IFLR 1000
The Guide to the World's Leading Financial Law Firms

Jun He is a heavyweight among Chinese capital markets firms, as evidenced by its impressive deal list including listings on the Hong Kong, Singapore, New York and Nasdaq stock exchanges. "Jun He has to be included in any list of top mainland capital markets firms," says a partner at a rival practice.

The Hutchison Port Holdings Trust's IPO and listing on the Singapore Stock Exchange shows the capital markets teams' ability to advise on landmark, complex IPOs. Upon its closing date in March 2011, the deal was the largest ever IPO in Singapore's history. Jun He acted as Chinese counsel to 12 underwriters, who were led by DBS, Deutsche Bank and Goldman Sachs. The size and complexity of the deal, combined with Jun He's coordinated work across its Beijing, Dalian, Shanghai and Shenzhen offices, speaks to the firm's market leading-ability to advise on transactions on the largest scale.

Jun He's team acted as counsel for the underwriters in the Goodbaby International Holdings listing on the Hong Kong Stock Exchange. The deal's intricacy was unusual in that Goodbaby underwent a spin-off of its retail and manufacturing business during the IPO, making the process much more complex. The deal required dealing with multiple issues such as business orienting, pricing and spin-off appropriation in order to be successful. Goodbaby's listing raised over $114 million when the project finally went through in November 2010.

Jun He also represented the initial purchasers in the Chinese construction machinery manufacturer, Lonking Holdings (Lonking) IPO, where Lonking issued $350 million high-yield notes due in 2016. Lonking is a leading producer of wheel loaders. Credit Suisse Securities and Standard Chartered Bank were the initial purchasers of the Rule 144A/Reg S offering.

Jun He has an experienced banking and finance practice which is well regarded by their peers in the market: "Jun He has many excellent partners. They are a top-tier banking and finance practice for sure."

The practice was also recently bolstered by the addition of partner Gang (Gavin) Wang, who joins Jun He as a banking and finance specialist from a rival firm. His practice focuses on aircraft financing and leasing, and he will also be able to support Jun He's team in general banking and finance deals.

Jun He's banking and finance team advised the International Finance Corporation (IFC) on Chinese law relating to the development and construction of a wind farm in Gansu Province. The 201MW Gansu Guazhou Ganhekou No. 8 Wind Farm project is expected to become operational in 2011, reducing over 420,000 tonnes of carbon dioxide emissions per year once it is completed. The Gansu project also may help facilitate the development of 18 other comparable wind power facilities in the province. The IFC project financing was the first foreign loan ever to have been registered at the local State Administration of Foreign Exchange.

Jun He continues to have a strong M&A practice this year, advising on major domestic as well as international deals. "Jun He is undoubtedly a first-tier firm," says one peer. One of the most important deals they advised on this year was Silver Lake's acquisition of 62% of shares of Allyes Online Media Holding, which were held by Nasdaq-listed Focus Media. Allyes Online Media Holding is a company incorporated in the Caymans, and is a leading online advertisement company in China which carries out business through its 17 subsidiaries. The transaction may represent a trend for private equity investors wanting to acquire Chinese companies that have established red-chip structures, which creates opportunities and challenges for domestic firms.

Jun He's team acted as Chinese counsel to Silver Lake in the transaction, and did comprehensive due diligence on the target group of companies. The firm also actively participated in the structural discussion and drafting on transaction documents. Wei Yingling led the Jun He team on the $180 million deal, which represented one of the largest private equity investments in China in 2010.

Jun He has been growing with the recent trend of increased private equity investment in China. The firm's private equity practice is especially well-known for being able to develop creative or innovative private equity and venture capital structures that are in-line with China's regulatory framework.

In fall 2010, Jun He advised Silver Lake in its acquisition of 62% of Allyes Online Media from Focus Media. This represented one of the largest TMT investments in China by a private equity house in 2010, and the acquisition was valued at $124 million.