Shanghai

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

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.”

Llinks Law Offices is a Shanghai law firm with a nationwide and international practice.

Focusses / specialisms

Its main practice areas include banking and finance, capital markets, restructuring and insolvency, and M&A.

Key clients

The firm’s notable clients include Beijing Jingdong Century Trading, Shanghai Banghui Commercial Factoring, China Re Asset Management, New China Asset Management, China Insurance Investment, Sunshine Asset Management, Generali China Asset Management and China Insurance Investment.

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

During the research cycle, the firm is advising Contemporary Amperex Technology as the investor on the bankruptcy reorganisation of Yajiang Sinuowei Mining Development. The investment amounts to Rmb6.4 billion, which set the record for the disposal amount of domestic lithium resources.

In 2022, Llinks Law Offices performed outstandingly in the capital markets. The team assisted a number of companies in their initial public offerings, refinancings and issuance of convertible bonds. Highlighted cases include advising Zhuhai CosMX Battery on the public issuance of convertible bonds; advising China International Capital Corporation on the IPO of LED display control system provider, Colorlight Cloud Tech; representing Shanghai United Imaging Healthcare on its IPO and listing on the Science and Technology Innovation Board of the Shanghai Stock Exchange; and advising Gotion High-tech on offering GDRs and listing on the SIX Swiss Exchange.

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

Zhuhai CosMX Battery’s convertible bonds issuance.

Colorlight Cloud Tech’s IPO.

Yajiang Sinuowei Mining Development’s reorganisation.

Shanghai United Imaging Healthcare’s SSE STAR Market IPO.

Shanghai Joius Law Firm is a boutique firm whose practice areas include foreign investment, financial securities and M&A. It has branches in Taipei and Warsaw.

Its clients are mainly financial institutions with ICBC (Asia), Cathay United Bank, Chang Hwa Commercial Bank, Taishin International Bank, Sinbon Electronics and Lihua Color Printing (Kunshan) included in its roster.

Deal highlights

·       Lihua Color Printing Kunshan TWSE IPO

·       Lihua Color Printing acquisition of Dongguan Lihe

“The firm is professional with good communication skills.”  — M&A

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.”

Wintell & Co was established in Shanghai in 2005 and has further offices in Guangzhou, Tianjin, Ningbo, Zhoushan and Haikou.

The firm’s practice areas include corporate and commercial affairs, finance, insurance, construction, and capital markets.

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 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: 33r^d 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: 33r^d 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: 33r^d 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: 33r^d 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 is a full-service law firm headquartered in Shanghai. It has offices in 28 Chinese cities including Beijing, Shenzhen, Hangzhou, Guangzhou, Tianjin, Chengdu and Ningbo, and has a further five offices globally. 

Focusses / specialisms

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

Key clients

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

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

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

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

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

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

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

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

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

Rainmed Medical’s listing in Hong Kong.

Huzhou Gas’s IPO in Hong Kong Stock Exchange.

Daojiale’s Rmb500 million pre-A round financing.

Glory Star New Media Group’s Nasdaq IPO.

Shandong Luqiao Group’s share issue.

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

Tencent Music’s NYSE IPO.

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

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.”

Based in Shanghai, SG & Co Lawyers was founded in 2010 with the merger of several law firms. After years of growth, the firm has set up branches in cities such as Tianjin, Shaoxing and Suzhou.

Focusses / specialisms

The team focuses on capital markets, M&A and equity investment.

Key clients

Key clients of the firm include Shanghai Film Group, Baohua (Shanghai) Enterprise Management and Shanghai International Trust.

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

In 2022, the firm demonstrated expertise in finance and securities, especially asset-backed securities. Last year, the team assisted Cofco Trust in completing Rongteng 2022-3 Retail Auto Loan Securitization, of which SAIC-GMAC Automotive Finance was the originator. The team also assisted CITIC Trust in Youying Huixing 2022-3 NPL-backed securitization.

The M&A deals the firm submitted in this research cycle remain confidential.

In 2021, the firm assisted a few companies in their issuance of medium-term notes such as like BLOGIS Holding Company and Shanghai Shendi Group Company.

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

Rongteng 2022-3 Retail Auto Loan Securitization.

Youying Huixing 2022-3 NPL-backed securitization.

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

Capital markets

“High efficiency, high quality – even during the Covid-19 pandemic.”

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

Yifan Huang

“High efficiency, high quality. Deep expertise, usually very efficient.”

Based in Shanghai, Pacific Legal focusses on providing Chinese business law services across China.

Focusses / specialisms

It is active in banking and finance and has capacity and experience in advising both international and local lenders and borrowers on a wide range of China-related financing transactions, including acquisition finance, real estate finance, bilateral and syndicated finance, and corporate lending.

Key clients

Key clients include ANZ, BNP Paribas, ING, Bank of China, China Development Bank, ICBC, Orion, Everest Infrastructure, PT Provident Capital Indonesia, PT Saratoga Investama Sedaya, Energizer Household Goods and Energizer Trading.

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

During the research period, the team advised Health and Happiness International Holdings on obtaining a USD term loan facility from a syndicate of lenders led by HSBC, which was used to refinance its previous loans taken for the acquisitions of Swisse, an Australian nutrition brand, and Zesty Paws, a US pet nutrition brand. This is a complex re-financing deal involving many loans taken for the acquisitionsof several offshore businesses (direct and indirect) by a HK-listed company across several years.

The team is also advising WuXi AppTec (Hong Kong), a leading multinational company in pharmaceutical and medical devices, on a USD loan facility made available by a syndicate coordinated by HSBC and Standard Chartered, which is used for working capital and refinancing.

The banking and finance practice of Shanghai Pacific is led by Joy Gao. She was a banking and finance partner at Zhong Lun prior to joining Shanghai Pacific in September 2020.

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

Health and Happiness International Holdings’ USD term loan facility.

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

Banking and finance

“Smooth execution, sound legal advice, good knowledge on loan structuring amid changing regulations.”

“Shanghai Pacific Legal was quite proactive and professional when we were negotiating the T&C with lenders' counsel. Also, Shanghai Pacific Legal is quite supportive and experienced in terms of NDRC filings.”

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

Joy Gao

“Good knowledge on financing structure and regulations on foreign debt.”

“In our deal, Joy showed her expertise on FA negotiation, NDRC filing and SAFE filing.”

Sophia Zhang

“In our club deal, Sophia is quite professional in terms of FA negotiation, NDRC filing and SAFE filing topics. We got lots of support from SPL, including Sophia Zhang and Joy Gao.”

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.”

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

Focusses / specialisms

The merged 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.

Key clients

Clients of the firm include CICC Capital, CITIC Securities, Sinopec, PetroChina, Sequoia Capital, Hillhouse Capital and Ping An Group.

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

During the research cycle, the AnJie & Broad team represented an equity investment fund managed by CICC, acted as the lead investor in a leading domestic supplier of automotive thermal management systems, Nanjing Xiezhong Auto-Airconditioner (Group), with a total financing amount of approximately Rmb530 million. The delisting of the target company adds to the complexity of the transaction.

Among the confidential deals during the period, the firm completed several private equity deals involving multi-jurisdiction work. The firm also completed a few aircraft financing deals lead by partner Fan Rong. Fan was originally from Broad & Bright Law firm which merged with Anjie Law Firm in 2022.

Deal highlights: 33rd edition (2022/2023)

CICC’s investment into Nanjing Xiezhong Auto-Airconditioner (Group).

BAIC Foton Motor’s investment into Shandong branch of Shanghai Eastern Aviation Equipment Manufacturing.

Xiaopeng Motors’ series C financing.

DSV Panalpina’s acquisition of Prime Cargo.

Azelis’ acquisition of Bronson & Jacobs China.

ACA series A+ investment in Ostay.

CM Law Firm is a boutique law firm in Shanghai which provides legal services mainly in M&A and capital markets. 

During the research period, the firm advised on the sale of JOYY’s live streaming business in China to Baidu. This was one of the top three mergers and acquisitions in China's live broadcast industry in 2020.

The main clients of CM Law Firm include Tencent Industrial Investment Fund, Sequoia Capital, CMBI, Matrix partner China, Trust Bridge Partners, VKC Partners, Futu Securities International, and Sequoia.

Deal highlights

·       Baidu acquisition of JOYY

·       17 Education & Technology Group Nasdaq IPO

·       Cloopen Group NYSE IPO

Co-effort Law Firm is a PRC firm established in 1998. Originally located in Shanghai, the firm also now has offices in Beijing, Jiangsu, Zhejiang, Chongqing, and other cities. This year, the firm led most cases in investment, private equity and M&A.

Highlights include assisting Huabao Duding Financial Leasing to merge Magang Financial Leasing, Suzhou Yangcheng Lake Ecological Leisure Tourism to issue asset backed securitisation; and General Water Technology to complete its round A financing. The deals involved various types of transaction entities and complex structures.

Key clients include Guotai Jun’an Capital Management, Sumin Investment, Bank of Beijing (Shanghai Branch), Xia’men C&D and Sino-Ocean Group.

Deal highlights

·       Huabao Duding Financial Leasing acquisition of Magang Financial Leasing

·       Suzhou Yangcheng Lake Ecological Leisure Tourism ABS issue

·       General Water Technology round A financing.

Founded in 1992, Commerce & Finance Law Offices is active in key areas of transactional law, especially in the overseas capital markets. Headquartered in Beijing, the firm also has branch offices in Shanghai and Shenzhen.

Focusses / specialisms

Commerce & Finance’s core practice areas cover securities, investment, banking and finance, and M&A. It has a traditionally strong IPO practice and is recognised as a market leader in this area. The firm has participated in many landmark listings and reorganisations of state-owned and private enterprises.

Key clients

The firm’s notable clients include NIO, China Energy Engineering, Ningbo Zhoushan Port, Guizhou Branch of Agricultural Bank of China, Yunnan Branch of Agricultural Bank of China, the Export-Import Bank of China, Industrial and Commercial Bank of China, Chengdu Branch of Agricultural Bank of China, BOCOM Financial Asset Investment and International Alliance Financial Leasing.

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

Commerce & Finance Law Offices is a go-to firm for many top-notch banks. Among the publishable transactions, the team assisted the Export-Import Bank of China in issuing green agency bond of Rmb5 billion for “carbon neutrality” in the national interbank bond market through Bond Connect. This issuance attracted more than 70 investment institutions and participation from more than 10 financial markets including Europe, Japan and the US.

On capital markets side, the team is well-recognised by peers and clients during the research cycle. The firm assisted co-sponsors Morgan Stanley, Credit Suisse and China International Capital Corporation in electric vehicle producer NIO’s secondary listing in HKSE in early 2022; and assisted co-issuing managers Credit Suisse and Goldman Sachs in NIO’s secondary listing in Singapore in May 2022. The firm advised Ningbo Zhoushan Port in completing its non-public issuance of A-shares totalling Rmb20 billion.

In late 2021, the firm assisted CICC, the financial adviser of H-share listed China Energy Engineering Corporation (CEEC), in CEEC’s share exchange and merger of A-share listed Gezhouba Group. The share exchange and merger amounted to Rmb120 billion, and it was the first occasion of H-share listed companies merging with A-share listed companies. After the merger, Gezhouba terminated its listing and CEEC took over all the assets and liabilities from Gezhouba.

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

NIO’s secondary listing in Hong Kong and Singapore.

Export-Import Bank of China’s Rmb5 billion bond issuances.

Ningbo Zhoushan Port’s non-public A-share offering.

Super Hi International Holding’s Hong Kong listing.

Hainan Strait Shipping and Guangdong Xuwen Strait’s joint venture.

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

M&A

“Professional and conscientious.”

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

Priscilla Lee

“Priscilla is quite professional and conscientious, with excellent analytical and problem-solving skills.”

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: 33r^d 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.” 

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

Focusses / specialisms

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

Key clients

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

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

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

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

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

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

Huaxia Wealth establishment.

Beijing Enterprises Group’s Rmb15 billion bond issue.

Suzhou Branch of China Development Bank city reconstruction project.

Yinji Entertainment and Media insolvency.

Fangda Partners has steadily risen from its Shanghai roots to become a national powerhouse in China, and it has also earned a first-class reputation in the Beijing and Guangdong market.

Focusses / specialisms

The firm has hundreds of lawyers with expertise in a number of transactional practice areas, with prominent strength in M&A, banking and finance, capital markets and investment funds work.

Key clients

The firm’s key clients include Bank of China, Export-Import Bank of China, China Development Bank, China Construction Bank, Industrial and Commercial Bank of China, Ping An Bank, Asian Development Bank, Asian Infrastructure Investment Bank, China Resources Microelectronics, Blackstone, Boyu Capital, Carlyle and CICC Capital.

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

Fangda’s team is active in providing capital markets legal services. In late 2022, the firm advised Kingsoft Cloud, China’s leading cloud service provider, on its successful dual-primary listing by way of introduction on the main board of the Hong Kong Stock Exchange. Fangda also assisted Kingsoft Cloud on its listing on the NYSE in 2020.

Fangda also represented the joint sponsors, CICC and CCB International in OrbusNeich Medical Group Holdings’ listing in Hong Kong.

Last year, Fangda handled M&A transactions for both domestic and foreign companies. Highlighted cases include advising Kirin Holdings in its sale to Plateau Consumer of its 40% stake in a joint venture established with China Resources. After that, Kirin will exit the JV, while it will continue part of its business partnership with China Resources. The deal is significant in food and beverage sectors, and it is also a typical case of foreign capital exiting from previously PRC state and privately owned joint ventures.

The team also represented China Mobile Capital Holding in its subscription of the 2022 private placement of China Eastern Airlines. The non-public offering was taken up by 20 investors including China Mobile and the total amount raised of the placement was about Rmb15 billion.

The Fangda team shows their deep understanding in restructuring and insolvency cases. During the research cycle, the firm has been advising on the bankruptcy of CEFC International Group Shanghai as a joint administrator, which involves cross-border insolvency issues. For now, the team has applied, and the court has ruled, 79 subsidiaries and affiliates enter the consolidated procedure.

One highlighted case is that the Fangda team advised on the reorganisation of Dalian Shipbuilding Industry Offshore as a joint administrator, the debt claims amount to $2.5 billion. The team assisted the firm in insurance compensation, identifying executory contracts and selling offshore platforms. This is the first bankruptcy reorganisation case of tens of billion that succeeds without investors in China.

Last year, the firm hired Henry He, who specialises in M&A and the healthcare industry, as a partner.

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

China Eastern Airlines’ A-shares non-public offering.

Kingsoft Cloud’s secondary listing.

OrbusNeich Medical Group Holdings’ HKSE IPO.

Chongqing Hongjiu Fruit’s HKSE IPO.

Dalian Shipbuilding Industry Offshore’s reorganisation.

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

M&A

“They lead the drafting and negotiation as the deal counsel. Sound knowledge of both tech and finance, good at identifying issues and providing balanced approach.”

Investment funds

“Professional, responsive, resourceful.”

Financial services regulatory

“Very professional, knowledgeable and insightful.”

Capital markets

“Valuable experience in the debt market, good network, excellent communication skills with clients with different background, responsive and diligent services.”

Insolvency

“The team represented by Ji Nuo has a high educational level and strong professional ability. More importantly, they have a strong sense of social responsibility and outstanding humanistic feelings. They not only handle bankruptcy cases effectively, but also contribute a lot to the field of legislative amendment and professional research.”

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

Raymond Chan

“Managed the deal well.”

Tianyi Chen

“Smart and responsive, and good with management of fees.”

Christina Fu

“Very professional, knowledgeable and insightful. Thorough work, sharp mind.”

Christine Chen

“Christine has in-depth knowledge and experience in advising sophisticated international issuers on local law issues. By providing practical and thoughtful solutions to complicated or tricky legal issues in the course of bond issuance, Christine has gained our deep trust and respect. Her advice and constant contribution are immensely helpful to the successful execution of cutting-edge debt offering transactions."

Nuo Ji

“He has organised a high-level team, handled a large number of major bankruptcy cases, maintained close cooperation with universities, and cultivated many young legal talents. During his term as president of Shanghai Lawyers Association, he promoted the development of lawyers and the improvement of the system, and also contributed a lot of professional wisdom to the reform and improvement of China's bankruptcy legal system.”