Macau SAR

IFLR1000 Reviews

Financial and corporate
CFB Lawyers

CFB Lawyers is a full-service law firm located in the Macau Special Administrative Region of the People’s Republic of China. The firm was founded in 2021 by former Manuela António lawyers and local Notaries partners Hugo Maia Bandeira, Bernardete Fan, and Victor Castro.


Focusses / specialisms  

One of the firm’s specialties is advising on financing transactions. In little over a year, CFB has assisted in the issuance of bonds on the Chongwa (Macao) Financial Asset Exchange Co., Ltd. (MOX) and the Singapore Exchange (SGX).


Key clients 

Notable clients of the firm include Bank of China, Industrial and Commercial Bank of China, ICBC International Securities, and Studio City Company.


Research period review: 32nd edition (2021/2022)  

The firm was active in the debt capital markets  for issuers and joint lead managers in Macau and British Virgin Islands during the research cycle.


Deal highlights: 32nd edition (2021/2022)

Industrial and Commercial Bank of China (Macau) MUP2 billion green bond issue

Studio City Finance $350 million 5% Senior Notes issue

DSL Lawyers

DSL Lawyers is an independent Macanese firm that was established in 2007 by four partners. The firm is the exclusive Macau member of the World Services Group (WSG), a global network of professional business services providers and a member of the Portuguese speaking countries partnership lead by PLMJ.


Focusses / specialisms  

The firm is traditionally known for its strength in banking and finance and is a popular choice for international and regional law firms seeking Macanese counsel such as Baker McKenzie, Linklaters, Mayer Brown, Allen & Gledhill and Deacons.


Key clients 

Key clients of the firm includeMGM China Holdings, Shun Tak Holdings, and China Citic Bank International.


Research period review: 32nd edition (2021/2022)  

During the research cycle, the firm was active in financial services regulatory matters for local and overseas clients.

The firm was also involved in bond issuances, acquisitions, asset financing, project developments, and restructuring in various industries including gaming and real estate.


Deal highlights: 32nd edition (2021/2022)

MGM Macau $7.5 billion bond issue

Viver Taipa HK$2.9 billion asset financing

Manuela António - Lawyers and Notaries

Manuela António - Lawyers and Notaries is a firm of lawyers and notaries based in Macau. The practice was founded in 1986 by long-time resident Manuela António and has since grown to be among one of the leading firms in the market. The firm has a joint venture with Portuguese law firm SRS Advogados.


Focusses / specialisms  

Manuela António is traditionally strong in banking and finance and is active in the gaming and financial services sectors. 


Key clients 

Key clients of the firm include Tai Fung Bank, OCBC Wing Hang Bank, Industrial and Commercial Bank of China (Macau), Banco Nacional Ultramarino, Macao Development Bank, and Banco Well Link.


Research period review: 32nd edition (2021/2022)  

During the research period, the firm was involved in a range of financing transactions including term loan facilities, rights issues, private placement of notes, and share offerings for clients in banking, consumer goods and services, investment holding, food and beverage companies. It also worked on regulatory mandates.

Partner Regina Ng and Hugo Bandeira left in 2021 and set up their own office respectively, Regina Ng Law Office and CFB lawyers.


Deal highlights: 32nd edition (2021/2022)

Esprit Holdings HK$717 million rights issue


Client Feedback: 32nd edition (2021/2022)   

Daniel da Silva e Melo

"Daniel is extremely helpful. He is very attentive to the matter and provided the work in a timely manner."


Established in 2006, MdME is a relatively young Macau-based firm with further offices in Hong Kong and Lisbon. It is the exclusive Macau member of Lex Mundi, the world’s leading network of independent law firms. 


Focusses / specialisms  

The firm is among the few firms in the market that functions as a genuine legal partnership with specialised practices. It has transactional strength in M&A and has more recently developed its offering in the debt capital markets and asset finance. 


Key clients  

Key clients of the firm include Industrial and Commercial Bank of China, Bank of China, Brinks, and Emperor Holdings. 


Research period review: 31st edition (2020/2021)  

During the research period, the firm was involved in several bond issues, conventional lending mandates, restructuring, regulatory matters, Hong Kong IPOs, and cross-border acquisitions.  

The firm brought in corporate lawyers Un I Wong from Morais Leitão, Galvão Teles, Soares da Silva & Associados and Mandy Fu from Riquito Advogados. Fintech specialist Victoria White joined from Sands China.  


Deal highlights: 31st edition (2020/2021)  

Bank of China Rmb3 billion 3.15% MTN bond issue 

Brinks $860 million acquisition of G4S cash operations 

Emperor Holdings $2 billion bond issue 

Industrial and Commercial Bank of China MOP2.1 billion 1.20% bond issue 


Client feedback: 31st edition (2020/2021)  

Banking and finance 

“Very professional, timely and precise.” 


Financial services regulatory 

“Clear written communication. The application we were working on required good attention to detail and precise written communications because 90% of what we did was via email.” 


Carlos Eduardo Coelho 

“Very knowledgeable, able to create trust and provide timely and precise follow ups.” 


Emanuel Soares 

“Impressively organised and with requisite detailed focus required for our task.” 


Rato Ling Lei & Cortés

Rato Ling Lei & Cortés is a Macau-based law firm with roots dating to the 1980s under legacy Gonçalves Pereira & Rato. The firm has offices in Mainland China (Hengqin, Shenzhen) in partnership with Chinese firm Zhong Yin Law Firm and Fongs of Hong Kong, and Portugal.


Focusses / specialisms  

The firm has a strong reputation in the equity capital markets, particularly with regard to Hong Kong listings and is also active in regulatory and gaming matters.


Key clients 

Key clients of the firm include Hephaestus Holdings, Fujian Investment & Development Group, ITG Holding Investment (HK), Loro Piana Macau, H&M Macau,Synopsys Macau, Banco Luso International, and Macau Airport Company


Research period review: 32nd edition (2021/2022)  

The firm was active in M&A activities and financing transactions in banking, energy, transport, real estate, technology and telecommunications, entertainment, and tourism sectors primarily acting for buyers during the research period.

The capital market team was active in bond issuances for China and Macau issuers. The firm bought in of counsel António Ramirez from G&R Law Firm after senior associate José Filipe Salreta moved to MdME.


Deal highlights: 32nd edition (2021/2022)

Fujian Investment & Development Group $150 million note issue

ITG Holding Investment (HK) $300 million bond issue


Client Feedback: 32nd edition (2021/2022)   


Capital markets: Debt

"Rato Ling Lei & Cortés has always demonstrated professional legal literacy, high work efficiency and a responsible working attitude in the field of bond business. Rato Ling Lei & Cortés is an indispensable and important institution in the Macau bond market."

"Rato Ling Lei & Cortés give us much useful and professional advice on Macau legal issues. "


Lawyer Feedback: 32nd edition (2021/2022)   


Calvin Tinlop Chui

"He has extensive practical experience in the bond issuance business and is currently an excellent lawyer that issuers prefer when issuing bonds in Macau."

"He has great knowledge of Macau and HK law "

Riquito Advogados

Riquito Advogados is an independent Macanese law firm with offices in Macau and Portugal. The firm has a good relationship with Herbert Smith Freehills and has an association with Portuguese law firm AAA Advogados.


Focusses / specialisms  

The firm is strong in corporate and contract law, M&A, re-financing, real estate, foreign investment, and aviation and has recently been developing its intellectual property and gaming practice.


Research period review: 32nd edition (2021/2022)

The firm has kept busy handling mandates regarding restructuring and concessions works during the research period. The capital market team was also involved in share capital increase transactions.   

The firm added two new consultants Francisco Trigueiros da Cunha, and Kimberley Cheong in 2021.


BN Lawyers

Founded in 2006, BN Lawyers is an international-focused firm based in Macau. It has additional offices in Lisbon. The firm provides cross-continent services incorporating clients in Macau, Portugal, Singapore and mainland China.  


Focusses / specialisms 

The firm specialises in corporate and business law, it has an international focus, assisting the incorporation of companies seeking to operate in Macau. It is active in banking, derivatives capital market, investment funds, M&A and related regulatory matters.  


Client feedback: 32nd edition (2021/2022) 


“Perfect professional Macao-related legal services.” 

“Advise on the procedures for liquidation from the Macau law perspective, assist with the liquidation matter.” 

Nuno Simões & Associados

Established in 2005, Nuno Simões & Associados is a Macau based law firm. It is a part of the CRA Global network of law firms located in Portuguese speaking jurisdictions.


Focusses / specialisms

In terms of banking and finance the firm advises local and international clients in financing transactions like facility loans, credit facilities and restructuring.

M&A work sees the firm advise buyers in cross border transactions.


Key clients

Notable clients for the firm include, KKR, Credit Suisse Singapore and Armstrong Teasdale.


Client feedback: 31st edition (2020/2021)


"Exceptionally knowledgeable in the area of the Macau M&A procedures. Very attentive and prompt in replying to conversations and questions."