Taiwan

IFLR1000 Reviews

Financial and corporate
Formosan Brothers

Formosan Brothers is a full service Taiwanese law firm that was established in 1997. It has offices in Taipei and Hsinchu.

The firm is best known for its restructuring and insolvency, project development, bankruptcy, and telecommunications work.

Formosan Brothers has a strong client base in the aviation, technology and real estate industries.  

During the research period, the firm kept busy advising on corporate restructuring and bankruptcy mandates in the electronics, telecoms and construction sectors. Its finance team was preoccupied with the provision of loan facilities and cryptocurrency matters, while the corporate team acted in joint ventures, backdoor listings and IPO work.

Tsar & Tsai

Tsar & Tsai is a full service Taiwanese law firm established in 1965 by Ruchin Tsar and Paul Tsai, and has since grown to encompass of over 70 professionals.

The firm is known for its finance, M&A and capital markets work in the transactional space.

Key client of the firm include Taiwan Life, Entie Commercial Bank, BNP Paribas, Commerzbank, Goldman Sachs, CMC Magnetics Corporation and Yageo Corporation.

The firm’s finance practice has been busy over the research period with offshore wind and acquisition finance mandates, while its capital markets team has been advising clients on convertible bond issuances and share offerings. The M&A team has been preoccupied with acquisitions, investments and mergers in the semiconductor, real estate, chemicals, renewable energy and oil and gas sectors.

The firm added to its M&A and capital markets practice with the hire of C.H. Chen from Hon Hai Precision Industry.

Deal highlights

-CMC Magnetics Corporation $33 million acquisition of Verbatim

-Formosa 2 376MW offshore wind project financing

-Sea Group $1.5 billion convertible bond issue

-WPD AG 640MW Yunlin offshore wind power project

Client feedback

Project finance

“Strong legal knowledge in Taiwan and has participated in all the offshore wind transactions to date.” 

Baker McKenzie

Baker McKenzie is a Chicago-based international law firm with over 6000 lawyers across 77 offices. In Asia-Pacific it has 17 offices including in Taipei where it has been servicing clients since 1975 and is one of the few international firms in the market. 

Focusses / specialisms

The firm has a very strong finance practice working with Taiwanese and global banks and borrowers on M&A mandates and the financing of national infrastructure projects. It also has a strong capital markets practice. 

Key clients

Key clients of the firm include ANZ Banking Group, Far Eastern International Bank, BNP Paribas, Standard Chartered Bank, ING Bank, Lotus Pharmaceutical and Cathay Financial Holding. 

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

During the research period the firm kept busy with conventional lending mandates, offshore wind, restructuring, IPOs and bond issues. The corporate team handled take-privates and acquisitions in the semiconductors, electronics and technology industries.

Deal highlights: 30th edition (2019/2020)

-Compal Electronics $1 billion receivables purchase financing 

-Lei Shing Hong Credit $310 million dual-tranche financing

-Lotus Pharmaceutical TWSE IPO

-Ørsted $805 million offshore wind financing 

-TWi Pharmaceuticals take-private 

-Univa NP Holdings TWSE IPO

Chen & Lin

Established in 1992, Chen & Lin is an independent Taiwanese law firm with offices in Taipei and Hsinchu. 

Focusses / specialisms

On the transactional front the firm is best known for its M&A, capital markets and finance practices. 

Key clients

Key clients of the firm include CTBC Bank, Nanzong Construction Development, Walsin Lihwa Corporation, Holmbergs Safety System, Taiwan Pulp & Paper Corporation and Alchemist Capital Partners Korea. 

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

During the research period the firm has advised potential issuers and underwriters of prospective IPOs, and kept busy with share and other acquisitions, share swaps, investments, and conventional lending mandates.

Deal highlights: 30th edition (2019/2020)

-Alchemist Capital Partners Korea $435 million acquisition of MagnaChip Semiconductor Corporation’s Chengju foundry services group and factory

-Nanzong Construction Development $1 billion financing

-Zhuhai Gree Electric Enterprise Rmb1.4 billion acquisition of 94.3% stake in Nanjing Walsin Metal 

K&L Gates

K&L Gates is one of the few international firms with a substantial presence and domestic capabilities in Taipei. 

The firm is best known for its M&A and capital markets work in the semiconductor and IT hardware business, artificial intelligence and disruptive technology, renewable energy and life sciences sectors.

Key clients of the firm include New Green Power, Swancor Holding, Cloud Mile, Aslan Pharmaceuticals, Yuanta Securities and KGI Asia.

During the research period, the firm has been involved in the largest ever secondary market sale of a solar portfolio in Taiwan, corporate restructuring mandates, and acquisitions and divestments in offshore wind, semiconductors and medical devices. The firm has also assisted clients in various funding rounds and in convertible bonds, ADS and GDS offerings.

Deal highlights

-BlackRock Real Assets acquisition of New Green Power and J&V Energy Technology solar assets

-FLEXium Interconnect $100 million zero coupon convertible bond issue

-Stonepeak Oceanview (Cayman) Holdings $101 million acquisition of Swancor Renewable Energy

LCS & Partners

LCS & Partners is an independent Taiwanese law firm based in Taipei. It is Taiwan’s exclusive member firm of the global legal networks World Services Group and ALFA International. 

Focusses / specialisms

The firm is best known for its M&A, cross-border investments and financing, renewable energy, capital markets, private equity funds, technology law, fintech law, securitisation and entertainment law work.

Key clients

Key clients of the firm include Far Eastern International Bank and Norton Rose Fulbright.

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

During the research period the firm kept busy with acquisition financing and conventional lending work and has a 50% market share of M&A mandates.  

Deal highlights: 30th edition (2019/2020)

-Far Eastern International Bank $14.5 million loan facility

-Stonepeak Investment Holdings $145 million financing 

Client feedback: 30th edition (2019/2020)

Banking

“Responsive and experienced.”

“Experienced in capital markets and financing.”

Financial services regulatory

“Best legal compliance advice, good communication with government agencies and provides fast and correct legal consulting services.”

“Understands our company's articles of incorporation, quality of the documents prepared, and the timeliness of their service output.”

Investment funds

“Experience, practical knowledge and commercialism.”

M&A

“They arrange for different country law firms to do the legal due diligence, and the report is quite useful.”

“LCS & Partners was accountable and responsible to their clients, not only for M&A projects, but also for providing smooth communication between buyer and seller at the post M&A stage.”

Project development

“LCS provides quick responses around the clock. This is particularly helpful on our international projects across multiple time zones. In addition, they have earned my trust with solid, well considered advice in the best interests of the project success.”

“They are very knowledgeable of the global and local development markets.  They work very quickly and produce a very high quality work product.”

Project finance

“Responsive, commercial and grasps the issues correctly.”

Lin & Partners

Lin & Partners is a Taipei-based boutique independent Taiwanese law firm with an additional office in Kaohsiung City.

Focusses / specialisms

The firm has transactional capability in banking and finance, M&A, e-commerce & e-payments, energy, gaming and hospitality, government projects, infrastructure and public procurement. 

Key clients

Key clients of the firm include Taiwan Power Corporation, Hwa-Xia, Électricité de France, Credit Suisse, XDL Capital, Rapyd Holdings and Wirecard Asia Holding.

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

During the research period the firm kept busy advising clients on corporate restructuring mandates, sales, investments, corporate advice, mergers, asset purchases and joint ventures.

The finance team were preoccupied with conventional lending, regulatory matters, online payments, derivatives and bond issues.

The firm brought in lawyers Felix Yu from PCL TransAsia Law Offices, Ted Liu from PwC Legal and senior counsel Franco Ho from Japan Tobacco International. 

Deal highlights: 30th edition (2019/2020)

-Hwa-Xia Redevelopment Project

-Nuclear Decommissioning Project

-Taipower Restructuring 

Client feedback: 30th edition (2019/2020)

Project development

“Understanding the related regulations, procedures in detail and provides clear explanations with strategic opinions.” 

Nishimura & Asahi

Nishimura & Asahi is a Big Four Japanese law firm with 530 lawyers across 14 offices including 10 overseas. The firm opened up its office in Taipei in April 2020 to become the only Japanese firm with a Taiwan practice.

Focusses / specialisms

The firm’s Taipei office offers legal services related to direct investment in Taiwan by Japanese companies; direct investment in Japan by Taiwanese companies; joint ventures and other M&A mandates; corporate advice; restructuring mandates; and listings in Taiwan. 

Key clients

Key clients of the firm include Showa Denko, ITOCHU Corporation, TKP Corporation, Lite-On Technology Corporation, H2O Retailing Corporation, Renewable Japan and Yuyama Manufacturing. 

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

During the research period the firm kept busy with qcquisitons in the chemical, commercial space, manufacturing, technology and renewable energy industries alongside strategic alliances and joint venture advice. 

The firm also brought in partner Sheng-Chieh Chang from Shin-Yu Law Office to act as the co-representative of its new Taipei office. 

Deal highlights: 30th edition (2019/2020)

-H2O Retailing Corporation / PX Mart joint venture

-Lite-On Technology Corporation $14 million acquisition of Lite-On Japan 

-Showa Denko $8 billion acquisition of Hitachi Chemical 

-TKP Corporation £23 million acquisition of IWG’s Taiwan operations 

Winkler Partners

Winkler Partners is a full service Taipei-based law firm that was established in 2002 as Taiwan’s first partnership between Taiwanese and foreign attorneys. 

Focusses / specialisms

The firm was traditionally known for its intellectual property work but has since bolted on a transactional team that focuses on corporate transactions and investment matters in Taiwan, including in capital markets, M&A, corporate restructurings, private equity and venture capital investments.

Key clients

Key clients of the firm include energy, technology, fitness, shipping and consumer goods companies.  

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

During the research period the firm kept busy assisting its clients on various funding rounds, renewable energy projects, investment mandates and general corporate advice.  

Client feedback: 30th edition (2019/2020)

M&A

“The firm is very client service oriented, responsive, and their work reflects thoughtful collaboration, as well as great and useful transactional experience and instincts.”