Zhejiang

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.” 

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.

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.”

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.”

Hangzhou headquartered boutique firm Sunshine Law firm specialises in project development, providing a full spectrum of legal services in the energy, environment, and infrastructure sectors. Its practice areas also include capital markets, banking and finance, M&A and restructuring.

During the research period, the team acted on China Power International’s acquisition of Zhanatas 100MW wind power in Kazakhstan. The deal was the first renewable energy project operation in the list of capacity cooperation between China and Kazakhstan and was also the largest wind power project put into operation in Kazakhstan. It is socially meaningful because the project was expected to save 109.5 thousand tons of standard coal per year after completion, and will benefit millions of Kazakh people, continuously delivering economic, ecological and social benefits.

In another significant mandate, the team provided legal services for the acquisition of Yuehai Petrochemical Storage and Development Company by Guangzhou Gas Group, PO&G Holdings, and Guangzhou Port Energy Development Company. The buyers also jointly invested, constructed, and operated the LNG emergency accepting station after the acquisition. This was a significant infrastructure project approved by the Guangzhou government because it aims to meet the demand of natural gas supply and emergency storage of Guangzhou, which strengthens energy supply capability and ensures stable development.

Last year, the firm recruited Niu Feng as a counsel to handle international business. Niu worked at China Southern Power Grid Corporation before joining the firm.

Key clients include SPIC, China Energy, China Datang, CHD, China Huaneng, China Sinopec, CNOOC, State Grid, and Power China.

Deal highlights

·       China Power International acquisition of Zhanatas 100MW Wind Power in Kazakhstan  

·       Guangzhou Gas Group, PO&G Holdings, and Guangzhou Port Energy Development

·       Company acquisition of Yuehai Petrochemical Storage and Development Company

·       GCL Intelligent Energy investment in VINA 30MW Wind Power

·       Shanghai Electric Power Investment in Turkey Houtru 2 x 660 MW Coal-fired Power Generation

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

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.”