China

IFLR1000 Reviews

Financial and corporate
AllBright Law Offices

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.  

 

Highlights 

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. 

In the banking and finance sector, the firm advised Tianjin Trust in the innovative Xinsheng No.1 Service Trust Project, pioneering market-oriented restructuring services in Tianjin and potentially setting a national precedent. 

In the debt capital markets sector, the firm facilitated the issuance of several bonds and REITs, including billion RMB level deals. Particularly noteworthy was the successful service provided to Suzhou SND Group in issuing the first dual institution certified sustainable development bond in Jiangsu. 

 

Key clients 

Main clients include the Bank of East Asia, Logan Group, State Grid, Shanghai Lujiazui Group and Haitong Unitrust International Financial Leasing. 

AnJie Broad Law Firm

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. 

 

Highlights 

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. 

 

Testimonials  

M&A 

“Anjie Broad Law Firm has expertise on M&A, FDI, PE and VC. They can provide specific and piratical solution to what we were facing to which really helped a lot. They experienced much then they could give more flexible and suitable solutions.” 

 

Hongchuan Liu 

“Mr. Liu has profound knowledge and understanding about FDI and general corporate practice. He can grasp what the problem is from complicated situation and move straight forward to the solution. He can give not only legal solution but also some valuable suggestions from other aspects, such as financial, banking and auditing.” 

Commerce & Finance Law Offices

Founded in 1992,Commerce & Finance Law Officesis 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. 

 

Highlights 

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. 

Commercial and Finance Law Offices provided legal services on various significant bond issuances, including advising the People's Government of Guizhou Province on a special bond issuance by the Agricultural Bank of China Guizhou Branch, assisting Taiwan Cement Corporation in issuing its first international green equity-linked securities and advising China Xiongan Group on a public offering of green corporate bonds. 

Throughout the research cycle, the firm garnered positive peer feedback for their expertise in the overseas IPO market and proficiency in domestic capital markets, highlighted by their completion of notable deals such as the groundbreaking HKD 120 billion (US$15.36 billion) listing of J&T Express in Hong Kong, marking the first IPO project in the logistics sector in Hong Kong with a Weighted Voting Rights structure in 2023. 

 

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. 

Dacheng Law Offices

Dacheng Law Offices has 51 offices across China, including in Beijing, Shanghai, Chongqing, Guangzhou, Hangzhou and Shenzhen. 

 

Highlights 

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. 

Dacheng Law Offices facilitated a fixed asset syndicated loan and standby loan project valued at around RMB 44.8 billion (US$6.4 billion) for SABIC FUJIAN Petrochemicals Co. Ltd., a joint venture between the international giant Saudi Basic Industries Corporation (SABIC) and the Chinese party, Fujian Energy and Petrochemical Group Co.. In this deal, Dacheng Law Offices represented more than 10 banks. 

Dacheng Law Offices advised clients in both domestic and overseas IPOs last year. They acted as the PRC counsel of Guangzhou Zhongxu Future Technology Co. in completing its Hong Kong IPO; assisted Ningbo Heli Technology Co. in its private placement and represented Chongqing Spring Technology in its listing on the New Third Board as the first listed enterprise in Chongqing applying the Chongqing Stock Connect green channel mechanism. 

 

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.  

 

Testimonials  

M&A 

“Provided a wide range of professional and efficient legal services, good at putting forward effective solutions from the perspective of customers.” 

“We are very satisfied with the legal service we received from Dacheng Law Offices. After thorough cooperation through the years, we came to realize that Dacheng is more than its massive scale. 

“The diligence and efficiency presented by Dacheng's lawyers are very impressive, Lawyer Chang and her team has a very responsive and communicative mechanism. They truly managed to be informed and cooperative to the change of circumstances at any given moment.” 

 

Feng Qu 

“Frank's team is very professional and efficient, and we hope to have more cooperation opportunities in the future.” 

“As the project leader, Lawyer Qu Feng efficiently organized the work team, was responsible for the entire project progress, cooperated with various intermediary structures, and completed the issuance work.” 

“As the person in charge of the project, Frank coordinated the senior lawyers in the team, actively responded to the work, provided professional and efficient legal services, and actively fought for the interests of clients from the perspective of clients.” 

 

Min Wang 

“As a project attorney, Vicky Wang plays a crucial role in the entire process of the syndicated transaction. She ensures the smooth progress of the project through effective project management and excellent legal expertise.” 

 

Qing Chang 

“Lawyer Chang can provide targeted project plans and supporting legal documents based on the actual situation of the project, while comprehensively considering various aspects such as the timeliness, policies, and operations of new energy development projects, and making reasonable arrangements for its transaction conditions. 

At the same time, Lawyer Chang has excellent coordination skills. While making reasonable concessions in negotiations, she also sets up favorable and customized transaction arrangements for all parties under the premise of legality and compliance.” 

“Lawyer Chang is highly experienced in the field of Construction and Energy, during business negotiation, she can find the most crucial legal point in a very short notice. She is not only good at discovering problems, but also very flexible and creative in finding a solution.”

DeHeng Law Offices

Headquartered in Beijing, DeHeng Law Offices is a full-service PRC law firm that has 50 offices in and outside China.

 

Highlights 

The firm is regarded for its work in M&A, capital markets and banking. 

Last year, the firm has been actively performed in debt capital markets. They advised China Resources Beer (Holdings) Company on the successful registration of RMB 4 billion commercial papers and RMB 8 billion medium-term notes in NAFMII (Panda bonds), advised Zhuhai HUAFA issued RMB 500 million offshore bonds and  Huatai Security issued US $800 million bonds. 

 

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. 

Fangda Partners

Fangda Partnershas 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. 

 

Highlights 

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. 

Fangda Partners represented Shanghai Pudong Development Bank's Shanghai branch ad SPD Silicon Valley Bank in signing a RMB 968 million (US$133 million) loan facility agreement with an offshore SPV of VIVO Capital-Arrace Holding Co. and advised Huayou (Hong Kong) Co.s multi-currency sustainable development indicator linked syndicated loan. 

Fangda Partners has extensive experience in RMB-denominated private equity funds advising private investment firms and institutional investors. Notable publishable deals include advising CITIC Capital in forming CITIC Capital RMB Fund IV managing USD17 billion, advising Shang Qi Capital in forming Shang Qi Capital’s flagship RMB fund, of which major limited partners include governmental FOF and Shanghai Automotive Industry Corporation, and representing Cainiao in its logistics and warehousing fund II co-sponsored with China Life. 

Fangda Partners M&A team advised container leasing company Triton International Limited in its US$13.3 billion acquisition by Brookfield Corporation, assisted the Saudi Arabian Oil Company Saudi Aramco on its strategic investment in two significant Chinese petrochemical companies and represented China Baowu Steel Group Corporation and Baoshan Iron & Steel Co., Ltd. in their strategic investment in Shandong Iron & Steel Group Co and Shandong Iron & Steel Group Rizhao Co.

 

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. 

 

Testimonials 

The Fangda team mitigated the resource gap in HK, and maintained smooth communication with HKEx to ensure that that company and biotech industry’s actual needs could be heard by the regulators and key issues address to facilitate the business. The leading partner has been played a critical role to ensure the quality of the service. The whole team shows willingness and attitude together with strong ability to provide timely legal advice. 

Very experienced leader who can provide practical advice and analysis. Very experienced and work very efficiently. They also help set up the meeting with HK Stock Exchange's officials. 

 

Colin Law 

Colin plays a critical role, as he always proactively responses the questions raised by the company, and can provide timely, constructive, and useful advice. He is hands-on and can think in company’s perspective not only a counsel for professional suggestions only.” 

“Very experienced. quickly understand our company business model and provide advice. Good working relationship with HK stock exchanges, which is extremely valuable for clients. He can quickly understand the stock exchange's policy and the trend.” 

Global Law Office

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.  

 

Highlights 

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. 

Global Law Office is an expert in banking and finance sector. Notable deals include representing the Export-Import Bank of China for a USD 324millionoversea investment to an offshore subsidiary of China Gezhouba Group's project in Uzbekistan; advising International Finance Corporation’s second tranche lending to New China Water (Nanjing) Renewable Resources Investment; advising Standard Chartered Bank (Hong Kong) Limited and DBS Bank as mandated lead arrangers in a secured loan facility to an international ship leasing company. 

Last year, the firm hired partners Yong Jia, Ping Yao and Chen Gu to strengthen its capability in banking and finance. 

 

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. 

Grandall Law Firm

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. 

 

Highlights 

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.

Guantao Law Firm

Guantao Law Firmwas established in 1994 and is a full-service law firm headquartered in Beijing. 

 

Highlights 

The firm’s practice areas cover capital markets, corporate and M&A, banking and finance, restructuring and insolvency, private equity and venture capital. 

During the research cycle, the Guantao team facilitated the acquisition of 51% of Huajin Coking Coal and 49% of Mingzhu Coal by Shanxi Coking Coal, raising a total of RMB 4.4 billion. They also assisted Guangdong Yuehai Urban Investment in acquiring majority stakes in two companies, resulting in 60% and 40% ownership of Foshan Baoli Real Estate. Additionally, the firm represented Shandong Shanhai (Beijing) New Energy in purchasing a controlling interest in Haimo Technology, a company listed on the A-share market. 

Furthermore, the firm assisted China Insurance Investment (Beijing) in establishing and raising a RMB 10 billion private fund as the fund manager, focusing on the development of rail transit in Tianjin.  

 

Key clients 

Main clients of Shanxi Coking Coal Energy Group, 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. 

Haiwen & Partners

Established in 1992, Beijing-based Haiwen & Partners is a leading firm in China with branches in Shanghai, Shenzhen, Hong Kong, Chengdu and Haikou. 

 

Highlights 

The firm specialises in areas such as capital markets, mergers and acquisitions, private equity investment, foreign direct investment and fund formation. 

The firm provided legal services for China Mobile Communications Group in its RMB 45 billion investment in Postal Savings Bank of China. The team represented underwriter in Nexchip Semiconductor Corporation’s A share listing. This listing is the third largest A-share IPO in terms of financing scale in the integrated circuit industry, the third largest A-share IPO as of 2023, and the largest A-share IPO in terms of financing scale in Anhui province. 

Haiwen & Partners strengthened its capital markets team by hiring veteran Tom Chau, Zhong Wang and Isaac Chen from Herbert Smith Freehills in 2023. 

 

Key clients 

The firm main clients include China Mobile Capital Holding, Lufax Holding, Goldman Sachs (Asia), China International Capital Corporation, 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.

Han Kun Law Offices

Established in 2004, Han Kun Law Officeshas 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. 

 

Highlights 

The firm is especially known for its high-quality work and regularly advises clients in capital markets, M&A, private equity and investment funds. 

Han Kun Law Offices has a strong banking and finance team that is widely recognized in international market. Last year, the team represented China Eastern Airlines as purchaser in the purchase of one hundred C919 aircraft from Commercial Aircraft Corporation of China and represented Tradeweb’s participation in Swap Connect. 

 

Key clients 

Key clients include IDG Capital, Sequoia Fund, Walmart, Baidu, Tencent, China Everbright Bank and Meituan. 

HHP Attorneys-At-Law

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. 

 

Highlights 

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. 

Jia Yuan Law Offices

Jia Yuan Law Offices is a PRC law firm headquartered in Beijing with further offices in Shanghai, Shenzhen, Hong Kong, Guangzhou and Xi’an. 

 

Highlights 

The firm is focused on capital markets, providing legal services including IPOs in domestic and overseas markets, corporate restructuring and refinancing of listed companies. 

In 2023, Jia Yuan completed a total of 10 domestic IPOs, with a cumulative issuance amount of approximately RMB 27.078 billion. For example, the firm advised Shaanxi Energy Group in its introduction of investors and completion of A-share IPO. 

Notably, the firm advised on Tiantu Capitals debut as first Chinese PE/VC firm to list on HKEX. 

 

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. 

Jingtian & Gongcheng

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. 

 

Highlights 

Apart from the equity capital markets, the firm also has extensive experience in M&A, investment funds, and banking matters. 

Jingtian & Gongcheng worked actively in banking and finance sector during the research cycle. Among the publishable deals, the firm advised Beijing Energy International Holding Co., Ltd. on a US$500 million green syndicated loan and advised China Export and Import Bank on offering no more than RMB 1.46 billion (US$200 million) term loan to Long Wah Investment. 

 

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. 

JunHe

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: 33rd 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: 33rd 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: 33rd 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: 33rd 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.”

Kangda Law Firm

Kangda Law Firm is a large full-service law firm headquartered in Beijing which has a pan-China presence with more than 1,100 professionals spread across 18 branches. It was founded in 1988 and is among the first private partnership law firms approved by the Ministry of Justice of China.

Focusses / specialisms

The firm is best recognised for its restructuring and insolvency work and is also active in capital markets. Sectors of experience include real estate, industrials and manufacturing, technology, agriculture, construction and engineering, and logistics.

Key clients

Key clients of the firm include Guandian Defense Technology, Beijing China Sciences Runyu Environmental Technology, Guangdong Fenghua Advanced Technology, Liaoning Xinglong Group and Shaanxi Jinyuan Real Estate Development. 

Research period review: 33rd edition (2022/2023)

During the research period, the firm represented Liaoning Xinglong Group Enterprise, a debtor, in Liaoning Xinglong Department Store Group’s reorganisation. The debtor companies are distributed in department stores, hotels, restaurants and entertainment. This case involved nearly Rmb20 billion in debt and tens of thousands of creditors.

The firm advised 21 IPO-related deals. Highlighted clients include Aerospace Nanhu Electronic Information Technology, Suzhou Kuaike Photovoltaic Electronics, Beijing China Sciences Runyu Environmental Technology, Tianjian Electroacoustic and Hebei Huami New Material Technology.

In 2022, the firm hired Zhiwu Dong from AllBright Law Offices’ Xiamen office to its banking and finance team and Feng Xie from Fujian Yingkun Law Firm joined the firm’s restructuring and insolvency team.

Deal highlights: 33rd edition (2022/2023)

Liaoning Xinglong Department Store Group’s reorganisation.

Aerospace Nanhu Electronic Information Technology’s STAR Market IPO.

Yunkang Group's listing on HKEX.

Guangdong Monte-Bianco New Materials’ IPO.

Client feedback: 33rd edition (2022/2023)

Banking and finance

“Beijing Kangda Law Firm gave professional and practical legal opinions during the period of providing legal services for our company in domestic and overseas financing. In particular acting as our permanent legal adviser in the process of due diligence and assisting the company's standardised operation, the team was able to provide targeted and operative legal solutions by combining our actual situation and the special requirements of the local normative documents.”

Capital markets

“Excellent.”

Lawyer feedback: 33rd edition (2022/2023)

Shipeng Zhang

“Professional.”

Tongtong Lu

“Lu is a senior partner of Beijing Kanda Law Firm. Lu’s team of attorneys has a complete staffing structure and is capable of responding to clients’ requests and dealing with urgent issues; Lu’s attorneys have extensive experience and are able to provide professional and practical legal compliance solutions tailored to the specific circumstances of our company.”

Kejie Associates

Established in 2015, Cathay Associates Kejie is a boutique transactional law firm specialised in advising domestic and international companies, financial institutions and governments.

It has a global network of offices across 57 countries and works with its member firms to provide cross-jurisdictional legal services for Chinese enterprises on outbound investments, M&A and other cross-border matters.

Kejie’s legal services focus on M&A, private equity, financing and investment matters, investment funds, and capital markets. 

Deal highlights

-SDIC investment in Beijing Jingdiao

-Sino-Ocean Group $400 million bond issue

 

King & Wood Mallesons

King & Wood Mallesons is a Hong Kong-based international firm that was formed as a merger between PRC firm King & Wood, Australian firm Mallesons Stephen Jaques, and UK firm SJ Berwin. It has more than 2,000 lawyers and 23 offices worldwide. Apart from Hong Kong, the firm also has mainland offices in Beijing, Chengdu, Guangzhou, Haikou, Hangzhou, Jinan, Nanjing, Qingdao, Sanya, Shanghai, Shenzhen and Suzhou. 

 

Focusses / specialisms 

The Sino-Australian venture is a dominant player in China’s legal market. It is the only international firm that can practise PRC law and so a go-to counsel for A-Share, H-Share, and panda bond transactions. The firm is also strong in projects, private equity, finance, M&A and structured finance and securitisationespecially in Korean cross-border ABS deals, cross-border auto loan securitisations and retail structured products. 

 

Key clients 

Key clients of the firm include Wise Road Capital, Lingyi iTECH, Jingdan New Energy Investment,  

China Merchants Bank, State Power Investment, China International Capital, Baidu, SenseTime Group, China General Nuclear Power, Geely, Macquarie, CNOOC, Sinopec and Zhongman Petroleum.  

 

Client feedback: 32nd edition (2022/2023) 

Banking and finance 

“King & Wood Mallesons has expertise in the structured finance area. They are professional and full of energy and spirit. They are good at solving complicated problems and assist the client to reach the goal.” 

 

M&A  

“KWM is very professional in the area. They gave us much good advice and reminders on potential risks.” 

 

Leaf Law Firm

Leaf is a boutique law firm founded in 2012 by a team of European lawyers, led by Bruno Grangier. The firm has offices in Beijing and Shanghai. In the last quarter of 2020, SNB Law and Leaf started a strategic cooperation, a joint M&A team is to be established and will consist of experienced professionals from France, Germany, Austria, China and Vietnam. To increase its footprint in Europe, the firm opened an office in Paris in January 2020. Partner Charlotte Mantoux, who was previously in Shanghai, joined the firm’s Paris office.

 

Highlights

With a focus on M&A and private equity, the team is composed of Chinese and international corporate lawyers trained in international law firms and familiar with cross-border transactions with major MNCs, entrepreneurs, funds, and setting up joint ventures in China.

 

Key clients

Key clients of the firm include GL Events, Pernod Ricard, Beaumanoir, Babolat, Nuxe, Galeries Lafayette, Full Jet, Tomorrow, Havas Group, and Cerba and Sanyou Medical.

Llinks Law Offices

Llinks Law Offices is a Shanghai law firm with a nationwide and international practice. 

 

Highlights 

Its main practice areas include banking and finance, capital markets, restructuring and insolvency, and M&A. 

While confidential, the law firm's deals this year highlight expertise in banking and finance, with notable clients like Bank of China, Bank of Shanghai, and DBS, showcasing their capabilities. 

The firm advised United Imaging Healthcare Technology Group on issuing Technology Innovation Corporate Bonds to institutional investors in 2024, a first for private medical enterprises. They also assisted Sonavox with A-share convertible corporate bonds, Jiangsu Bojun Industrial Technology with convertible bonds, and Zhuhai CosMX Battery with public convertible bonds. 

The firm advised Sungrow Hydrogen Technology's A round financing and Wise Living Technology's HK IPO. They also assisted Goldlink Capital in transferring Best Linking Group Holdings to the Main Board and advised Hua Hong Semiconductor on listing on the Science and Technology Innovation Board of the Shanghai Stock Exchange. 

 

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. 

Mayer Brown

Mayer Brown is a large international law firm with offices in 27 cities across the Americas, Asia, Europe, and the Middle East. It has been serving its clients in China since the 1990s with offices in Beijing, Shanghai, and Hong Kong where it has over 200 lawyers. 

  

Focusses / specialisms  

The firm is best known in Hong Kong and China for its restructuring and insolvency, projects, banking and debt capital markets practice where it is ranked highest—its high-yield practice is active often representing trustees on bond issuances. It also has a strong regulatory practice.  

  

Key clients  

Key clients of the firm include Mongolian Mortgage Corporation HFC, China Gas Capital Management, Jiu Zun Digital Interactive Entertainment Group Holdings, Leapfrog Investments, Maybank, and Asian Development Bank. 

  

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

Over the research period, the firm was active in banking, capital markets, investment funds, M&A, private equity, project development, project finance and restructuring and insolvency.   

The firm’s banking team worked on multiple confidential financings, mainly on the lender side.   

The capital markets team worked on the debt and equity side, advising issuers, underwriters and guarantors in complex securitizations such as sovereign bond issuances and high-yield bond issuances. The firm also participated in cross-border IPOs and private offerings. 

The M&A team worked on corporate acquisitions and investments, mainly advising financial institutions on strategic acquisitions and share or bond purchases.  

The projects team was very active on the finance side, leveraging its expertise advising financial institutions. The firm advised lenders, investors and developers in diverse projects.  

In restructuring and insolvency, the firm acted in restructurings and liquidation issues of entities, most notably in the cruise and resort businesses. The firm advised debtors and creditors.  

Between June and July of 2021, the firm bolstered its strength by recruiting partners Joanne Du from Baker Botts, partners Guiping Lu and Philip Hyde from K&L Gates and partners Bonnie Yung and Jason Wang from EY Law Hong Kong, also known as LC Lawyers. These partners will all be joining the corporate & securities practice. 

In August of 2021, partner Tom Pugh departed from the firm’s restructuring practice to join Walkers. 

 

Deal highlights: 32ndedition (2021/2022) 

Alpargatas $475 million acquisition of Rothy’s 

Chubu Electric Power $200 million acquisition of Bitexco 

Genting Hong Kong Limited $3.5 billion restructuring 

Mongolian Mortgage Corporation $250 million 8.85% bond issuance 

Republic of Indonesia $3.05 billion 1.3% sovereign bond issuance 

Sagaliam Acquisition Corporation Nasdaq IPO 

Sinochem Offshore Capital Limited $305 million 2.25%, .75%, 1%, 2.375% and 3.12% bond issuance 

Sun Hung Kai $90 million investment Sygnum Bank 

 

Client feedback: 32nd edition (2021/2022)  

Guiping Lu 

"Very knowledgeable about the China market, up to date with latest regulatory changes and the impact on offshore financing." 

Merits & Tree

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. 

 

Highlights 

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. 

Among the publishable deals, the team advised on the Establishment and Investment in New Fusion Energy (Anhui) by NIO LIMITED. This project involves a joint venture between NIO and two government-backed investment institutions to create a company focused on the development and commercialization of fusion technology. They also advised on Round B-4 financing of Beijing Zhipu Huazhang Technology. 

The firm hired three partners Bo Hu, Ying Hui and Qingyang He in 2023 to strength its teams in PE and M&A work. 

 

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. 

 

PacGate Law Group

Founded in 2005, PacGate Law Group is a professional boutique law firm that provides premium legal services to business entities and institutional investors. Headquartered in Beijing, the firm has attorneys qualified both in China and in the US offer clients professional, business-oriented and cost-effective legal services on complex transactional matters. 

 

Focusses / specialisms 

The firm specialises in a wide range of legal practice areas, such as PE & VC, investment funds, M&A, financial services, securities and capital markets, foreign direct investment, overseas direct investment.  

Shihui Partners

Established in 2016 in Beijing, Shihui Partners is an emerging boutique law firm in China. 

 

Highlights 

The firm provides specialist advice in M&A, private equity, capital markets and investment funds, and has achieved many results in the new economy industry. 

Shihui Partners advised Beijing Jingdong Century Trade owned by JD.com on its issuance of 2 billion Rmb private placement notes. 

In 2023, Shihui Partners assisted China's office IT solution provider Edianyun Limited in its Hong Kong listing, which raised around US$75.46 million. Apart from that, the team is advising Jingdong Industrials in their application for HK IPO through an VIE structure, digital steel trading platform ZG Group in its de-SPAC deal and Guming Holdings in its application for IPO in Hong Kong. 

Last year, the firm led by partner Fangxue Zhang advised clients include Beijing Jingdong Century Trade Co., AVIC Trust, China Foreign Economy and Trade Trust Co. and Xiamen International Trust Co., Ltd. on several ABS issuances. 

 

Key clients 

Key clients of Shihui include Orchid Asia Investment Fund, JD.com, JD Health Group, Lightspeed Venture Capital, CICC Capital, Ping An Insurance, ZZ Capital, East West Bank of China and Legend Capital. 

Tahota Law Firm

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 cities such as Beijing, Shenzhen, Shanghai, Nanjing and Tianjin. 

 

Highlights 

Core practices areas of Tahota include securities, investment and mergers and acquisitions, private equity, bankruptcy liquidation, foreign-related investment and financing, and debt restructuring. 

Tahota Law Firm advised on several key projects, including the PPP project for the new urban express line from Bishan to Tongliang, the first domestic rail transit under the "PPP+TOD" model. They also advised the acquisition of asset operation rights for the China Southern Power Grid Laos project, part of the "Belt and Road" initiative, and assisted Nakano Transportation Co in establishing a warehousing center in Norfolk, Virginia. 

 

Key clients 

Key clients include Yunnan Hongta Bank, Aluminum Corporation of China, Sichuan Cable Broadcasting Network, Tiansheng Securities, Development Bank of Singapore, Zhongtai International Securities and ICBC International. 

Tian Yuan Law Firm

Tian Yuan Law Firm 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. 

 

Highlights 

The firm’s practice areas cover capital markets, M&A, banking and finance, and restructuring and insolvency. 

In the capital markets sector, the firm has an impressive history of advising on notable deals. Last year, they provided legal counsel for Weil AG's issuance of Global Depositary Receipts (GDRs) and their listing on the SIX Swiss Exchange. Additionally, they advised on the IPO of Keep Inc. and NEUSOFT XIKANG HOLDING INC.

In the M&A sector, the firm played a crucial role in the strategic reorganization of Anhui Military Industry Group and China National Military Equipment Group (CNMEG). They also advised Garman Apparel on the acquisition of IP assets for the Hush Puppies brand in Mainland China, Hong Kong, and Macau. 

 

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. 

 

Testimonials 

Being careful and meticulous, Tian Yuan always considers problems thoroughly. He has a good understanding of the actual needs of A+H-share listed companies. Attorney XU and his team are our first choice when we cooperate with external counsels in most cases. 

Professional and reasonable.

“Very hands-on approach from partner level, very detailed oriented review of documentation, and provides timely and thoughtful legal advice. 

“The team serving us has a great bunch of experience in MBO and equity financing, starting from setting up the strategy to execution plan. MBO work in China is very rare and normally takes longer time and more complicated than a regular equity financing, with help from Tian Yuan, we are able to close all deals in seven months.” 

 

Yuntao Ma 

Active client engagement, quick turn around, deep experience both in legal and offshore structures. 

“Serious and responsible in work, very professional.” 

“Very hands-on and experienced lawyer with more than 20 years of experience, it is delighted to see partner level lawyers are still running at the front line of the trade.” 

“Setting strategy for MBO and equity financing, execution and negotiating terms. 

 

Tao (Cedric) Xu 

“Tao is insightful in internal team management. His team adopts the senior-leading-juniors operation model, and Tao leads three mid-level lawyers to cope with complex M&A transactions. Then, the three mid-level lawyers lead one or two junior(s) respectively, forming a team to work in synergy quickly. In addition, two entry-level associates are left for standby. The longitudinal and vertical cooperation model can drive the team to get deeply involved in cases, and members can bring into play their own strengths, cooperate with each other, and finally handle multiple large-scale and complex M&A projects at the same time. With the active collaboration of all members, Tao’s team maintains a good growth momentum."

Zhong Lun Law Firm

Zhong Lun Law Firm continues to enjoy the coveted position as one of the strongest and most in-demand transactional law firms in China. 

 

Highlights 

Zhong Lun’s strongest forte is in banking and finance, capital markets, M&A, investment funds, restructuring and insolvency, and private equity. 

Zhong Lun Law Firm showcased extensive experience in term loan facilities to syndicated loan deals with a focus on cross-border finance, real-estate finance and acquisition finance. Notable deals include advising acquisition loan for KKR refinance, Foxconn’s borrowing of offshore loan and Barisal Electric Power project finance. 

Zhong Lun team advised on several projects: Jianxin 2023 non-performing loans securitization, Zhaoyuan Hecui 2023 Phases 1 to 8 non-performing loans securitization and Fuxin 2023 Phases 1 to 5 non-performing loans securitization. 

 

Key clients 

Key clients include Structure Therapeutics Inc., Lufax Holding Limited, Atour Lifestyle Holdings Limited, Kingdee International Software Group Company Limited, Haier Smart Home, China Publishing & Media Holdings, Dongfeng Motor Group Company Limited, Beijing Health Guard Biotechnology, Inc. and Shenyang Fortune Precision Equipment Co., Ltd. 

A&O Shearman - China

Shearman & Sterling is a New York-based international law firm with 850 lawyers across 23 offices. The firm’s Hong Kong office leverages off its global and Asia network to carry out transactions in Greater China, southeast Asia, Japan, India, Mongolia and South Korea.  

The firm has a dedicated bilingual team of lawyers in Beijing, Hong Kong and Shanghai qualified to advise on Hong Kong, US and UK law. 

 

Focusses / specialisms 

The firm has a strong practice in foreign project finance, where the firm has achieved top-tier status in China for this area, it is also very active in foreign M&A, private equity, project development and capital markets. 

 

Key clients 

Key clients include PetroChina, China National Petroleum Corporation Exploration & Development Company, Clear Media, Investcorp, PTT Oil and Retail, Bank of America Securities, HSBC and Credit Suisse.  

Anli Partners

Established in 2001, Anli Partners is a Beijing-based law firm with over 120 partners and senior consultants, and further offices in Shanghai, Shenzhen, Tianjin, Nanjing, Zhengzhou, Hohhot, Kunming, Xi’an, Hangzhou, Chongqing, Haikuo and Tokyo.

Focusses / specialisms

The firm is strongest in banking and project financing, asset management, overseas investment and M&A.

Key clients 

Key clients of the firm include China Development Bank, China CITIC Bank, R&F Properties and Binhai New Area Construction and Investment.

Research period review: 33rd edition (2022/2023)

Key partners are Xuliang Xu, whose focuses are banking and finance, and Xuefeng Ji, who specialises in corporate matters, investment and financing.

During the research cycle, all submitted cases remain confidential but showcased the firm’s capacity in handling complicated transactions.

Ashurst

London headquartered multinational law firm Ashurst was founded in 1822 and currently boasts a team of 458 partners spread across 29 offices. The firm exerts a strong presence in China through its offices in Beijing, Shanghai and Hong Kong.

 

Focusses / specialisms 

Ashurst in China is best known for its projects work and is also active in the corporate and M&A space.

The projects team advises clients such as sponsors, lenders, and multilaterals on matters across a wide range of industries, including energy, transport, social infrastructure, utilities, oil and gas, and mining, and natural resources.

 

Key clients  

Notable clients include China Development Bank, Bank of China, Export Import Bank of China, Deutsche Bank, Shanghai Rural Commercial Bank, China Export & Credit Insurance Corporation, and China Construction Bank.

Baker McKenzie

Chicago headquartered multinational law firm Baker McKenzie caters to the Chinese market through its offices in Beijing, Hong Kong, and Shanghai. In 2015, the firm launched Baker McKenzie FenXun (FTZ) Joint Operation Office, the first joint operation between an international and a Chinese law firm in China.

 

Focusses / specialisms 

Baker McKenzie in China is known for its strong banking and finance, corporate and M&A, and project development offerings and also boasts a well-established capital markets practice.

The banking team advises on a range of financing matters such as project finance, acquisition finance, syndicated loans, and export credit finance. The capital markets team is experienced in advising clients such as issuers and underwriters across a gamut of debt and equity offerings. The private equity team is active in sectors such as healthcare, technology and telecommunication, energy, retail, industrials and manufacturing, and consumer products.

 

Key clients  

The firm acts for the likes of Bank of China, HSBC, Standard Chartered Bank, DBS Bank, Tencent, Abu Dhabi Retirement Pensions & Benefits Fund, Canada Pension Plan Investment Board, and Gaw Capital Partners.

Chance Bridge Law Firm

Founded in 2011, Chance Bridge Law Firm currently has four offices in Beijing, Shanghai, Shenzhen and Haikou, and there are nearly 100 professionals in the firm.

Focusses / specialisms

Their core strength includes capital markets, financial markets, corporate and international trade and compliance.

Key clients

Key clients include Xiamen International Bank, China Construction Bank, China Minsheng Bank, Industrial Bank, CITIC Securities, China Chengtong Holdings Group, Huarong Capital Management and China Industrial International Trust.

Research period review: 33rd edition (2022/2023)

In 2022, Chance Bridge Law Firm completed Gansu-based Jinhui Mining’s listing in Shanghai. This company was the first enterprise in Gansu province listed on the main board of Shanghai Stock Exchange in the past five years. The team also advised data acquisition equipment manufacturer and distributer SEUIC Technologies’ IPO on STAR market, which involved the changes of rights of state-owned properties as one of the shareholders was a well-known public university.

Also, the team assisted China National Railway Group Corporation’s subsidiary Haoji Railway on a Rmb9 billion corporate bonds non-public offering. The funds raised will repay bank loans for the construction of Haoji Railway. Haoji Railway is the first north-south railway in China that is dedicated to coal.

Last year, the team assisted a real estate company in exiting a logistics company’s bankruptcy project as an investor. Due to significant policy changes, the restructuring of the logistics company was difficult to implement. Facing pressure from the creditors of the logistics company, the bankruptcy administrator and the lending banks, and potential legal risks, the real estate company decided to quit the project.

The firm also provided legal services for a few top-notch securities companies, trusts and banks.

Deal highlights: 33rd edition (2022/2023)

Jinhui Mining’s IPO in Shanghai.

SEUIC Technologies’s STAR Market IPO.

Haoji Railway’s bonds issuance.

Cleary Gottlieb Steen & Hamilton

Cleary Gottlieb Steen & Hamilton is an international law firm headquartered in the United States. With 16 offices worldwide, the firm has established a significant presence in Asia. with its Hong Kong office opened in 1980 and Beijing office opened in 2006. Its Hong Kong office, opened in 1980, and Beijing office, opened in 2006, have played a pivotal role in serving clients from both Asian and non-Asian backgrounds. 

Clifford Chance

Clifford Chance is a London-based magic circle law firm with over 3300 lawyers and 34 offices across 23 countries. The firm opened its Hong Kong office in 1980 which now has 150 lawyers servicing clients’ Greater China interests in conjunction with its Beijing and Shanghai offices. The firm has market leading transactional practices across an array of practice areas as it has the largest banking team in Hong Kong and strong relationships with Chinese policy and commercial banks. 

CM Law Firm

Established in 2018, CM Law Firm is an eight partner and 50-lawyer-strong Shanghai-based PRC law firm with a further office in Beijing.

 

Focusses / specialisms 

The firm is focussed on early-stage financing, pre-IPO investment, IPOs, secondary market financing and facilitating domestic and cross-border private equity transactions.

 

Key clients  

Key clients of the firm include Futu Securities International, Morgan Stanley, Goldman Sachs, Cloopen, Kintor Pharmaceutical, Zhejiang Energy and Credit Suisse.

CMS

CMS is a German-based full-service law firm with over 4,800 lawyers across 17 independent member law firms with more than 70 offices globally. It services its Greater China interested clients from its offices in Shanghai, Beijing and Hong Kong. CMS Hong Kong entered an association with Shirley Lau & Co in May 2018.

Co-effort Law Firm

Founded in 1998, Co-effort is a business focused law firm headquartered in Shanghai. It has 14 branch offices across China, as well as international offices located Tokyo, Osaka, Fukuoka, Milan, Paris, France, Singapore, Berlin and Geneva.

 

Focusses / specialisms

In terms of capital markets, the firm advises in equity deals like IPO’s, private placements and secondary offerings. The capital markets team also advises in securities law, assisting clients in the process of debt issues, securitization and asset-backed securitization.

M&A advice sees the firm advise on cross border acquisitions for corporate clients and financial entities.

 

Key clients

Key clients include Yijiayuan Xiamen Property Management, Chongqing Fuling State-owned Assets Investment Management Group, of Shenchi electromechanical and Jiangxi Huisheng Gongchuang Environmental Resources Technology.

Cooley

Cooley is an American international law firm with more than 1,300 lawyers across 19 offices in the United States, Asia and Europe, and a total workforce of more than 3,000. The firm regularly advises clients on unique business opportunities and legal challenges across APAC region, with offices in Shanghai, Beijing, Hong Kong, and Singapore. 

Cuatrecasas

Cuatrecasas is a Spanish, Portuguese and Latin American focused firm with more than 1,000 lawyers across 14 countries. The firm opened an office in Shanghai in 2007 followed by Beijing in 2017. The firm advise clients on their investments in China and other countries in the region through a team of Chinese consultants and foreign lawyers.

DaHui Lawyers

DaHui Lawyers is a boutique law firm based in Beijing.

Focusses / specialisms    

The firm services private equity and venture capital investors to include hedge funds and other investors forming and investing in funds.

Key clients   

Key clients include China International Capital Corporation, Credit Suisse, Goldman Sachs, JPMorgan, Yinxiang Biji, Hewlett Packard Enterprise and Alibaba.

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

The firm performed well in capital markets in 2021. They worked—mainly as lead counsel—on several (de-)SPAC deals as well as some IPOs and numerous pre-IPO private placements and share transfers.

In 2020, the firm assisted on over a dozen matters centred around funds—not counting many private equity or venture capital investments that just involved funds—and the total value involved was over $1 billion. Highlighted cases include Tiger Brokers’ various confidential transactions, Lenovo’s investment in Cyclone, and Xiaomi’s investment in a Chinese company. Although most of its cases are confidential, the legal issues and solutions involved have shown the professionalism of the firm.

Last year, the firm hired Lucy Lu from Morrison & Foerster. She focuses on cross-border investment and M&A. In 2021, the firm added Zhao Pei, a funds specialist, from Shearman & Sterling.

Deal highlights

All highlight cases the firm submitted are confidential.

Davis Polk & Wardwell

Davis Polk & Wardwell is a New York-headquartered law firm with 982 lawyers across 10 offices in North and South America, Europe and Asia. The firm has officein Beijing and Hong Kong with more than 100 legal professionals handling transactions and disputes for Chinese corporates, multinationals, funds and financial institutions.

Deacons

Established in 1851, Deacons is Hong Kong’s oldest and largest law firm with 300 lawyers and further offices in Guangzhou, Beijing and Shanghai. The firm has connections with independent law firms across the world through its membership of legal networks such as Lex Mundi, Interlex, World Services Group and Employment Law Alliance.

Focusses / specialisms

Deacons has the largest investment funds team in Hong Kong and dominates in retail funds. It covers PRC-related funds and mandatory provident funds (MPF), which are unique to Hong Kong. The firm also has strong capital markets, corporate and regulatory practices.

Key clients

Key clients of the firm include Manulife, Kerry Logistics Network, Bank of China, BNP Paribas Securities, Mirae Asset Global Investments, Janus Henderson Management and The Bank of East Asia. 

Research period review: 30th edition (2019/2020)

The firm’s capital markets team kept busy advising on Hong Kong IPOs, PRC sovereign bond issues and programme updates. 

The firm’s funds team were preoccupied advising on ETFs, ESG funds and SFC authorised funds alongside money market funds, ICITS funds and private equity strategy.  

The corporate practice acted on take-privates, disposals, investments, corporate restructuring mandates and acquisitions in logistics, technology, retail, healthcare and financial services, while the regulatory team provided compliance, corporate governance and SFC-related advice.  

In 2019 the firm brought in regulatory partner Stephen Tisdall from the Securities and Futures commission.

Deal highlights: 30th edition (2019/2020)

-Horizon Global Sustainable Equity Fund

-Huijing Holdings Company HKSE IPO

-JY Grandmark Holdings HKSE IPO

-Mirae Asset Horizons China Biotech ETF

-Manfield Chemical HK$790 million acquisition of 51% stake in Mao Hong Information Technology Holding

-Ministry of Finance of the PRC Rmb9.5 billion sovereign bond issue

-Wharf Real Estate Investment Company $300 million 2.50% bond issue

-Wheelock and Company HK$47.5 take-private  

Client feedback: 30th edition (2019/2020)

Banking

“Sharp and right to the point advice.”

Investment funds 

“Good understanding of regulations and trends, market practice.”

“Deacons are very familiar with the regulatory requirements, development and market practice. Their team of professionals are very supportive and can provide useful advice to assist us in fulfilling the necessary regulatory requirements while being able to accommodate commercial needs.”

“Timely and practical advice, client-focused, awareness of market practice and solid understanding of regulator's expectations.”

“Deacons was able to indicate the gap between the market practice and the already outdated regulatory requirements. Deacons was very practical and has strong knowledge in operation of the fund industry.”

“Responsive, multidisciplinary, well connected to the regulator and on top of recent regulatory changes.”

“The firm knows our business well and their advice is based on this intimate knowledge of what we need and what works and what does not work for us.” 

Debevoise & Plimpton

Debevoise & Plimpton is a New York-based global law firm with 655 lawyers across 10 offices in the US, Europe and Asia. The firm services its clients with Chinese interests from its offices in Hong Kong and Shanghai.

Debevoise & Plimpton is transactionally strongest in strategic and private equity, M&A and private funds. 

Key clients of the firm include Carlyle Group, Alibaba Group, Baring Private Equity Partners Asia, Ontario Teachers Plan Pension Board, Clayton, Dubilier & Rice and Wilsonart International.

During the research period, the firm handled large private equity fund formation and secondaries matters alongside take-privates, joint ventures, recapitalisations, restructuring mandates and acquisitions in the healthcare, consumer goods, retail, agriculture, chemicals and insurance industries. 

Deal highlights

-Anta Sports Products $5.15 billion acquisition of Amer Sports 

-Baring Private Equity Asia Fund VII

-MYOB Group $1.2 billion take-private

-National Investment and Infrastructure Fund  

-New Frontier Corporation $1.44 billion acquisition of United Family Healthcare

-WeWork Companies restructuring 

Client feedback: 30th edition (2019/2020)

Investment funds

“Know us and the market norms very well; extremely efficient in their work; proactive and strong advocates for their clients.”

“Technically very sound and great depth in domain knowledge and experience. Excellent turnaround times.”

“Technically excellent and good, in-depth understanding of the private equity industry.”

“Practical advice and prompt responses”

M&A

“Responsive, understands clients’ goals.”

Private equity 

“Good market intel. Responsiveness. Professional with good technical knowledge.”

“Very responsive and worked to tight capped fee estimates.” 

“Proactive, commercial, tailors work to the client and remembers previous deals and positions. User friendly.” 

DHH Law Firm

Founded in 1993, Beijing DHH Law Firm is a full-service law firm that was established by Deheng Law Group. Over the years, the firm has expanded aggressively, targeting various strategic locations throughout the country, and it now has 60 offices across China and nine overseas.

Focusses / specialisms    

DHH Law Firm has been dedicated to serving listed companies in more than 20 practice areas with a focus on the operation, compliance, and risk management issues of listed companies.

Key clients   

Key clients include Bank of China, Industrial and Commercial Bank of China, China Construction Bank, PetroChina, China Merchants Bank, China First Automobile, Shandong Financial Asset Management, The People's Insurance Company, and China Vanke.

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

Last year, the banking and finance team represented Tianjin Rural Commercial Bank in a series of financial loan dispute cases with deal value at Rmb2 billion. The team provided legal services during litigation and enforcement.

In 2020, the firm worked in various financial-related practice areas, including banking and finance, M&A, capital markets, investment funds, private equity, restructuring and insolvency, and financial services regulatory.

Deal highlights

China State Shipbuilding Corporation acquisition of shares in China Ship Heavy Industry Group and China Ship Industry Group

Kaitai Capital $5 million investment in Worktile

Shanghai King Chemical Rmb20 million round A financing

Shenzhen Shi Jia Chang Yuan Group Company $750 million debt restructuring

Client Feedback: 32nd edition (2022/2023)  

Banking and finance

“During our cooperation, Beijing DHH Law Firm's legal service and their one-stop professionalism support, cost-saving and efficient communications greatly impress us. Most importantly, their great resources and efficient connections with offshore law firms is another big reason why we recommend.”

Dorsey & Whitney

Dorsey & Whitney is a US-based law firm with over 500 lawyers spread across 21 offices in the US, Canada, Europe, and Asia. In Asia, the firm has established offices in Hong Kong, Shanghai, and Beijing. The Hong Kong office was opened in 1995, followed by the Shanghai office in 2001 and the Beijing office in 2015. 

East & Concord Partners

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: 33rd 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: 33rd 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.

Eiger in association with Shanghai Runyi Law Firm

Eiger in association with Shanghai Runyi Law Firm is the Shanghai office of Eiger, a full-service law firm with offices in Taipei and Shanghai. Partner David Jin and Tian Xu lead the firm’s Shanghai practice. 

 

Focusses / specialisms 

The firm is experienced in consulting clients regarding corporate/M&A and restructuring-related mandates in China. The firm also covers a wide range of practices, including banking and finance, and projects across different sectors.  

Eversheds Sutherland

Eversheds Sutherland is the result of a 2017 merger between law firms Eversheds and Sutherland Asbill & Brennan. It has over 2800 lawyers and 68 offices across 32 countries. The firm serves its clients with China interests from its offices in Hong Kong, Beijing and Shanghai.

In Hong Kong the firm is most active in handling structured finance and securitisation mandates and has expertise in contentious and non-contentious restructuring and insolvency-related matters.

Key clients of the firm include Hong Kong Capital Finance Corporation, Meritz Securities, Oceanwide Holdings, DBS Bank, HSBC, Gibson Innovations and Liberty Group.

In the past 12 months, the team has kept busy advising on RMBS mandates and Korean securitsation mandates, public to private structured financing, trade recievables and derivatives matters. The restructuring and insolvency team has handled Indian mandates, and matters in consumer goods, retail and mining. 

In 2019, the team was bolstered with the relocation of partner Alex Doughty from the London office and the hire of of counsel Simon Barrell from Shearman & Sterling. 

Deal highlights

-Adhunik and Zion Metals NLCT insolvency 

-Gibson Innovations insolvency 

-HKCFC HK$1.7 billion RMBS securitisation

-Manley Toys insolvency

-Meritz Securities HK$1.3 billion Korean securitisation warehousing transaction

-Springland International Holdings HK$4.5 billion public-to-private structured financing 

Client feedback: 30th edition (2019/2020)

Banking

“The firm understands commercial realities and offers practical advice and solutions to assist the bank.”

“Can provide timely responses and is flexible in budgeting.”

“Kingsley Ong led the Eversheds team and did a remarkable job. They were very efficient and responsive to requests and comments.  Legal advice is always on-point and practical solutions offered.”

Capital markets: Debt

“They are very responsive, supportive and focused. They tried to find the work that they could do for their clients.”

Capital markets: Structured finance and securitisation

“Eversheds has a very steady and logical approach, which engenders confidence. They have plenty of market knowledge and experience and this allows them to provide helpful and innovative solutions. They are proactive and their turnaround is fast. Overall, a top notch product.”

“The law firm is pragmatic, commercial and responsive.”

“The deal went through numerous negotiations, comments, and editing. Eversheds quickly reviewed and responded with recommended ideas and comments.”

“Overall quality of the advice has been off the charts. Substantial experience, which has been market-proven, in this structured financing involving the residential mortgage market has been clearly differentiated, and the level of proactive support throughout the entire deal process has been truly instrumental.”

“Strong local and international market knowledge with good grasp of structuring concepts and the ability to properly document these.”

Restructuring and insolvency

“Clear advice which avoids jargon and pompous legal jargon.”

“Three key attributes are: the team's appreciation of the position and perspectives of administrators/liquidators which contributed to their quick and sharp response to the issues we raised; the ability to mobilise and draw on their local expertise in UK and China has been very helpful in dealing with issues which have arisen in the course of the liquidation; and the multi-lingual ability of the team. They were able to support us in meetings conducted in Cantonese, Putonghua and English.”

“Very responsive and provides a fairly valuable service.”

FenXun Partners

Established in Beijing in 2009, FenXun Partners is a PRC law firm with 140 fee earners, 30 partners and further offices in Shanghai and Qionghai. In 2015 Baker McKenzie FenXun (FTZ) Joint Operation Office was jointly established by FenXun and Baker McKenzie as the first joint operation approved by the Shanghai Justice Bureau.

 

Focusses / specialisms 

The firm is focused on M&A, foreign direct investment, capital markets, asset securitisation, investment funds, private equity, competition and finance, and has expertise in financial services and real estate.

 

Key clients  

Key clients of the firm include Nashwork, Chongqing Baidu Microfinance, Herald International Financial Leasing, Huarong Rongde Asset Management, Whirlpool and GlaxoSmithKline.

Garrigues

Formed in 1941, Garrigues is a Spanish law firm with 2,000 employees and further offices in 12 countries including Portugal, the UK and the US. It became the first Spanish law firm to establish an office in Shanghai in 2005 and an office in Beijing in 2015.

Gibson Dunn & Crutcher

Established in 1890, Gibson Dunn & Crutcher is a Los Angeles-based international law firm with more than 1,300 lawyers across 20 global offices. The firm’s Hong Kong office opened in 2010 and works closely with its other Asian offices in Beijingwhich opened in 2013, and Singapore, which opened in 2008. 

 

Focusses / specialisms 

The firm is best known for its private equity, investment funds, M&A, projects and leveraged finance work in ChinaIt offers US, Hong Kong and English law advice to its global and Asia-based clients. 

 

Key clients 

Key clients of the firm include Ruhnn Holding, Robert Bosch, AGIC Capital, Shanghai Pudong Science and Technology Investment, CPE Advisors, Tarena International and NetEase.   

Gide Loyrette Nouel

Founded in Paris in 1920, Gide is a leading international law firm with 12 offices spread throughout the world. With a presence in China dating back to 1987, Gide was one of the first foreign law firms to operate in mainland China and now has established offices in Beijing and Shanghai.

Goodwin Procter

Goodwin Procter is an American-headquartered law firm with a strong presence in Asia. The firm's Asia team operates from offices in Hong Kong, India, and Singapore. The firm's Greater China team composed with lawyers who are qualified in Hong Kong, the People's Republic of China (PRC), and the United States (US). 

GRATA International

GRATA International, founded in 1992, is an international law firm that specializes in providing services for projects in the countries of the former Soviet Union and Eastern Europe. The firm has also established an office in Beijing, China, where it regularly offers legal services to Chinese companies in relation to Kazakh corporate law, projects, and M&A transactions. 

Hai Run Law Firm

Beijing-headquartered Hai Run Law Firm was formed in January 2018 by the merger of two former longstanding law firms, Beijing Hairun Law Firm and Beijing Tianrui Law Firm. The firm now is home to more than 300 lawyers across 11 offices in China.

Focusses / specialisms

Its transactional team is active in several practice areas, such as equity capital markets, banking and finance, and financial regulatory. Zhang Shenghuai and Zhu Yushuan are the key names of the firm’s capital markets team.

Key clients

Key clients include Guangzhou Automobile Group, Beijing Dalong Weiye Real Estate Development, China National Machinery Industry, Sunwave Communications, Shaanxi Construction Machinery, Xinsanxia Equipment, and Hawtai Motor Group.

Research period review: 33rd edition (2022/2023)

Last year, Hai Run team advised several companies in providing capital markets services. The team assisted Sansec Technology in completing its IPO, which is the first listed company in the commercial cryptography industry on the SSE STAR Market. In April 2022, Hai Run Law Firm assisted Yongtaiyun Chemical Logistics, a cross-border chemical logistics supply chain services provider, to land on the main board of the Shenzhen Stock Exchange and raise over Rmb790 million.

Also, Hai Run team advised on China Technology Exchange-Zhongguancun Guarantee/Changjiang-Phase 2 intellectual property asset-backed securities issuance. Compared with traditional asset securitization projects, this project is a great innovation in terms of underlying assets, transaction mode, guarantee method and credit enhancement method.

Deal highlights: 33rd edition (2022/2023)

Yongtaiyun Chemical Logistics’ IPO.

Sansec Technology’s IPO.

Newonder Special Electric’s IPO on ChiNext.

China Technology Exchange-Zhongguancun Guarantee/Changjiang-Phase 2 IP ABS.

Huiye Law Firm

Huiye Law Firm is a PRC full-service law firm that specialises in providing commercial legal services. The firm has offices across major cities in China including Shanghai, Beijing, Guangzhou, Shenzhen, Hong Kong and more. It also has overseas offices in Atlanta and Los Angeles and has established representative offices through strategic cooperation in Europe. 

 

Focusses / specialisms 

The firm is focused on commercial law and advises both domestic and international clients. 

 

Key clients 

Key clients of the firm include Commercial Aircraft Corporation of China, China Eastern Airlines Group, Shanghai Huandian Technology, China Great Wall Asset Management, China Eastern Airlines Media, China Eastern Air Catering Investment, Fourth Base Investments and CEFC Hainan Oil Base Company.  

 

Client feedback: 32nd edition (2022/2023) 

M&A 

“Efficient, clear and solution-oriented response to our questions. They do not only respond to the legal questions, but also highlight practical consequences one or the other solution might trigger.” 

Hylands Law Firm

Hylands Law Firm was established in 1997 under the name of Haotian Law Firm. It is based in Beijing and—alongside an IP Agency—has 17 further offices in Shanghai, Changsha, Chengdu, Chongqing, Guangzhou, Guiyang, Hangzhou, Hefei, Hong Kong, Jiangyin, Jinan, Nanjing, Nanning, Qingdao, Shenzhen, Wenzhou and Yinchuan. Hylands is also one of two Chinese member firms of TerraLex, a global law firm network. 

 

Focusses / specialisms 

The firm’s main strengths are in handling M&A, restructuring and insolvency, securitisation, private equity, and banking mandates. 

 

Key clients

Key clients of the firm include National Development Bank, China Minsheng Banking, Huihua Fund Management, SAIF Partners IV, China Development Bank Securities and Jilin Yillion Bank.  

 

Research period review: 31st edition (2020/2021) 

In the past year the firm kept busy with banking advisory, due diligence matters, securitisation mandates, pre-IPO financing, investment mandates, facilitating funding rounds, and a number of restructuring and liquidation mandates.  

Hylands Law Firm also hired partners Yuancheng Guo and Jiejun Li from Jingsh Law Firm in the research period.  

 

Deal highlights: 31st edition (2020/2021)

Dalian Donglin Food restructuring 

Flash Partners $200 million series D financing 

National Military-civilian Integration Industry Investment Fund Rmb7.6 billion non-public issuance 

SAIF Partner Rmb500 million pre-IPO financing 

Xingle Group insolvency

 

Jincheng Tongda & Neal

Founded in 1992, Jincheng Tongda & Nealhas grown to become one of the largest and most respected law firms in China, with hundreds of qualified and talented attorneys in 15 offices located in key urban centres across the country, and one liaison office in Tokyo, Japan.  

 

Highlights 

The firm is best known for its M&A, capital markets and banking work. It is also active in the private equity and investment funds area.  

Jincheng Tongda & Neal provided strategic legal counsel to China Chengtong in its strategic partnership with China Telecom's cloud computing platform, Chinatelecom Cloud. Additionally, the firm represented Shagang Group in its acquisition of a 60% equity stake in Nanjing Nangang Iron and Steel Union Co., which was jointly held by Fosun Hi-Tech and its affiliated entities. 

 

Key clients 

Key clients of the firm include China Chengtong, Shagang Group, China Construction Bank, Bank of Communications Lianyungang Branch, Bank of Nanjing, Jinshan New Town Construction and Development, Huahong Grace Semiconductor, Parkson Group and Youzu Network.

JunZeJun Law Offices

JunZeJun Law Offices was founded in 1995 with its headquarters in Beijing. It is one of the earliest partnership law firms in China, as well as one of the largest, well-recognised law firms in China. The firm has so far established 14 branch offices in Shanghai, Shenzhen, Guangzhou, Tianjin, Nanjing, Chengdu, Changsha, Changchun, Zhuhai, Haikou, Kunming, Shijiazhuang, Zhengzhou and Hong Kong (which is in association with Nixon Peabody CWL). 

 

Focusses / specialisms 

The firm is recognised for its work in banking and finance and capital markets. It is traditionally known for its strong aviation finance practice, but it also has a strong debt capital markets practice and is active in the equity and securitisation space.  

 

Key clients 

Key clients of the firm include Bank of China, Zhongyuan Bank, The Lvgang International Center Branch of Bank of Beijing, New China Trust, TTCO Trust, Huaxia Financial Management, ICBC Financial Assets Investment, and China Minsheng Trust. 

K&L Gates

K&L Gates is a US-based international law firm with 45 further offices across Asia, Australia, Europe, the Middle East, and South America. The firm assists its clients with Greater China interests from its offices in Beijing, Shanghai, Hong Kong and Taipei. 

Its lawyers instruct on cross-border transactional, regulatory, and contentious matters, but are especially active in corporate and M&A. 

Key clients of the firm include Koppers, TCL Holdings, Greentown Education Investment, Luye Medical, KaiOS Technology, Bluescope Steel and DIC Corporation. 

Over the research period the firm kept itself busy with corporate advice and restructuiring mandates, joint ventures, investments, stake sales and acquistions in the chemicals and financial services sectors. 

In 2019, the firm hired partner Guiping Lu from Haiwen & Partners and saw Grace Fan-Delatour depart for White & Case. 

Deal highlights

-Greentown Service Group A$67 million acquisition of 56% stake in Montessori Academy Group

-Fangda Carbon New Material and C-Chem $107 million acquisition of Koppers (Jiangsu) Carbon Chemical Company 

-KaiOS Technology restructuring 

Kirkland & Ellis

Established in 1909, Kirkland & Ellis is a Chicago-based law firm with 2,300 lawyers and 15 offices worldwide. The firm caters to its clients with an interest in Greater China from its offices in Beijing, Shanghai and Hong Kong with more than 100 professionals advising Chinese and international clients. 

Lantai Partners

Lantai Law Firm was founded in Beijing in 2002 and has a further 16 offices in other Chinese cities including Shanghai, Shenzhen, Chengdu and Nanjing.

Focusses / specialisms

The firm is especially active in banking and finance. Since January 2020, it has provided legal services on more than 30 financing projects, covering fixed asset loans, M&A loans, syndicated loans, operating property loans, consumer loans, wealth management financing, PPP loans and asset-backed special plans, asset-backed bills and development financial support.

Key clients

Key clients of the firm include China Development Bank, China Construction Bank, Agricultural Bank of China, China CITIC Bank, Bank of Communications, Beijing Bank, Beijing Rural Commercial Bank.

Research period review: 33rd edition (2022/2023)

In 2022, the firm advised several commercial banks and developmental financial institutes. Key names are senior partners: Xiaomin Yao and Qing Wang. Notable deals include advising China Development Bank in its issuance of a REITS project for a local state-owned credit subject enterprise; advising China CITIC Bank Kunming Branch as the lender on the M&A between Cloud Group and Platinum Industry.

Apart from the deals above, the firm also assisted China Development Bank in Rmb360 billion of infrastructure investment funds formation. The project was completed within a short period and the structure involved different delivery means.

On the capital markets side, the firm advised Henan-based Zhongyuan Bank on the placement of 3.15 billion H-shares; and advised Heilongjiang ZBD Pharmaceutical on its listing.

Deal highlights: 33rd edition (2022/2023)

China Development Bank’s REITS project.

Cloud Group and Platinum Industry Co’s merger and acquisition.

Zhongyuan Bank’s H-share placement.

Heilongjiang ZBD Pharmaceutical’s listing.

Beijing Yicheng Real Estate’s Rmb4 billion syndicated loan.

CDB Financial’s Rmb1.5 billion structured financing.

Beijing Wuyi Real Estate Development’s Rmb1 billion real estate development loan.

Beijing Jingu Chuangxin Real Estate’s Rmb1 billion syndicated loan.

Client feedback: 33rd edition (2022/2023)

Banking and finance

“High quality of legal services, timely feedback, well meet the needs of the bank's domestic and foreign business legal services.”

Lawyer feedback: 33rd edition (2022/2023)

Qing Wang

“High quality of legal services, timely feedback.”

Latham & Watkins

Established in California in 1934, Latham & Watkins is an international firm with 2700 lawyers across 29 offices in the United States, Europe, the Middle East and Asia. The firm’s office in Hong Kong leverages off its Asia network of offices in Beijing, Shanghai, Seoul, Singapore and Tokyo.  

Focusses / specialisms

Latham & Watkins traditional strength in Hong Kong is in M&A and capital markets, but in recent times, it has made its presence felt in regional private equity, restructuring and insolvency, regulatory and leveraged finance, where it has a unique practice that acts for lenders, sponsors and borrowers.  

Key clients

Key clients of the firm include Zhengzhou Zhongrui Industrial Group, China National Chemical Corporation, ESR Cayman, Bank of America, Vipshop Holdings, Huachen Energy and China Life Insurance (Overseas) Company.

Research period review: 30th edition (2019/2020)

The firm’s capital markets team kept busy advising on Hong Kong and US IPOs, high-yield bond issuance, corporate and convertible bonds and programme updates. 

In finance the firm acted in a range of conventional finance mandates, lender and sponsor leveraged finance, margin financing and bridge loans. 

The corporate team were busy with take-private mandates, investments, mergers, joint ventures, spin-offs, and acquisitions in the transport, automotive, telecommunications, data centres, healthcare, technology, pharmaceuticals, and food and beverage industries. 

The private equity team assisted clients in various rounds of funding while the regulatory team handled a host of contentious and non-contentious mandates. 

In restructuring and insolvency, the firm acted for bondholders and advised in financial restructuring mandates alongside other matters in energy, mining and medical industries. 

The firm’s corporate team was hit with the departure of its Beijing office managing partner Yilong Du to private equity firm Warburg Pincus. 

Deal highlights: 30th edition (2019/2020)

-China Biologic Products Holdings $4.6 billion take-private

-China National Chemical Corporation $2.5 billion multiple-tranche (3.125%, 3.375%, 3.875%, 4.75%) bond issue 

-Chongqing Sincere Yuanchuang Industrial $230 million 10% high-yield bond issue 

-DouYu International Holdings NYSE IPO

-ESR Cayman HKSE IPO

-Ruangguru $150 million series C financing 

-Shanghai Huaxin insolvency

-Tencent Asset Management $6.5 billion term loan and revolving credit facility 

-Vipshop Holdings Rmb3.4 billion acquisition of Shan Shan Commercial Group 

LPA Law

LPA Law is a full-service French law firm with over 230 lawyers in 12 offices located across the globe. The firm established Shanghai office in 2008 and cooperate closely with the firm’s other Asian, African and European offices to advise our clients in their international settlement and expansion projects.

Morgan Lewis & Bockius

Morgan Lewis & Bockius is a Philadelphia-based international law firm with 2200 lawyers across 31 offices in North America, Europe, Asia and the Middle East. The firm services its clients with Greater China interests from its offices in Hong Kong, Shanghai and Beijing.

Morrison & Foerster

Morrison & Foerster is the Chinese presence of the international firm of the same name. In Greater China, the firm established its Hong Kong office in 1983 followed by Beijing in 1998 and Shanghai in 2003. The firm is also one of the first US law firms to establish an office in the above-mentioned Chinese major business centres. 

Formed in 1883, Morrison & Foerster is a San Francisco-based international law firm with 1,000 lawyers and 17 offices across the US, Asia and Europe. 

 

Focusses / specialisms 

The firm has a focus on foreign M&A and private equity but is also very active in foreign capital markets and project development. 

 

Key clients 

Key clients of the firm include Alibaba Group, GLP, SoftBank, Silver Crest, Haitong International Capital, CLSA Capital Markets, BOC International Holdings and China Securities (International) Finance Holding. 

Nishimura & Asahi

Nishimura & Asahi is a Big Four Japanese law firm with 530 lawyers across 14 offices, including 10 overseas. The firm’s China practice group assists its Chinese and Japanese clients with more than 20 Chinese lawyers, Japanese lawyers and paralegals across its offices in Beijing and Shanghaiwhich were established in 2010 and 2014 respectively

O'Melveny & Myers

International law firm O'Melveny & Myers established its first mainland and Hong Kong offices in the mid-1990s and has an elite corporate and M&A practice in China. Currently the firm has more than 30 corporate lawyers based in Beijing, Hong Kong and Shanghai. 

 

Focusses / specialisms 

The firm is strongest in the M&A, private equity and capital markets practice. It provides a diverse practice set spanning private M&A, public M&A, joint ventures, growth investments, leveraged acquisitions, private equity buyouts, going-private transactions, carve-outs and spin-offs for both Chinese and international companies. 

 

Key clients 

Key clients include Warner Brothers, PAG, Alibaba, Seek, Yunfeng Capital, RemeGen, BocomAsia and Viva Biotech. 

 

Client feedback: 32nd edition (2022/2023) 

Capital markets 

“OMM led the law parts in our HK IPO project. 

Paul Hastings

Founded in 1951, Paul Hastings is a global law firm that has strategically grown to anticipate and respond to clients' needs in markets across the globe. The firm has a strong presence in Asia. The firm’s Beijing and Shanghai teams work closely with offices in Hong Kong, Seoul, and Tokyo to advise clients throughout Asia.

Paul Weiss Rifkind Wharton & Garrison

Paul Weiss Rifkind Wharton & Garrison is the Chinese presence of the international law firm of the same name. The firm services its Greater China clients from its offices in Beijing and Hong Kong.  

Originally founded in 1875, Paul Weiss Rifkind Wharton & Garrison is a New York-based international firm with more than 1,000 lawyers across eight offices. It is also one of first foreign law firms to establish an office in mainland China, opening in Beijing in 1981. 

 

Focusses / specialisms 

The firm is strongest in the foreign private equity market, achieving top-tier status in China for this areaIt is also well recognised for its work in foreign M&A practice. 

 

Key clients 

Key clients of the firm include DCP Capital, Didi Chuxing, PAG, State Grid International Development and Wanda Sports & Media. 

Proskauer Rose

Proskauer Rose is a New York-headquartered law firm 12 global offices and 725 lawyers. The firm caters to its clients with Chinese interests from its offices in Hong Kong and Beijing. 

From its offices in Hong Kong the firm is best known for its private equity, M&A and regulatory enforcement work.

Key clients of the firm include Grifols, Accor, RRJ Capital, CCB International Asset Management, Greater Bay Area Homeland Development Fund, Adamas Asset Management and Parker-Migliorini International. 

During the research period the firm kept busy with joint ventures, disposals, investments, acquisitions and fund formation mandates in the hotels, real estate, retail, healthcare and fintech sectors alongside SFC investigations and compliance work. 

Deal highlights

-Accor acquisition of Tribe 

-B.M. Group $100 million investment in LVC Super Unicorn Fund

-Greater Bay Area Homeland Development Fund financial technology investment

-Grifols / Shanghai RAAS Blood Products strategic alliance 

Client feedback: 30th edition (2019/2020)

Capital markets: Equity

“Knowledgeable, professional, problem solving.”

Financial services regulatory

“The firm is street smart and technically sound.  It has a realistic view of the situation and can provide pragmatic advice.”

Investment funds

“Knowledgeable and thorough.”

“Experienced in fund formation, responsive to clients’ requests and good communication skills.”

M&A

“Responsive, provides timely and practical advice.”

“The Proskauer team serving on our deals was technically strong, very commercial and reliable. The team was led by Ying, a go-to lawyer for cross-border M&A and financing deals in the real estate sector. Ying is a native Chinese with dozens of years of experience advising clients on various cross-border transactions. He really focused on the client's needs and had a great understanding of our business and culture. Ying was very commercial and had a very good insight into the market. He was known for his sharp style at the negotiation table. When negotiating deals for clients, Ying always knew how to maximise the clients' negotiation leverage. Ying was also practical and efficient, and was quick in coming up with solutions that were both commercially and legally sound. We really benefited from his representation.”

Private equity 

“Fast responses, flexible, raise risk awareness and solutions.”

“Knowledgeable, efficient, practical.”

“Professional, responsive and hard working with a good attitude.”

R&P China Lawyers

R&P China Lawyers is a foreign-oriented Chinese law firm established in 2010. The firm is led by managing principal Maarten Roos and has offices in Shanghai and Beijing. 

 

Focusses / specialisms 

The firm has a focus on the M&A practice, it advises corporate and private equity clients on a broad spectrum of corporate matters as well as on cross-border and domestic M&A transactions. 

 

Client feedback: 32nd edition (2022/2023) 

M&A 

“They provide me with answers in a way that I can understand without needing to have a law degree. They give me straight answers and good advice when I ask.” 

 

Financial restructuring 

“R&P is a very well-resourced firm that can answer most corporate law issues without delay and with a very reasonable quote.” 

Reed Smith

Reed Smith is the Chinese presence of the international firm of the same name, which headquartered in Pittsburgh, Pennsylvania, with more than 30 offices across the US, Europe, the Middle East and Asia. The firm has over 30 years’ experience in Greater China with its offices in Hong Kong, Beijing and Shanghai.

  

Ropes & Gray

Ropes & Gray is the Chinese presence of the international law firm of the same name. The firm caters to its clients with Greater China interests from its offices in Shanghai and Hong Kong. 

Established in 1865, Boston-based Ropes & Gray is an international law firm with more than 1,400 lawyers and 11 offices across the US, Asia and Europe. 

 

Focusses / specialisms 

The firm is strongest in its private equity practice and also recognised for its work in banking, capital markets, and M&A in mainland China. Its Shanghai office provides legal services to both domestic and global clients. 

 

Key clients 

Key clients of the firm include Ares SSG Capital Management, Baillie Gifford, Bain Capital, Baring Private Equity Asia, China Resources Capital Management, ICBC International, Alibaba, API Hong Kong Investment and Didi Global.  

Seyfarth Shaw

Seyfarth Shaw is an international law firm headquartered in the US. With over 900 lawyers spread across 18 offices, the firm provides legal services to clients in various practice areas, including corporate and M&A, capital markets, family offices, and related regulatory mandates. Seyfarth Shaw has established offices in Shanghai and Hong Kong SAR advising clients in cross-border issues.  

SF Lawyers in association with KPMG Law

SF Lawyers is a member of KPMG’s Global Legal Services network that has over 2700 legal professionals across 81 jurisdictions. The affiliated Hong Kong firm SF Lawyers has 10 lawyers and more recently launched in Shanghai with Shanghai SF Lawyers as the English registered name of the independent PRC firm Ruiwei Law Firm.

 

Focusses / specialisms 

The firm is focused on cross-border mergers and acquisitions and corporate and commercial legal services.

 

Key clients  

Key clients of the firm include Semiconductor Manufacturing International Corporation and Wangsu Science & Technology.

SG & Co Lawyers

Based in Shanghai, SG & Co Lawyers was founded in 2010 with the merger of several law firms. After years of growth, the firm has set up branches in cities such as Tianjin, Shaoxing and Suzhou. 

 

Highlights 

The team focuses on capital markets, M&A and equity investment. 

Last year, SG & Co Lawyers provided crucial legal counsel on several high-profile projects. They advised on the issuance of Green Asset-Backed Securities for personal auto mortgages and assisted the establishment of various investment funds. Additionally, they offered expertise on distressed asset-backed securities and notable financing and investment projects. This demonstrates their extensive knowledge and versatility in the financial and investment sectors. 

 

Key clients 

Key clients of the firm include Shanghai Film Group, Baohua (Shanghai) Enterprise Management and Shanghai International Trust.

SGLA Law Firm

Based across Shanghai, Chongqing, Guangzhou, Tianjin and Chengdu, SGLA Law Firm was jointly founded by members of the former Sino-Global Legal Alliance, a leading alliance recognised by international rating agencies. SGLA is now a large complex of top regional firms serving the needs of both domestic and international clients.

Focusses / specialisms

SGLA Law Firm is noted for its track record in successfully representing clients in restructurings and insolvency and M&A proceedings.

Key clients

The firm’s key clients include Vanke Group, Alibaba Chongqing, Ant Group and Li Ning.

Research period review: 33rd edition (2022/2023)

In 2022, the firm represented Chongqing Water Group Public Engineering Consulting to integrate the waste-water treatment project held and operated by Tianjin Motimo Membrane Technology by means of direct merger and acquisition, merger and acquisition by cooperative fund or other means.

The firm’s Chongqing office hired six partners to strengthen its corporate matters capability while four partners left - three joined Zhong Wen Law Firm and one joined Longan Law Firm.

Deal highlights: 33rd edition (2022/2023)

Chongqing Water Group Public Engineering Consulting and Tianjin Motimo Membrane Technology’s M&A.

Shanghai Joius Law Firm

Joius Law Firm is a boutique law firm with headquarters in Shanghai and offices in Taipei and Warsaw. The firm offers legal consultation mainly to commercial clients and government agencies. 

 

Focusses / specialisms 

The firm is specialised in banking and finance and the practice provides legal services to financial institutions. 

 

Key clients 

Key clients of the firm include Industrial and Commercial Bank of China, Bank of China Shanghai Branch, Shanghai Bank, Shanghai Rural Commercial Bank, Bank of Hangzhou, East West Bank, DBS Bank, Korea Development Bank, Huarong International Hong Kong, AVIC Trust and China Continent Insurance. 

Shanghai Pacific Legal

Based in Shanghai, Shanghai Pacific Legal focusses on providing Chinese business law services across China. 

 

Highlights 

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. 

Shanghai Pacific Legal served a lender syndicate led by Standard Chartered Bank on a green financing project for a Hong Kong subsidiary of Zhejiang Huayou Cobalt Co. Ltd., the first multi-currency sustainable-linked syndicate involving US dollars, cross-border RMB, and offshore RMB. They also advised DNB Bank and other banks on two syndicated green financing facilities totaling €1.075 billion for Cadeler A/S, an Oslo-listed offshore wind turbine installation company. 

 

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. 

Sidley Austin

Formed in 1866, Sidley Austin is a Chicago-based international law firm with over 2000 lawyers across 20 global offices. In Asia-Pacific the firm has 200 legal professionals in Hong Kong, Shanghai, Beijing, Singapore, Sydney and Tokyo. Its Hong Kong office was established in 1994. 

Focusses / specialisms

The firm offers US, Hong Kong and English legal advice to its clients and excels transactionally in the equity capital markets, the debt—especially high-yield bond issuances—capital markets, investment funds, M&A and private equity. 

Key clients

Key clients of the firm include Springland International Holdings, Vivo Capital, CanSino Biologics, Kaisa Group Holdings Company, Standard Chartered Bank, DBS Bank and Fosun International. 

Research period review: 30th edition (2019/2020)

The firm’s equity capital markets practice was very active during the research period advising on Hong Kong IPOs, share placements and rights issues; while the debt team handled corporate bond issuances alongside high-yield, convertible and green bond issues. 

The M&A team acted in take-privates, joint ventures, disposals and acquisitions in the transport, real estate and construction industries. In private equity the firm assisted clients in various rounds of funding and in investments.  

Deal highlights: 30th edition (2019/2020)

-China Evergrande Group Rmb13.2 billion acquisition of Shengjing Bank

-Fosun International €400 million 4.35% high-yield bond issue 

-HiFiBiO Therapeutics $67 million series C financing

-Kaisa Group Holdings $400 million 11.95% high-yield bond issue

-Shanghai Henlius HKSE IPO

-Springland International Holdings HK$4.5 billion take-private 

-Vodafone Idea $3.5 billion rights issue 

-Zhongliang Holdings HKSE IPO

Simpson Thacher & Bartlett

Simpson Thacher & Bartlett is a New York-based international law firm with 900 lawyers across 11 offices across the Americas, Asia and Europe. he firm services its clients’ Greater China interests from its offices in Hong Kong and Beijing.

Skadden Arps Slate Meagher & Flom

Formed in 1948, Skadden Arps Slate Meagher & Flom is a New York-based international law firm with 1,700 lawyers across 22 offices. The firm’s Beijing office opened in 1991. The firm serves its clients’ Greater China interests from its offices in Hong Kong and Beijing with more than 70 lawyers.

Slaughter and May

Slaughter & May is the Chinese presence of the international firm of the same name. The firm became the first London law firm to establish an office in Hong Kong when it opened in 1974.

Established in 1889, Slaughter & May is a London-based magic circle law firm with 560 lawyers across additional offices in Brussels, Beijing and Hong Kong.  Compared to similar firms of its stature the firm has a minimal overseas presence relying instead on relationships with local law firms for its international practice.

 

Focusses / specialisms

The firm has a focus on foreign capital markets and M&A.

 

Key clients

Key clients of the firm include Tencent Holdings, United Energy Group, Haitong International Capital, Goldman Sachs, Standard Chartered Bank, Hong Kong Exchanges and Clearing and FWD Group.

Stephenson Harwood

Stephenson Harwood is a London-headquartered law firm with nine offices across Asia, Europe and the Middle East. The firm has offices in Shanghai, Hong Kong and an association—with PRC law firm Wei Tu—in Guangzhou catering to its clients’ interests involving Greater China. 

The firm provides English and Hong Kong law advice especially in regulatory matters and in restructuring and insolvency mandates.

Key clients of the firm include Futu Lending, Convoy Global Holdings, CSL Securities, PwC, Société Générale, Rabobank and UIL Singapore. 

In the research period the firm was preoccupied providing its clients with regulatory advice, technology company establishment and some strong debt restructuring and insolvency mandates including Shanghai Huaxin Group’s liquidation and a host of individual and Indian mandates. 

Partner Malcolm Kemp, who led the firm’s litigation and financial services (contentious) practice, retired in April 2020. 

Deal highlights

-CECEP COSTIN New Materials Group insolvency

-Shanghai Huaxin Group insolvency

-UIL Hong Kong restructuring 

Client feedback: 30th edition (2019/2020)

Banking 

“They understand what we and our client want them to do and provide the best advice in accordance therewith.”

“Responsive team – the partner is hands on when he needs to be. Generally a team that is very good to work with on general banking matters as well as on ship finance transactions where they have particular expertise.”

“The wording of agreements are very precise, and it's helpful with their opinion.”

Financial services regulatory

“Have a good wealth of experience in this type of work, so their advice is authoritative and little of their time is spent learning things from scratch. They have a deep bench of experienced associates, so costs are well managed, and also ensures deadlines are met. Fee discussions are commercial and transparent.”

“Responsive, helpful and sound business acumen.”

“They are technically strong and experienced in the area and offer useful and practical advice and solutions. They are also responsive and flexible.”

“Engaging and proactive.”

Investment funds

“Very responsive and timely turnaround on requests.  Well considered and thought out comments and suggestions. Documents are well drafted without excessive legal language.”

Restructuring and insolvency

“Can-do attitude and user-friendly; willing to explore and push the limits.”

“SH adopts a practical and effective approach to matters rather than an overly academic one.”

“Very sensible, down to earth, and user-friendly but clear, objective and supportive at the same time.”

“Provides very practical solutions and timely responses.”

“Personal attention. Practical solutions.”

“The lawyers handling the case are helpful and knowledgeable.  They are responsive to all my questions and concerns in a timely and professional manner.  They can always provide highly reliable and quality services.  I am glad to have them in my team so that we can make well informed and strategic decisions quickly.”

“They provided professional advice and a holistic legal strategy for dealing with complicated issues.”

“Provides in-depth analysis and recommended approaches that are practical.”

“The team at Stephenson Harwood knows both shareholders well because of their earlier relationship. Notwithstanding their role was effectively lost, they continue to assist in helping both shareholders and we (as liquidator) to re-build the communication channel and facilitate both parties to assist the liquidator's work in a short-term trading-on of the business and also in the course of selling the company's business. They did this work out of their good initiative.”

“The recent elevation of Eloise and Alex to partnership is reflective of their abilities and certainly well deserved. I have worked with Stephenson Harwood on both contentious insolvency and restructuring matters. I consider both Jamie, Eloise and Alex to be extremely capable and leading practitioners within the HK market. I turn to them when I need assistance as they are responsive, accommodating, easy to communicate with, have the requisite technical skills and more importantly the ability to consider pragmatic commercial solutions.” 

Sunshine Law Firm

Sunshine Law Firm is a PRC law firm with extensive experience providing energy, environment and infrastructure-related legal services in China and abroad.  

The firm was established in 1995 and now has offices in Hangzhou, Beijing, Shanghai and Guangzhou. Key figures at the firm include founding partner Jane Chen. 

 

Focusses / specialisms 

The firm is recognised as a market leader for its high-quality project development practice. The firm notably advises clients across the life cycle of energy projects and also focuses on the environment and infrastructure sectors. 

 

Key clients 

Key clients of the firm include Huarun Electric Power Investment, CNNP Rich Energy, China Telecom Bestpay, Zhonghai Trust, China National Petroleum BP and CLP Holdings. 

 

Client feedback: 32nd edition (2022/2023) 

Project development 

“Get the real experts at Sunshine working on the deal, quick study on the new deals and advice/solution balanced and practical.” 

 

M&A 

“Sunshine is very familiar with the business areas of the target company and can provide in-depth and professional legal advice to the client. Sunshine is also able to provide industry and market practices and fit-for-purpose legal advice.” 

Taylor Wessing

HM Chan & Co is a Hong Kong transactional boutique that formed an association with international firm Taylor Wessing in 2016.  Taylor Wessing has over 1100 across 16 jurisdictions in Asia, Europe and the Middle East including offices in Shanghai and Beijing. 

In Hong Kong, the firm is most active in the equity capital markets, M&A, private equity, venture capital and the regulatory space. 

Key clients of the firm include Southwest Securities, Ballas Capital, Acute Peak Investments, Earn World Enterprises, Music Sales Corporation, Recaro Aircraft Seating International and Chapman Freeborn.

During the research period, the firm handled Hong Kong IPOs and GEM listings, trade sales, private equity acquisitions, share acquisitions, disposals, joint ventures and other acquisitions in the technology, aviation, financial services and food and beverage industries. It also assisted its clients in various rounds of funding. 

Deal highlights

-Design Capital HKSE IPO

-Earn World Enterprises HK$210 million acquisition of 70% stake in Earn World Development

-Hevol Services Group HKSE IPO

-Parsons Music acquisition of MusicFirst Junior 

-Shinelong Automotive Lightweight Application HKSE IPO

-Wynnchurch Capital acquisition of America II Group and Advanced MP Group

Client feedback: 30th edition (2019/2020)

Capital markets: Equity

“They are highly experienced, diligent and professional.”

M&A

“A lean team that is responsive and provides effective advice.” 

TransAsia Lawyers

PRC firm TransAsia Lawyers maintains offices in Beijing and Shanghai and has an associate office in Hong Kong. The firm extends its presence internationally through an alliance in Tokyo and its membership of the Global Advertising Lawyers Alliance.

 

Focusses / specialisms 

The firm is recognized for its corporate and M&A and private equity practices.

The firm advises clients such as corporates, private equity funds, venture capital funds and startups on a range of domestic and cross border matters and has a particular focus on the technology, media and telecommunication sectors.

 

Key clients  

Key clients include Ainemo, Sina, Weibo, XAG, Universal Music Group, Airbnb, and Telstra.

V&T Law Firm

V&T Law Firm is a full-service Beijing-based PRC Law Firm with branch offices in Shenzhen, Shanghai and Chengdu and international offices in Madrid, Manchester and Kolding.

 

Focusses / specialisms 

Securities law is core to the firm’s business. It provides advice in domestic and overseas IPOs, refinancing, bond issues, M&A and asset reorganisations.

 

Key clients  

Key clients of the firm include China Vanke, Tus-Holdings, Shanghai Huaming Intelligent Terminal Equipment, Kunming Future City Development and Xingzhen Investment Management.

Weil Gotshal & Manges

Weil Gotshal & Manges is a New York-headquartered international law firm with Asia offices in Hong Kong, Shanghai and Beijing. The firm opened its Shanghai office in 2004, advising Chinese and international clients on transactions in mainland China and throughout Asia.

Wilson Sonsini Goodrich & Rosati

Wilson Sonsini Goodrich & Rosati is a California-headquartered international firm founded in 1961. The firm opened an office in Shanghai in 2007, added one in Hong Kong in 2010, and opened another in Beijing in 2012 with approximately 50 bilingual professions to cater to its clients in the Greater China region.

 

Highlights

The firm's expertise lies in capital markets, where they have established a strong track record of providing valuable advice to clients on listings in both Hong Kong and the US. Over the past year, the firm has actively engaged in offering legal solutions to firms seeking deSPACs.

Their recent deal work includes notable examples such as advising WuXi XDC on a $470 million Hong Kong IPO, Fenbi on a $25.5 million IPO, and Cheche Group on a De-SPAC merger with Prime Impact Acquisition I, followed by a successful listing on Nasdaq. These achievements highlight the firm's ability to navigate complex transactions and deliver exceptional results for their clients in the equity capital markets.

 

Key Clients

Key clients of the firm include WuXi XDC Cayman, Cheche Technology, Fenbi, QuantaSing Group, Xiamen Yan Palace Bird’s Nest Industry Co.

Winners Law Firm

Established in 1995, Winners Law Firm is engaged in high-end commercial legal services. Winners has offices in Tianjin and Binhai New Area, with 16 professional departments and more than 160 employees including more than 100 practising lawyers.

Focusses / specialisms

The firm focuses on corporate governance, mergers and acquisitions, capital markets, restructuring and liquidation.

Key clients

The firm’s clients include China Development Bank, China Exim Bank, Standard Chartered Bank, DBS Bank, China Construction Bank and Bohai Bank.

Research period review: 33rd edition (2022/2023)

The firm represented several companies in their capital markets work such as Tianjin Kaihua Insulation Materials’ IPO and Tianjin Lingang Investment Holding Company’s $41 million foreign bonds issuance.

Key names to note are Haibo Li, the managing partner of the firm, and senior partner Dapeng Fan.

Deal highlights: 33rd edition (2022/2023)

Tianjin Kaihua Insulation Materials’ IPO.

Tianjin Lingang Investment Holding Company’s $41 million foreign bonds issuance.

Winston & Strawn

Established in Chicago in 1853, Winston & Strawn is one of the largest and oldest firms in the city. It has nine offices in the US and six offices in Europe and Asia. With offices in Shanghai and Hong Kong, the firm assists its global and Asia-based clients navigate inbound and outbound opportunities in Greater China.  

In June 2020, Winston & Strawn formed a strategic alliance in China with Yuanda China Law Offices. Known as Yuanda Winston, the team combines first-hand knowledge of China’s legal, political and regulatory environment and offers a strong bench of nearly 50 attorneys, 

 

Focusses / specialisms 

The firm’s transactional practice is most active in M&A and equity capital markets work, particularly in structuring special purpose acquisition companies, where it has a niche enabling its clients to go public as an alternative to the traditional IPO process. 

 

Key clients 

Key clients of the firm include RF Acquisition, UOB Kay Hian, Karrie International Holdings, Hua Shi Zhong Guang International Media, China Shenghai Group, Vistas Media Acquisition and Saitech.  

WongPartnership

WongPartnership is a Singapore-based law firm with over 400 professionals across further offices in Beijing, Shanghai and Yangon. The firm is also a member of the regional law network, WPG, granting it access to Abu Dhabi, Dubai, Jakarta, Kuala Lumpur and Manila.

Focusses / specialisms

The firm’s Shanghai office opened in 2004 followed by its Beijing office in 2010. It is best known for corporate matters such as advising Chinese entities on joint ventures and M&A structured through Singapore.

Key clients

Key clients of the firm include CapitaLand, Raffles Education Corporation and China Everbright.

Research period review: 30th edition (2019/2020)

During the research period the firm kept busy advising on acquisitions, disposals and investments in education and real estate. 

Deal highlights: 30th edition (2019/2020)

-CapitaLand S$11 billion acquisition of Ascendas-Singbridge group of companies

-Liu Yanwen Rmb420 million stake acquisition of Langfang Development Zone Oriental University City Sino-Singapore Education Investment 

-State Alpha S$147 million acquisition of Ying Li International Real Estate

Yenlex Partners

Yenlex Partners is a PRC law firm located in Beijing with a focus on providing domestic and international clients with professional legal services, including offshore and outbound investments. 

 

Focusses / specialisms 

The firm is recognised for its work in the private equity market. It is also active in the M&A, banking, capital markets and investment funds areas. 

 

Key clients 

Key clients of the firm include SIG, Hillhouse, IDG, Sequoia Capital, Legend Capital and 5Y Capital. 

Zhongjian Law Firm

Established in 2016, Zhongjian Law Firm is a Beijing-based law firm. It has a collaboration with UK boutique Rooney Nimmo extending its reach to Hong Kong, US and Singapore. 

Focusses / specialisms

The firm is best known for its private equity, trust, asset management, securities, international trade and intellectual property work in sectors such as real estate, banking and insurance. 

Key clients

Key clients of the firm include CITIC Securities, Sinopec, Bank of China, Zhongrong International Trust, Tsinghua University Education Foundation and Shanghai Culture Assets.

Research period review: 30th edition (2019/2020)

During the research period the firm kept busy advising on confidential real estate acquisitions, investments and mixed reform projects. In 2019 it handled 60 M&A cases and 15 insurance investment cases.

Financial and corporate
Grandway Law Offices

Grandway Law Officeswas founded in 1994. Headquartered in Beijing, Grandway has offices in Shanghai, Shenzhen, Chengdu, Xi'an, Hangzhou and Hong Kong, and currently employs more than 500 lawyers and professionals. 

 

Highlights 

The firm started to provide securities-related law services from 1994, covering practice areas including the initial public offering of A shares, B shares, H shares and red chip shares, non-public offerings and M&A. 

The firm advised Guangdong Xinbao Electrical Appliances Holdings Co. Ltd on the acquisition of the Morphy Richards Limited brands and related assets. The deal involves the restructuring and renewal of the same brand businesses in key regions around the world, assisting the client in the phased acquisition of the seller's global business. 

 

Key clients 

The firm’s notable clients include Zhejiang Leapmotor Technology, Ningbo Shanshan Company, ENN Natural Gas, Zhejiang Dahua Technology, China Railway Special Cargo Logistics, SMO Clinplus, Unimicron Technology (Suzhou) and Shanghai Shangshi Energy Technology.