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According to a partner at a rival firm: "Zhong Lun has really built up all of their practices based on the strength of their real estate practice, and their capital markets practice is a good example of this. They are really the ones to watch in this space, and they do good work in capital markets."

The equity capital markets practice encompasses a range of advising services, including Pre-IPO restructuring, private placement, domestic and foreign IPOs, fund formation, and regulatory issues. On the debt side, Zhong Lun represents clients on corporate bond issuances, enterprise bonds, financial bonds, and short-term and mid-term notes.

Zhong Lun's capital markets team recently advised China-based issuer MIE Holdings (MIE) in its HK$1.29 billion ($166 million) Hong Kong IPO. MIE is an independent upstream oil company that specialises in the operation and development of oil and gas properties which currently operates three oil fields in China's Songliao Basin.

"Zhong Lun is always well known for its work in construction and real estate projects," says a peer at a rival firm. "And this has been a good base from which they've grown in project work." In 2011, Zhong Lun advised a Project Company of China Windpower Group on syndicated loans led by the International Finance Corporation (IFC). The loans were for the first wind farm project to get long-term project finance debt in US dollars from a syndicate of international banks in China. The project was funded by both senior debt and sponsor equity, where the senior debt consisted of a $45 million 12-year A loan provided by the originator IFC and a $95m 10-year syndicated IFC B loan. The loans adopted an innovative FX hedging strategy and a classic interest rate hedge in order to protect cashflows in the event of RMB fluctuations. The 201MW wind power plant project is located in the Gobi desert, Gansu Province. The first two disbursements for the Ganhekou No. 8 Wind Power Farm Project in Jiuquan Wind Power Base were distributed at the end of 2010. Partners Shirley Lu Jing, Hu Tingfeng and Jane Yao Pingping led on the deal.

Zhonglun also advised a Chinese bank consortium, led by sole arranger Bank of China, on their recent signing of a Rmb29 billion credit facility with Hong Kong-Zhuhai-Macau Bridge Authority for the proposed construction and operation of the Hong Kong-Zhuhai-Macau Bridge, which will span 35 kilometres of ocean water between the three cities. Upon completion, the bridge will likely become a leading light in China's history of bridge engineering.

Zhonglun's practice is also advising state-owned project entity Shanghai Shengdi on Chinese law relating to the project financing for the new Shanghai Disneyland, which will represent one of the largest ever foreign entertainment investments into China.

Zhong Lun's M&A practice has developed because of its strong and historic ties to the real estate development sector in China. Partners at competitor firms have particular praise for Zhong Lun's M&A work in this sector. "Zhong Lun is really a top firm for real estate M&A," says one partner, "they really know what they're doing in this area, they have the relationships, and nobody else really comes close."

Last year the firm represented Soho China on several acquisitions, including advising the company on an Rmb1.5 billion ($232 million) agreement to acquire a land project at Sichuan North Road Station of Subway Line 10 in Shanghai's Hongkou District. The acquisition was Soho China's fourth in 2011, and also the eighth acquisition within two years since it's entry into Shanghai. The company now has a presence in seven central business districts including Nanjing West Road, the Bund, Hongqiao Transportation Hub, Huaihai Middle Road, Changshou Road, Sichuan North Road and Xujiahui, the total acquisition amounts of which exceed Rmb17 billion ($2.63 billion).

Recently, the team also advised international luxury watch maker Rolex in its acquisition of three floors of a first-class high rise office building in Beijing's Chaoyang Business District. Partner Christie Tao assisted Rolex in navigating unique legal challenges in the acquisition.

Zhong Lun's strong M&A and capital markets practices allow the firm to provide full-service offerings to its private equity clients making investment into China. Their familiarity with the local market is a key asset. Zhong Lun's practice also has experience with fund formation and portfolio company entries and exits.

Zhonglun recently advised on the formation of the Fortune Chuangfu Equity Investment Fund, where Shanghai Fortune Chuangfu Investment Management Company will manage the Rmb 1.5 billion dollar fund.