Based in Nanjing, Jiangsu province, China IP Information and Consulting Company (IPIC) is an intellectual property boutique with a team of lawyers specialising in transactional law. In China, the financial team are mainly engaged in domestic and overseas investment for Chinese and international companies.
The financial team is led by founder Hou Qingchen, who is an expert in M&A and capital markets.
All cases are confidential during the research period.
King & Wood Mallesons (KWM) maintains its position as one of the dominant players in China’s legal market. The firm has been highly praised by its clients and peers in transactional law across China.
In Mainland China and the Hong Kong SAR, KWM are located in 14 cities, including Beijing, Shanghai, Shenzhen, Guangzhou, Haikou, Sanya, Hangzhou, Suzhou, Nanjing, Qingdao, Jinan, Chengdu, Chongqing, and Hong Kong. the firm covers the most important regions of China, such as East China, Pearl River Delta, Central Plains and Western China.
The Beijing transactional team is particularly sought after by major domestic and international financial institutions, government-linked companies and other multinational enterprises in China. Its team provides high-quality services across the full spectrum of practice areas.
During the research period, the firm assisted in the $2.6 billion joint venture between LyondellBasell and Liaoning Bora Enterprise Group. The project was socially significant and shortlisted by the Chinese government as a key project to promote the development of Northeastern China.
In another important mandate, the team advised on Liaoning Huishan Dairy Group’s restructuring. Huishan Dairy is currently China’s largest enterprise group producing dairy products in the entire industry chain that has entered the reorganisation process. 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.
Moreover, the Beijing team led on large deals such as Haier Electronics Group’s $7.7 billion take-private, Tewoo Group’s restructuring, PipeChina’s $38 billion acquisition of PetroChina pipeline business and assets, and Liaoning Huishan Dairy Group’s restructuring.
The firm’s transactional work in Shanghai is also robust. It acted in Sina Corporation’s $2.6 billion take-private financing, Blackstone’s $1.1 billion acquisition financing of R&F Properties’ Logistics Parks stake, and Shanshan’s $1.1 billion acquisition of LG Chem LCD’s polarizer business. The deals involved complicated structures and contracts. Many of them were cross-border businesses subject to supervision by multiple parties.
In Shandong, KWM advised Haier COSMOPlat in its series A financing and INKON Life Technology’s in its non-public A-share issue. While in Sichuan, it provided services to establish Sichuan Bank. And in Tianjin, it represented Colorful Guizhou Airlines’ lease of four A320neo aircraft from GECAS. This case deal is meaningful for both GECAS and CGA, since it was the first time CGA imported Airbus aircraft, and the first time GECAS delivered an aircraft at Airbus’ factory in Tianjin.
Last year, the firm brought in capital markets partners Feng Chuan, Zhou Hao, and Ding Zheng from Grandall Law Firm.
· LyondellBasell/Liaoning Bora Enterprise Group $2.6 billion joint venture
· Haier Electronics Group $7.7 billion take-private
· PipeChina $38 billion acquisition of PetroChina pipeline business and assets
· Tewoo Group restructuring
· Liaoning Huishan Dairy Group restructuring
· Shanshan $1.1 billion acquisition of LG Chem LCD polarizer business
· Sina Corporation $2.6 billion take-private financing
· Hudian Fuxin $1 billion take-private
· INKON Life Technology non-public A-share issue
· Haier COSMOPlat’s series A financing
“They have good understanding of the business of their clients and are able to provide service and legal advice in a deal-oriented way. They also know the loan market very well with good management of deal flow.”— Banking and finance
“Very professional and proactive.” — Capital markets
“KWM's promptness in providing its legal services is the best I've ever experienced over about 15 years in my inhouse lawyering experience. KWM especially has always responded promptly through WeChat and whenever we needed KWM's support, KWM was ready to support. ” — M&A
“They worked with great tenacity and endured hardships in terms of organising resources to carry out workstreams exactly and completely, meeting demanding questions and timeline, dealing with complex issues.” — M&A
“The team is not only very professional in finance-related laws in Mainland China, but they also have rich experience and knowledge of cross-border loans and APLMA loans in other jurisdictions, which can help us solve various professional and practical problems.” — Project finance
“Knowledge of law and rich experience knowledge of industry.”
“Professionalism. Quick response. Attentive to details.”
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: 32nd edition (2021/2022)
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.
Sahiwal 2X660MW coal-fired power plant $1.44 billion syndicated loan restructuring
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
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
Client Feedback: 32nd edition (2021/2022)
Capital markets: Equity
"Very professional and productive. Provide sour company with legal consul services with great quality."
"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.
Capital markets: Structured finance and securitization
"The firm provides us with professional, diverse and efficient legal services."
"Dedicated, professional and active."
"The lawyers of Zhong Lun Law Firm are very professional, actively helping enterprises coordinate the work of the court and creditors, and solve the problems of debtors in a tmely manner. The whole team is hardworking and dedicated, and continues to bail out enterprises and solve enterprise financing problems."
Financial services regulatory
"They are very knowledgeable and know the ins and outs of the ever-changing PRC rules and regulation. They offer very practical and user-friendly advice and are extremely responsive. "
"Good sense of balancing regulatory requirements and commercial goals."
"Fully understood the scope of work, outlined an approach with all parties, provided timely work, and most important acted in true capacity as a partner and counsellor to us."
"Present legal risks and solutions according to customer requirements."
"Professional, rigorous and efficient."
"The firm effectively bridges our various perspectives, as a client headquartered in Sweden and with subsidiaries in China, and supporting the dialogue with the acquisition target and their advisers. "
"They are an excellent law firm that provides good legal and business advice. They are very responsive to our needs and the team has extensive experience in doing outbound M&A deals in mining. "
"Timely and professional."
"Zhong Lun always provides a professional response and assistance in the on-going matters."
"Zhonglun has solid and stable teams led by Emma and can provide stable services/advice to clients as needed. Also their fee proposal is reasonable and acceptable with a high value performance."
"The team gives a high quality of service to customers throughout the whole process of consulting services. The team has been able to provide us with the best quality legal services, and the feedback speed of the team is also very quick. Generally there will be a response to our questions within 30 minutes and according to the degree of difficulty of the problem, the team would provide amendment or solutions within 48 hours. The efficiency of the team meets our high standards and requirements. The legal advice the team provides is very comprehensive and useful. The team's business sense is very strong, which is the most satisfying point to us. To better understand our project, avoid more legal risk and to create more value, the team provided multiple law courses for our project staff, in order to improve the legal consciousness of the staff, so that the project could be implemented smoothly."
"Zhong Lun Law Firm has shown a very strong performance in its service. The team is very pragmatic, detail-oriented and extremely professional. Through its efforts, a listed company in Shenzhen successfully invested RMB 180 million in our company. And the reorganization really saved our business. "
"The team is top notch and delivers practical advice that is on point and shows an excellent understanding of local regulatory requirements. "
"1. The firm has a stable team, in which every member has a strong sense of responsibility and follows up the whole process closely on site. 2. It is not only proficient in legal issues of restructuring, but also understands the client's commercial demands. 3. The firm has rich experience in dispute resolution and has a keen sense of legal risks, so it can sort out the risk points and provide professional feedback in a timely manner."
"In the area of bankruptcy reorganization, the firm's project team can accurately grasp and respond to our business demands, to propose innovative ideas and solutions to solve the project's complex, non-precedent-based problems. The suggestions given by the firm's project team are the result of thorough internal discussion and careful argumentation. At the same time, they always give positive feedback on the progress of relevant issues and take the initiative to advance and follow up the project, this has greatly reduced our communication costs."
"He has a good reputation in the field of real estate and construction in Zhejiang province because of his professional ability and defence skills."
"He was the partner responsible for our project - very experienced in the natural resources sector, especially in Africa. Brought a wealth of not only legal knowledge, but business sense. He was able to provide us with valuable advice on how to structure our transaction in a way to reduce legal risk and realize our business objectives."
"Shaun sees beneath the surface of problems and points to the crux of the issue directly. He then explains issues in a way that is easy to appreciate and understand, so we can make an informed decision. He is very sharp and punchy and does things very efficiently. "
"Great communication and quick response feedback on clients' request. Great law advice provided."
Wen (Cindy) Guo
"Efficient working approach and convenient to reach out, professional and friendly to communicate with."
"She provides professional legal services to the satisfaction of clients and fulfils her duties in the projects entrusted by the company."
"Lawyer Li has a strong professional ability, bears hardships and stands hard work, and can coordinate problems in time."
"Solid legal skills."
"Familiar with Chinese laws, including capital market and business rules. Efficient, enthusiastic and rigorous."
"Professional, rigorous and efficient."
"Business acumen and a true counsellor. He understands complex matters and is able to simplify them for all parties and lead all parties to agreement."
"Very responsive to client needs, able to solve almost any problem that arises and a very capable team. "
"Extremely responsive and offers practical and user-friendly advice. "
"She has the advantage of clear logic, good communication skills, being good at breaking the 'deadlock' in business negotiations, and is often able to come up with creative and constructive solutions, so that it is easy to gain the approval and acceptance of the other side of the transaction, so as to maximize the realization of our business interests."
"She is highly professional and is able to grasp the core of problems the first time and provide the solution from the perspective of our commercial demands and in line with the purpose of the transaction."
"Positive, excellent and delicate."
"Xu offers a lot of constructive advice and has the client's best interest at heart. We feel assured when the job is in his capable hands. He is very active in due diligence and negotiations, showing commercial sense."
"His team of lawyers, which we have been working with, are relatively young and professional, respond to customer needs as quickly as possible and give professional legal advice. At the same time, he has helped us in the establishment of a joint venture, participating in leading the entire negotiation and the final establishment and landing process. He also assisted us in setting up a joint venture company, participating in the whole process of the company's establishment and cooperation, helping us to establish a joint venture in the field of new energy quickly, efficiently and compliantly. He possesses strong negotiation and execution skills."
Phoebe (Xing) Yin
"Phoebe (Xing) Yin always provides professional and prompt reply and assistance on our on-going matters."
Hong Lei Zhao
"She is very patient and professional."
"She relentlessly puts all pieces of the puzzle of the transaction in place, always supportive with clarity on legal matters and proposes solutions to challenges."