With integrated management headquartered in Shanghai, AllBright Law Offices is among the largest full-service Chinese law firms. It has branch offices in 22 cities that house over 3000 lawyers.
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, andasset securitisation.
In 2020, the M&A team in Shanghai acted for Cinve Real Estate Group in its sale of Sanlin Impression City. As the brick-and-mortar commercial retail industry was most affected by COVID-19, the project was finally completed during the epidemic. It was a significant demonstration case for the real estate block trading market.
In Guangdong, the M&A team represented China Resources Pharmaceutical Group in its Rmb2.3 billion acquisition of Boya Biopharmaceutical Group. The acquisition of a listed company in the biopharmaceutical industry was among the largest A-share transactions in 2020.
Main clients include The Bank of East Asia, Longfor Group, State Grid and Shanghai Lujiazui Group.
· Golden Oak Medical Series A and A+ round financing
· State Grid investment in China Radio and Television Network Group
· Weigao Orthopedic Materials Science and Technology SSE STAR Market IPO
· Danone Group acquisition of an infant milk powder production plant in Qingdao
· Blue Sail Medical issuance of convertible corporate bonds
· Weiyuan Gene Series B financing
· Innovation Workshop Asset Management Company investment of Zhongli Group
· Refine Biotech Series A financing
· Strategic cooperation project between JAC and Volkswagen
· Qingdao Doublestar acquisition of Kumho Tire
· China Shipbuilding asset restructuring
· CMIG acquisition of SRE Group
· Nanjing Happy Water Cube Travel insolvency
· Nanjing Jiangbei New Area Industrial Investment Group issuance of debt financing instruments for 2020
· Shin Kong Holding Group debt Restructuring
· Kintor Pharmaceutical HKSE IPO
· Songdu Group ABS issue
· Zhejiang Inte Group convertible bond issue
“Professional, dedicated, highly efficient and good at communication.” —Banking and finance
“Experienced, rigorous and logical.” — Capital markets
Dentons China was formerly known as Dacheng Law Offices but is now structured as a Swiss Verein since international firms cannot practice PRC law. In China, the firm has 47 offices, including in Beijing, Shanghai, Chongqing and Shenzhen.
The firm is strongest in private equity and investment funds and has a highly active restructuring practice. Its capital markets practice has had a mixture of Hong Kong IPO and bond work, including corporate and convertible issuances.
In 2020 its Beijing team kept busy with transactions in the insurance, energy, technology and real estate sectors. One of the highlighted cases was the establishment, raising and investment of IDC special fund. This was the first special fund for RMB IDC projects in China. Despite the Covid-19 pandemic, the IDC Fund still completed the first-round closing of Rmb1.5 billion within 6 months, which set a new record for the first-round closing of a CDH mezzanine fund.
In Shanghai, the firm provided a legal opinion to Shanghai Lingang Guanwei Investment Development’s CCB International Science and Technology Innovation Fund, and advised on Shanghai Lingang Guanwei Investment Development’s mixed ownership reform fund.
Key clients include IQiyi, BYD Auto, Export-Import Bank of China, Industrial and Commercial Bank of China and Beijing Jingdong Century Trading.
· IDC special fund formation
· Zero2IPO Holdings HKSE IPO
· Jiachen Holdings HKSE IPO
“Provided efficient and accurate PRC legal opinions on validity, enforceability and due execution relating to the PRC guarantee gal opinion.” — Banking and finance
“Professional legal services at a reasonable price.” — Investment funds
“The firm offers professional services and is easy to communicate with.”— M&A
“Hard working, good communication, good at find common grounds of both parties.” — Restructuring and insolvency
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 Beijing, Shenzhen, Shanghai, and Tianjin.
Core practices areas of Tahota include securities, investment and mergers and acquisitions, private equity, bankruptcy liquidation, foreign-related investment and financing, and debt restructuring.
Over the past year, the transactional team was busy with domestic M&A work. It advised on Chengdu Express’s acquisition of Chengdu Energy Development. This was an important landmark acquisition case for the diversified development of Chengdu's high-speed operations. The target company involved refueling and refueling station operations, with more points to adjust. The case has served as a reference for similar acquisition cases in Sichuan.
Key clients include Yunnan Hongta Bank, Sichuan Cable Broadcasting Network, Tiansheng Securities, Development Bank of Singapore, Zhongtai International Securities and ICBC International.
· Chengdu Express acquisition of Chengdu Energy Development
· Longteng Real Estate Group acquisition of the stake in Jane Yang Aviation Investment
· Santai Holdings non-public issuance of shares
Based in Chongqing, Solton is a local law firm that has extensive experience in transactional law. It has a good reputation in banking and finance, capital markets, M&A and investment funds.
Key clients of the firm include China Three Gorges Group, Southwest Securities and Chongqing Machine Tool.
Based on the submissions, the firm has strong capabilities in securities, but it is yet to be involved in IPO matters due to geographical constraints.
· Chongqing Jianshe Motorcycle restructuring
· Southwest Securities Rmb15 billion bond issue
· Three Gorges Corporation acquisition of United Energy
DeHeng Law Offices is a full-service PRC law firm that has 36 offices in mainland China. It is well-regarded in M&A, capital markets, and banking.
In the past 12 months, the firm kept busy advising on domestic and cross-border transactions. For example, the Beijing team assisted North China Pharmaceutical Company in its purchase of assets by cash and issued shares; provided advice on China Minsheng Investment Group’s restructuring; and also represented Mabplex International in its B round financing.
In Guangdong, it represented Smoore’s HKSE IPO. As a global and industry leader in providing atomisation technology solutions, the market value of Smoore reached HK$178 billion and became the first H-shares of e-cigarettes.
In Shanghai, the firm provided legal services to Shanghai Yuyuan Tourist Mart Group in its acquisition of Jinhui liquor and acted in the asset restructuring of Dalian Energas Gas-System Company.
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.
· Smoore HKSE IPO
· Dalian Energas Gas-System Company asset restructuring
· Shanghai Yuyuan Tourist Mart Group acquisition of Jinhui liquor
“Professional, quick response times, and meticulous work.”— Project development
“Li Hongyuan has the foundations for construction project management. He is familiar with bidding and is conscientious and meticulous.”
“Li Hongyuan has rich comprehensive knowledge of construction project management, bidding, legal services, investment and financing. He is professional, meticulous and efficient.”
Grandall is a full-service law firm headquartered in Shanghai. It has offices in 28 Chinese cities including Beijing, Shenzhen, Hangzhou, Guangzhou, Tianjin, Chengdu and Ningbo, and has a further five offices globally.
Traditionally Grandall is known for its capital markets practice where it has been dominant in the A-share market and has more recently made a push to strengthen its overseas listing practice.
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 United States in recent years.
In Shanghai, the firm acted in Glory Star New Media Group’s Nasdaq IPO, which was the first Chinese concept stock listed on Nasdaq in China's entertainment industry in 2020.
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.
Key clients include China Merchants Bank, China Minsheng Bank, China Huarong, Air China Cargo, Beijing Yansha Group, and Zhongsheng Beikong Biotechnology Company.
· Daojiale Rmb500 million pre-A round financing
· Glory Star New Media Group Nasdaq IPO
· Shandong Luqiao Group share issue
· State Grid Jiangsu Integrated Energy Service mixed ownership reform project
· Tencent Music NYSE IPO
· Jiaozi Financial Holding Group Epidemic Prevention and Control bond issue
"Its capital markets practice is professional and has a clear understanding of the requirements and trends in the A-share market." - Capital markets
"He has professional abilities and carried a strong sense of responsibility for the project."
Zhong Lun Law Firm continues to enjoy the coveted position as one of the strongest and most in-demand transactional law firms in China. Zhong Lun’s strongest forte is in banking and finance, capital markets, M&A, investment funds, restructuring and insolvency, and private equity.
Headquartered in Beijing, Zhong Lun has 17 additional offices in Shanghai, Shenzhen, Guangzhou, Wuhan, Chengdu, Chongqing, Qingdao, Hangzhou, Nanjing, Haikou, Tokyo, Hong Kong, London, New York, Los Angeles, San Francisco and Almaty.
During the research period, the Beijing team was active in banking and finance and M&A matters. Some key highlights include Sahiwal 2X660MW coal-fired power plant $1.44 billion syndicated loan restructuring, Colorful Guizhou Airlines lease of four A320neo aircraft from GECAS, Haier Electronics Group $7.7 billion take-private, and Beijing Konruns Pharmacuetical Rmb900 million acquisition of NT Pharma. These cases involved huge funds and multiple interests, requiring lawyers to provide professional and creative advice in a short period of time.
Shanghai is another core region of the firm. Last year the team acted in INVISTA Nylon Chemicals’ Rmb7.3 billion financing of the adiponitrile plant in Shanghai Chemical Industry Park, which was one of the biggest infrastructure investments in Shanghai in recent years. The team also acted for Lufax’s NYSE IPO, and the transaction was the largest ever fintech IPO and the biggest Chinese IPO since 2015 in the US.
In Guangdong the firm kept playing an important role in the capital markets. It advised on Smoore’s HKSE IPO, enabling the company to become the first e-cigarettes H-shares in China. Also, the team assisted local companies issue debt and ABS to alleviate their economic crisis during COVID-19.
· Colorful Guizhou Airlines lease of four A320neo aircraft from GECAS
· Geely's fundraising to support Polestar's restructuring
· Sahiwal 2X660MW coal-fired power plant $1.44 billion syndicated loan restructuring
· LyondellBasell/Liaoning Bora Enterprise Group $2.6 billion joint venture
· Haier Electronics Group $7.7 billion take-private
· Beijing Konruns Pharmacuetical Rmb900 million acquisition of NT Pharma
· INVISTA Nylon Chemicals Rmb7.3 billion financing of adiponitrile plant in Shanghai Chemical Industry Park
· Gubei SOHO Project of SOHO China syndicated loan facility
· Brilliance Automotive Group Holding restructuring
· Smoore HKSE IPO
· Qingdao Gaoce Technology SSE STAR Market IPO
· Chengdu Kanghua Biological Products SZSE IPO
· 360 Security Technology acquisition of 30% stake in Kincheng Bank of Tianjin
“They did a great job in providing services and ideas to facilitate the transaction” — Banking and Finance
“The firm offers efficient and constructive advice on risk control.” — Financial services regulatory
“It assisted in the whole process of the acquisition, from due diligence and SPA negotiation to deal completion. The work Zhong Lun’s team did was beyond our expectations with its consistent high-quality work and patience shown during the long transaction period.” — M&A
“While we designed the transaction structure, Zhong Lun's lawyer helped us. In this deal we had some legal points to break through, and it recommended that we break the deal into two steps so that it finally came through.”— M&A
“Professional, diligent and resourceful.” — Capital markets
“Providing practical advice and leading the project efficiently.” — Private equity
“It’s not just that he has good experience, but he also has professional skills.”
“She is responsive and responsible when we have a problem to solve.”
“Liu is constructive and offers efficient advice on the recent financial supervisory regulations.”