Solicitors governing body: All China Lawyers Association (ACLA)
Competition authority: Ministry of Commerce (MOFCOM)
IFLR1000 ranking categories for this jurisdiction:
Financial and corporate (published October) – Banking, Capital markets, Competition, Investment funds, M&A, Private equity, Project Development, Project finance
Buoyed by the state’s continuing encouragement of outbound investment—known as the Go Out Policy (走出去战略)—there has been an emerging ‘red circle’ of PRC firms making inroads into Hong Kong and overseas. Linguistic factors play a key role as PRC firms follow their clients and provide legal services to Chinese companies and enterprises setting up abroad. Chinese firms are also growing in sophistication as overseas trained lawyers return home in a rising pattern of reverse brain drain. Such firms though are likely to struggle with cross-border deals for some time still, so will use international firms especially in outbound transactional work.
It seems that China’s protectionist strategy establishing a quasi-closed system has underlined a long-term capacity-building strategy that appears to be paying off for its legal market. In the US, Japan, and the EU, Chinese law firms are generally able to establish offices, hire local lawyers, and engage in corporate law and litigation services. However, while foreign firms can open offices in mainland China, access to the legal market—excluding Hong Kong and Macau—is restricted. Foreign law firms cannot practice PRC law while PRC qualified lawyers employed by foreign law firms have their licenses suspended for the duration of their employment.
Global law firms can advise on home and international law but will need to turn to local law firms for domestic matters. Following China’s accession to the World Trade Organisation in 2001, foreign law firms were then allowed to open additional offices in mainland China, but need to wait three years between each opening.
Mergers or joint ventures with Chinese firms involving financial integration are not allowed either, but in recent years we have seen its legal market soften ever so slightly. Hitting the headlines this year, we saw Chinese firm Dacheng combine with Dentons to form the world's largest firm by headcount, which was only the second time ever a Chinese firm completed a substantial ‘merger’ with an international firm after Chinese firm King & Wood, Australian outfit Mallesons and the UK's SJ Berwin formed King & Wood Mallesons (KWM) in 2012.
The vehicle for such combinations in a restrictive environment is the Swiss verein, which has become a popular entry strategy for international firms into domestic markets. It is a form of voluntary association where members do not share commercial or professional liability for the debts or actions of other member firms and often do not share revenues or pool profits. The idea of large global brands operating under local rules inspired the adoption of the verein structure, which allows firms to overcome jurisdictional obstacles to international mergers.
Another initiative unveiled in September 2013 was the Shanghai Free-Trade Zone—the first free-trade zone in mainland China—being used as a testing ground for a number of economic and social reforms. In April 2015, Baker & McKenzie became the first foreign law firm to take advantage of this and enter into a joint operation with Beijing’s FenXun Partners. It is the only formal structure where global and PRC firms can work together to serve clients in China under the current regulatory framework.
Adam Majeed - Asia-Pacific Editor
In Hong Kong Akin Gump is best known for its M&A and restructuring and insolvency work, where it acts for bondholders, distressed-debt investors, mezzanine lenders and other creditors.
Highlights include advising the committee of unsecured creditors in the proposed financial restructuring of bond and bank debt issued by Noble Group, an SGX listed worldwide commodities supply chain and trading company; advising an ad hoc group of convertible bondholders in relation to Bumi Resources—an Indonesian thermal coal company—restructuring; and advising the unsecured creditors committee of EMAS Chiyoda Subsea in connection with bankruptcy proceedings under Chapter 11 of the US Bankruptcy Code.
In the research period, restructuring and insolvency partner Mark Fucci retired from practice.
Allen & Overy is known for its strength in finance. The firm’s lawyers across its Beijing, Shanghai and Hong Kong offices regularly act for Chinese banks on outbound project financings, and large Asia regional and global project financings. The firm also offers a mix of traditional lending products, acquisition financing, real estate financing and structured finance, while its debt capital markets practice is at the forefront of China’s growing Panda bonds market.
A lending highlight saw the firm advising the lead arranger on a bespoke real estate financing to fund the landmark acquisition of The Center skyscraper in Hong Kong, which is the most expensive real estate transaction in Hong Kong history.
Some key project finance highlights include advising the Bank of Communications in financing a consortium of Zhen Hua Engineering Company, China Communications Construction Company and CCCC Dredging Group Company to develop a third runway at Hong Kong International Airport; advising China Three Gorges International Corporation in financing the development of the Karot hydro project in Pakistan, which is one of the largest foreign investment projects in Pakistan; and advising the Bank of China in providing a loan facility to China Three Gorges Corporation and Guoxin International Investment Corporation to finance its bid to acquire the Chaglla power plant in Peru.
In capital markets highlights the firm kept busy advising underwriters BNP Paribas, CITIC CLSA, ICBCI, CCBI and ABCI in China Education Group’s HKSE IPO, and advising joint lead managers Bank of China, Bank of Communications, Agricultural Bank of China, China Construction Bank and CICC in the People's Republic of China’s sovereign bond issue, which is its first US-dollar bond issue since 2004.
In the research period the firm’s M&A department brought in partner Wayne Lee from Shearman & Sterling in Shanghai, and partners Jonathan Hsui and Lina Lee from Ashurst. Also Gary McClean retired and Vivian Yiu left for Morrison & Foerster.
In the research period the firm revitalised its equity capital markets practice by relocating partner Michael Jacobs from its London office, and by bringing in expert Kung-Wei Liu from Sullivan & Cromwell.
Key clients of the firm include Bank of Communications, BNP Paribas, Bank of China, Agricultural Bank of China, United Overseas Bank, Morgan Stanley, and Credit Suisse.
"We are very satisfied with Allen & Overy's service, especially the efficiency and the wide scope of service." – Banking and finance, M&A
"The firm has very capable and knowledgeable lawyers." – Banking and finance
"Allen & Overy has impressive breadth and depth in its practice areas and continues to lead the market in innovation and technical expertise." – Capital markets
"Allen & Overy has provided exceptional legal advice and services. It is very professional and big picture focussed. The firm is innovative, solution driven, with partners that are extremely accessible whenever required." – Capital markets
"It has very good client management, is very responsive, and has good knowledge of the laws." – Capital markets
"Very satisfactory work performance. The firm offers client-oriented services and good commercial awareness." - M&A, Capital markets
"The firm's financing advice capacity for clients is very strong, especially in Hong Kong." – M&A
“We worked primarily with Allen & Overy on establishing a joint venture in China. Based on the strength of their advice, we also used them to assist with regulatory approvals in China. Their service level on both projects was outstanding - immediate replies to inquiries or accurate estimates of when answers/results could be obtained - and cost effective. Their knowledge of the China market, particularly with respect to the formation of the JV, was exceptional and unique, they provided both legal and business advice and made available to us other experts when needed them. We interviewed three other major international firms and Allen & Overy was head and shoulders above all other candidates in their knowledge and presentation and ultimately with the results they provided. Because they become so knowledgeable about our business, we asked that our transaction counsel use Allen & Overy in China to obtain China regulatory approval for the sale of our business.” – M&A
The first New York law firm to obtain the approval to establish an office in Shanghai, Arnold & Porter concentrates on M&A matters such as cross-border mergers and acquisitions, private equity transactions, joint ventures and strategic alliances.
In addition to catering to clients from North America and Europe, the firm advises Chinese companies in its ventures with multinational corporations and in cross-border M&A and investment projects.
The firm’s activities span a variety of sectors such as financial services, hospitality, life sciences, manufacturing, technology and real estate. Interesting work done in the past year includes acting for TEDA Biomedical on its acquisition of a majority stake in Cayman-registered SJK Greater China and advising Alliance Healthcare Systems on its going private sale to its controlling shareholder, Tahoe Investment Group.
Ashurst offers a broad range of legal services from its offices in Hong Kong and China. The firm is best known for its structured finance and securitisation, the area it is ranked highest. It also acts for Chinese banks in outbound projects, is developing its debt capital markets practice, picks up interesting mandates in M&A, and is acting regularly for Indian and Indonesian clients, especially in the equity capital markets.
In project finance the firm has been advising the Industrial and Commercial Bank of China on a facility provided to the Cameroon state to develop the Bini a Warak hydroelectric power project;
Key capital markets highlights in the past 12 months include advising arranger BNP Paribas in the series no: M845 repackaged prudential PLC notes due 2021 issued by Marc Finance under its structured note programme; and advising Nomura Financial Advisory and Securities in the IPO and listing of New India Assurance Company on the National Stock Exchange of India (NSE), which was the third largest-ever in India. Other highlights in the area include acting for CHMT Peaceful Development Asia Property in issuing two tranches of notes to finance the acquisition of The Center, the world’s most expensive building, in one of the largest bonds issued in Asia this year.
In the funds space the firm advised Sharp Corporation on its commitment to the Softbank Vision Fund, which is the largest fund ever raised.
In M&A the firm advised China General Nuclear Power Corporation in its investment to develop nuclear reactors in Romania, and in divestments of a minority stake in its power energy business in Malaysia to China Southern Power Grid (CSG).
There have been changes at the firm in the past 12 months with capital markets partner Frank Bi joining from Slaughter & May, restructuring partner Damien Whitehead joining from White & Case, and finance partners Eric Tan and Daniel Lau joining respectively from Fangda Partners and Allen & Overy.
Key clients of the firm include China General Nuclear Power Corporation, BNP Paribas, Industrial and Commercial Bank of China, Alberta Investment Management Corporation, JPMorgan, China Construction Bank and Credit Suisse.
In another development over the research period, Ashurst set up a joint operation office (JOO) in Shanghai with Guantao Law Firm to expand its reach in the mainland and offer PRC legal advice through the Chinese firm. The JOO is one of only four approved by the PRC authorities to date.
"The firm is excellent, approachable and commercial." – Banking and finance
"The firm is responsive, knowledgeable and offers competitive fees. It is willing to assist clients by reaching out to its offices in other jurisdictions for expertise, for example, in the US and the UK." – Capital markets
"Ashurst has a very strong team both in strength and depth. It has an incredible amount of experience with partners like Nigel Pridmore and Jini Lee. Its knowledge and experience is underpinned by a sensible, down to earth approach which endears it to clients. It is the best in the market and I highly recommend the firm." – Capital markets
"It has a well-resourced team that provides good advice."- Capital markets
"Ashurst is consistently strong in product knowledge and in the ability to develop new variations on structures. It pairs this with excellent execution skills and regional expertise. It is one of my top two choices for work in Asia." – Capital markets
"It is experienced, has deep expertise, is knowledgeable, responsive and efficient." – M&A, Banking and finance
"It has good expertise, is responsive and good value for money." M&A, Capital markets
Baker McKenzie is best known in Hong Kong and China for its finance, regulatory, M&A and investment funds work where it has onshore domestic Rmb funds capability through the Baker & McKenzie FenXun (FTZ) Joint Operation Office in the Shanghai Free Trade Zone.
The firm has been active in the formation of real estate and private equity funds. For example, it kept busy advising Gaw Capital Partners on the formation of its first private equity real estate fund—Gaw European Hospitality Fund I—focused solely on investments in the hotel sector in the European region; advising the same client in the formation of its fifth flagship private equity real estate fund—Gateway Real Estate Fund V; and advising Gaw Capital Partners again on the formation of a co-investment fund that will invest alongside Gateway Real Estate Fund V to acquire 17 Hong Kong malls from Link REIT.
Other highlights include advising Bank of China on syndicated term-loan, dual currency, dual tranche facilities to Right Lane; acting for Carlsberg on its acquisition of an additional 25% stake in Cambrew, a Cambodian brewer; and advising LGT Group Foundation on its acquisition of Abn Amro's private banking business in Asia and the Middle East.
In the research period the firm brought in special counsel Gerry Wong from KorumLegal, but lost partners Harvey Lau and David Fleming, who retired from legal practice.
Key clients of the firm include Gaw Capital Partners, Bank of China, United Overseas Bank, eBay, China Galaxy International Financial Holdings, Spring Asset Management and Crédit Agricole.
Broad & Bright is a Chinese law firm offering advice on matters such as banking and finance, capital markets, M&A, project development and restructuring.
In capital markets, the firm advised Nissin Foods on its listing on the Hong Kong Stock Exchange.
In the M&A domain, high profile deals saw the firm act for the HP Group in its acquisition of Samsung Electronics’ global printer business and for the Chervon Group in its acquisition of SKIL.
The projects team was particularly active and took on work in sectors including transport, utilities, and social infrastructure. A clear highlight saw the firm advise the Foshan Legislation Bureau on the investment and financing pattern for the construction of multiple metro lines.
The firm underwent a sizeable shift in staff, with the additions of partners Linming Jin and Chen Jing from JunZeJun Law Office, and Fang Liu from Dickinson Wright. On the other hand, the firm lost partners David Wang, Jackie Chen, and Hao Jiang to ZhongLun. Additionally, partners Bo Li and Ying Yang also left the firm.
Key clients include HP Group, Chervon Group, Beijing Fortune Consulting, China Virtue (Beijing) International Engineering Technology and Beijing Heming Investment Consulting.
A member of the Sino-Global Legal Alliance (SGLA), Chance Bridge Partners is a Chinese law firm with experience in capital markets, M&A and the projects space.
The firm’s capital markets team handles work involving stocks, bonds, mergers & acquisitions, structured financing, securitisation and derivatives. Recent highlights include advising the China Sam Enterprise Group on the acquisition of Wolfs Oil Firm. Elsewhere, the firm assisted Shandong Zibo Jinyang in its heat supply contract debt asset securitisation project.
The firm bolstered its practice with the hires of partner Yi Liang from Guangda Law Firm and attorney Bin Yang from Dentons. The firm also hired consultants Yi Chen from 58 Tongcheng and Xiaoxiong Xia and Shanming Jin from the Chinese Academy of Social Sciences.
Cleary Gottlieb Steen & Hamilton is best known for its private equity work in Hong Kong and China. The firm has offices in Beijing and Hong Kong and offers advice on US, English and Hong Kong law.
In capital markets the firm is advising Credit Suisse and Citigroup in the IPO and NYSE listing of PPDAI Group.
In private equity the firm advises on every phase of a fund’s life cycle – formation, making investments, strategic initiatives and exiting investments. For example, the firm has been active advising Hillhouse Capital as one of the lead investors in the financing round for JD Logistics; advising TPG its acquisition of a majority stake in OPC Holding Company; and representing China International Capital Corporation in its acquisition of a majority stake in Krane Funds Advisors. Other highlights include advising KKR in the formation of KKR Asian III, a fund focused on buyouts and growth equity investments in Asia, which is largest Asia-focused fund ever raised by a private equity firm; acting for TPG in the formation of TPG Asia VII, the seventh fund in the TPG Asia series pursuing investments in Asia-Pacific.
Funds lawyer Chris Lee relocated back to the Hong Kong office as counsel having spent time in the firm’s New York office.
Cleary Gottlieb Steen & Hamilton moves up a tier in the private equity funds category on the back of strong fund formation mandates.
Key clients of the firm include KKR, TPG, Bain Capital, Hillhouse Capital, Temasek Holdings, Morgan Stanley, and Credit Suisse.
Clifford Chance is arguably the most visible firm among the magic circle in Hong Kong and China. It occupies a top tier berth across an array of practice areas as it has the largest banking team in Hong Kong, strong relationships with Chinese policy and commercial banks, a dominant market share in equity capital markets work (having advised on nine HKSE IPOs last year), and is an active player in China’s growing green bond market.
Banking highlights include advising the arrangers led by Citigroup Global Markets and Goldman Sachs on the acquisition financing arrangements for the acquisition and privatisation of Global Logistic Properties; advising China Development Bank in granting a large loan to Petrobras to facilitate the export of 50 million tons of crude oil to China over the next 10 years; and advising BNP Paribas and Industrial and Commercial Bank of China in relation to its exposure to the Mongolian Mining Corporation (MMC) in Mongolia.
Capital markets highlights in the past year include advising the underwriters on Guotai Junan Securities and China Literature’s HKSE IPOs and on Postal Savings Bank of China’s offering of additional tier 1 (AT1) preference shares, the largest ever AT1 capital issue out of Asia.
Key clients of the firm include China Development Bank, BNP Paribas, Credit Suisse, Bank of America Merrill Lynch, Morgan Stanley, Goldman Sachs and HSBC.
"Strengths - good understanding of global client needs in local markets." – Investment funds, Banking and finance
"Clifford Chance worked tirelessly for us on the matter. The team comprising local lawyers and an Australian lawyer was able to give us sound advice on Chinese matters with an emphasis on those issues which Australian companies would want to know. In meetings involving interpreters, CC were able to distill the nuances of conversations with our Chinese counterparts which assisted us in negotiations." – M&A
"High quality advice, based on experience advising many multinationals in the financial industry and 'on the ground' experience dealing with regulators. Strengths include customer service, knowledge of industry-specific regulations and excellent written and spoken communications." – Capital markets, M&A
“It is a great firm to work with. The partners know our company and its business well. So we do not have to spend time briefing the background. They respond in a timely manner and can add value. Their expertise is a good supplemental to the in-house legal team.” - M&A, Restructuring and insolvency, Banking and finance
"Excellent work and highly professional during the course of our acquisition. The team is almost from a different league when compared to the seller's counsel, which is already a top tier US firm." - M&A
"It is efficient and effective, with expertise in structuring complex transactions and superior knowledge of what's right for deal terms." - M&A
CMS has offices in Beijing, Shanghai and Hong Kong which work mostly on M&A and restructuring and insolvency matters. Across South East Asia and China it also works with Rajah & Tann Asia.
The firm takes a sector approach to its work and has developed strong reputations in the automotive, utility, technology, life sciences, logistics, sports, construction, and banking industries.
Highlights include advising Roto Frank—a German hardware technology provider for windows and doors—on the acquisition of hardware supplier Union to expand its window and door technology division; and advising Schuler on the sale of its technology centre in the North Chinese city of Tianjin to Swiss company Feintool.
Key clients include Roto Frank and Schuler.
“CMS is a great firm and the Beijing office is a strong well led representative office for CMS. The firm is not too big and has good ongoing relationships with its clients. The webinars on GDPR in the EU is particularly impressive. No weaknesses noted.” – Financial services regulatory
“The advice is always hands-on and exactly what you need (and not overdone), fast drafting of contracts, good support during negotiations, excellent knowledge of the legal environment and how to approach relevant authorities.” – M&A
“Excellent, responsive, professional, accessible and supportive.” – M&A
“Practical solutions, quick responses, availability, and professional.” – M&A
The firm has offices in Shanghai and Beijing and is focused on catering to Chinese companies with global interests in Europe, Latin America and Africa, as well as European and Latin American companies investing in China. The firm has taken on various clients from the manufacturing, life sciences and consumer goods sectors.
In M&A, a high profile deal saw the firm assisting the Dalian Wanda Group on selling its stake in Spanish football club Atlético de Madrid to Quantum Pacific Management Group. Other notable work includes advising Girbau on its introduction in China through a joint venture with Shenguang and acting for Industrias Ramon Soler on acquiring equity in Ningbo Itcone Sanitary Group.
Key clients include Beabloo, Cementos Molins, Cortefiel, Genómica, Iberia Airlines, Mestrelab, Pepe Jeans and Seat.
DaHui Lawyers is a relatively new independent boutique that is increasingly visible in the PRC market. It is best known for its technology focused private equity and M&A practice, but also handles capital markets and banking and finance work.
The firm is also active in the healthcare, aviation, education, energy, and media and entertainment industries.
Key highlights in the past 12 months include advising Zhejiang Dragon Pipe Manufacturing in its acquisition of Beijing Muzhiwan Science and Technology and Sooying Science and Technology, leading gaming and video streaming companies; advising GSR Ventures in its Series A equity investment in Zhoutao, a company developing and producing agricultural intelligent automation equipment; and advising the underwriters in PPDAI’s NYSE IPO.
The firm continues to grow and in the research period brought in partners Julia Dai from Latham & Watkins and Xikang Wang from Goldman Sachs.
This year the firm breaks into IFLR1000’s China M&A rankings on account of its robust mandates.
Key clients of the firm include Xinyuan Real Estate, Zhejiang Dragon Pipe Manufacturing, Kaile Science & Technology, Hewlett Packard Enterprise, Comcast, GSR Ventures and Hillhouse Capital Group.
In Hong Kong and China, Davis Polk & Wardwell is best known for its market leading equity capital markets practice and also for its strength in financial services regulatory. The firm is also known for its high-yield practice and is robust in private equity and M&A, where it advises on US, Hong Kong and English law.
Capital markets highlights in the research period include advising Tencent Holdings in the HKSE IPO of its spinoff China Literature; advising Razer in its HKSE IPO; and advising the underwriters in WTT Investment’s high-yield notes offering.
In M&A the firm was busy advising Jeneration Holdings in its acquisition of AXA Wealth Management from AXA China Region; advising China Biologic Products on its acquisition of an 80% equity interest in Tianxinfu Medical Appliance from PW Medtech Group; and advising I Squared Capital on its acquisition of Hutchison Global Communications from Hutchison Telecommunications Hong Kong.
The firm’s client roster include names such as China Reinsurance, Zhongsheng Group, Tencent Holdings, Sunlands Online Education Group, Jeneration Holdings, Tongcheng Network Technology, and iKang Healthcare Group.
"I am very satisfied with DPW's work. The lawyers are diligent, knowledgeable and responsive. They also have very good commercial sense." – Banking and finance, M&A, Investment funds
Deacons is best known for its investment funds work, especially in retail funds, where it dominates the market, and hedge funds. It has the largest investment funds team in Hong Kong, and also covers PRC-related funds and mandatory provident fund (MPF) funds, which are unique to Hong Kong.
Funds highlights in the past 12 months include advising Invesco Hong Kong in forming the Invesco Belt and Road Bond Fund, which is the first fund linked to China’s belt and road initiative to be authorised by the SFC; advising EFG Asset Management in setting up its first Hong Kong unit trust platform, with the initial sub-fund focusing on the new digital economy; and advising FWD Management Holdings on the sale of its MPF fund and occupational retirement schemes businesses to Sun Life Hong Kong.
In M&A the firm acted for Wharf Holdings, Wheelock and Company and Wharf Real Estate Investment Company (REIC) in relation to the spin-off of Wharf REIC from Wharf for the separate listing of Wharf REIC’s shares on the HKSE by way of introduction.
The firm’s key clients include names such as BlackRock, Manulife, China Everbright Capital, BNP Paribas Securities, Bank of East Asia, Hong Kong Monetary Authority, and Guotai Junan Securities.
"The firm is attentive, responsive and up to date." – Capital markets
"Deacons are well established as the leading Hong Kong investment funds practice and offer registration and licensing support to a large number of global asset managers. In my experience, Deacons excels in providing advice on fund regulatory matters. It has very frequent interaction with the local market and with regulators and are therefore well positioned to offer sound advice when needed." - Investment funds
"Deacons investment funds practice is very strong. It is also very strong in Hong Kong corporate financing and in stock exchange regulations." - Investment funds
"Deacons provides a high standard of work and are receptive to our needs." - Investment funds
"It has highly professional, hands-on knowledge of regulations, and valuable advice of market practices." - Investment funds
"The firm is very professional, has subject matter expertise, and is good value for money." - Investment funds
Debevoise & Plimpton is best known for its private equity funds work where it is ranked highest. The firm also handles M&A matters.
Highlights include advising Baring Private Equity Asia in the fundraising of various co-investment vehicles with commitments in excess of $1.6 billion dollars to facilitate the privatisation of Nord Anglia Education; advising Hony Capital in its acquisition of an equity stake in WeWork Greater China Holding Company; and acting for Clearwater Capital Partners on its recently announced sale to Canada-based Fiera Capital Corporation.
Key clients of the firm include Baring Private Equity Asia, Hony Capital, Clearwater Capital Partners, Capital Group, AIA Group, Prudential Financial and AXA.
In Hong Kong Dechert is best known for its funds work, particularly in private equity and hedge funds.
Highlights in the past 12 months include advising China Everbright on the formation of a $1 billion global infrastructure fund; advising Silk Road Fund in its subscription for $200 million limited partnership interest in the China Central and Eastern Europe Investment Co-Operation Fund II SCS SICAV-SIF; and acting for Hedgestone Capital Group in the launch of its hedge fund, Liquid Strategy Fund.
In the research period the firm lost partner Karl Paulson Egbert to Baker McKenzie.
Also this year the firm enters the rankings for private equity funds in Hong Kong.
The firm’s clientele includes names such as China Everbright, Silk Road Fund, China Ping An Insurance Overseas Holdings, Hedgestone Capital Group, HarbourWay Investment Management, Lu International and China Orient Asset Management Holding.
Headquartered in Beijing, DeHeng Law Offices acts across the spectrum of corporate and finance work.
The banking team takes on the role of lead counsel in cross-border matters and offers services such as acquisition finance, project finance, cross-border enforcement of debt and restructuring, aircraft finance and shipping finance and advice on market entry by foreign banks.
Standout work includes working for the China Development Bank in the financing of the San Gaban III hydropower plant in Peru and acting for Shandong Gold in negotiations for obtaining financing for the acquisition of a stake in the Veladero mine in Argentina.
The M&A team has a special focus on the mining and technology sectors. An interesting example saw the firm advising a consortium led by JAC Capital in the acquisition of the Standard Products Unit of NXP Semiconductor. Elsewhere, the firm assisted Wangsu Science & Technology in the acquisition of a controlling stake in the Russian company CDNvideo.
Key clients include China Development Bank, Export-Import Bank of China, Bank of China, China Merchants Bank, CITIC Bank, the Bank of East Asia, Hang Seng Bank, Industrial and Commercial Bank of China, China Gold and CRRC Corporation.
Dentons in China has a diverse offering and is active across the board in financial and corporate matters. The firm provides advice on matters in numerous industries such as technology and telecommunications, entertainment, pharmaceuticals, healthcare, insurance, automotive, aviation, manufacturing and mining.
In capital markets, the firm’s offering covers the entire value chain from the upstream of fundraising for equity funds to the downstream of capital exits. A clear highlight had the firm acting for Chengdu Greentown Energy Saving Investment on the successful offering of asset-backed securities on the Shenzhen Stock Exchange.
On the M&A side, the firm acted for both buyers and sellers in industries such as energy, healthcare and automotive.
The firm boasts one of the largest project teams in China and caters mostly to domestic and foreign listed companies and large state-owned enterprises, joint venture and private companies. An interesting example saw the firm providing Tai Zhou Rail Transit Construction Development and Beijing Heming Investment Consulting with full legal services on the development of Phase I of Line S1 of the Taizhou Municipal Railway.
On the restructuring and insolvency side, the firm has experience in advising managers, creditors and debtors. A notable matter saw the firm act as the administrator in the restructuring of the Sichuan Chemical Company.
“Excellent dedicated service led by Jeff Chen, head partner of Asian structured finance.” – Capital markets: Structured finance and securitisation
East & Concord Partners is best known for its banking and finance, M&A and projects work. The firm’s client base comes from a diverse set of sectors including automobile, construction and materials, food and beverage, mining and pharmaceuticals and life sciences.
During the past 12 months, the banking and finance team served prominent clients and carried out various large-scale, high-value financial projects. A high profile cross-border mandate saw the firm providing a full range of services, including assistance with financing, to the Beijing Gas Group on its purchase of shares in Verkhnechonskneftegaz from PJSC Rosneft.
In M&A, a notable matter saw the firm working with the Deloitte Huayong Accounting Firm and Beijing Heming Investment & Consulting in securing a bid for the first national passenger dedicated line in the Nanchang-Jiujiang Railway Passenger Dedicated Line PPP project.
Staffing changes saw attorneys Zhigang Xiao and Zhong Yueping leave the firm while Zhigang Zheng joined the firm.
Key clients include State Development & Investment Corporation, Beijing Rogrand E-Commerce, China CITIC Bank Corporation, China Resource Group Company, Venustech Group, Beijing Capital and China Resource Healthcare.
In China and Hong Kong, Eversheds Sutherland is best known for its structured finance and securitisation and restructuring and insolvency work.
Highlights in the research period include advising arranger Hong Kong Capital Finance Corporation in a Hong Kong mortgage securitisation warehouse transaction with Korean bondholders; acting for Perbadanan Tabung Amanah Islam Brunei (TAIB) on several Islamic derivatives transactions; and advising PricewaterhouseCoopers on the worldwide insolvency and liquidation of Maplin Electronics.
Key clients of the firm include Hong Kong Capital Finance Corporation, TAIB, CTI Capital, China Minsheng Bank, KPMG, PricewaterhouseCoopers and China Merchants Securities.
“It's very prompt and offers succinct advice on complex issues. Kingsley is great to deal with—very personable and responsive.” - Banking and finance
“The firm is highly experienced in structured finance and securitisation transactions. It is able to grasp and understand complex financial structures, and has good up-to-date knowledge of commercial best practices to augment technical legal advice.” – Capital markets: Structured finance and securitisation
“It offers clear guidance, strong opinions and good availability. The firm puts itself into the client's shoes.” – Restructuring and insolvency
“Kingsley Ong is an absolute superstar. An all-rounder in the corporate finance space, whose practice also extends into contentious restructuring and insolvency.” - Restructuring and insolvency
EY Chen & Co is a commercial law firm with offices in Shanghai, Beijing and Hong Kong and offers services in capital markets, M&A and restructuring and insolvency. The firm has significant experience in industries such as healthcare, automotive, media, technology and telecommunication and consumer goods.
The firm’s capital markets offering includes pre-IPO financing and investment, domestic and overseas issuance of stocks, bonds and other securities. Highlights include advising on the IPO of Shanghai Baolong Automotive Corporation and assisting Anxin Trust & Investment in a private placement of ordinary shares.
In M&A the firm assists domestic and international clients from numerous industries in domestic and cross-border equity and asset acquisitions. Recent significant matters include advising Great Wall Movie and Television on its major assets restructuring and assisting Jack Sewing on its overseas strategy, including its acquisitions of listed companies in the UK and Italy.
In the restructuring and insolvency space, the firm acted as a bankruptcy administrator in the bankruptcy of Shanghai Aero-Sharp Electric Technologies and furthered the interest of creditors by realising overseas assets.
Fangda Partners is best known for its private equity and funds work. It was one of the earliest entrants into the PRC fund formation market and its team has the dual capacity to advise on renminbi and offshore US dollar fund formation matters.
In banking the firm is acting for a syndicate led by China Merchants Bank in a term loan facility to R&F Properties for financing the acquisition of 77 hotels from Dalian Wanda Group.
In capital markets the firm is advising CMS Asset Management in a real estate ABS, which is the largest in 2017 and also the largest real estate ABS transaction ever approved by the Shenzhen Stock Exchange.
Fund highlights include advising the Carlyle Group as sponsor and manager on structuring and forming its second Rmb-denominated private equity fund; advising Alibaba Group on structuring and forming a Rmb-denominated private equity fund to implement Alibaba’s “new retail” concept; and acting for Cainiao Logistics on structuring and forming its first Rmb-denominated logistics/warehousing fund.
In other highlights the firm kept busy advising Hopu Investment in its acquisition of Global Logistics Properties, which was the largest-ever private equity buyout in Asia.
In the research period the firm brought in banking partner Lawrence Yuan from King & Wood Mallesons, but lost funds partner Alice Huang to Morgan Lewis & Bockius.
The firm’s impressive clientele includes names such as Blackstone, KKR, CITIC Capital, JPMorgan, Bank of China, Citibank, and China International Capital Corporation.
"Nice job." – Banking and finance
“Leading partners are experienced in the sector and can provide insights; team is very responsive and detail oriented.” - Investment funds
“Richard is knowledgeable and experienced in fund formation in China.”
FenXun Partners offers services in banking and finance, investment funds and M&A and is strongest in private equity. The firm receives support from a worldwide network through joint-operations with Baker McKenzie.
In investment funds, the firm has served in various capacities as fund counsel, investor counsel and counsel for fund manager. Details of the work done are confidential, but it can be said that the firm was involved in an array of sectors including hospitality, real estate and insurance.
In capital markets, the firm has particular expertise in structured finance and securitisation. Interesting work includes advising Di Run (Tianjin) Technology on its car rent securitisation project and assisting Ninghai Urban Investment Group with its Ninghai Resettlement Housing asset-backed securitisation project.
Staffing changes saw the departure of partner Xusheng Yang from the capital markets team for Baker McKenzie.
Hong Kong independent Gallant is best known for its work in M&A and banking and finance.
In addition to working on confidential loan facilities in the past 12 months the firm has been busy with regulatory work advising a bank in Hong Kong on incorporating suitability requirements into client agreements and reforming bank culture. In one M&A highlight the firm advised its client that operates a children’s fashion business in its sale of a majority stake of the business to a private equity fund.
Gallant has offices in Hong Kong, Guangzhou and Shanghai and is a member of Meritas, an international independent law firm association.
“Gallant provides us professional, up-to-date and practical advice on general commercial and regulatory compliance issues.”- M&A
“Angela responds to our enquiries promptly and she can provide us practical and professional advice on general commercial and regulatory compliance issues."
In Hong Kong Gibson Dunn & Crutcher is best known for its M&A, projects, banking and finance, and now investment funds work. The firm has offices in Beijing and Hong Kong that work closely with its Singaporean counterparts.
In the past year the firm’s M&A practice kept busy in the healthcare sector advising private equity fund Nanjing Ying Peng Hui Kang Medical Industry Investment Partnership in its acquisition of a majority stake in China Cord Blood.
Other highlights include advising Universal LRT Corporation in the development, construction and financing of the Manila Metro Rail Transit System Line 7; advising a Bain Capital Private Equity led consortium in the financing and acquisition of Trans Maldivian Airways from Blackstone managed funds and certain minority investors; and advising Citic Capital Partners in the formation of its flagship China private equity fund, the $1.57 billion CITIC Capital China Fund III.
In the research period the firm gave its investment funds practice a significant boost with the hires of partners John Fadely and Albert Cho—and their team—from Weil Gotshal & Manges.
As a consequence the firm enters the rankings for private equity funds in Hong Kong.
Key clients of the firm include Citic Capital Partners, Boyu Capital, Bain Capital, Goldman Sachs, Yida China Holdings, Universal LRT Corporation and PCCW International
Global Law Office is an independent Chinese law firm best known for its banking and finance, capital markets and projects work.
The firm has solid experience acting in mandates in industries such as TMT, manufacturing, automotive, healthcare, pharmaceuticals, real estate, financial services, and shipping.
Banking highlights from the past year include assisting ChemChina with its financial arrangements to acquire Syngenta, which was the largest foreign acquisition to date by a Chinese company, and advising CMB and CITIC in relation to facility to acquire certain issued shares of Hopewell Highway Infrastructure by an offshore subsidiary of Shenzhen Investment Holdings.
In capital markets the firm is advising Sogou on its IPO and listing of shares on the NYSE.
The firm is clearly in growth mode as its banking and finance practice brought in partners Isabella Liu, Jun Qian, Zheng Yu and Jin Liu from Royal Bank of Scotland, Boss & Young, and (the last two) from Junhe in Shenzhen respectively. The capital markets team also scaled up with partner hires of Jia Guo, Liangsuo Li and Feiwen Wu from Jingtian & Gongcheng, Grandall Law Firm and Guangdong Jun Yan respectively.
This year the firm moves up a tier the China banking and finance table.
Key clients of the firm include ChemChina, ABN AMRO, BNP Paribas, HSBC, Standard Chartered Bank, Shenzhen Hopewind Electric, and Goal Rise Logistics.
“GLO is a firm with a good reputation for IPO services for HK and PRC entities. The lawyers have deep expertise in the corporate finance and IPO aspects. They are fast, accountable, responsive and charge reasonable fees. Moreover, the firm has good handover system even if a certain professional has left during the process of our group's project. This is not common in many other professional firms. They are often right by our side whenever problems arise and give us relevant advice to achieve the target. Frankly speaking, we did not find any noticeable weakness in GLO's service for us.” – Capital markets
Grandall Law Firm is one of the largest independent law firms in China. It is best known for its capital markets work—especially in the A-share market—but is also developing its private equity and venture capital practice so that it can complete the service chain from early rounds of financing to when a company is qualified for listing.
Highlights in the past 12 months include acting as PRC counsel for joint sponsors Morgan Stanley, Bank of America Merrill Lynch, and Credit Suisse in China Literature’s HKSE IPO; advising Sinopec in its acquisition of interests in Shanghai SECCO Petrochemical from BP Chemicals; and advising on the first phase of the Chengdu Metro Commuting Railway Line 9 public private partnership (PPP).
Key clients of the firm include Morgan Stanley, Sinopec, Credit Suisse, Jiangsu Yanghe Distillery, CTJ Info-Tech, Evergrande and Bank of America Merrill Lynch.
Grandall Law firm cooperates with many international firms such as Clifford Chance, Skadden, Davis Polk and Sidley Austin. It also cooperates with Hong Kong independent Lam Lee Lai to facilitate Hong Kong IPOs.
Guantao Law Firm’s strongest areas are in private equity and project development where it is ranked highest. It handles a variety of private funds, such as private equity, hedge, real estate, venture capital, and fund-of-funds funds; while its projects practice is adept at approvals, contracts management, advice on rights, and legal services for PPP and construction projects.
A lending highlight saw the firm acting for China Minsheng Trust in a new round of financing for Beijing Jingdong Financial Technology Holding.
In capital markets the firm advised China Communications Construction Group in its issue of non-public exchangeable bonds with 1% coupon rate.
Recent project development and finance highlights include advising China Development Bank on its financing of the Indonesian Jakarta-Bandung high-speed railway; advising Shanghai Shendi Group in the construction of Shanghai Disney Resort.
An M&A highlight saw the firm act for Shenzhen Tempus Global Business Services Holdings alongside TBRJ Funds and Bain Capital in a consortium to acquire the world’s largest seaplane operator Trans Maldivian Airways from Blackstone.
Key clients of the firm include State Grid Corporation of China, Shanghai Shendi Group, China Minsheng Trust, General Technology Venture Capital, Datang Telecom Technology, Bank of Dalian, and China Development Bank.
Going from strength to strength, Han Kun Law Offices is one of the most noticeable firms in the Chinese legal market of late, particularly in private equity, investment funds and capital markets where it has been active in overseas listings.
Banking highlights saw the firm represent ICBC Financial Leasing in its refinancing of 16 aircraft with Export-Import Bank of China.
In debt capital markets the firm advised Tencent Holdings on its $5 billion GMTN programme. In the equity capital markets the firm was busy advising underwriters Goldman Sachs, Credit Suisse Securities, Merrill Lynch Pierce Fenner & Smith on iQIYI’s IPO and listing on Nasdaq; advising China Literature on its HKSE IPO; and advising the joint sponsors, JPMorgan Securities, Credit Suisse, UBS Securities and CMB International Finance, on ZhongAn Online P&C Insurance’s HKSE IPO.
In the fudns space the firm is advising China’s largest online-to-offline services provider Meituan-Dianping in its series C round of equity financing; advising Everbright Holdings in forming a number of blind-pool and SPV RMB funds;
In M&A the firm is advising Tencent in its involvement in the merger of Maoyan and Weiying, two leading online movie and performance ticketing platforms in China.
The firm is growing and brought in partners Yurong Ye and Shiwen Dong from King & Wood Mallesons and Zhong Lun Law Firm. Its funds practice expanded as well with the hires of partners Huaying Qi and Lin Zhou respectively from Cooley and Haiwen & Partners. And while the firm’s aviation finance practice is renowned, it is looking to broaden its finance offering and to this effect brought in Yin Ge and Tiecheng Yang from Clifford Chance.
In this edition of the IFLR1000, Han Kun’s capital markets practice moves up to the top tier in the China ranking tables.
The firm’s impressive client roster includes names such as Warburg Pincus, Baidu, Tencent, CICC, Everbright Holdings, The Export-Import Bank of China, China Southern Airlines, Goldman Sachs, and JPMorgan.
“Firstly, Han Kun possesses a full set of professional skills and knowledge including about the relevant regulatory environment (which is new area and has high professional requirement), PE investment and capital market regulation, etc. Therefore, we are able to receive a one-stop service from Han Kun on many perspectives when it comes to a quite complicated deal involving many parties. Secondly, for projects we have engaged Han Kun in the partners in charge are very hands on themselves and acting dedicatedly and responsively, with full understanding of all details of the deal and are responsive to our calls or emails inquiring anytime even during midnight. Thirdly, Han Kun also helped us in business decision making matters and has been a pretty good negotiator. By explaining the available rights of investor, market practice, succeeded cases in the past, we have learned a lot and so we have got a better deal than we expected. For material terms and conditions in transaction documents, as well as smaller but also important issues such as deal schedule, the degree of disclosure etc., Han Kun has shown us very persuasive negotiating skills and has been strongly defending our position without harming the relationship with the targets, which demonstrated the pretty high IQ of the partner and the team as well. Fourth, Han Kun cares about the details of their legal services and involvement in our projects. For instance, for certain small things such as where to sign a document, how to execute a deed, when to exchange signature pages, when to waive a CP, Han Kun gives us very specific instructions.” – M&A
“Li Sheng is a good negotiator and helped a lot when negotiating with the target for the material terms and conditions, and also on smaller but important issues such as deal schedule and the degree of disclosure. He's very persuasive and strongly defended our position without harming the relationship with the targets. He has a very high EQ and is a good organiser and coordinator."
“The team in Han Kun which is headed by Li Sheng is well organised. You can reach out to them anytime, even if someone is temporarily unavailable, other team members will cover his/her job and give consistent and proper advice."
"He cares about the details. For small things such as where to sign a document, how to execute a deed, when to exchange signature pages and when to waive a CP, he gives us very specific instructions."
Han Yi Law Offices is one of the older boutiques in the PRC market focused on private equity and M&A. However, it is looking to move beyond this by expanding into intellectual property and disputes.
The firm is traditionally known for its work in the TMT and e-commerce space. Highlights in the past 12 months include advising the sellers led by Carlyle Group in the sale of Orange Hotel to China Lodging Group; advising the company’s management and private equity firm ShawKwei & Partners in the sale of Yongle Tape to Avery Dennison; and advising the Carlyle Group in its investment in Jingdong Express.
Key clients include the Carlyle Group, TrustBridge Partners, General Atlantic, Blackstone Group and Bain Capital.
Harneys strategy in Asia has been one of growth for a few years now and that has resulted in it having the largest offshore legal team in Hong Kong. It is also the only offshore law firm with a representative Tokyo office, and with its office in Shanghai it became the first fully operational offshore legal and fiduciary services firm in the PRC. The firm’s corporate and funds practice is growing fast, while its finance team continues to strengthen.
Key highlights for the firm in the past 12 months include rendering BVI and Cayman law advice to Kaisa Group Holdings regarding the exchange offer for its existing series A, B, C, D and E notes into senior notes, and its concurrent issuance of new senior notes; acting as Cayman counsel to Deutsche Bank in the financing for the acquisition of Takata Corporation by Key Safety Systems; and acting on a Cayman fund, namely, SMG Acquisition Fund.
In the research period the firm brought in partner Maggie Kwok from Appleby, but lost partner Matt Roberts who went to Maples and Calder.
Key clients of the firm in Asia include Kaisa Group Holdings, Deutsche Bank, HSBC, BOC International, Bank of China, Hong Kong International Construction Investment Management Group, and China CR Capital.
"Harney's China team led by Kristy Calvert is responsive to client's needs and maintains good quality." Banking and finance, M&A
HHP Attorneys-At-Law is a Shanghai-based independent firm that is mostly active in M&A and financial services.
The firm’s financial services practice is disputes-centric; however, it is focusing on developing its transactional practice by leveraging its knowledge of risk to develop products and advise on structuring transactions in future.
In M&A the firm kept busy advising Ningbo Huaxiang Electronic in its prospective acquisition of 30% shares in a joint-venture company proposed by GSR Capital Advisors and Beijing GSR Capital, and contribute to a buyout fund set up by GSR Capital Advisors to purchase Nissan Battery; and advising Guizhou Zhicheng Group in the sale of its chain shopping company to Beijing Guoan Community.
Key clients of the firm include Ningbo Huaxiang Electronic, Guizhou Zhicheng Group, China Zheshang Bank and Shanghai Pudong Development Bank.
HHP is also the first Chinese member firm of Meritas, which is an international alliance of law offices.
“In our view, HHP stands for the highest quality of legal service in the market in the corporate and M&A sector. Its professionals always provide timely and comprehensive legal analysis and support, with workable legal solutions. It is skilful at handling complicated legal matters, which is extremely important in the fast changing regulatory environment in China. Its cost structure is transparent and reasonable. Even though it is not one of the largest law firms in China, there is no doubt that we will always first consider HHP to cooperate with.” - M&A
“The lawyer is diligent and responsible. The response is timely. It is accurate to prejudge the legal risk. Clear expression and persuasiveness.”
"Mr Rao is one of the leading lawyers in the market. We have maintained a long term cooperation with him and his firm. Mr Rao always provides reliable and diligent legal support, for which we appreciate very much."
Jia Yuan’s bread and butter is capital markets and M&A work. This is especially so for IPOs where it captures a healthy portion of the A and H-share markets.
Key highlights include advising lead underwriter Citic Securities Company in Shenzhen BGI Health Technology’s IPO and listing on HKSE’s GEM Board; advising Power Construction Corporation of China in its non-public offering of A-shares; and advising Shenyang Blue Silver Industry Automation Equipment in its acquisition of Dürr’s Ecoclean business, which involves cleaning and surface processing.
The firm has been busy on the hiring front bringing in partners Chen Jie, Cai Chencheng, Huang Liangping, Chang Yuequan, Zhang Qi and Wang Bin over the research period.
Key clients of the firm include China Shipbuilding Industry Corporation, Citic Securities Company, Power Construction Corporation of China, AECC Aviation Power, China International Capital Corporation and Shenyang Blue Silver Industry Automation Equipment.
In the past year the firm also established a joint law firm with a local Hong Kong firm in Guangzhou. In September 2017 Beijing Jia Yuan Law Offices and Anthony Siu & Co in Hong Kong established Jia Yuan and Siu (Guangzhou) Law Office—the first Sino-HK jointly invested law firm in the Guangdong province—to facilitate the Belt and Road Initiative and meet the legal demands of domestic and foreign clients in the Pearl River Delta region.
Jones Day is best known in Hong Kong for its equity capital markets, M&A and private equity work.
Highlights in the past 12 months include advising underwriters BOCI Asia, Hong Kong Asset Management and Halcyon Securities, and sole sponsor Halcyon Capital in the HKSE IPO of Precision Tsugami (China) Corporation; advising Shenzhen Energy Group on its acquisition of a portfolio of PV solar generation facilities in California from Recurrent Energy; and advising Haitong International Financial Products in its subscription of notes in Youyuan International Holdings, a China-based wrapping tissue paper manufacturer.
In the research period the firm bolstered its corporate practice with the hire of partner Charles Chau from Morrison & Foerster.
Key clientele of the firm includes names such as Haitong International Financial Products, Sinco Pharmaceuticals Holdings, Shenzhen Energy Corporation, AGIC Capital, BOCI Asia, Halcyon Securities and Chengdu Kanghong Pharmaceutical Group.
Capital markets is JunHe’s largest practice group where it has strong market share in IPOs. As one of the first private law firms to be established in the PRC, JunHe made project finance a core activity, but it is also known for other types of finance, M&A, and private equity work.
Some key finance highlights in the past year bring the transport and renewable energy industries into focus. For example, the firm kept busy advising Hangzhou Metro Group in relation to the Hangzhou subway line 5 PPP; advising Chengdu Metro on the Chengdu Fu line 18 PPP; and advising Shanghai Lingang Wind Farm in financing a wind farm.
Fund highlights include advising Uxin Group in its round of financing that included investments from TPG, Jeneration Capital, China Vision Capital, Zhongwei, Warburg Pincus, Tiger Global, Hillhouse Capital, KKR, and Huasheng; advising Ping An Life and Ping An Property in its investment in Vista Equity Partners Fund VI, a US dollar fund; and advising SoftBank Vision Fund in a round of financing for Ping An Healthcare Management.
This year JunHe moves up to top tier in the China investment funds category.
Key clients of the firm include DBS Bank, Bain Capital, Standard Chartered Bank, Hangzhou Metro Group, Ping An Life, Goldman Sachs, and Temasek Holdings.
JunZeJun is a Beijing-headquartered independent law firm active in banking and finance, capital markets, M&A and project development. The firm has a further six offices around mainland China as well as one in Hong Kong in association with Nixon Peabody.
Key highlights in the past year include advising Dasin Retail Trust Management on Dasin Retail Trust’s IPO on the Singapore Exchange; advising Huiyang Public Utilities Administration on the PPP project to develop the Huizhou South Railway Station New Town Area; and advising Bank of China on the issuance of Rmb4 billion bonds by its Macau branch.
Key clients of the firm include Bank of China, Ping An Securities, Tianfeng Securities, Phoenix Travel Worldwide, Exim Bank of China, Bank of Beijing and China Railway Construction Property Management.
K&L Gates’ Greater China practice has been mostly active in M&A mandates in the past year. It is known for China-related inbound and outbound deals, and in acting for middle-market and emerging growth companies.
Key highlights include advising Cosco Shipping and Lianyungang Port Holdings Group in its acquisition of a dry port in Kazakhstan; advising Invesco Real Estate on the acquisition of a portfolio of core logistic real estate assets in China from e-Shang Redwood; and acting for a PRC fund on its acquisition of a 10% stake in PJSC Polyus, the largest gold producer in Russia.
Key clients of the firm include Cosco Shipping, Invesco Real Estate, Pamfleet, Johnson Controls International, Zhonghong Holdings, Iron Mountain and KaiOS Technologies.
King & Wood Mallesons (KWM) is a household name in China’s legal market. It is the only international firm that can practise PRC law, and that puts it in good stead for capital markets work, namely A-Share, H-Share, and panda bond transactions. The firm is also strong in private equity, finance, M&A, and structured finance and securitisation – especially in Korean cross-border ABS deals, cross-border auto loan securitisations and retail structured products.
Key banking highlights include advising the Export-Import Bank of China on its financing to Yancoal to acquire Australian coal assets from Rio Tinto.
The firm’s aviation practice has also been busy of late and advised the Henan branch of China Development Bank in financing a joint venture leasing company to help it lease several aircraft to a Russian airline, which was the first aircraft financing project for a financial institution in Henan province; and advising
In capital markets its notable deals included advising the underwriters in Alibaba Group Holding’s public offering of senior unsecured debt and listing on the Singapore Exchange (SGX).
One project highlight was advising China Electric Power Equipment and Technology in constructing a 4000MW, 660kV high-voltage direct current transmission line to help alleviate Pakistan’s electricity problems.
KWM was hit by a number of departures this year with banking partners Cheng Xueli and Roy Zhang leaving alongside projects partner Guo Guiying.
Key clients of the firm include Morgan Stanley, Goldman Sachs, Credit Suisse, Baidu, Export-Import Bank of China, China Electric Power Equipment and Technology, and China Development Bank.
"Full service firm, providing services in a prompt and professional way." Banking and finance, M&A, Restructuring and insolvency, Capital markets
"Strengths: Specialists, fast reactions." – Capital markets
"Strengths include the width of the service coverage, availability of expertise in different areas, team work spirit." – Capital markets, Banking and finance
"Excellent." – M&A
"The team has a great network and insight into the Chinese markets. Their insights into Chinese lenders in particular has allowed us to tailor offerings in a more targeted manner." - Project development
"Helena has good drafting skills in both Chinese and English, and excellent knowledge of PRC laws."
"The lawyer values the relationship with us and can refer competent lawyers for different works."
"Michael is high quality and client-oriented."
Kirkland & Ellis is best known for its private equity practice (80% of its global corporate lawyers specialise in this practice) that is paired with a very strong private equity funds team. The firm also has a very strong restructuring and insolvency practice acting for bondholders, companies and banks, and a sponsor side leveraged finance practice.
In banking the firm has been advising Blackstone Capital Partners on the leveraged financing for its buy-out of Shya-Hsin; and advising JPMorgan on Yunfeng Financial Group’s acquisition of MassMutual Asia.
In capital markets the firm has been advised the underwriters in the NYSE listing of Qudian, which is the largest US IPO of a Chinese fintech company.
Private equity highlights include advising a consortium comprising Hillhouse Capital Management, Hopu Investment Management, SMG Eastern, Bank of China Group investment, and Vanke Real Estate in its acquisition of Global Logistic Properties (GLP), which is the largest ever private equity-backed takeover in Asia; advising Bain Capital in its investment in Axis Bank, which is one of the largest ever private equity investments in the Indian banking sector; and advising Chinese private equity firm Orchid Asia in the fundraising of Orchid Asia VII, which was oversubscribed.
In restructuring the firm kept busy advising commodities trader Noble Group in restructuring its financial liabilities.
The firm has strengthened in the past year by bringing in corporate lawyers Ram Narayan and Wanda Woo from Sullivan & Cromwell and Shearman & Sterling respectively, finance partner Jacqueline Zheng from Ropes & Gray, capital markets partner Meng Ding from Davis Polk & Wardwell, and funds partner Yue Zhang from Simpson Thacher & Bartlett. However, its capital markets team was hit by the departures of Henry Cheng to DLA Piper and Benjamin Su to Latham & Watkins, while it lost finance partner Doug Murning to DLA Piper.
Kirkland & Ellis goes from strength to strength in Asia-Pacific moving up into the top tier for private equity in Hong Kong. The firm also moves up in Hong Kong’s banking table, China’s foreign firms M&A table, and entered the rankings for real estate funds.
The firm’s impressive client roster includes names such as Bain Capital, JPMorgan, Morgan Stanley, Credit Suisse, Noble Group, Blackstone and Carlyle Group.
"K&E has lawyers with strong technical skills and a hard working ethic. Where appropriate it brings in expertise from US lawyers."
With its strong projects, M&A and capital markets practices, and its growing strength in private equity and leveraged finance, Latham & Watkins is really making its presence felt in Asia-Pacific. The firm has acted in seven HKSE and US IPOs in the research period, and has a further 16 IPOs in the pipeline at an aggregate of $7 billion.
In banking the firm has been advising Warburg Pincus Asia on a term loan facility to acquire ARA Asset Management.
In capital markets the firm kept busy in the past 12 months advising Bank of Gansu in its HKSE IPO; advising Jilin Jiutai Rural Commercial Bank in its HKSE IPO; and advising the underwriters in Best’s NYSE IPO.
The firm’s private equity practice has been busy advising on security, education, real estate, retail, healthcare, technology, transport, financial services, energy, and logistics mandates. For example, it advised Nord Anglia Education in its take-private by a consortium led by Canadian Pension Plan Investment Board and Baring Private Equity Asia. It also advised Carlyle on the disposal of its Korean portfolio company ADT Caps to a consortium led by SK Telecom of Korea and Macquarie’s Korean Opportunities Fund, which is one of the largest ever private equity exits out of Korea; and advised Hillhouse Capital Management and Goldman Sachs in its acquisition of a minority stake in Arrail Dental Group.
In M&A the firm has been acting for a subsidiary of China Energy Investment Group in the acquisition of a subsidiary of Manz, and the establishment of an associated joint venture with Manz and Shanghai Electric to develop solar energy panels and equipment utilising advanced CIGS thin-film solar energy technology.
Other highlights include advising the holders of Noble Group’s perpetual bonds against the proposed restructuring plan.
In this edition of IFLR1000, Latham & Watkins moves up a tier in the Hong Kong private equity rankings and in the China M&A foreign rankings.
In the research period the firm strengthened its capital markets team with the hire of partner Benjamin Su from Kirkland & Ellis, and started to build out its financial services regulatory practice with the hire of partner Catherine McBride from Deutsche Bank.
Key clients of the firm include Warburg Pincus Asia, Baring Private Equity Asia, Bank of China, Morgan Stanley, Goldman Sachs, Carlyle Group, and MBK Partners.
Llinks Law Offices is unique in the Chinese legal market as it operates on the basis of one centralised profit pool across its offices. The firm is ranked highest in private equity, but banking and finance is also a core area for the firm alongside its funds offering, and acting for issuers and underwriters in IPOs, and other equity and debt offerings.
Capital markets highlights saw the firm advising Contemporary Amperex Technology on its IPO and listing on the Shenzhen Stock Exchange; advising Nanjing Yangzi State-owned Assets Investment Group in completing its debut overseas bond issuance; and advising Guoxuan High-Tech in its issuance of green bonds and short-term financing bonds.
Key funds highlights include advising technology company Sense Time in its C round financing to deepen its research and expand its business; advising Ventech Capital in its investment into Magic Ride; and acting for Hony Capital Management in setting up a new fund management company, which was the fourth successful case of transferring a private equity business to a public equity business in the domestic fund industry.
In the research period the firm strengthened its projects practice with the hires of partners Lei Hu and Yi Wang from Tian Yin Law Firm. It also bolstered its private equity practice with the hires of David Wu and Elyn Jiang from Boss & Young, and David Pan from Huntsman Corporation.
Key clients of the firm include Sense Time, Ventech Capital, Hony Capital, Guoxuan High-Tech, Generali China Asset Management, and Ping An Real Estate.
In Hong Kong and China, Mayer Brown is best known for its restructuring and insolvency, banking and debt capital markets practice where it is ranked highest. It has a strong high-yield practice and often represents trustees on bond issuances.
Key highlights in the past 12 months include advising creditor Maybank in relation to Pacific Andes’ restructuring; advising Indika Energy on its high-yield issuance of 5.875% senior notes due 2024; and advising Bank of China on a syndicated loan facility to Pace Ascend for the purpose of financing part of the consideration for acquisition of New Grade Investments from Greater Honour.
Other highlights include advising Asian Development Bank in financing to help China Water Affairs Group improve waste water management and increase people's access to a clean and reliable water supply in the PRC; advising Tsingtao Brewery in a stake sale by the Japanese brewer Asahi; and advising Risecomm Group Holdings in its HKSE IPO.
In the research period Mayer Brown JSM hired projects partner Hallam Chow from White & Case, but lost Xiangyang Ge and banking partner Joe Tam to Zhong Lun. In M&A it brought in Brian McKenna from Debevoise & Plimpton, but lost partners Mark Stevens to Berwin Leighton Paisner and Martin Robertson to Tiang & Co. The firm’s restructuring and insolvency practice brought in partners Kayal Sachi and Ian Roebuck from Allen & Overy, while its capital markets team lost partner Derek Tsang who left to setup his own private practice.
The firm’s client roster includes names such as Asian Development Bank, Silk Road Fund, Bank of China, Hang Seng Bank, HSBC, Tsingtao Brewery and TPG Capital.
In one recent development Mayer Brown JSM and PRC law firm Jingtian & Gongcheng terminated the formal association that the two firms established in 2015, however this has been supplanted by a global cooperation agreement that was agreed in July 2018.
“Very responsible law firm, especially important to newcomers to the market.” - Capital markets: Structured finance and securitisation
“Mayer Brown specialises in highly complex cross-border restructuring matters involving significant amount of capital, across multiple jurisdictions and numerous stakeholders. John Marsden and Tom Pugh are leaders in the restructuring field and provide exceptional service, they are always accessible and available. They listen first and talk second. This combined with superior technical and communication skills make them a stand out in the market. They work together as a team, are very pragmatic, have cool heads under pressure, excellent stakeholder management skills, and great working style.” - Restructuring and insolvency
“Strong firm with a deep bench of experienced practitioners. It has the international network necessary to be effective in this region.” - Restructuring and insolvency
"I have worked with Mayer Brown for the past two years in Hong Kong with the same team. I am very satisfied with the overall level of service." - Restructuring and insolvency
"The firm has professionalism and expertise." - Restructuring and insolvency
"It has strong commercial and technical ability, and appears to have an excellent culture within the restructuring team with John Marsden and Tom Pugh presenting a strong line up." - Restructuring and insolvency
“Tom is very knowledgeable in the restructuring space. He's very calm under pressure and provides sound and concise advice."
“Vincent is a very helpful lawyer and is always willing to help and share his best knowledge.”
MinterEllison in China and Hong Kong is best known for its mid-cap IPO expertise, M&A work, and projects practice.
Key highlights in the past 12 months include advising Innovax Capital as sponsor in the HKSE IPO of Mecom Power and Construction; advising Oriental Capital as sponsor in the HKSE listing of Jiangsu Innovative Ecological New Materials; and acting for Carnival Group International Holdings in its acquisition of a property development project in Beijing.
In the research period the firm lost projects partner Rebecca Silli who left for Tiang & Co, a firm in association with PwC Legal International.
Key clients of the firm include Somerley Capital, Dongxing Securities, Oriental Capital, China Harbour Engineering Company, China Railway Group, Carnival Group International Holdings and China Sandi Holdings.
In recent years Morgan Lewis & Bockius has expanded its footprint in Asia dramatically. In Hong Kong the firm has substantially improved its capacity in private equity and M&A alongside its equity capital markets practice.
The firm has a strong US client base in the life sciences, financial services and automotive industries. Highlights include advising Minsheng Education Group Company in its HKSE IPO; advising Sequoia Capital in the sale of Ele.me—China’s largest online food delivery platform—to Alibaba; and advising Warburg Pincus in the sale of Mobike—a smart bike-sharing platform—to Meituan-Dianping.
In this edition of IFLR1000, Morgan Lewis & Bockius enters the private equity rankings on the back of some impressive mandates.
The firm’s clientele includes names such as Warburg Pincus, Guotai Junan Capital, Sequoia Capital, GSR Capital, Bank of Jinzhou and China Hongqiao Group.
In Hong Kong and China, Morrison & Foerster excels in the equity capital markets, M&A and private equity where it is ranked highest. The firm also continued to build its fund formation expertise in Asia—especially in private equity and real estate funds with a number of associate hires.
Key highlights in the past 12 months include advising sole sponsor Bocom International in Luzhou Xinglu Water Company’s HKSE IPO; advising Global Logistics Properties (GLP) in its buyout and privatisation, which was the largest ever private equity acquisition of an Asian company; advising Ping An on the formation of Ping An Global Voyager Fund; and advising SoftBank as sole counsel in its investment into Xiaoju Kuaizhi (Didi), China's leading ride-hailing and mobile transportation platform.
In the research period the firm brought in corporate lawyer Yi Chen from an entertainment and media enterprise.
Key clients of the firm include SoftBank, Global Logistics Properties, Bocom International, China International Capital Corporation, Ping An, Tencent, and BlackRock.
From Hong Kong O’Melveny & Myers (OMM) is best known for its China and South East Asia private equity fund formation practice and secondaries market work. It is also active in M&A, capital markets, and financial services regulatory matters.
Key M&A, private equity and funds highlights in the past year include advising InfraRed NF China Holding in establishing the InfraRed NF China Real Estate Fund III; advising PAG Real Estate as lead participant in a consortium formed with a subsidiary of China Merchants Shekou Industrial Zone Holdings to purchase three office towers and associated retail facilities; and advising Hua Medicine—a drug developer in China focused on diabetes—in its Series D and Series E financing.
Other highlights include advising underwriters China Securities (International) Corporate Finance Company in the HKSE IPO of online game publishing company FingerTango; and advising JHL Biotech in its issuance of a $100 million convertible bond.
In the research period the firm brought in corporate partner Li Han from Shanda Group.
Key clients of OMM include PAG Real Estate, Hua Medicine, Axiom Asia Private Capital, GIC Private, eHi Car Services, China Securities Corporate Finance Company and Deutsche Bank.
“Very strong practice, with experienced lawyers and solutions-driven advice.” - M&A
“We have found OMM to be very impressive. Its in-depth knowledge of not just technical law but also the state of play in markets as well as its commercial nous has set it apart from other firms we have used. It is also very responsive.” - M&A
Paul Hastings is best known for its real estate work, particularly in real estate funds and financing. The firm also has a good portion of the IPO market and has developed good relations with Chinese banks.
Highlights in the past 12 months include advising ICBC International in its formation of a partnership with Sino-Ocean Capital for the acquisition of a large commercial real estate portfolio in China; advising a subsidiary of China Life in its formation of a joint venture with ElmTree Funds to acquire a US commercial real estate net lease portfolio; and advising SC Capital Partners in the formation of SC Core Fund, SC Capital Partners’ first core-plus private equity real estate fund.
In other highlights the firm kept busy advising Cosco Shipping Holdings in its external debt financing for its acquisition of Orient Overseas; advising the underwriters in Bank of Gansu’s HKSE IPO; and advising Ping An Trust in its acquisition of a minority interest in AutoHome, a leading automobile trading and information website, from Telstra.
In the research period the firm brought in corporate partner Jason Kuo from Troutman Sanders, but lost partners Douglas Freeman and Victor Chen to Goodwin Procter. Also the firm lost capital markets partner David Grimm.
Key clients of the firm include China Life, ICBC International, Guotai Junan Capital, Ping An Trust, SoftBank Vision Fund, Cosco Shipping Holdings and Yuzhou Properties.
Paul Weiss’ clear focus in Hong Kong and China is on private equity and M&A. It is ranked highest in private equity where its offices in Beijing and Hong Kong offers services in Chinese, Hong Kong and US law.
For example, the firm kept busy advising Asia-based private equity firm PAG in its investment in Joyson Safety Systems to fund the acquisition of Takata Assets; advising Ontario Teachers' Pension Plan in its investment alongside FountainVest Partners in The Pure Group; and advising KKR in the investment and launch of Cue & Co, a digital marketing company primarily for the Chinese market.
In the research period the firm boosted its practice with the hire of counsel Kit Mak from Ropes & Gray.
Key clients of the firm include KKR, Carlyle Group, Ontario Teachers’ Pension Plan, Morgan Stanley Private Equity Asia, Apollo Global Management, Tencent, and Didi Chuxing.
“Paul Weiss Rifkind Wharton & Garrison is a leading firm in the M&A, PE/VC areas. The partners and associates we have worked with have excellent technical expertise, can provide valuable advice and solutions beyond our expectation and can always meet our crazy deadlines.” – M&A
“Paul Weiss team is our "Ace" law firm and primary choice for our top deals. Partners such as Jeanette Chan, Judie Ng-Shortell are very responsive, dedicated and providing high-quality work products beyond expectation and as a client, I always know that we can count on them whenever we need. Personally they are very nice and friendly.” – Capital markets, M&A
"The partner, Betty Yap, gives real value add in transactions and is able to navigate difficult parties to come to resolution. It goes without saying that she has great technical skills and can see things from different angles. Paul Weiss runs its team leanly and efficiently while not letting things fall through the cracks." - M&A
With offices in China and Hong Kong and capabilities in Hong Kong, PRC, English and US law, Proskauer Rose is best known for its M&A, private equity, investment funds and regulatory work.
The firm’s M&A practice is known for its expertise in the entertainment and healthcare sectors. For example, it advised Formosa International Hotels Corporation in its sale of a 51% stake in the Regent Hotels and Resorts brand to InterContinental Hotels Group.
Proskauer Rose’s investment funds practice has acted for Schroder Adveq Management in its investment offering globally, including 30-plus primary investments, 20 co-investments, 15 secondary transactions, and 12 fund formations of commingled and separate managed accounts.
In other highlights the firm kept busy advising Mori Building Real Estate Investment Advisory in the acquisition by JR Kyushu of a service apartment hotel in Bangkok from the Thai Government Pension Fund; and advising PMI Foods in an ongoing investigation into a cross-border wire fraud case.
In this year’s edition the firm’s investment funds practice enters the private equity funds ranking in Hong Kong on account of its solid mandates and secondaries’ expertise.
Key clients of the firm include AccorHotels, China Jinmao, RRJ Capital, Haitong International, China Construction Bank International, Grand China Real Estate Fund and LGT Capital Partners.
R&P China Lawyers is an independent firm focused on providing corporate and M&A advice. The firm also takes on restructuring work and often acts for international law firms on the Chinese aspects of global M&A deals.
The firm catered to clients from a variety of sectors including automotive, technology and telecommunications and manufacturing. Recent highlights include advising Fugro in the acquisition of Fugro’s trenching and cable laying business by Global Marine Holdings and assisting Weston Wood Solutions in setting up its Sino-Foreign Joint Venture in the Fujian province.
“Outstanding.” - M&A
“It has a great network, is practical, hands on, and understands Western and Chinese values while being efficient and reliable.” - Project development, M&A
Ropes & Gray is one among the US firms increasingly gaining traction in Hong Kong and China. The firm’s key focus is in private equity where it focuses on the high-end market in the funds space and lately in take-privates and co-investment deals. Its finance team’s strength is in sponsor-side leveraged finance—and increasingly in real estate financing. The firm is also developing repute in advising bondholders on restructuring mandates.
Key highlights from the past 12 months include advising Baring Private Equity on its sale—together with Shanghai-based Bright Food Group—of UK cereal brand Weetabix; advising Alibaba as co-leader, alongside Yunfeng Capital, in the all-cash buyout transaction to privatise Nasdaq-listed iKang; and advising the adhoc committee of bondholders in relation to Mongolian Mining Corporation’s restructuring of senior notes.
In the research period the firm brought in partner Jackie Kahng from Simpson Thacher & Bartlett to shore up its banking and finance practice.
Also, on account of its strong mandates, the firm moves up IFLR1000’s rankings in restructuring and insolvency and private equity funds.
Key clients of the firm include Alibaba, Baring Private Equity Asia, Bain Capital, TPG Capital, Goldman Sachs, Citic Capital and CMC Capital Partners.
Seyfarth Shaw is relatively new to Hong Kong having established its practice in mid-2017. It is primarily focused on equity capital markets and M&A work.
Highlights include advising HaiKe Chemical Group in its London Stock Exchange listing, which was the first Chinese chemical enterprise that went public with the Alternative Investment Market (AIM); and advising Hudson Global in the restructuring of its HK business and its global management buy-out.
In the research period the firm brought in corporate partner Raymond Wong from King & Wood Mallesons.
Key clients include HaiKe Chemical Group, Wei Zhi Automobile Boutique Company and Hudson Global.
“Seyfarth Shaw in Hong Kong are excellent. It is commercial, practical and responsive. In particular Raymond Wong and Jing Li are knowledgeable and we rely on its expertise daily to get what we need done.” – M&A
Shearman & Sterling is ranked highest in the capital markets where it employs English, US and Hong Kong law capability to advise on equity, debt and high yield capital markets transactions across Asia. The firm’s funds practice (among the few offering private equity and hedge funds expertise) and M&A practice are also gaining traction in the Hong Kong and China market.
In finance the firm is advising ICBC, Standard Bank and Africa Development Bank in the proposed financing of a 930MW coal fired power plant in Lamu County, Kenya.
In capital markets the firm has a strong focus in technology, healthcare and real estate. For example, it advised Bank of America Merrill Lynch, Morgan Stanley and China Merchant Securities on WuXi Biologics’ HKSE IPO, which was the first global biologics service provider to list in Hong Kong; and it advised Deutsche Bank, JPMorgan, Bank of China, UBS, ICBC, Standard Chartered Bank, Natixis and CCB on China Three Gorges’ euro-denominated green bonds issuance, which was the first euro-denominated green bonds issued by a Chinese company.
M&A highlights of the firm include advising the board of directors of NYSE-listed Zhaopin in its acquisition by SEEK International Investments, Zhaopin’s controlling shareholder, and Hillhouse Capital Group and FountainVest Partners, in a take-private transaction.
In the research period, the firm brought in corporate partner Li Chen in Beijing from Akin Gump Strauss Hauer & Feld, but lost capital markets partner Paloma Wang to Skadden Arps Slate Meagher & Flom.
The firm has an impressive list of clients that include Industrial and Commercial Bank of China, JPMorgan, Deutsche Bank, Goldman Sachs, Primavera Capital Group, Tianjin Tianbao Energy, and WuXi Biologics Holdings.
Shearman & Sterling is also looking to develop its leveraged financing capabilities in Asia and to this effect brought in counsel Kenneth Ching to its Hong Kong office from Allen & Overy in London.
"Strengths: Excellent experience, delicated working attitude, good timing arrangement, high efficiency."- Banking and finance
Shihui Partners is another among the relatively new independent boutiques that are increasingly visible in the PRC market. The firm is often focused on technology related M&A and private equity activities, but also handles structured finance and equity capital markets work.
Key highlights in the past 12 months include advising JD.com in the spin-off of its logistic business from the JD Group and then assisting JD Logistics in its series A financing; advising Lexin Fintech Holdings in its restructuring and then its Nasdaq IPO; and advising Fugro in the sale of its trenching and cable laying business in exchange for an equity stake to Global Marine Holdings.
Key clients of the firm include JD.com, International Digital Group, Co-Stone Capital, Weston Wood Solutions, Lexin Fintech Holdings, Wise Talent Information Technology and Zhaogang.com.
Simpson Thacher & Bartlett (STB) in China and Hong Kong is clearly focused on the equity capital markets, private equity and M&A work. The firm has one of the leading China fund formation practices in the market offering US and Hong Kong law capability, and it is trying to develop its leveraged and acquisition finance practice.
The firm has a strong reputation in US and Hong Kong IPOs; for example, advising underwriters in OneSmart Education’s NYSE IPO, and advising Zhenro Properties Group in its HKSE IPO and Regulation S offering.
In fund formation the firm goes from strength to strength advising Hong Kong-based Affinity Equity Partners on the formation of Affinity Asia Pacific Fund V, a pan-Asia focused fund that broke records by reaching a first and final closing at $6 billion in less than four months. STB also acted for Carlyle in the establishment of Carlyle Asia Partners V, a pan-Asia buyout fund expected to be one of the largest funds ever raised in Asia.
In M&A the firm acted in the largest foreign acquisition to date by a Chinese company when it rendered advice to China National Chemical Corporation in its acquisition of Swiss agrochemical and seeds company Syngenta.
STB moves up a tier in the Hong Kong M&A table and in the China foreign firms’ capital markets table.
Key clients of the firm include Deutsche Bank, Goldman Sachs, Advantage Partners, Blackstone, Carlyle Group, KKR, and JPMorgan.
STB has been trying to develop its leveraged finance capability in Asia and has relocated Makiko Harunari from its New York office to take up the role of Head of Asia Banking & Credit.
"It is commercial, pragmatic and efficient." – Banking and finance
"The firm has lawyers with multi-area backgrounds, who are energetic, versatile and resourceful." – Banking and finance, M&A
"Strong technical experience of senior partners. Trusted relationships built in many deals, and good development of junior team resources. STB has premier relationships with many of our most important clients, and as such, it frequently represent our clients, yet working with it is effective and efficient for us." – Capital markets
For some time M&A and private equity has been core to Skadden Arps Slate Meagher & Flom’s offering in Hong Kong and China. It routinely acts in high-end mandates, and is also a go-to issuer counsel for Asian companies involved in US IPOs. Of late, the firm has been looking to develop its funds capability so as to be able to complete the life cycle for private equity.
Skadden has advised on over 60% of the US IPOs out of China this decade and many have had a technology focus. For example, in the past 12 months, the firm kept busy advising iQiyi in its IPO of American depository shares (ADSs) on Nasdaq; advising ZhongAn Online P&C Insurance in its HKSE IPO; and advising China Literature in its HKSE IPO.
In the funds space the firm kept busy advising Hopu in setting up Hopu Fund III; acting for CITIC Private Equity in forming its China private equity fund III; and advising Asia Investment Capital in its Asia Investment Fund.
The firm has a reputation for advising Chinese companies acquire assets in the US and for large deals in the TMT sector in China. For example, it advised Internet Plus Holdings, a holding company created by Meituan and Dianping, in its acquisition of Beijing Mobike Technology, a bike-sharing firm.
In the research period the firm brought in funds partner Geoffrey Chan from Ropes & Gray, and capital markets expert Paloma Wang from Shearman & Sterling.
In this edition the firm has moved up a tier in the China foreign firms’ capital markets category.
The firm’s clientele includes big names such as Baidu, Didi Chuxing, Meituan-Dianping, Hopu Fund Management, FountainVest Advisors, Wynn Macau, and Bank of China.
Slaughter and May excels in M&A and the equity capital markets where it is known for its work on high-end mandates. It is a stable choice as counsel since the firm has no hourly or billing targets for its lawyers and takes a multi-specialist approach to develop well-rounded lawyers in a collegiate atmosphere.
In capital markets the firm has been advising Swire Properties on the first green bond issue by its subsidiary, Swire Properties MTN Financing.
M&A highlights in the research period include advising Alibaba Group Holding in its acquisition through subsidiary Taobao China Holding of an interest of 36.16% in Sun Art Retail, and advising Yuanta Commerical Bank on the Hong Kong regulatory aspects of its merger with Ta Chong Bank.
In the research period the firm relocated corporate partner Chris McGaffin from its London office, and it also strengthened its investigations practice with the hire of Wynne Mok, who was a director of enforcement at the Securities and Futures Commission (SFC).
Key clients of the firm include Swire Pacific, MTR Corporation, PCCW, Standard Chartered, HNA Group, Alibaba Group Holding and Standard Chartered Bank.
"Excellent." – Capital markets
"The firm is learned and professional." – Capital markets
"The firm's advice was very good and prompt." – Financial services regulatory
"Slaughters' corporate team in Hong Kong has become one of our group's trusted advisors. It is responsive and reliable and its insightful knowledge of the regulatory environment, particularly in Hong Kong, has been tremendously helpful. David Watkins, in partciular, deserves a special mention. His practical approach to deal structuring and risk management has provided great support to the in-house legal team." – Capital markets, M&A
"The firm delivers high quality legal services, which facilitate us to complete transactions smoothly. The partners who work with us have strong business accumen and a thorough understanding of our business and operations. As such, the team is capable of providing practical, comprehensive and useful legal advice. Furthermore, the team is responsive and good at transaction management." - Project development
Sullivan & Cromwell is focused on M&A and equity capital markets work, providing US and Hong Kong law advice to clients across Greater China and Asia-Pacific. It has worked on over $380 billion M&A transactions involving Greater China companies, and 80% of its capital markets work handled by its Hong Kong and Beijing offices involved Chinese companies.
Banking and finance highlights include advising China Mengniu Dairy in its term loan facility to finance the acquisition of China Modern Dairy Holdings; and advising Kazakh partnership Tengizchevroil on its project financing – the largest upstream oil industry project financing to date.
In the past 12 months, the firm’s capital markets team kept busy advising the underwriters in Zhongyuan Bank’s HKSE IPO; advising Foxconn Interconnect Technology in its HKSE IPO; and advising Alibaba Group Holding in its offering of senior unsecured notes, which was the largest corporate bond issue out of Asia in 2017.
In M&A and private equity the firm acted for PAG in its acquisition of Yingde Gases Group. It also acted for a consortium led by China Three Gorges that included Hubei Energy Group, ACE Investment Fund II and CNIC to purchase Peru's 456MW Chaglla plant.
Key clients of the firm include JPMorgan, Bank of America Merrill Lynch, Taiwan Cement Corporation, Alibaba Group Services, Morgan Stanley Asia, and Taikang Insurance Group.
Sunshine Law Firm is a top tier law firm specialising in projects work in the energy and natural resources sectors.
A notable mandate saw the firm advising repeat client China Export & Credit Insurance Corporation on the Shandong International Economic & Technical Cooperation Group’s contract to build the Bangladeshi Dhaka airport elevated expressway. Elsewhere, the firm was engaged by International Renewable Energy Development to advise on the project investment, construction and operation of the Montenegro Wind Power Project.
The firm was hit by the departures of partners Hao Li for Zhonglun Law Firm and Chen Guoqiang for Guantao Law Firm. Additionally, Xis Yuxing left the firm for Zhonglun Law Firm and Li Ouwen departed for Shanghai Electric Power. On the other hand, the firm welcomed senior counsellors Zhu Xiao from the Renmin University of China and Chen Shouhai from the China University of Petroleum.
Key clients include China Guodian Corporation, State Power Investment Corporation, China National Nuclear Corporation, Huarun Corporation, Zhejiang Energy Corporation and JA Solar.
Tahota Law Firm is an independent full-service firm with strength in banking and finance, capital markets and M&A. During the research period, the firm was involved in sectors including technology, automotive, investment management, real estate and construction.
In capital markets, the firm advised Beijing Gaomeng New Material on the sale of shares to finance the acquisition of Wuhan Huasen Plastic. Additionally, the firm advised Chengdu Inphase Technology and the Sichuan Jingdian Automobile Service Chain on its listings on the National Equities Exchange and Quotations.
The private equity team was primarily involved in advising on the setting up and operation of various funds. Highlights include advising the Chongqing branch of Hua Xia Bank on an urbanisation development fund project between the bank and the government of Jiulongpo, Chongqing. The firm also advised on the formation of an industry fund by Tianrui Fund, the government of Longquanyi, Cengdu and Tianjin Bank.
Key clients include Guang’an Development and Construction Group, Sichuan Huaxi Group, Liangshan State-owned Investment Development and Guangyuan Investment Holding.
Beijing-headquartered Tian Yuan has been known traditionally for its capital markets practice, especially in the equity capital markets where it captured a good portion of the A-share market. In the past two years the firm has gone global acting in more US and Hong Kong listings. To facilitate this it recently opened an office in Hong Kong to go alongside its other offices in Shanghai, Shenzhen and Chengdu. The firm in also active in M&A, private equity and project development.
The firm was also known to act for state-owned enterprises (SOEs) in heavy industries such as chemicals and real estate, but has pivoted of late towards acting for private companies in the technology space.
Key highlights include advising BIlibili on its Nasdaq listing; advising China Three Gorges Group on the Belt and Road inspired 720MW Karot Hydropower BOOT project in Pakistan; and advising Citic Capital and other co-investors in the acquisition of Wall Street English from Pearson.
This year the firm breaks into IFLR1000’s China M&A rankings on account of its robust mandates.
Key clients of the firm include Huatai Assets Management, China Three Gorges Group, Shenhua Holdings, Puxin Education Group, Citic Capital and BIlibili.
Uría Menéndez in Beijing has an exclusive focus on outbound and inbound investments. The firm’s lawyers have experience in cross-border investments, finance, and M&A.
A recent highlight saw the firm advising Cosco Shipping Ports in the acquisition of a majority stake in Noatum Port Holdings. In another noteworthy matter, the firm assisted Hyundai Merchant Marine in the takeover of Total Terminal International Algeciras.
Key clients include Sinopec, China Investment Capital Corporation, China Development Bank and the Industrial and Commercial Bank of China.
“Excellent and very professional service with magnificent knowledge of the PRC, Latin American and Spanish legal systems.” – Banking and finance
V&T Law Firm is active in banking and finance and is actively seeking to expand its reach by forming a global legal services network. Additionally, V&T Law Firm and Orient Consulting Law & Tax Firm combined in 2017 to become V&T Partner. Notable work includes acting on the asset restructuring of CSSC Science & Technology.
The firm deepened its bench strength with the hires of Dou Qiantao and Zhang Xu from King & Wood Mallesons.
As one of the first PRC law firms qualified to practice securities law, Watson & Band provides advice on capital markets, M&A, and restructuring and insolvency matters.
In capital markets, the firm provides advice on a variety of matters including the issue of securities, domestic and overseas listings, asset securitisation and financial derivatives. The firm has notably served as legal counsel for the Shanghai Futures Exchange and provides advice on various matters such as compliance issues and risk.
On the restructuring side, the firm was one of the first to be included in the Shanghai High People’s Court’s register of bankruptcy administrators. The firm takes of a wide range of clients including domestic and overseas clients, state‐owned and private clients, secured and unsecured creditors, debtors, directors, shareholders, investors and financial institutions.
Watson & Band is launching new offices in Yantai and Guangzhou.
Watson Farley & Williams in Hong Kong is a well-established practice with particular strength in the projects space and experience in banking and finance, capital markets, M&A and restructuring and insolvency.
In banking, the firm has deep sector expertise in maritime, transport, aviation, energy and oil and gas. A standout deal saw the firm advising Citibank on a syndicated senior loan facility for financing the acquisition of five new buildings by subsidiaries of CMB Financial Leasing. Elsewhere, the firm advised the Vietnam Trading Engineering Construction Joint Stock Corporation on financing the development of a Hong Phong 2, a solar power plant project in Vietnam.
In the projects space, the firm has a special focus on the energy and infrastructure sectors. Highlights include assisting InfraCo Asia Development with its investment in a solar project in the Ninh Thuan province in Vietnam and advising Phonesack Group on the development and financing of the Xekong 1 coal-fired thermal power project in the Xekong Province in Laos.
In restructuring, an interesting example saw the firm act for Credit Suisse on making amendments to facilities provided to subsidiaries of Brightoil group.
Key clients include Bank of China, ICBC Bank, China Merchants Bank, Santander Bank, Bank of Tokyo Mitsubishi UFJ, SCB, ABN AMRO, SMBC, Citibank, ING and BNP Paribas.
Weil Gotshal & Manges’ private equity practice has long enjoyed a market leading reputation as it only targets high-end mandates. Its finance team benefits from its corporate practice engaging in leveraged financing for sponsors and lenders.
For example it advised Baring Private Equity as part of a consortium including Canadian Pension Plan Investment Board on the take-private of Nord Anglia Education, which was one of the largest take-private transactions for an Asia-based company ever completed. It also acted for Shanghai Pharmaceuticals Holding, one of China’s largest pharmaceutical firms, in its acquisition of the China distribution business of US-based Cardinal Health, which was one of the largest healthcare transactions in Asia in 2017.
In the past year the firm was hit by the retirement of M&A partner Akiko Mikumo after 35 years at the firm to become an advanced leadership initiative fellow at Harvard University. The firm was also hit by the departures of private funds partners John Fadely and Albert Cho who left for Gibson Dunn & Crutcher.
So while the firm has moved down in the private equity funds table, it has moved up a tier in banking as its leveraged finance capability acts as a hub for its network of Asian offices.
Key clients of the firm include Baring Private Equity Asia, Anchor Equity Partners, Hillhouse Capital, Shanghai Pharmaceuticals, HNA Group, Advent International, and Alibaba Group.
"Work primarily with Charles Ching. Strong communicator, commercially-minded, knowledgeable about the law, responsive/easy to track down." - M&A
Winston & Strawn is a corporate law firm that advises on capital markets, M&A and private equity work.
Highlights include advising Synaptics in its acquisition of equity interests of Conexant Systems, a company providing audio and voice processing solutions for smart home technologies; advising Love Foundation in the formation of its charitable organisation, which marks the start of its mission to support humanism and left-behind children in China; and advising Nasdaq listed China Automotive Systems in its privatisation transaction.
The firm’s corporate team has been hit with some departures in the research period with partners Mabel Lui, Daniel Tang and Polly Chu leaving for Withers, and partner Matthew Durham departing for Simmons & Simmons.
Key clients of the firm include Synaptics, Love Foundation and China Automotive Systems.
WongPartnership boasts the largest China team among Singapore law firms and has offices in Shanghai and Beijing.
In M&A, a high profile deal saw the firm act for CWT and C&P Holdings on the acquisition of CWT by the HNA Holding Group. The firm also advised Nesta Investment Holdings in the acquisition of Global Logistic Properties.
The firm welcomed Liang Weitan as a partner from SportsHub.
Key clients include Raffles Education Corporation, Credit Lyonnais Securities Asia, Keppel Corporation, Singbridge International Singapore, Black River Asset Management (Asia), Syneron Medical and Invengo Technology.
Woo Kwan Lee & Lo is an independent law firm with two offices in Hong Kong and one in Beijing. It has been primarily active in equity capital markets and M&A work.
Highlights include advising Kiddieland International in its HKSE IPO; advising Hopewell Holdings in its disposal of a 66.69% stake in Hopewell Highway Infrastructure (HHI); and advising HHI as offeree under the unconditional mandatory cash offer by CLSA—on behalf of Shenzhen Investment International Capital Holdings Infrastructure—to acquire shares of HHI from other shareholders.
The firm also acted for Tianjin Port Development Holdings in relation to an assets restructuring with Tianjin Port Holdings.
Zhong Lun Law Firm was one of the first PRC firms to establish a banking and finance practice, and it excels in aviation and project finance. The firm is also strong in M&A and private equity, and in the equity capital markets it advises Chinese companies on offerings and listings of A-shares, H-shares, and other equity shares on the Shanghai Stock Exchange, Shenzhen Stock Exchange, and overseas exchanges.
Despite a tough real estate market the firm continues to secure finance mandates, with highlights including advising borrower Super Alliance Real Estate Partners in its free trade non-resident loan to acquire multiple PRC properties; advising United Overseas Bank in its onshore-offshore linked financing for the acquisition of Shanghai International Capital Plaza; and advising Oversea-Chinese Banking Corporation on its onshore-offshore linked financing for the acquisition of Ascendas Plaza.
The firm’s projects practice has been busy advising Beijing Shouhuan Cultural Tourism Investment Company in the development of the Universal Beijing Theme Park, which will be the largest Universal Theme Park after establishment; advising Taizhou Airport Investment and Development Company in the expansion project for Taizhou Luqiao Airport, which is the first PPP project adopting the build-operation-transfer (BOT) model in China; and advising Zhejiang Communications Construction Hongtu on the Qianjiang Channel and Highway (North-line) PPP projects.
M&A highlights include advising Tongcheng Network in its merger with E-dragon Holdings to create Tongcheng-E-long, and advising Blackstone in its trade sale of Pactera to HNA Group.
This year the firm moves up into tier one of the China banking and finance ranking tables.
Key clients of the firm include OCBC Wing Hang Bank, United Overseas Bank, Tongcheng Network, Blackstone, Zhaopin, Takata Group Corporation, and JD.com.
"Professional working attitude and delivery." – Banking and finance
“Zhong Lun is a specialised law firm that is good at domestic law regulation and practice and cross board law-related business, and has been facilitating me in bridging the cross board law issues and appraisals in acquisition and regulatory opinions.” – Banking and finance, M&A
"Very detail driven and thoughtful for customers." – Investment funds, M&A
“Strengths: Team is very responsive and responds in a timely manner. The lead lawyer is very experienced and helpful.” – M&A
"The team is very professional and helpful. Strengths: well-experienced in dealing with some tough legal issues; easy to communicate with." - M&A
"Shirley is professional and has a customer service attitude."
“Cheng Ni is responsive and experienced."
"Jian Qiu is committed and good at cases and practices in M&A, especially cross-border ones. He's very serious with legal risk analysis and offers clients optional and tailored advice. He puts himself in a client's shoes and even provides advice from a lawyer's perspective to enlighten clients towards the solutions."
Zhong Yin Law Firm is recognised for its capital markets work and has experience in M&A and restructuring and insolvency.
In capital markets, the firm specialises in enterprise asset securitisation and credit asset securitisation. During the research period, the firm acted on various securitisation mandates, including the securitisation of a financial lease owned by Everwin Financial Lease.
The firm boasts one of the first M&A teams to act for listed companies in China. The team provides a comprehensive service covering various matters including negotiations, tender offers, asset reorganisations, foreign mergers and acquisition, and reverse mergers.