Beijing

JunZeJun Law Offices was founded in 1995 with its headquarters in Beijing. It is one of the earliest partnership law firms in China and has established 10 further offices in Shanghai, Shenzhen, and Guangzhou.

JunZeJun’s practice areas cover banking and finance, capital markets, equity investment, and restructuring and insolvency. Last year the firm focussed on banking matters. Notable cases include Bank of China Macau Branch’s issuance of bonds for epidemic prevention and control, Bank of Beijing’s issuance of financial bonds for anti-epidemic purposes, and China Guangfa Bank’s issuance of capital bonds.

Key clients of the firm include Bank of China and Minsheng Bank.

Deal highlights

·       Bank of Beijing MOP5 billion anti-epidemic bond issue

·       Bank of China Macau Branch Rmb40 billion epidemic prevention and control bond issue

·       China Guangfa Bank Rmb35 billion capital bond issue

“It is technically very strong and responsive to queries and works well to tight deadlines.”—Asset finance

Cathay Associates Kejie is a transactional law firm based in Beijing. It has a global network of offices across 57 countries and works with its member firms to provide cross-jurisdictional legal services for Chinese enterprises on outbound investments, M&A, private equity and other cross-border matters.

During the research period, the firm was busy providing legal opinions on companies’ investment, restructuring, and equity acquisition. Its main work includes legal due diligence, drafting and negotiation of transaction documents.

Last year, the firm opened its fourth office in Hong Kong.

Deal highlights

·       Tracktech Global Fund Investment in Seth Technology

·       Tianqi Ventures investment in Gaozhong technology

·       SDIC investment in Beijing Jingdiao

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

Focusses / specialisms

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

Key clients

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

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

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

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

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

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

China Development Bank’s REITS project.

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

Zhongyuan Bank’s H-share placement.

Heilongjiang ZBD Pharmaceutical’s listing.

Beijing Yicheng Real Estate’s Rmb4 billion syndicated loan.

CDB Financial’s Rmb1.5 billion structured financing.

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

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

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

Banking and finance

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

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

Qing Wang

“High quality of legal services, timely feedback.”

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

“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

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

“Professionalism. Quick response. Attentive to details.”

Merits & Tree Law Offices was initially established in 2006 under the name Beijing Hawkhigh Law Offices until it was renamed in 2017. It has offices in Beijing, Shanghai, Shenzhen, Zhuhai and Haikou, with a Wuhan office now in the phase of establishment. The firm now has more than 80 partners and 300 lawyers and other professionals.

Focusses / specialisms

It is a relatively young law firm in China but continues to develop rapidly. The firm’s strength is in handling private equity and investment funds mandates.

Key clients

Key clients of the firm include China Pengfei Group, Wuxi Shangji Automation, China National Nuclear Corporation, SanNuo Biosensor, China Pacific Insurance, Sequoia Capital, IDG Capital, CITIC Capital, Gaorong Capital, Tencent and Xiaomi.

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

During the research cycle, the firm has been active in private equity, capital markets, and restructuring and insolvency areas.

In the private equity space, the firm was very active in private acquisitions and financial investments and advised both investors and target companies in different industries, such as life sciences, TMT, advanced manufacturing, energy and chemical, new economy, entertainment, education, retail and real estate. The firm has also strengthened its services relationship with Shunwei Capital and Qiming Venture Partners.

In capital markets, the firm kept busy with domestic and overseas IPOs, share offerings, private placement of shares, securitizations and convertible corporate bonds, often advising administrators and issuers.

Last year, the firm’s private equity team hired partners Songsong Gao from Dentons China, Junyi Li from Dahui Lawyers, Yunyun Tang from Haiwen & Partners, Zeyu Li from Zhong Lun Law Firm, Yan Zheng from T&C Law Firm and Hu Bo from AnJie Broad Law.

The firm expanded its capital markets team by hiring Jiayi Pang from Grandall Law Firm, Xiu Peng from Grandway Law Offices, Yinan Fan from Hai Run Law Firm and Shujuan Wang from King & Wood Mallesons.

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

Sironax’s $200 million Series B financing.

GenFleet’s Rmb500 million Series C financing.

Wenzhou Yuanfei Pet Toy Products’ Rmb468 million IPO.

Changzhou Shichuang Energy’s SSE STAR Market IPO.

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

Private equity

“Zhou Feng from the firm is professional, efficient, pragmatic and can think from the client’s point of view, which is very trustworthy.”

“Professional, efficient and prompt.”

Financial restructuring

“Professional and efficient. Good at cross-industry work.”

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

Feng Zhou

“Precise grasp of client needs and deep understanding of the operation of existing equity investment funds.”

“Professional, efficient and prompt.”

Youyuan Jin

“Very professional, humble and full of positive energy.”

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

Focusses / specialisms   

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

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

During the research period, the team was active in banking and finance and M&A matters. Some key highlights include CCCC’s $813 million project finance regarding a reclamation project in Philippines; and International Finance Corporation’s $700 million term loan facilities to two electronics producers in Vietnam.

The firm is well known for its restructuring and insolvency work, with 20 seasoned partners and nearly 100 associates based in different offices. The team is advising Sanpower Group’s restructuring work, which is the first successful case of out-of-court debt restructuring (restructuring by agreement) of a large-scale private enterprise group in China, and the first case of out-of-court debt restructuring in China after the implementation of “Work Procedures of Financial Institutional Creditors' Committees”.

Deal highlights

CCCC’s $813 million project finance.

International Finance Corporation’s $700 million term loan facilities.

Sanpower Group’s restructuring.

Pre-reorganization and reorganization of Zhejiang Unifull Industrial Fibre.

Atour’s Nasdaq IPO

Shenyang Fortune Precision Equipment’s STAR Market IPO.

Tianqi Lithium’s Hong Kong IPO.

China Greatwall’s non-public offering of shares.

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

Capital markets

“[They have] professionalism in the structured finance and securitization area, especially in shareholders’ and owners’ rights.”

“Zhong Lun Law Firm has abundant experience in the pharmaceutical industry and is familiar with the industry in which our company is engaged; the project team is highly capable of dealing with complicated matters, has strong business awareness and is good at providing the company with solutions that meet both regulatory requirements and the interests and needs of the company, and the project personnel are adequately experienced.”

“They did their due diligence well, and gave adequate legal opinions, and provided efficient advice on legal issues.”

"In terms of service attitude, the firm fulfils its duties, responds to customer needs and demands in a timely manner, and provides professional guidance. In terms of professionalism, it provides professional guidance from the perspective of the client, and is able to find a reasonable solution in a large number of cases when the transaction encounters a bottleneck. In terms of independence, the firm can be reasonable and legal from the perspective of an independent third party, adhering to the principles of prudence, fairness and integrity.”

Insolvency

“They are professional and very expert in this area. They always have plan B to solve our problem and in fact protect our legal rights.”

“Zhong Lun Law Firm handles matters very quickly and positively, with careful and meticulous reviews and a very strong sense of risk management.”

M&A

“Assisted us in conducting legal due diligence, participating in transaction negotiations, and preparing relevant transaction documents. Zhong Lun lawyers demonstrated a strong sense of responsibility, good professional ability and comprehensive quality in their work, and proposed useful solutions to the issues involved in the transaction.”

“Very professional M&A advice is given by Zhong Lun from the process of due diligence all the way to M&A. The Zhong Lun team has helped so much in negotiation and contract drafting.”

“Firstly, the background of the project is complex, involving changes in actual use and the newly issued rental housing policy, and there is a relatively complex transaction structure. They are able to quickly grasp new information, understand the essence of transactions, and complete the work with high quality. Secondly, they are able to complete heavy work in a tight time frame, which was highly praised by both parties.”

“They provided much effective legal advice on major legal issues and did a really good job on due diligence and drafting transaction documents.”

Private equity

“Professional, prompt and comprehensive service.”

“They clearly understand the relevant legal issues and business focus and can proactively tackle the relevant issues and manage the transactions well.”

“Professional advice in global service for private equity restructuring and equity financial service.”

“Professional. Prompt. Highly efficient.”

“The Zhong Lun team have outstanding legal skills. They are experienced and good at solving complicated problems for clients.”

Project development

“Excellent professionalism and responsible work.”

“Very professional, efficient and dedicated.”

“Specialists.”

“Very professional in providing services for projects in the infrastructure field and they are familiar with the ecological and environmental protection field, responding to project services in a timely manner and providing effective risk prevention recommendations in the interest of our company.”

“Zhong Lun has a strong team which is experienced, conscientious and responsible in practising private equity. Our investment could not be done so well without their efforts.”

Project finance

“Very good.”

Restructuring

“Actively maintain communication and coordination with stakeholders to ensure that all links can be quickly and effectively promoted, so as to ensure the smooth completion of project work.”

“Fully anticipate various risks and issues that may be foreseen in the project, and actively communicate and respond accordingly to ensure the smooth, rapid and effective progress of the project.”

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

Xiaoli Liu

“Industry knowledge, innovative solutions, jurisdiction knowledge, communication, problem-solving and risk management.”

Yueping Zhou

“Responsible.”

Fangrong Wu

“Highly professional.”

Nan Jiao

“Professional, timely, patient and comprehensive.”

Yi Shi

“Responds promptly and is very precise about risks at different stages.”

Aron Hu

“He's the partner at Zhong Lun, and he inspires the whole team to deliver the work in a very short time.”

Yong Wang

“Very efficient, patient, dedicated and professional.”

Qixiang Zhang

“Qixiang Zhang has strong professional competency as well as business and legal awareness. He is good at solving complicated legal issues and has strong ability to control projects.”

Shaun Gao

“He is very detail-orientated and can manage the transaction very efficiently.”

“Shaun is smart, practical and savvy. He is a true expert in his area of practice, with impressive problem-solving skills.”

Victor Yu

“Provides professional advice on corporate finance and restructuring services.”

Ping Zhang

“They provided helpful feedback and professional advice on the project..”

Jiadong Li

“Highly efficient.”

Fangrong Wu

“Highly professional.”

Yiheng Xu

“Mr Xu is well versed in handling complex situations with a wealth of knowledge and abundant experience in his practice area. He helped our company get through a hard time.”

“He has always shown a very strong performance in due diligence and negotiations, showing commercial sense. He is also very attentive to details which can potentially delay, jeopardise or derail cases. Most importantly, he has wonderful communication skills, which means he can make complex concepts very easy to follow.”

“Always maintains a highly professional practice philosophy and provides practical and feasible professional suggestions from multiple dimensions, such as theoretical research and physical operation.”

“Lawyer Xu Yiheng has rich experience in bankruptcy restructuring and liquidation, and is able to solve difficult, significant and complex problems in projects, earning high praise from the court and creditors.”

Zhiguang Liu

“Participated fully in the IPO and efficiently did his job, good at analysing legal issues and coming up with solutions.”

Wei Du

“Very good at capital market law-related work. Provided very serious and responsible work.”

Jie Ma

“Ma is diligent in formulating defensive and offensive strategies according to our needs and the case‘s situation. He did not miss any opportunity to advance our case. But the most valuable thing is that he is flexible in adjusting strategy according to the needs – thinking outside of the box and trying exhaustive ways. And through his excellent communication skills, he allows us to understand the intent and participate in the formulation of the strategy.”

Rui Zhang

“She has strong work abilities and is able to complete complex tasks under heavy pressure.”

Yunfan He

“Mr He is an expert in his practice area, he gives both legal and commercial advice on our projects, especially in respect of transaction structure.”

Lanping Zhou

“Zhou is very professional and dedicated, and all the advice provided was pertinent and practical.”

Liuyu Zhang

“I am impressed by Zhang. Although he is young, he is experienced at handling ecological and environmental protection PPP projects. And the advice he provided was also very pertinent and practical.”

Xiaoyan Liu

“As the leader of the legal team, she is highly responsible and proficient in her profession. She has rich experience in the cross-border investment legal business and can provide useful advice. The team is responsive to business and can effectively assist us to negotiate with counterparties.”

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.”

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.

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

Focusses / specialisms

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

Key clients

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

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

In 2022, Shihui Partners represented JD Property Group Corporation on its $800 million of Series B preferred stock financing project; advised PICC Investment for its investment in the private equity financing of CEC GienTech digital technology group with the total financing amount of more than Rmb2.5 billion. Key names to note in the firm’s PE side are George Niu and Miranda Jiang.

On capital markets side, the firm completed an A-Share IPO of Shanghai MicroPort EP MedTech, which made the client become the first company in the medical device industry who completed the IPO on the STAR Market under the fifth set of criteria and is the only domestic manufacturer that can provide complete solutions for cardiac electrophysiology equipment and consumables to both the domestic and international markets. Besides that, the firm is also handling a few ongoing IPOs.

In 2021, the firm represented Beijing Jingdong Century Trade in its public offering of Rmb1.5 billion short-term corporate bonds and issuance of Rmb10 billion registered private placement notes.

Last year, the firm hired Jing Lu from Sidley Austin to strengthen its data compliance and anti-bribery compliance and Zhenxing Mai from Jeffrey Mak Law Firm to work on corporate finance. The firm lost partner Yan Xia who specialises at investment and financing.

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

Shanghai MicroPort EP MedTech’s A-share IPO.

Henan Zhang Zhongjing Pharmacy’s A-share IPO.

Synfuels China’s A-share IPO.

Hypower Microelectronics’ A-share IPO.

JD Property Group Corporation’s $800 million Series B preferred stock financing.

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

Capital markets

“Very responsive and professional. Efficient and smart.”

Private equity

“The quality of the documents is good, basically reassuring to customers. Feedback is fast and positive. Clients can actively communicate to meet the customer's requirements.”

M&A

“Detailed work and timely replies and comments reduces the workload for us.”

Lawyer feedback: 33rd edition (2022/2023)

“Very responsive and diligent. Will always find time to meet the deadlines of projects and provides useful feedback or comments.”

“Great team leader able to provide the relevant resources needed for various types of projects that we inquire about with them.”

“Quick response, proactive and problem-solving, very professional and responsible.”

“Very good at communication, very innovative thinking, good at coming up with some solutions to problems. He has all-round ability.”

V&T Law Firm is a full-service law firm based in Beijing with further offices in Shenzhen, Shanghai, Chengdu, Wuhan, Xi’an and Changsha. Notable for its work in banking and finance, the firm continued to expand and strengthen its practice.

During the research period, V&T assisted China Resource's Rmb2.5 billion financing in Chengdu MixC, which was the first CMBS project of the state-owned China Resources Group.

Key clients include Xinjiang Tebian Electrician Group, Ping An Asset Management and Beijing Municipal Engineering Consulting Corporation. 

Deal highlights

·       China Resource Rmb2.5 billion financing

·       Tus-Holdings $750 million bond issue

·       Daily Interactive Network Technology SZSE GEM IPO

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.”

Beijing Docvit Law Firm specialises in dispute resolution, with a particular focus on handling systemic disputes between centrally administered enterprises and financial institutions.  

Highlights  

The firm has advised on significant financial transactions, including Qingdao & Rizhao Municipal Governments' special-purpose bond programmes, valued at US$2.92 billion. Additionally, the firm played a crucial role in Eshallgo's landmark Nasdaq IPO under China's New VIE regulatory regime. Eshallgo, a leading provider of integrated office solutions based in Shanghai, successfully listed on Nasdaq on July 2, 2024. As of April 27, 2023, the company operated 155 service centres across 20 Chinese provinces, supported by over 1,000 technicians and a proprietary ERP system, with management having three decades of industry expertise. 

In the last 12 months, the firm has strengthened its practice areas by welcoming 19 new partners, enhancing its capabilities in dispute resolution, corporate and M&A, and restructuring. 

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

Focusses / specialisms

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

Key clients

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

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

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

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

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

Yongtaiyun Chemical Logistics’ IPO.

Sansec Technology’s IPO.

Newonder Special Electric’s IPO on ChiNext.

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

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.

Established in 2016, Beijing-based Zhongjian Law Firm is a full-service law firm that is focused on private equity, asset management, securities, international trade, and intellectual property. The firm is also experienced in banking and finance, capital markets and corporate matters.

In 2020, the firm has 43 staff members, 20 of which are lawyers.

In March 2021, the firm opened a new office in Fujian province.

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

Focusses / specialisms

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

Key clients

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

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

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

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

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

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

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

Jinhui Mining’s IPO in Shanghai.

SEUIC Technologies’s STAR Market IPO.

Haoji Railway’s bonds issuance.

DaHui Lawyers is a boutique law firm based in Beijing.

Focusses / specialisms    

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

Key clients   

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

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

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

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

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

Deal highlights

All highlight cases the firm submitted are confidential.