With integrated management headquartered in Shanghai, AllBright Law Offices is among the largest full-service Chinese law firms. It has branch offices in 22 cities that house over 3000 lawyers.
AllBright has built itself a good reputation in transactional law. The firm is well versed in a range of matters including IPOs, debt for equity swaps, M&A, private equity, investment funds, banking, restructuring and insolvency, PPPs, andasset securitisation.
In 2020, the M&A team in Shanghai acted for Cinve Real Estate Group in its sale of Sanlin Impression City. As the brick-and-mortar commercial retail industry was most affected by COVID-19, the project was finally completed during the epidemic. It was a significant demonstration case for the real estate block trading market.
In Guangdong, the M&A team represented China Resources Pharmaceutical Group in its Rmb2.3 billion acquisition of Boya Biopharmaceutical Group. The acquisition of a listed company in the biopharmaceutical industry was among the largest A-share transactions in 2020.
Main clients include The Bank of East Asia, Longfor Group, State Grid and Shanghai Lujiazui Group.
· Golden Oak Medical Series A and A+ round financing
· State Grid investment in China Radio and Television Network Group
· Weigao Orthopedic Materials Science and Technology SSE STAR Market IPO
· Danone Group acquisition of an infant milk powder production plant in Qingdao
· Blue Sail Medical issuance of convertible corporate bonds
· Weiyuan Gene Series B financing
· Innovation Workshop Asset Management Company investment of Zhongli Group
· Refine Biotech Series A financing
· Strategic cooperation project between JAC and Volkswagen
· Qingdao Doublestar acquisition of Kumho Tire
· China Shipbuilding asset restructuring
· CMIG acquisition of SRE Group
· Nanjing Happy Water Cube Travel insolvency
· Nanjing Jiangbei New Area Industrial Investment Group issuance of debt financing instruments for 2020
· Shin Kong Holding Group debt Restructuring
· Kintor Pharmaceutical HKSE IPO
· Songdu Group ABS issue
· Zhejiang Inte Group convertible bond issue
“Professional, dedicated, highly efficient and good at communication.” —Banking and finance
“Experienced, rigorous and logical.” — Capital markets
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.
· Huaxia Wealth establishment
· Beijing Enterprises Group Rmb15 billion bond issue
· Suzhou Branch of China Development Bank city reconstruction project
· Yinji Entertainment and Media insolvency
Headquartered in Sichuan, Tahota Law Firm is a full-service law firm that enjoys a leading position in western China’s legal market. The firm has branches in Beijing, Shenzhen, Shanghai, and Tianjin.
Core practices areas of Tahota include securities, investment and mergers and acquisitions, private equity, bankruptcy liquidation, foreign-related investment and financing, and debt restructuring.
Over the past year, the transactional team was busy with domestic M&A work. It advised on Chengdu Express’s acquisition of Chengdu Energy Development. This was an important landmark acquisition case for the diversified development of Chengdu's high-speed operations. The target company involved refueling and refueling station operations, with more points to adjust. The case has served as a reference for similar acquisition cases in Sichuan.
Key clients include Yunnan Hongta Bank, Sichuan Cable Broadcasting Network, Tiansheng Securities, Development Bank of Singapore, Zhongtai International Securities and ICBC International.
· Chengdu Express acquisition of Chengdu Energy Development
· Longteng Real Estate Group acquisition of the stake in Jane Yang Aviation Investment
· Santai Holdings non-public issuance of shares
Grandall is a full-service law firm headquartered in Shanghai. It has offices in 28 Chinese cities including Beijing, Shenzhen, Hangzhou, Guangzhou, Tianjin, Chengdu and Ningbo, and has a further five offices globally.
Traditionally Grandall is known for its capital markets practice where it has been dominant in the A-share market and has more recently made a push to strengthen its overseas listing practice.
In Beijing, Grandall was the legal counsel for Tencent Music’s NYSE IPO. This was one of the largest IPOs of Chinese companies in the United States in recent years.
In Shanghai, the firm acted in Glory Star New Media Group’s Nasdaq IPO, which was the first Chinese concept stock listed on Nasdaq in China's entertainment industry in 2020.
In Shandong, the firm represented Shandong Luqiao Group in its share issuance, which was the first market-based debt-to-equity swap project in Shandong Province. The project was helpful in improving Shandong Road and Bridge’s governance and capital structure.
In Sichuan, the firm provided legal services to Jiaozi Financial Holding Group’s epidemic prevention and control bond issuance, which was the first "epidemic prevention and control bond" issued by a state-owned enterprise in Chengdu.
In Jiangsu, the firm represented State Grid Jiangsu Integrated Energy Service’s mixed ownership reform project. The establishment of the mixed ownership reform company was not only to deepen the reform of state-owned enterprises, but also to promote the mixed reform in key areas and key links. The case was also an exploration path for mutual benefit and win-win, multi-party profitability, and strong alliances in the comprehensive energy service business.
In Tianjin, the highlighted case is Tianjin Zhonghuan Group’s mixed ownership reform project, which was a characteristic and pioneering project in the promotion of mixed reform of state-owned enterprises in Tianjin.
Key clients include China Merchants Bank, China Minsheng Bank, China Huarong, Air China Cargo, Beijing Yansha Group, and Zhongsheng Beikong Biotechnology Company.
· Daojiale Rmb500 million pre-A round financing
· Glory Star New Media Group Nasdaq IPO
· Shandong Luqiao Group share issue
· State Grid Jiangsu Integrated Energy Service mixed ownership reform project
· Tencent Music NYSE IPO
· Jiaozi Financial Holding Group Epidemic Prevention and Control bond issue
"Its capital markets practice is professional and has a clear understanding of the requirements and trends in the A-share market." - Capital markets
"He has professional abilities and carried a strong sense of responsibility for the project."
King & Wood Mallesons (KWM) maintains its position as one of the dominant players in China’s legal market. The firm has been highly praised by its clients and peers in transactional law across China.
In Mainland China and the Hong Kong SAR, KWM are located in 14 cities, including Beijing, Shanghai, Shenzhen, Guangzhou, Haikou, Sanya, Hangzhou, Suzhou, Nanjing, Qingdao, Jinan, Chengdu, Chongqing, and Hong Kong. the firm covers the most important regions of China, such as East China, Pearl River Delta, Central Plains and Western China.
The Beijing transactional team is particularly sought after by major domestic and international financial institutions, government-linked companies and other multinational enterprises in China. Its team provides high-quality services across the full spectrum of practice areas.
During the research period, the firm assisted in the $2.6 billion joint venture between LyondellBasell and Liaoning Bora Enterprise Group. The project was socially significant and shortlisted by the Chinese government as a key project to promote the development of Northeastern China.
In another important mandate, the team advised on Liaoning Huishan Dairy Group’s restructuring. Huishan Dairy is currently China’s largest enterprise group producing dairy products in the entire industry chain that has entered the reorganisation process. The case is the largest among 83 successful reorganisation cases in China’s substantial mergers and reorganisations in 2020. The case lasted for three years and finally succeeded last year.
Moreover, the Beijing team led on large deals such as Haier Electronics Group’s $7.7 billion take-private, Tewoo Group’s restructuring, PipeChina’s $38 billion acquisition of PetroChina pipeline business and assets, and Liaoning Huishan Dairy Group’s restructuring.
The firm’s transactional work in Shanghai is also robust. It acted in Sina Corporation’s $2.6 billion take-private financing, Blackstone’s $1.1 billion acquisition financing of R&F Properties’ Logistics Parks stake, and Shanshan’s $1.1 billion acquisition of LG Chem LCD’s polarizer business. The deals involved complicated structures and contracts. Many of them were cross-border businesses subject to supervision by multiple parties.
In Shandong, KWM advised Haier COSMOPlat in its series A financing and INKON Life Technology’s in its non-public A-share issue. While in Sichuan, it provided services to establish Sichuan Bank. And in Tianjin, it represented Colorful Guizhou Airlines’ lease of four A320neo aircraft from GECAS. This case deal is meaningful for both GECAS and CGA, since it was the first time CGA imported Airbus aircraft, and the first time GECAS delivered an aircraft at Airbus’ factory in Tianjin.
Last year, the firm brought in capital markets partners Feng Chuan, Zhou Hao, and Ding Zheng from Grandall Law Firm.
· LyondellBasell/Liaoning Bora Enterprise Group $2.6 billion joint venture
· Haier Electronics Group $7.7 billion take-private
· PipeChina $38 billion acquisition of PetroChina pipeline business and assets
· Tewoo Group restructuring
· Liaoning Huishan Dairy Group restructuring
· Shanshan $1.1 billion acquisition of LG Chem LCD polarizer business
· Sina Corporation $2.6 billion take-private financing
· Hudian Fuxin $1 billion take-private
· INKON Life Technology non-public A-share issue
· Haier COSMOPlat’s series A financing
“They have good understanding of the business of their clients and are able to provide service and legal advice in a deal-oriented way. They also know the loan market very well with good management of deal flow.”— Banking and finance
“Very professional and proactive.” — Capital markets
“KWM's promptness in providing its legal services is the best I've ever experienced over about 15 years in my inhouse lawyering experience. KWM especially has always responded promptly through WeChat and whenever we needed KWM's support, KWM was ready to support. ” — M&A
“They worked with great tenacity and endured hardships in terms of organising resources to carry out workstreams exactly and completely, meeting demanding questions and timeline, dealing with complex issues.” — M&A
“The team is not only very professional in finance-related laws in Mainland China, but they also have rich experience and knowledge of cross-border loans and APLMA loans in other jurisdictions, which can help us solve various professional and practical problems.” — Project finance
“Knowledge of law and rich experience knowledge of industry.”
“Professionalism. Quick response. Attentive to details.”
Tian Yuan is a full-service law firm founded in 1992. It is headquartered in Beijing and has branch offices in Shanghai, Shenzhen, Chengdu, Hong Kong and Hangzhou. The firm’s practice areas cover capital markets, M&A, banking and finance, and restructuring and insolvency.
Last year, the firm continued to be active in the M&A market in the TMT, energy, insurance, education and healthcare sectors. Work highlights in 2020 include China Yangtze Power Company’s $3.59 billion purchase of Sempra Energy’s Peruvian Businesses, which was the largest overseas energy M&A project of a Chinese-funded enterprise in recent years; and Sinochem Energy’s introduction of strategic investors for Rmb11.55 billion, which was the largest project introducing strategic investors in China’s state-owned enterprise reform “Double Hundred Enterprises”.
In capital markets, the firm often acts in US and Hong Kong listings. During the research period, Tian Yuan advised nearly 60 companies on listings in the global capital markets. Highlighted cases include Yihai Kerry Arawana’s SSE IPO, which was the largest IPO of financing size since the establishment of ChiNext, and Chuanzhi Education's SZSE IPO, which was the first A-share IPO in the education industry in China.
In restructuring and insolvency, the team acted in Shougang Group’s compulsory liquidation filed by Shougang Group against Shougang Baoye Steel & Iron. The case was the largest compulsory liquidation case in Beijing’s state-owned capital system.
In banking, the team advised China Yangtze Power International in obtaining syndicated acquisition financing, and on the establishment of the Hong Kong Financial Centre Special Legal Services & Perennial Legal Services.
· China Yangtze Power International syndicated acquisition financing
· China Yangtze Power International $3.59 billion acquisition of Sempra Energy’s Peruvian Businesses
· Chuanzhi Education SZSE IPO
· Sinochem Energy Rmb11.55 billion strategic investment
· Yihai Kerry Arawana SSE IPO
Zhong Lun Law Firm continues to enjoy the coveted position as one of the strongest and most in-demand transactional law firms in China. Zhong Lun’s strongest forte is in banking and finance, capital markets, M&A, investment funds, restructuring and insolvency, and private equity.
Headquartered in Beijing, Zhong Lun has 17 additional offices in Shanghai, Shenzhen, Guangzhou, Wuhan, Chengdu, Chongqing, Qingdao, Hangzhou, Nanjing, Haikou, Tokyo, Hong Kong, London, New York, Los Angeles, San Francisco and Almaty.
During the research period, the Beijing team was active in banking and finance and M&A matters. Some key highlights include Sahiwal 2X660MW coal-fired power plant $1.44 billion syndicated loan restructuring, Colorful Guizhou Airlines lease of four A320neo aircraft from GECAS, Haier Electronics Group $7.7 billion take-private, and Beijing Konruns Pharmacuetical Rmb900 million acquisition of NT Pharma. These cases involved huge funds and multiple interests, requiring lawyers to provide professional and creative advice in a short period of time.
Shanghai is another core region of the firm. Last year the team acted in INVISTA Nylon Chemicals’ Rmb7.3 billion financing of the adiponitrile plant in Shanghai Chemical Industry Park, which was one of the biggest infrastructure investments in Shanghai in recent years. The team also acted for Lufax’s NYSE IPO, and the transaction was the largest ever fintech IPO and the biggest Chinese IPO since 2015 in the US.
In Guangdong the firm kept playing an important role in the capital markets. It advised on Smoore’s HKSE IPO, enabling the company to become the first e-cigarettes H-shares in China. Also, the team assisted local companies issue debt and ABS to alleviate their economic crisis during COVID-19.
· Colorful Guizhou Airlines lease of four A320neo aircraft from GECAS
· Geely's fundraising to support Polestar's restructuring
· Sahiwal 2X660MW coal-fired power plant $1.44 billion syndicated loan restructuring
· LyondellBasell/Liaoning Bora Enterprise Group $2.6 billion joint venture
· Haier Electronics Group $7.7 billion take-private
· Beijing Konruns Pharmacuetical Rmb900 million acquisition of NT Pharma
· INVISTA Nylon Chemicals Rmb7.3 billion financing of adiponitrile plant in Shanghai Chemical Industry Park
· Gubei SOHO Project of SOHO China syndicated loan facility
· Brilliance Automotive Group Holding restructuring
· Smoore HKSE IPO
· Qingdao Gaoce Technology SSE STAR Market IPO
· Chengdu Kanghua Biological Products SZSE IPO
· 360 Security Technology acquisition of 30% stake in Kincheng Bank of Tianjin
“They did a great job in providing services and ideas to facilitate the transaction” — Banking and Finance
“The firm offers efficient and constructive advice on risk control.” — Financial services regulatory
“It assisted in the whole process of the acquisition, from due diligence and SPA negotiation to deal completion. The work Zhong Lun’s team did was beyond our expectations with its consistent high-quality work and patience shown during the long transaction period.” — M&A
“While we designed the transaction structure, Zhong Lun's lawyer helped us. In this deal we had some legal points to break through, and it recommended that we break the deal into two steps so that it finally came through.”— M&A
“Professional, diligent and resourceful.” — Capital markets
“Providing practical advice and leading the project efficiently.” — Private equity
“It’s not just that he has good experience, but he also has professional skills.”
“She is responsive and responsible when we have a problem to solve.”
“Liu is constructive and offers efficient advice on the recent financial supervisory regulations.”