Shanghai

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: 33 rd 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: 33 rd 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.”

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: 33r^d 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.” 

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.

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: 33r^d 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: 33r^d 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.

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.”

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.

CM Law Firm is a boutique law firm in Shanghai which provides legal services mainly in M&A and capital markets. 

During the research period, the firm advised on the sale of JOYY’s live streaming business in China to Baidu. This was one of the top three mergers and acquisitions in China's live broadcast industry in 2020.

The main clients of CM Law Firm include Tencent Industrial Investment Fund, Sequoia Capital, CMBI, Matrix partner China, Trust Bridge Partners, VKC Partners, Futu Securities International, and Sequoia.

Deal highlights

·       Baidu acquisition of JOYY

·       17 Education & Technology Group Nasdaq IPO

·       Cloopen Group NYSE IPO

Co-effort Law Firm is a PRC firm established in 1998. Originally located in Shanghai, the firm also now has offices in Beijing, Jiangsu, Zhejiang, Chongqing, and other cities. This year, the firm led most cases in investment, private equity and M&A.

Highlights include assisting Huabao Duding Financial Leasing to merge Magang Financial Leasing, Suzhou Yangcheng Lake Ecological Leisure Tourism to issue asset backed securitisation; and General Water Technology to complete its round A financing. The deals involved various types of transaction entities and complex structures.

Key clients include Guotai Jun’an Capital Management, Sumin Investment, Bank of Beijing (Shanghai Branch), Xia’men C&D and Sino-Ocean Group.

Deal highlights

·       Huabao Duding Financial Leasing acquisition of Magang Financial Leasing

·       Suzhou Yangcheng Lake Ecological Leisure Tourism ABS issue

·       General Water Technology round A financing.

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.”

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: 33r^d 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: 33r^d 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: 33r^d 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: 33r^d 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.”

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.”

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.

Established in 1992, Jincheng Tongda & Neal is a full-service Chinese firm with 15 offices in mainland China.

Focusses / specialisms    

The firm is best known for M&A, capital markets and banking work.

Key clients   

Key clients of the firm include China Chengtong Holding Group, the Export-Import Bank of China, Bank of Suzhou, China Communications Construction Company, China Construction Bank and Shagang Group.

Research period review: 32^nd edition (2022/2023)     

During the research period, the Shanghai 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 and it has entered into 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.

In Guangdong, the team was busy with capital markets work and acted in Beijing North’s SZSE IPO, Guansheng Automobile’s SSE IPO, and Sunac Service’s HKSE IPO.

In 2021, the firm strengthened its M&A team with the hire of partners Wen Shi, Bo Gu and Yusong Zhao.

Deal highlights

Shanghai Jinshan New Town Construction and Development’s investment in Jinshan Coastal International Cultural Tourism Resort

Beijing North SZSE IPO

Guansheng Automobile SSE IPO

Liaoning Huishan Dairy Group’s restructuring

Sunac Service’s HKSE IPO

Client Feedback: 32^nd edition (2022/2023)      

Restructuring

"They are extremely timely and thoughtful. They ensured that we followed all proper procedures and had all legal documents in place from the start while setting up our company.”

Lawyer Feedback: 32nd edition (2021/2022) 

Mark Gan

"Extremely great communicator and always helps us think above and beyond."

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.

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.”

JunZeJun Law Offices was founded in 1995 with its headquarters in Beijing. It is one of the earliest partnership law firms in China and has established 10 further offices in Shanghai, Shenzhen, and Guangzhou.

JunZeJun’s practice areas cover banking and finance, capital markets, equity investment, and restructuring and insolvency. Last year the firm focussed on banking matters. Notable cases include Bank of China Macau Branch’s issuance of bonds for epidemic prevention and control, Bank of Beijing’s issuance of financial bonds for anti-epidemic purposes, and China Guangfa Bank’s issuance of capital bonds.

Key clients of the firm include Bank of China and Minsheng Bank.

Deal highlights

·       Bank of Beijing MOP5 billion anti-epidemic bond issue

·       Bank of China Macau Branch Rmb40 billion epidemic prevention and control bond issue

·       China Guangfa Bank Rmb35 billion capital bond issue

Client feedback

“It is technically very strong and responsive to queries and works well to tight deadlines.”—Asset finance

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.

Deal highlights

·       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

Client feedback

“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

Nie Weidong Richard

“Knowledge of law and rich experience knowledge of industry.”

Lv Yinghao

“Professionalism. Quick response. Attentive to details.”

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.”

Shanghai SF Lawyers was established by KPMG in China, and it is KPMG's 79th law firm in the world. As an independent law firm, the firm specialises in providing cross-border mergers and acquisitions and corporate commercial legal services.The firm is comprised of seven partners and 30 lawyers.

Shanghai Joius Law Firm is a boutique firm whose practice areas include foreign investment, financial securities and M&A. It has branches in Taipei and Warsaw.

Its clients are mainly financial institutions with ICBC (Asia), Cathay United Bank, Chang Hwa Commercial Bank, Taishin International Bank, Sinbon Electronics and Lihua Color Printing (Kunshan) included in its roster.

Deal highlights

·       Lihua Color Printing Kunshan TWSE IPO

·       Lihua Color Printing acquisition of Dongguan Lihe

Client feedback

“The firm is professional with good communication skills.”  — M&A

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.”

Located in Shanghai, Young-Ben Law Firm is a boutique law firm that specialises in finance and commercial matters.  The practice areas include banking, trusts, insurance, asset management, investment and financing.

Over the year, the firm mainly provided legal advice for insurance companies, commercial banks, financial institutions, internet groups and real estate enterprises.

Key clients include CITIC Bank Shanghai Branch, ZhongAn Insurance, Ping An Asset, Ping An Annuity, Ping An Trust, Zhongrong Trust and Aijian Trust.

Client feedback

“The firm is professional, rigorous, efficient and forward-looking. You can expect compliance risk control, cost reduction and enhanced efficiency.” — M&A

“Young-Ben Law Firm exhibits professionalism, dedication and integrity. It strictly abides by laws, regulations and industry norms; is honest and trustworthy; and has a strong team ability, service awareness, and care and duty when delivering good results.” — Capital markets

Xu Yuzhou

“Mr Xu is kind and enthusiastic and offers professional insight, rigorous control and meticulous work. He is able to fully mobilise resources, consider project risks in advance, and combine the current law of legal operations, design a stable path and achieve overall project implementation.”

“He brings high professionalism, legal knowledge and strong practical ability. Xu’s focus is on passionate service and effective communication, high service transparency, passion for the legal profession and a strong sense of professionalism.”

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.”

V&T Law Firm is a full-service law firm based in Beijing with further offices in Shenzhen, Shanghai, Chengdu, Wuhan, Xi’an and Changsha. Notable for its work in banking and finance, the firm continued to expand and strengthen its practice.

During the research period, V&T assisted China Resource's Rmb2.5 billion financing in Chengdu MixC, which was the first CMBS project of the state-owned China Resources Group.

Key clients include Xinjiang Tebian Electrician Group, Ping An Asset Management and Beijing Municipal Engineering Consulting Corporation. 

Deal highlights

·       China Resource Rmb2.5 billion financing

·       Tus-Holdings $750 million bond issue

·       Daily Interactive Network Technology SZSE GEM IPO

Wintell & Co was established in Shanghai in 2005 and has further offices in Guangzhou, Tianjin, Ningbo, Zhoushan and Haikou.

The firm’s practice areas include corporate and commercial affairs, finance, insurance, construction, and capital markets.

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.”