Shandong

IFLR1000 Reviews

Financial and corporate
Dentons

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.

Deal highlights

·       IDC special fund formation

·       Zero2IPO Holdings HKSE IPO

·       Jiachen Holdings HKSE IPO

Client feedback

“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

East & Concord Partners

East & Concord Partners is a full-service law firm in China covering over 20 practice areas. The firm is headquartered in Beijing, with offices in Shanghai, Shenzhen, and Hangzhou.

East & Concord specialises in banking and finance and capital markets. In the research period, the firm focussed on providing legal services to fast-growing industries such as healthcare, sports and data protection. 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.

Over the year, the firm bolstered its bankruptcy and reorganisation practice with the hire of Du Hongbo from China International Capital Corporation.

Deal highlights

·       Huaxia Wealth establishment

·       Beijing Enterprises Group Rmb15 billion bond issue

·       Suzhou Branch of China Development Bank city reconstruction project

·       Yinji Entertainment and Media insolvency

Tahota Law Firm

Headquartered in Sichuan, Tahota Law Firm is a full-service law firm that enjoys a leading position in western China’s legal market. The firm has branches in 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.

Deal highlights

·       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

DeHeng Law Offices

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.

Deal highlights

·       Smoore HKSE IPO

·       Dalian Energas Gas-System Company asset restructuring

·       Shanghai Yuyuan Tourist Mart Group acquisition of Jinhui liquor

Client feedback

“Professional, quick response times, and meticulous work.”— Project development

Li Hongyuan

“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 Law Firm

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.

Deal highlights

·       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

Client feedback

"Its capital markets practice is professional and has a clear understanding of the requirements and trends in the A-share market."  - Capital markets

Wu Gang

"He has professional abilities and carried a strong sense of responsibility for the project."

Zhong Lun Law Firm

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

Deal highlights

·       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

Client feedback

“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

Gong Lefan

“It’s not just that he has good experience, but he also has professional skills.”

Shi Yi

“She is responsive and responsible when we have a problem to solve.”

Liu Xinyu

“Liu is constructive and offers efficient advice on the recent financial supervisory regulations.”