Sichuan

With integrated management headquartered in Shanghai, AllBright Law Offices is among the largest full-service Chinese law firms. It has branch offices in 29 cities that house more than 3,500 lawyers.

Focusses / specialisms    

AllBright has built itself a good reputation in transactional law. The firm is well versed in a range of matters including IPOs, debt for equity swaps, M&A, private equity, investment funds, banking, restructuring and insolvency, PPPs and asset securitization.

Key clients   

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

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

In 2022, the M&A team represented Logan Group on its sale of 40% equity and debt of Guangxi Longguang Guiwu Expressway to Xinchuang (Guangdong) investment. In September 2021, the M&A team completed XCMG Machinery’s mixed ownership reform project. The total investment is Rmb21.05 billion ($2.93 billion) and the deal is among the first batch of mixed ownership reform cases in the reform of state-owned enterprises in Jiangsu province.

On the capital markets side, last year, the firm completed Huaxia Eye Hospital Group’s IPO. Rooted in Fujian and radiating across the country, the company has opened 57 ophthalmic specialised hospitals in 46 cities in 17 provinces. After listing, Huaxia Group is the second largest chain hospital group of ophthalmology specialty in China. This issue is the largest A-share IPO project with the largest market value and financing scale in the medical service industry so far.

Also, the firm advised Shanghai International Airport on its purchase of 100% equity of Hongqiao International Airport, 100% equity of Shanghai Airport Group Logistics Development and relevant assets of the fourth runway of Pudong Airport from Shanghai Airport (Group) by issuing shares, and raised matching funds of no more than Rmb5 billion from the Airport Group, with a total transaction scale of Rmb24.132 billion. It is the largest restructuring project (excluding supporting financing) in the past seven years for enterprises affiliated to Shanghai SASAC.

Deal highlights: 33 rd edition (2022/2023)

China Resources Sanjiu Pharmaceutical acquires Kunming Pharmaceutical Group.

Logan Group selling 40% of Guangxi Longguang Guiwu Expressway.

Huaxia Eye Hospital Group’s IPO.

Zhejiang Bofay Electric’s IPO.

Shanghai Airport gains on $3 billion plan to take public Pudong and Hongqiao Airports public.

Chengdu Minsheng Real Estate’s restructuring.

Nanjing Construction Industry Group’s reorganisation.

Jiangsu rural revitalization investment fund setup.

Client feedback: 33rd edition (2022/2023)

Insolvency    

“AllBright Law Offices, as a large national law firm, has experienced lawyers practising in various professional fields. In the bankruptcy reorganisation case of our company, AllBright's lawyers provided high-quality, efficient and professional legal services for our company, timely handled our company's relevant legal affairs and assisted our company's bankruptcy reorganisation plan to be approved by Hefei Central Court.”

“As the law firm with the largest revenue-generating staff in Shanghai, AllBright has experienced practising lawyers in various legal specialties. In this case of our company's application for compulsory liquidation of the investment company, the lawyers of AllBright provided our company with high-quality, efficient and professional legal services, timely handled the legal affairs related to our company and the investment company and assisted our company and the liquidation team of the investment company to advance the liquidation work in an orderly manner.”

Lawyer feedback: 33 rd edition (2022/2023)

Qiao Fengshuo 

“In the process of providing legal services, Qiao can fully listen to clients’ opinions and develop a plan that meets their requirements. To provide better services to clients, Qiao has the spirit of constantly learning and exploring new things. Combining with the characteristics of our industry, he developed relevant service plans to provide us with good experience.”

East & Concord Partners is a full-service law firm in China covering over 20 practice areas. The firm is headquartered in Beijing, with offices in Shanghai, Shenzhen, Wuhan and Hangzhou.

Focusses / specialisms

East & Concord specialises in banking and finance and capital markets. In the research period, the firm showed its deep understanding of fast-growing industries such as healthcare, sports and data protection. The firm has been involved in several M&A projects in the pharmaceutical and health industry.

Key clients

The firm’s key clients include China CITIC Bank, CITIC Group, Huaxia Bank, Guomin Pension & Insurance, Beijing Capital Eco-Environment Protection Group, Fullgoal Fund Management, China International Capital, CICC Fund Management and China Orient Asset Management.

Research period review: 33r^d edition (2022/2023)

In 2022, the firm advised China CITIC Bank on launching equity refinancing projects by placing shares to original shareholders in China and Hong Kong.

In one highlighted case, the firm established Huaxia Wealth, which is the first commercial bank wealth management subsidiary registered in Beijing by a national joint-stock commercial bank.

In another notable case, the firm assisted SPD Silicon Valley Bank to acquire an asset from a confidential company. The target has businesses in various industries such as hardware, software, internet, mobile, consumer technology, life sciences, biotechnology and clean-tech, and private hospitals. Advising on financing structures for various acquisitions on these sectors shows that the team has comprehensive legal knowledge.

Deal highlights: 33r^d edition (2022/2023)

Huaxia Wealth establishment.

Beijing Enterprises Group’s Rmb15 billion bond issue.

Suzhou Branch of China Development Bank city reconstruction project.

Yinji Entertainment and Media insolvency.

Grandall Law Firm is a full-service law firm headquartered in Shanghai. It has offices in 28 Chinese cities including Beijing, Shenzhen, Hangzhou, Guangzhou, Tianjin, Chengdu and Ningbo, and has a further five offices globally. 

Focusses / specialisms

Traditionally Grandall is known for its capital markets practice, where it has been dominant in the A-share market and has more recently made a push to strengthen its overseas listing practice.

Key clients

Key clients include China Merchants Bank, China Minsheng Bank, China Huarong, Air China Cargo, Beijing Yansha Group and Zhongsheng Beikong Biotechnology Company.

Research period review: 33r^d edition (2022/2023)

In 2022, Grandall Law Firm represented 45 companies in their A-share IPOs and represented 41 companies in non-public offerings. In overseas capital markets, Grandall team advised Rainmed Medical’s listing in Hong Kong and represented HuZhou Gas’ IPO in Hong Kong Stock Exchange.

In Beijing, Grandall was the legal counsel for Tencent Music’s NYSE IPO. This was one of the largest IPOs of Chinese companies in the US in recent years.

In Shandong, the firm represented Shandong Luqiao Group in its share issuance, which was the first market-based debt-to-equity swap project in Shandong province. The project was helpful in improving Shandong Road and Bridge’s governance and capital structure.

In Sichuan, the firm provided legal services to Jiaozi Financial Holding Group’s epidemic prevention and control bond issuance, which was the first "epidemic prevention and control bond" issued by a state-owned enterprise in Chengdu.

In Jiangsu, the firm represented State Grid Jiangsu Integrated Energy Service’s mixed ownership reform project. The establishment of the mixed ownership reform company was not only to deepen the reform of state-owned enterprises, but also to promote the mixed reform in key areas and key links. The case was also an exploration path for mutual benefit and win-win, multi-party profitability, and strong alliances in the comprehensive energy service business.

In Tianjin, the highlighted case is Tianjin Zhonghuan Group’s mixed ownership reform project, which was a characteristic and pioneering project in the promotion of mixed reform of state-owned enterprises in Tianjin.

Deal highlights: 33r^d edition (2022/2023)

Rainmed Medical’s listing in Hong Kong.

Huzhou Gas’s IPO in Hong Kong Stock Exchange.

Daojiale’s Rmb500 million pre-A round financing.

Glory Star New Media Group’s Nasdaq IPO.

Shandong Luqiao Group’s share issue.

State Grid Jiangsu Integrated Energy Service’s mixed ownership reform project.

Tencent Music’s NYSE IPO.

Jiaozi Financial Holding Group’s epidemic prevention and control bond issue.

Tian Yuan is a full-service law firm founded in 1992. It is headquartered in Beijing and has 11 branch offices in Shanghai, Shenzhen, Chengdu, Hangzhou, Xi'an, Haikou, Suzhou, Guangzhou, Hefei, Kunming and Hong Kong.

Focusses / specialisms

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

Key clients

Key clients include China Nuclear Power, China Metallurgical, Guoyuan Securities, Sanyuan Food, Sinomach, Changjiang Power, Yunda Express, Sanqi Mutual Entertainment, NavInfo, Bilibili, Sinochem and China Jinmao.

Research period review: 33r^d edition (2022/2023)

In restructuring and insolvency, the team acted in insurance company Yi’an Property and Casualty Insurance’s bankruptcy and Chinese electric vehicle titan BYD’s takeover of the company. After completion, BYD will be the first automaker to own an insurance firm in China.

The Tian Yuan team is active in both domestic and overseas capital markets. They advised clients including Jinmao Property Services, Arrail Group, Gogox Holdings, ClouDr Group, Shanghai Orient-Chip Technology, Wuhu Yabosion Electronic Technology in their IPO work.

Deal highlights: 33r^d edition (2022/2023)

Yi’an Property and Casualty Insurance’s bankruptcy.

Gogox Holdings’ Hong Kong IPO.

Jinmao Property Services’ Hong Kong IPO.

China Yangtze Power International’s syndicated acquisition financing.

China Yangtze Power International’s $3.59 billion acquisition of Sempra Energy’s Peruvian businesses.

Client feedback: 33r^d edition (2022/2023)

M&A

“Tian Yuan Law Firm has demonstrated a high level of professionalism in its cooperation with us, representing small and medium-sized shareholders in multiple communications with the China Securities Regulatory Commission and Shanghai Stock Exchange, and discussing legal compliance with securities regulatory agencies, providing us with great support.”

Private equity

“Very hands-on service, deep understanding of the product and industry, was able to provide value-add to safeguard the smooth execution of the transaction.”

Lawyer feedback: 33rd edition (2022/2023)

Tao Xu

“Tian Yuan Law Firm, especially lawyer Tao Xu, who is in charge, is extremely professional and has an admirable spirit of research in the A-share capital market field. Their calm and effortless approach to unexpected problems gives us a full sense of security. Lawyer Xu and Tian Yuan Law Firm have made great contributions to the success of this project.”

“Xu Tao has profound expertise and skills in M&A, especially in complex transactions involving listed companies. He has a very sensitive business acumen and a highly imaginative and creative ability to solve practical solutions. Especially with his overall control over A-share securities regulation and his calm response to unexpected situations, I believe Xu Tao is already a top lawyer in this field in China.”

Yuntao Ma

“Very hands on and possesses deep knowledge, able to truly add value in critical issues, very capable lawyer and we are all very pleased with his work.”

King & Wood Mallesons (KWM) maintains its position as one of the dominant players in China’s legal market. The firm has been highly praised by its clients and peers in transactional law across China.

In Mainland China and the Hong Kong SAR, KWM are located in 14 cities, including Beijing, Shanghai, Shenzhen, Guangzhou, Haikou, Sanya, Hangzhou, Suzhou, Nanjing, Qingdao, Jinan, Chengdu, Chongqing, and Hong Kong. the firm covers the most important regions of China, such as East China, Pearl River Delta, Central Plains and Western China.

The Beijing transactional team is particularly sought after by major domestic and international financial institutions, government-linked companies and other multinational enterprises in China. Its team provides high-quality services across the full spectrum of practice areas.

During the research period, the firm assisted in the $2.6 billion joint venture between LyondellBasell and Liaoning Bora Enterprise Group. The project was socially significant and shortlisted by the Chinese government as a key project to promote the development of Northeastern China.

In another important mandate, the team advised on Liaoning Huishan Dairy Group’s restructuring. Huishan Dairy is currently China’s largest enterprise group producing dairy products in the entire industry chain that has entered the reorganisation process. The case is the largest among 83 successful reorganisation cases in China’s substantial mergers and reorganisations in 2020. The case lasted for three years and finally succeeded last year.

Moreover, the Beijing team led on large deals such as Haier Electronics Group’s $7.7 billion take-private, Tewoo Group’s restructuring, PipeChina’s $38 billion acquisition of PetroChina pipeline business and assets, and Liaoning Huishan Dairy Group’s restructuring.

The firm’s transactional work in Shanghai is also robust. It acted in Sina Corporation’s $2.6 billion take-private financing, Blackstone’s $1.1 billion acquisition financing of R&F Properties’ Logistics Parks stake, and Shanshan’s $1.1 billion acquisition of LG Chem LCD’s polarizer business. The deals involved complicated structures and contracts. Many of them were cross-border businesses subject to supervision by multiple parties.

In Shandong, KWM advised Haier COSMOPlat in its series A financing and INKON Life Technology’s in its non-public A-share issue. While in Sichuan, it provided services to establish Sichuan Bank. And in Tianjin, it represented Colorful Guizhou Airlines’ lease of four A320neo aircraft from GECAS. This case deal is meaningful for both GECAS and CGA, since it was the first time CGA imported Airbus aircraft, and the first time GECAS delivered an aircraft at Airbus’ factory in Tianjin.

Last year, the firm brought in capital markets partners Feng Chuan, Zhou Hao, and Ding Zheng from Grandall Law Firm.

Deal highlights

·       LyondellBasell/Liaoning Bora Enterprise Group $2.6 billion joint venture

·       Haier Electronics Group $7.7 billion take-private

·       PipeChina $38 billion acquisition of PetroChina pipeline business and assets

·       Tewoo Group restructuring

·       Liaoning Huishan Dairy Group restructuring

·       Shanshan $1.1 billion acquisition of LG Chem LCD polarizer business

·       Sina Corporation $2.6 billion take-private financing

·       Hudian Fuxin $1 billion take-private

·       INKON Life Technology non-public A-share issue

·       Haier COSMOPlat’s series A financing

Client feedback

“They have good understanding of the business of their clients and are able to provide service and legal advice in a deal-oriented way. They also know the loan market very well with good management of deal flow.”— Banking and finance

“Very professional and proactive.” — Capital markets

“KWM's promptness in providing its legal services is the best I've ever experienced over about 15 years in my inhouse lawyering experience. KWM especially has always responded promptly through WeChat and whenever we needed KWM's support, KWM was ready to support. ” — M&A

“They worked with great tenacity and endured hardships in terms of organising resources to carry out workstreams exactly and completely, meeting demanding questions and timeline, dealing with complex issues.” — M&A

“The team is not only very professional in finance-related laws in Mainland China, but they also have rich experience and knowledge of cross-border loans and APLMA loans in other jurisdictions, which can help us solve various professional and practical problems.” — Project finance

Nie Weidong Richard

“Knowledge of law and rich experience knowledge of industry.”

Lv Yinghao

“Professionalism. Quick response. Attentive to details.”

Headquartered in Sichuan, Tahota Law Firm is a full-service law firm that enjoys a leading position in western China’s legal market. The firm has branches in cities such as Beijing, Shenzhen, Shanghai, Nanjing and Tianjin.

Focusses / specialisms

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

Key clients

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

Research period review: 33r^d edition (2022/2023)

In 2022, the firm represented Yankuang Energy Group in its issuance of no more than Rmb30 billion bonds. The team also assisted Liangshan Development Group in issuing $204 million overseas US dollar bonds.

On the M&A side, the firm represented Sichuan Development Holding with its subsidiary Sichuan Development Mining Group in its acquisition of Chengdu Santai Holding Group, a leading enterprise in the listed phosphorus chemical industry.

In 2021, the firm represented Nanjing Lishui Industrial Investment Holding Group in its issuance of Rmb500 million short-term financing bonds.

Last year, the firm hired six senior partners to strengthen its capital markets work.

Deal highlights: 33r^d edition (2022/2023)

Yankuang Energy Group’s Rmb30 billion bonds issuance.

Liangshan Development Group’s $204 million overseas US dollar bonds.

Chengdu Express’s acquisition of Chengdu Energy Development.

Santai Holdings’ non-public issuance of shares.

Zhong Lun Law Firm continues to enjoy the coveted position as one of the strongest and most in-demand transactional law firms in China. Zhong Lun’s strongest forte is in banking and finance, capital markets, M&A, investment funds, restructuring and insolvency, and private equity.

Headquartered in Beijing, Zhong Lun has 17 additional offices in Shanghai, Shenzhen, Guangzhou, Wuhan, Chengdu, Chongqing, Qingdao, Hangzhou, Nanjing, Haikou, Tokyo, Hong Kong, London, New York, Los Angeles, San Francisco and Almaty.

During the research period, the Beijing team was active in banking and finance and M&A matters. Some key highlights include Sahiwal 2X660MW coal-fired power plant $1.44 billion syndicated loan restructuring, Colorful Guizhou Airlines lease of four A320neo aircraft from GECAS, Haier Electronics Group $7.7 billion take-private, and Beijing Konruns Pharmacuetical Rmb900 million acquisition of NT Pharma. These cases involved huge funds and multiple interests, requiring lawyers to provide professional and creative advice in a short period of time.

Shanghai is another core region of the firm. Last year the team acted in INVISTA Nylon Chemicals’ Rmb7.3 billion financing of the adiponitrile plant in Shanghai Chemical Industry Park, which was one of the biggest infrastructure investments in Shanghai in recent years. The team also acted for Lufax’s NYSE IPO, and the transaction was the largest ever fintech IPO and the biggest Chinese IPO since 2015 in the US.

In Guangdong the firm kept playing an important role in the capital markets. It advised on Smoore’s HKSE IPO, enabling the company to become the first e-cigarettes H-shares in China. Also, the team assisted local companies issue debt and ABS to alleviate their economic crisis during COVID-19.

Deal highlights

·       Colorful Guizhou Airlines lease of four A320neo aircraft from GECAS

·       Geely's fundraising to support Polestar's restructuring

·       Sahiwal 2X660MW coal-fired power plant $1.44 billion syndicated loan restructuring

·       LyondellBasell/Liaoning Bora Enterprise Group $2.6 billion joint venture

·       Haier Electronics Group $7.7 billion take-private

·       Beijing Konruns Pharmacuetical Rmb900 million acquisition of NT Pharma

·       INVISTA Nylon Chemicals Rmb7.3 billion financing of adiponitrile plant in Shanghai Chemical Industry Park

·       Gubei SOHO Project of SOHO China syndicated loan facility

·       Brilliance Automotive Group Holding restructuring

·       Smoore HKSE IPO

·       Qingdao Gaoce Technology SSE STAR Market IPO

·       Chengdu Kanghua Biological Products SZSE IPO

·       360 Security Technology acquisition of 30% stake in Kincheng Bank of Tianjin

Client feedback

“They did a great job in providing services and ideas to facilitate the transaction” — Banking and Finance

“The firm offers efficient and constructive advice on risk control.” — Financial services regulatory

“It assisted in the whole process of the acquisition, from due diligence and SPA negotiation to deal completion. The work Zhong Lun’s team did was beyond our expectations with its consistent high-quality work and patience shown during the long transaction period.” — M&A

“While we designed the transaction structure, Zhong Lun's lawyer helped us. In this deal we had some legal points to break through, and it recommended that we break the deal into two steps so that it finally came through.”— M&A

“Professional, diligent and resourceful.” — Capital markets

“Providing practical advice and leading the project efficiently.” — Private equity

Gong Lefan

“It’s not just that he has good experience, but he also has professional skills.”

Shi Yi

“She is responsive and responsible when we have a problem to solve.”

Liu Xinyu

“Liu is constructive and offers efficient advice on the recent financial supervisory regulations.”