AllBright Law Offices
With integrated management headquartered in Shanghai,
AllBright Law Offices is among the largest full-service Chinese law firms. It has branch offices in 29 cities that house more than 3,500 lawyers.
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.”
Dacheng Law Offices
Dentons China was formerly known as Dacheng Law Offices but is now structured as a Swiss verein since international firms cannot practice PRC law. The firm has 48 offices across China, including in Beijing, Shanghai, Chongqing, Guangzhou, Hangzhou and Shenzhen.
Focusses / specialisms
The firm is strongest in private equity and investment funds and has a highly active restructuring and capital markets structured finance and securitization practice. Its capital markets practice has had a mixture of Hong Kong IPO and bond work, including corporate and convertible issuances. The firm is also recognised for its M&A, project development and banking work.
Key clients
Key clients of the firm include PayPal, China Construction Bank, Industrial and Commercial Bank of China, Bank of China, HSBC, BNP Paribas, Ningbo Communications Investment, Zhejiang Linyang Real Estate Development, and Zhongdu Holding Collection Association.
Research period review: 33rd edition (2022/2023)
On the capital markets side, the firm advised Bank of Communications Financial Leasing on its Rmb2.4 billion ($0.33 billion) Free Trade Zone ESG offshore bond. The funds raised will be used for the company's green and social responsibility-related projects. The Dentons China team also assisted video technology solutions provider Baijiayun’s IPO on Nasdaq and became the first Chinese audio and video SaaS stock in the US.
Dentons China is also a go-to firm for many domestic and international banks. Among publishable transactions, the firm is assisting the Red Lion Indonesia East Canada Phase I Rmb2.15 billion syndicate project of the Zhejiang branch of the Export-Import Bank of China. This transaction involves multiple jurisdictions and requires reviews of the borrower and guarantor's situation and provides legal opinions.
Deal highlights: 33rd edition (2022/2023)
Baijiayun’s IPO on Nasdaq.
Meihua International Medical’s IPO on Nasdaq.
Deewin Tianxia’s Hong Kong listing.
Client feedback: 33rd edition (2022/2023)
Project finance
“Global network so no issues with multiple law firms. They provided good advice.”
Anli Partners
Established in 2001, Anli Partners is a Beijing-based law firm with over 120 partners and senior consultants, and further offices in Shanghai, Shenzhen, Tianjin, Nanjing, Zhengzhou, Hohhot, Kunming, Xi’an, Hangzhou, Chongqing, Haikuo and Tokyo.
Focusses / specialisms
The firm is strongest in banking and project financing, asset management, overseas investment and M&A.
Key clients
Key clients of the firm include China Development Bank, China CITIC Bank, R&F Properties and Binhai New Area Construction and Investment.
Research period review: 33rd edition (2022/2023)
Key partners are Xuliang Xu, whose focuses are banking and finance, and Xuefeng Ji, who specialises in corporate matters, investment and financing.
During the research cycle, all submitted cases remain confidential but showcased the firm’s capacity in handling complicated transactions.
DeHeng Law Offices
Headquartered in Beijing, DeHeng Law Offices is a full-service PRC law firm that has 50 offices in and outside China.
Focusses / specialisms
The firm is regarded for its work in M&A, capital markets and banking.
Key clients
Key clients include China CITIC Bank International, Export-Import Bank of China, BOCOM International Universal Investment, HSBC, China Gold and Qingdao Sifang Rolling Stock Research Institute.
Research period review: 33rd edition (2022/2023)
In 2022, DeHeng excelled at M&A transactions. The DeHeng team advised China Petroleum & Chemical Corporation (Sinopec) on its purchase of Sinopec Group Asset Management, Sinopec Yizheng Chemical Fibre and Sinopec Group Beijing Yanshan Petrochemical. The transaction consideration is approximately Rmb7 billion, involving a wide range of specific asset types and including the transfer of asset-related claims and liabilities.
The team also advised Guangzhou Great Power Energy & Technology on the purchase of around 24% of shares of the company’s holding company, Shida Battery, through the issuance of shares to the shareholders of Shida Battery. Prior to the purchase, the client owned around 70% of shares in Shida Battery.
On project development side, the firm assisted several ongoing projects such as Tianjin Binhai Rail Transit Line Z2, Tianjin Metro Line 1 PPP project, Linxiang to Qingshuihe Expressway PPP project and Zhuzhou comprehensive water environment management PPP project.
DeHeng also showed its capability in domestic and overseas capital markets. In domestic capital markets, the firm assisted China Railway Harbin Group of Technology Corporation, Suzhou Kechuan Electronic Technology, Tianjin Meiteng Technology, Xuzhou ZM-Besta Heavy Steel Structure, Shenzhen Highpower Technology, Shanghai Ziyan Foods, Highbroad Advanced Material (Hefei) and GRINM Semiconductor Materials. For overseas capital markets, the firm served as the Chinese legal adviser to the listed underwriter of Jianzhi Education on its listing on Nasdaq.
Deal highlights: 33rd edition (2022/2023)
China Petroleum & Chemical Corporation’s restructuring.
Guangzhou Great Power Energy & Technology’s purchase of Shida Battery.
China Minsheng Investment Group’s restructuring.
Jianzhi Education’s listing on Nasdaq.
China Railway Harbin Group of Technology Corporation’s IPO.
Suzhou Kechuan Electronic Technology’s IPO.
Client feedback: 33rd edition (2022/2023)
Investment funds
“They are professional, competitive, efficient and friendly.”
Insolvency
“Strong professional quality and strong communication and coordination skills.”
Project development
“Their service team is responsive and efficient, and can provide legal and compliant soil storage solutions and risk mitigation measures according to our company's needs, which has greatly helped us.”
“They are particularly familiar with legal services related to construction project bidding and contract management, as well as legal services related to government relations in PPP projects, which have greatly helped us.”
“They have rich experience in large-scale comprehensive projects such as PPP projects and franchise projects, and their team depth can meet our needs.”
“Lawyer Deheng has excelled in PPP projects, engineering bidding and procurement, contract negotiation, engineering management and legal affairs with government parties.”
Private equity
“Professional, meticulous and response speed.”
Lawyer feedback: 33rd edition (2022/2023)
Yunfeng Wang
“She is professional, competitive, efficient and friendly.”
Chunlei Zhang
“Good communication and problem-solving skills, especially in coordination with government and courts.”
Hongyuan Li
“Lawyer Li has a good service attitude and provides feedback very quickly. He is also very familiar with construction engineering and has investment and financing knowledge, especially PPP projects, franchise projects, bidding business, etc. He has smooth communication with us and has won high praise from everyone.”
“He not only excels in the legal profession, but also is particularly familiar with the bidding and construction management business of construction projects. He is also a bidding expert and contract management expert, and has a good service attitude. His feedback is particularly prompt, which has greatly helped our team.”
“Lawyer Li is not only a lawyer with excellent legal skills, but also a bidding agent for government adoption and engineering bidding. He has rich practical experience and has a good attitude and quick feedback in cooperation with us, which has greatly helped us.”
“Lawyer Li is hard-working, has a friendly attitude, and provides quick feedback. He has rich professional knowledge in PPP projects, construction project management, and bidding procurement, as well as rich experience in designing complex project transaction structures.”
Ruchuan Tang
“Professionalism.”
Grandall Law Firm
Grandall Law Firm is a full-service law firm headquartered in Shanghai. It has offices in 28 Chinese cities including Beijing, Shenzhen, Hangzhou, Guangzhou, Tianjin, Chengdu and Ningbo, and has a further five offices globally.
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: 33rd 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: 33rd 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.
Join & High Law Firm
Join & High Law Office is one of the largest legal service providers in Tianjin. In transactional law, the firm’s major practice areas are banking and finance, and securities-related matters.
Last year, the firm acted for Tianjin Energy Investment Group in its Rmb400 million green bond issue. This was the first green bond issuance by a Tianjin municipal enterprise. The issuance interest rate was 33.3% lower than the bank's benchmark lending interest rate in the same period, setting a record for the lowest interest rate of green medium-term notes and green corporate bonds issued by Tianjin local enterprises since 2015.
Key clients include Bohai Bank, China Guangfa Bank, Harbin Bank, Hengan Standard Life, Bank of Communications, Langfang Bank, and Pakatan Rakyat Investment Holding Group.
Deal highlights
· Tianjin Energy Investment Group Rmb400 million green bond issue
· Dashun Flower share acquisition
