kevin) Cui

“He manages the team to provide services, and consults other lawyers to solve specific problems, like tax issues.”

Wei Chen

“Wei's in-depth knowledge about the business and industry are impressive. Her advice is not only from a purely legal perspective, but also from a business orientation, which makes her advice extremely helpful and valuable for us compared with other firms.”

“She is very diligent and professional. We are satisfied with her work as she can offer some commercial advice rather than pure legal advice.”

“Led by Ms Wei Chen, JunHe's team provided professional and valuable legal advice to this complex project, which took more than one year and required skills and expertise in multiple areas like corporate, M&A, negotiation, dispute resolution, labour and antitrust. I am impressed by the quality of their work, the creative and constructive thinking and the very important project coordination and management capabilities.”

Janet Hui

“She has a breadth of industry experience and expertise in her area of specialty, her advice is precise and pragmatic. She is very responsive and constructive.”

Jiang Chen

“They support on private equity transactions.”

“Strong legal expertise, professional, responsive and good commercial awareness.”

Joe Chen

“Very responsive. Listens to the client's concerns and addresses them.”

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 

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: 33r^d 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: 33r^d 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: 33r^d 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: 33r^d edition (2022/2023)

Qing Wang

“High quality of legal services, timely feedback.”

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 

Philadelphia-based Morgan Lewis & Bockius is an 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.

The firm is strong in equity capital markets, private equity and M&A in the energy, financial services, life sciences, healthcare, manufacturing, real estate, consumer goods, automotive, education and technology sectors. 

Key clients of the firm include China East Education Holdings, Shanghai Gench Education Group, HealthCor Management, Ocean Link Partners, ANTA Sports Products, Warburg Pincus, Sequoia Capital and Gaorong Capital. 

During the research period, the firm kept busy with Hong Kong IPOs, rights and A-share issues. It also assisted its clients with pre-IPO investments and in various rounds of funding, take-privates and acquisitions in the retail, technology and education sectors.

The firm bolstered its M&A team with the hire of of counsel Shi Cheng from Slaughter & May in 2019. 

Deal highlights

-Anta Sports Products $5.15 billion acquisition of Amer Sports 

-China East Education Holdings HKSE IPO

-China Hengshi Foundation $245 million take-private

-CMIC Ocean En-Tech Holding $85 million rights issue

-Sequoia Capital $1.5 billion investment in Chehaoduo Group 

-Shanghai Gench Education Group HKSE IPO

-Ziroom $500 million series B financing 

Client feedback: 30th edition (2019/2020)

Capital markets: Equity

“Very commercial, easy to work with and practical in solving issues.”

“Professional, good at structuring the deal and resolving issues.”

“The firm has been very professional in giving suggestions about the project flow, appropriate disclosures and items/clauses that are beneficial to the company. They are really thinking on the client's behalf and been giving workable solutions.”

M&A

“Incredible firm, fast, diligent, looking into details, thinking long term, short term, negotiating on our behalf. Most incredible firm I have ever worked with.”

Private equity 

“Very commercial in structuring legal terms.”

“Very experienced in US privatisation deals which has given us a lot of insight and helpful guidance.”

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.”

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.

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: 33r^d 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: 33r^d edition (2022/2023)

Chongqing Water Group Public Engineering Consulting and Tianjin Motimo Membrane Technology’s M&A.

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

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 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.” 

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.” 

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 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.

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: 33r^d 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: 33r^d edition (2022/2023)

Tianjin Kaihua Insulation Materials’ IPO.

Tianjin Lingang Investment Holding Company’s $41 million foreign bonds issuance.

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

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.

Grandway Law Offices was founded in 1994. Headquartered in Beijing, Grandway has offices in Shanghai, Shenzhen, Chengdu, Xi'an, Hangzhou and Hong Kong, and currently employs more than 500 lawyers and professionals.

Focusses / specialisms

The firm started to provide securities-related law services from 1994, covering practice areas including the initial public offering of A shares, B shares, H shares and red chip shares, non-public offerings and M&A.

The firm hired Ronny Peng from East & Concord Partners as a capital markets partner in late 2022.

Key clients

The firm’s notable clients include Zhejiang Leapmotor Technology, Ningbo Shanshan Company, ENN Natural Gas, Zhejiang Dahua Technology, China Railway Special Cargo Logistics, SMO Clinplus, Unimicron Technology (Suzhou) and Shanghai Shangshi Energy Technology.

Research period review: 33r^d edition (2022/2023)

During the research cycle, on the capital markets side, the firm completed IPOs, M&As, private placement of bonds and non-public offerings. The Grandway team assisted CloudWalk on its STAR Market listing on the Shanghai Stock Exchange. During its IPO process, the team helped CloudWalk in setting up a special voting rights system to balance the clients’ development needs and the interests of small and medium shareholders.

All investment funds and M&A deals submitted remain confidential.

Deal highlights: 33r^d edition (2022/2023)

CloudWalk STAR Market listing.

Zhejiang Leapmotor Technology’s Hong Kong listing.

A-listed Ningbo Shanshan Company’s GDR issuance on SIX Swiss Exchange.

Shenzhen Jingzhida Technology’s SZSE IPO.

Client feedback: 33r^d edition (2022/2023)

Asset finance

“They are conscientious, active and responsible, and have achieved effective results.”

Capital markets

“They work conscientiously and responsibly; abide by the professional ethics of lawyers, diligently and conscientiously, and protect the legitimate interests of our clients; provide timely and accurate professional advice and reasonable suggestions; and assist us to prevent possible legal risks early.”

“In securities laws service, Grandway has a strict kernel system and standard, and at the same time, it can propose compliant, effective and flexible solutions for the actual situation of the client, complete the due diligence work efficiently and meticulously and provide high-quality legal documents. In the year-round consulting service, Grandway can fully and quickly respond to our needs, maintain active and effective communication and contact with us, assist the company in solving daily legal issues in a practical and lawful manner, and firmly protect the legitimate rights and interests of the company.”

“[The Grandway team] provided legal advice for our equity investment business, and can provide legal advice from both litigation and practical perspectives.”

Lawyer feedback: 33r^d edition (2022/2023)

Cheng Wei 

“He can provide prompt response, timely support and has the ability to combine law and the client's business reality and provide constructive legal advice.”

Zhou Tao

“Zhou Tao is highly professional and has a deep understanding of the laws and regulations of the securities market. With his rich experience and professional perspective, he has deep insight into legal issues and can propose high-quality solutions for clients by combining the characteristics of the enterprise and the industry in which they are located, to solve clients' problems and make them feel at ease.”

Echo Liu

“She can provide new ideas from a litigation perspective to solve some difficult problems in non-litigation business.”