China (National)

PRC firm TransAsia Lawyers maintains offices in Beijing and Shanghai and has an associate office in Hong Kong. The firm extends its presence internationally through an alliance in Tokyo and its membership of the Global Advertising Lawyers Alliance.

Focusses / specialisms 

The firm is recognized for its corporate and M&A and private equity practices.

The firm advises clients such as corporates, private equity funds, venture capital funds and startups on a range of domestic and cross border matters and has a particular focus on the technology, media and telecommunication sectors.

Key clients  

Key clients include Ainemo, Sina, Weibo, XAG, Universal Music Group, Airbnb, and Telstra.

HM Chan & Co is a Hong Kong transactional boutique that formed an association with international firm Taylor Wessing in 2016.  Taylor Wessing has over 1100 across 16 jurisdictions in Asia, Europe and the Middle East including offices in Shanghai and Beijing. 

In Hong Kong, the firm is most active in the equity capital markets, M&A, private equity, venture capital and the regulatory space. 

Key clients of the firm include Southwest Securities, Ballas Capital, Acute Peak Investments, Earn World Enterprises, Music Sales Corporation, Recaro Aircraft Seating International and Chapman Freeborn.

During the research period, the firm handled Hong Kong IPOs and GEM listings, trade sales, private equity acquisitions, share acquisitions, disposals, joint ventures and other acquisitions in the technology, aviation, financial services and food and beverage industries. It also assisted its clients in various rounds of funding. 

Deal highlights

-Design Capital HKSE IPO

-Earn World Enterprises HK$210 million acquisition of 70% stake in Earn World Development

-Hevol Services Group HKSE IPO

-Parsons Music acquisition of MusicFirst Junior 

-Shinelong Automotive Lightweight Application HKSE IPO

-Wynnchurch Capital acquisition of America II Group and Advanced MP Group

Client feedback: 30th edition (2019/2020)

Capital markets: Equity

“They are highly experienced, diligent and professional.”

M&A

“A lean team that is responsive and provides effective advice.” 

DaHui Lawyers is a boutique law firm based in Beijing.

Focusses / specialisms    

The firm services private equity and venture capital investors to include 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.

Goodwin Procter is an American-headquartered law firm with a strong presence in Asia. The firm's Asia team operates from offices in Hong Kong, India, and Singapore. The firm's Greater China team composed with lawyers who are qualified in Hong Kong, the People's Republic of China (PRC), and the United States (US). 

Founded in 1951, Paul Hastings is a global law firm that has strategically grown to anticipate and respond to clients' needs in markets across the globe. The firm has a strong presence in Asia. The firm’s Beijing and Shanghai teams work closely with offices in Hong Kong, Seoul, and Tokyo to advise clients throughout Asia.

GRATA International, founded in 1992, is an international law firm that specializes in providing services for projects in the countries of the former Soviet Union and Eastern Europe. The firm has also established an office in Beijing, China, where it regularly offers legal services to Chinese companies in relation to Kazakh corporate law, projects, and M&A transactions. 

Cleary Gottlieb Steen & Hamilton is an international law firm headquartered in the United States. With 16 offices worldwide, the firm has established a significant presence in Asia. with its Hong Kong office opened in 1980 and Beijing office opened in 2006. Its Hong Kong office, opened in 1980, and Beijing office, opened in 2006, have played a pivotal role in serving clients from both Asian and non-Asian backgrounds. 

Cooley is an American international law firm with more than 1,300 lawyers across 19 offices in the United States, Asia and Europe, and a total workforce of more than 3,000. The firm regularly advises clients on unique business opportunities and legal challenges across APAC region, with offices in Shanghai, Beijing, Hong Kong, and Singapore. 

Kingland Partners is a pioneering dual-ownership law firm in China, combining corporate structure with independent team-based operations. This unique model fosters diversity and collaboration, enabling the firm to deliver high-quality, cost-effective legal services. 

Highlights 

With a history of maintaining a leading position in the industry, Kingland Partners has earned strong trust and long-standing confidence from its clients, with some relationships spanning over 25 years. 

Testimonials  

Investment funds     

“Very good skills and communication.” 

M&A     

“A real strong team, expertise in M&A/fund formation, especially has strong ability in advising foreign-investment clients.” 

Investment funds

"Very strong technical skills and effective communication." 

M&A

"A truly strong team with expertise in M&A and fund formation, particularly distinguished by their strong capability in advising foreign-investment clients." 

Huawei Lin

"Possesses very strong skills and leads a capable team of professionals." 

Zhibin Li

"Specialized in real estate M&A, demonstrating excellent communication skills and a client-oriented approach." 

Founded in 1995 by esteemed lawyers from the former China Legal Affairs Center of the Ministry of Justice, W&H Law Firm has evolved into a prominent W&H operates over 50 branches both domestically and internationally, employing more than 4,000 practising attorneys. This widespread presence cements its status as one of China's largest and most comprehensive law firms. 

Highlights  

The firm is currently advising on several significant projects. It provides legal counsel for the proposed establishment of the Chengdu Technology Innovation Relay Equity Investment Fund project, which involves a planned total investment of RMB 1.5 billion (US$212 million). Additionally, W&H Law Firm is offering legal services for Sichuan Chuantou Energy Co.'s proposed acquisition of equity in Hubei Far'an Pumped Storage Co. from China Three Gorges Construction Engineering (Group) Co. via a public trading platform. 

Key clients  

Sichuan Bank, Luzhou Bank, Jintai Property Insurance Co., Chengdu Jiaozi Industrial Fund Management Co., and Sichuan Development Industry Guidance Equity Investment Fund Management Co. 

Zhong Yin Law Firm, established in January 1993, is among the earliest partnership law firms approved in China. It is headquartered in Beijing and currently has branch offices in 42 mainland cities including Shanghai, Tianjin, Shenzhen, Hangzhou, Xi'an and other cities (including the branches established and such in preparation). It established its association law firm, ZLF Law Office, with Hong Kong and Macao law firms, which is China’s first such setup, as well as its Qianhai branch. It has over 4,000 lawyers and staff members, including more than 3,000 lawyers. 

Highlights  

The team has provided legal counsel for several significant IPO transactions. In the realm of A-share listings, they advised a high-tech enterprise focused on military-civilian integration. For a Chinese-American joint venture, the team participated in its NYSE listing and guided the company through a series of mergers and acquisitions prior to listing. Additionally, they served as legal counsel for the sponsor and lead underwriter in the GEM listings of Chongqing International Composite Materials Co. and Wing Morning Industry. 

This year, the details of their banking, finance and M&A deals remain confidential. 

Testimonials 

Banking and finance

"We have collaborated with lawyer Xiaoyu Liu and her team from Beijing Zhongyin Law Firm for many years, and we highly trust her professional competence and service capabilities. Lawyer Liu has provided our company with multiple specific legal services and is familiar with our business operations and legal needs." 

Xiaoyu Liu

"Our company has cooperated with Xiaoyu Liu on numerous litigation and non-litigation projects over the years. Lawyer Liu is able to meet our comprehensive legal needs, particularly in the fields of finance and dispute resolution, where she demonstrates extensive experience and strong capabilities." 

Founded in 1998, Co-effort is a business focused law firm headquartered in Shanghai. It has 14 branch offices across China, as well as international offices located Tokyo, Osaka, Fukuoka, Milan, Paris, France, Singapore, Berlin and Geneva.

Focusses / specialisms

In terms of capital markets, the firm advises in equity deals like IPO’s, private placements and secondary offerings. The capital markets team also advises in securities law, assisting clients in the process of debt issues, securitization and asset-backed securitization.

M&A advice sees the firm advise on cross border acquisitions for corporate clients and financial entities.

Key clients

Key clients include Yijiayuan Xiamen Property Management, Chongqing Fuling State-owned Assets Investment Management Group, of Shenchi electromechanical and Jiangxi Huisheng Gongchuang Environmental Resources Technology.

London headquartered multinational law firm Ashurst was founded in 1822 and currently boasts a team of 458 partners spread across 29 offices. The firm exerts a strong presence in China through its offices in Beijing, Shanghai and Hong Kong.

Focusses / specialisms 

Ashurst in China is best known for its projects work and is also active in the corporate and M&A space.

The projects team advises clients such as sponsors, lenders, and multilaterals on matters across a wide range of industries, including energy, transport, social infrastructure, utilities, oil and gas, and mining, and natural resources.

Key clients  

Notable clients include China Development Bank, Bank of China, Export Import Bank of China, Deutsche Bank, Shanghai Rural Commercial Bank, China Export & Credit Insurance Corporation, and China Construction Bank.

Chicago headquartered multinational law firm Baker McKenzie caters to the Chinese market through its offices in Beijing, Hong Kong, and Shanghai. In 2015, the firm launched Baker McKenzie FenXun (FTZ) Joint Operation Office, the first joint operation between an international and a Chinese law firm in China.

Focusses / specialisms 

Baker McKenzie in China is known for its strong banking and finance, corporate and M&A, and project development offerings and also boasts a well-established capital markets practice.

The banking team advises on a range of financing matters such as project finance, acquisition finance, syndicated loans, and export credit finance. The capital markets team is experienced in advising clients such as issuers and underwriters across a gamut of debt and equity offerings. The private equity team is active in sectors such as healthcare, technology and telecommunication, energy, retail, industrials and manufacturing, and consumer products.

Key clients  

The firm acts for the likes of Bank of China, HSBC, Standard Chartered Bank, DBS Bank, Tencent, Abu Dhabi Retirement Pensions & Benefits Fund, Canada Pension Plan Investment Board, and Gaw Capital Partners.

Founded in 1993, Beijing DHH Law Firm is a full-service law firm that was established by Deheng Law Group. Over the years, the firm has expanded aggressively, targeting various strategic locations throughout the country, and it now has 60 offices across China and nine overseas.

Focusses / specialisms    

DHH Law Firm has been dedicated to serving listed companies in more than 20 practice areas with a focus on the operation, compliance, and risk management issues of listed companies.

Key clients   

Key clients include Bank of China, Industrial and Commercial Bank of China, China Construction Bank, PetroChina, China Merchants Bank, China First Automobile, Shandong Financial Asset Management, The People's Insurance Company, and China Vanke.

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

Last year, the banking and finance team represented Tianjin Rural Commercial Bank in a series of financial loan dispute cases with deal value at Rmb2 billion. The team provided legal services during litigation and enforcement.

In 2020, the firm worked in various financial-related practice areas, including banking and finance, M&A, capital markets, investment funds, private equity, restructuring and insolvency, and financial services regulatory.

Deal highlights

China State Shipbuilding Corporation acquisition of shares in China Ship Heavy Industry Group and China Ship Industry Group

Kaitai Capital $5 million investment in Worktile

Shanghai King Chemical Rmb20 million round A financing

Shenzhen Shi Jia Chang Yuan Group Company $750 million debt restructuring

Banking and finance

“During our cooperation, Beijing DHH Law Firm's legal service and their one-stop professionalism support, cost-saving and efficient communications greatly impress us. Most importantly, their great resources and efficient connections with offshore law firms is another big reason why we recommend.”

Wilson Sonsini Goodrich & Rosati is a California-headquartered international firm founded in 1961. The firm opened an office in Shanghai in 2007, added one in Hong Kong in 2010, and opened another in Beijing in 2012 with approximately 50 bilingual professions to cater to its clients in the Greater China region.

Highlights

The firm's expertise lies in capital markets, where they have established a strong track record of providing valuable advice to clients on listings in both Hong Kong and the US. Over the past year, the firm has actively engaged in offering legal solutions to firms seeking deSPACs.

Their recent deal work includes notable examples such as advising WuXi XDC on a $470 million Hong Kong IPO, Fenbi on a $25.5 million IPO, and Cheche Group on a De-SPAC merger with Prime Impact Acquisition I, followed by a successful listing on Nasdaq. These achievements highlight the firm's ability to navigate complex transactions and deliver exceptional results for their clients in the equity capital markets.

Key Clients

Key clients of the firm include WuXi XDC Cayman, Cheche Technology, Fenbi, QuantaSing Group, Xiamen Yan Palace Bird’s Nest Industry Co.

Founded in 2005, PacGate Law Group is a professional boutique law firm that provides premium legal services to business entities and institutional investors. Headquartered in Beijing, the firm has attorneys qualified both in China and in the US to offer clients professional, business-oriented and cost-effective legal services on complex transactional matters.  

Highlights  

The firm specialises in a wide range of legal practice areas, such as PE & VC, investment funds, M&A, financial services, securities and capital markets, foreign direct investment and overseas direct investment. 

Last year, the firm advised GRC FuHua Capital, a Taiwanese venture capital fund, in its investment in Shenzhen Yuanshixin Intelligent Technology.  

Hui Ye Law Firm's dedicated M&A department enables the firm to provide legal services to clients in China and investment-target countries under its international service network. The team is also active in the fields of aviation, energy, manufacturing, pharmaceuticals and real estate. The firm now has a total of 35 offices around the world with a strong strategic presence in Europe. Hui Ye Law Firm welcomed 11 partners for corporate and M&A in the last 12 months. 

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.

Based across Shanghai, Chongqing, Guangzhou, Tianjin and Chengdu, SGLA Law Firm was jointly founded by members of the former Sino-Global Legal Alliance, a leading alliance recognised by international rating agencies. SGLA is now a large complex of top regional firms serving the needs of both domestic and international clients.

Focusses / specialisms

SGLA Law Firm is noted for its track record in successfully representing clients in restructurings and insolvency and M&A proceedings.

Key clients

The firm’s key clients include Vanke Group, Alibaba Chongqing, Ant Group and Li Ning.

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

In 2022, the firm represented Chongqing Water Group Public Engineering Consulting to integrate the waste-water treatment project held and operated by Tianjin Motimo Membrane Technology by means of direct merger and acquisition, merger and acquisition by cooperative fund or other means.

The firm’s Chongqing office hired six partners to strengthen its corporate matters capability while four partners left - three joined Zhong Wen Law Firm and one joined Longan Law Firm.

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

Chongqing Water Group Public Engineering Consulting and Tianjin Motimo Membrane Technology’s M&A.

Established in 1995, Winners Law Firm is engaged in high-end commercial legal services. Winners has offices in Tianjin and Binhai New Area, with 16 professional departments and more than 160 employees including more than 100 practising lawyers.

Focusses / specialisms

The firm focuses on corporate governance, mergers and acquisitions, capital markets, restructuring and liquidation.

Key clients

The firm’s clients include China Development Bank, China Exim Bank, Standard Chartered Bank, DBS Bank, China Construction Bank and Bohai Bank.

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

The firm represented several companies in their capital markets work such as Tianjin Kaihua Insulation Materials’ IPO and Tianjin Lingang Investment Holding Company’s $41 million foreign bonds issuance.

Key names to note are Haibo Li, the managing partner of the firm, and senior partner Dapeng Fan.

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

Tianjin Kaihua Insulation Materials’ IPO.

Tianjin Lingang Investment Holding Company’s $41 million foreign bonds issuance.

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.

Headquartered in Beijing, AnJie Broad Law Firm provides full legal services in transactional law and is strong in financial legal services related to the insurance industry.  

Highlights  

The firm has experience in domestic and foreign M&A, foreign direct investment, real estate and construction projects, financial leasing, infrastructure, banking and finance, overseas investment, capital markets, private equity and venture capital.  

In the M&A sector, the firm advised Ningbo Huaxiang Electronic Co. on its acquisition of the China operations of Luxembourg-based International Automotive Components Group. This complex transaction involved sellers from three foreign entities and six domestic target companies across multiple jurisdictions, including wholly owned subsidiaries, a joint venture, and their respective branches. The legal team successfully navigated the intricacies of this deal by efficiently conducting due diligence under tight deadlines, creatively structuring the transaction, and managing the closing arrangements. 

The firm also assisted Yinchuan Shengrong Investment in establishing a joint venture with American Lycra Company, known as the Yinchuan Spandex Project. This initiative revitalised local assets, unlocked the market potential of Yinchuan's non-performing assets, and significantly enhanced the efficiency of state-owned asset utilisation. By resolving historical burdens associated with underutilised assets from previous transactions, the project is poised to have a profound impact on local economic and social development. Scheduled to commence operations in August 2025, the project is expected to create between 300 to 500 local jobs and generate an annual tax revenue of RMB 100 million (US$14 million), thereby contributing to the local economy's prosperity. 

Key clients  

CICC Capital, CITIC Securities, Sinopec, PetroChina, Sequoia Capital, Hillhouse Capital, and Ping An Group.  

Established in 2015, Cathay Associates Kejie is a boutique transactional law firm specialised in advising domestic and international companies, financial institutions and governments. 

Highlights 

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 and other cross-border matters. 

Kejie’s legal services focus on M&A, private equity, financing and investment matters, investment funds, and capital markets.  

Hylands Law Firm was established in 1997 under the name of Haotian Law Firm. It is based in Beijing and—alongside an IP Agency—has 17 further offices in Shanghai, Changsha, Chengdu, Chongqing, Guangzhou, Guiyang, Hangzhou, Hefei, Hong Kong, Jiangyin, Jinan, Nanjing, Nanning, Qingdao, Shenzhen, Wenzhou and Yinchuan. Hylands is also one of two Chinese member firms of TerraLex, a global law firm network. 

Headquartered in Beijing with branch offices in Shanghai, Shenzhen, Hong Kong, Guangzhou and Xi'an, Jia Yuan Law Offices is ranked ‘Highly recommended’ in capital markets. The firm specialises in capital markets, corporate and M&A, financial and international businesses. Senior partner Liangjuan Wen has expertise in corporate restructuring, refinancing and M&A. 

The firm acted as legal adviser for Qilianshan Group on its major asset reorganisation. The team also advised Qingdao Port in acquiring eight subsidiaries from Rizhao Port Group and Yantai Port Group for US$2.14 billion by issuing shares and paying cash. They also advised Sinoma International on its purchase of 100% equity of Hefei Cement Research & Design Institute Corporation by issuing shares and paying cash. 

Key clients include Qingdao Port, Sinopack Electronic, and Tianjin Printronics. 

Testimonials 

Asset finance     

“Professional.”      

Jing Liu 

“Good.” 

M&A 

"Jia Yuan has consistently provided our company with strong support and assistance, offering reliable guidance on both domestic and international legal matters."     

Xi Wei 

"Delivers comprehensive legal support in day-to-day operations and demonstrates exceptional legal expertise and adaptability when specialized services are required." 

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.”

Leaf is a boutique law firm founded in 2012 by a team of European lawyers, led by Bruno Grangier. The firm has offices in Beijing and Shanghai. In the last quarter of 2020, SNB Law and Leaf started a strategic cooperation, a joint M&A team is to be established and will consist of experienced professionals from France, Germany, Austria, China and Vietnam. To increase its footprint in Europe, the firm opened an office in Paris in January 2020. Partner Charlotte Mantoux, who was previously in Shanghai, joined the firm’s Paris office.

Highlights

With a focus on M&A and private equity, the team is composed of Chinese and international corporate lawyers trained in international law firms and familiar with cross-border transactions with major MNCs, entrepreneurs, funds, and setting up joint ventures in China.

Key clients

Key clients of the firm include GL Events, Pernod Ricard, Beaumanoir, Babolat, Nuxe, Galeries Lafayette, Full Jet, Tomorrow, Havas Group, and Cerba and Sanyou Medical.

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.  

Highlights  

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.  

Among the publishable deals, the team advised on the establishment and investment in New Fusion Energy (Anhui) by NIO Limited. This project involves a joint venture between NIO and two government-backed investment institutions to create a company focused on the development and commercialisation of fusion technology. The firm also advised on Round B-4 financing of Beijing Zhipu Huazhang Technology.  

The firm hired three partners Bo Hu, Ying Hui and Qingyang He in 2023 to strength its teams in private equity and M&A work.  

Key clients  

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. 

Testimonials  

Investment funds     

“Merits & Tree Law Offices stands out for its highly stable and cohesive legal team. The same core partner and associates have handled our matters for years, delivering deep institutional knowledge and continuity in legal service. Their attorneys combine technical expertise with industry-specific experience, particularly in private equity fund investment and corporate equity investment. This consistency eliminates the need to repeatedly onboard new teams, which is a common pain point with other firms.” 

“In recent years, we've collaborated with M&T on many complex investment fund cases. M&T lawyers have shown excellent understanding of insurance-fund investment in private funds and great skill in solving complex legal problems. They have been a key partner in our projects. They have shown innovative thinking in designing transaction structures for insurance-fund investments in private funds. Their strategic wisdom and problem-solving skills in project negotiations have been vital for our project's success. M&T lawyers also have unique views on resolving fund-transaction disputes. They have solved multi-party disputes, met various commercial needs, and helped us maximize our interests.” 

Project finance     

“Demonstrated strong responsiveness and attention to detail when collaborating with others. Consistently delivered timely and accurate support during collaborative work.” 

Feng Zhou     

“Very knowledgeable and truly professional.” 

Xiongping (Allen)  Liu     

“Xiongping Liu has shown innovative thinking in designing transaction structures for insurance-fund investments in private funds. His strategic wisdom and problem-solving skills in project negotiations have been vital for our project's success.” 

Xiaoxing Guo     

“Xiaoxing Guo approached every aspect of the project with great care and diligence. He took the time to understand our needs, provided clear and well-reasoned legal advice, and always followed through on deadlines. His sense of responsibility gave us confidence at every stage.” 

Bei Hu 

“Lawyer Hu has an exceptional ability to solve problems and a very solid professional foundation, making outstanding contributions to our transactions.” 

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

Highlights  

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.  

The firm advised Guming Holdings on its Hong Kong IPO, which was the largest in the consumer market this year. Additionally, Shihui Partners advised JD Group on a US$2 billion convertible bond issuance, marking the second-largest convertible bond issuance by a Chinese concept stock in history and the largest by an Asian company since 2024. 

Partner Jian Zhang played a key role in advising Midea Group on its Hong Kong IPO, a transaction that stands out as the second-largest IPO globally since 2024. This IPO was also the largest in the Hong Kong market over the past three years and the largest H-share IPO of a non-financial A-share listed company to date. Following the issuance, Midea Group became the first A-share listed company to complete an H-share IPO under the new overseas listing filing system. 

In 2024, Shihui Partners expanded its team with new hires, including Baao Zhao from Han Kun Law Offices, Huikai Wang from King & Wood Mallesons, Yangyuqian Meng from Zhong Lun Law Firm, Xian Zhang from Longfor Group, and Yuan Zhang from Liu Shen & Associates. 

Key clients  

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.