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Headquartered in Beijing, DeHeng Law Offices is a full-service PRC law firm that has 50 offices in and outside China.
Focusses / specialisms
The firm is regarded for its work in M&A, capital markets and banking.
Key clients
Key clients include China CITIC Bank International, Export-Import Bank of China, BOCOM International Universal Investment, HSBC, China Gold and Qingdao Sifang Rolling Stock Research Institute.
Research period review: 33rd edition (2022/2023)
In 2022, DeHeng excelled at M&A transactions. The DeHeng team advised China Petroleum & Chemical Corporation (Sinopec) on its purchase of Sinopec Group Asset Management, Sinopec Yizheng Chemical Fibre and Sinopec Group Beijing Yanshan Petrochemical. The transaction consideration is approximately Rmb7 billion, involving a wide range of specific asset types and including the transfer of asset-related claims and liabilities.
The team also advised Guangzhou Great Power Energy & Technology on the purchase of around 24% of shares of the company’s holding company, Shida Battery, through the issuance of shares to the shareholders of Shida Battery. Prior to the purchase, the client owned around 70% of shares in Shida Battery.
On project development side, the firm assisted several ongoing projects such as Tianjin Binhai Rail Transit Line Z2, Tianjin Metro Line 1 PPP project, Linxiang to Qingshuihe Expressway PPP project and Zhuzhou comprehensive water environment management PPP project.
DeHeng also showed its capability in domestic and overseas capital markets. In domestic capital markets, the firm assisted China Railway Harbin Group of Technology Corporation, Suzhou Kechuan Electronic Technology, Tianjin Meiteng Technology, Xuzhou ZM-Besta Heavy Steel Structure, Shenzhen Highpower Technology, Shanghai Ziyan Foods, Highbroad Advanced Material (Hefei) and GRINM Semiconductor Materials. For overseas capital markets, the firm served as the Chinese legal adviser to the listed underwriter of Jianzhi Education on its listing on Nasdaq.
Deal highlights: 33rd edition (2022/2023)
China Petroleum & Chemical Corporation’s restructuring.
Guangzhou Great Power Energy & Technology’s purchase of Shida Battery.
China Minsheng Investment Group’s restructuring.
Jianzhi Education’s listing on Nasdaq.
China Railway Harbin Group of Technology Corporation’s IPO.
Suzhou Kechuan Electronic Technology’s IPO.
Client feedback: 33rd edition (2022/2023)
Investment funds
“They are professional, competitive, efficient and friendly.”
Insolvency
“Strong professional quality and strong communication and coordination skills.”
Project development
“Their service team is responsive and efficient, and can provide legal and compliant soil storage solutions and risk mitigation measures according to our company's needs, which has greatly helped us.”
“They are particularly familiar with legal services related to construction project bidding and contract management, as well as legal services related to government relations in PPP projects, which have greatly helped us.”
“They have rich experience in large-scale comprehensive projects such as PPP projects and franchise projects, and their team depth can meet our needs.”
“Lawyer Deheng has excelled in PPP projects, engineering bidding and procurement, contract negotiation, engineering management and legal affairs with government parties.”
Private equity
“Professional, meticulous and response speed.”
Lawyer feedback: 33rd edition (2022/2023)
Yunfeng Wang
“She is professional, competitive, efficient and friendly.”
Chunlei Zhang
“Good communication and problem-solving skills, especially in coordination with government and courts.”
Hongyuan Li
“Lawyer Li has a good service attitude and provides feedback very quickly. He is also very familiar with construction engineering and has investment and financing knowledge, especially PPP projects, franchise projects, bidding business, etc. He has smooth communication with us and has won high praise from everyone.”
“He not only excels in the legal profession, but also is particularly familiar with the bidding and construction management business of construction projects. He is also a bidding expert and contract management expert, and has a good service attitude. His feedback is particularly prompt, which has greatly helped our team.”
“Lawyer Li is not only a lawyer with excellent legal skills, but also a bidding agent for government adoption and engineering bidding. He has rich practical experience and has a good attitude and quick feedback in cooperation with us, which has greatly helped us.”
“Lawyer Li is hard-working, has a friendly attitude, and provides quick feedback. He has rich professional knowledge in PPP projects, construction project management, and bidding procurement, as well as rich experience in designing complex project transaction structures.”
Ruchuan Tang
“Professionalism.”
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.”
Dentons China was formerly known as Dacheng Law Offices but is now structured as a Swiss verein since international firms cannot practice PRC law. The firm has 48 offices across China, including in Beijing, Shanghai, Chongqing, Guangzhou, Hangzhou and Shenzhen.
Focusses / specialisms
The firm is strongest in private equity and investment funds and has a highly active restructuring and capital markets structured finance and securitization practice. Its capital markets practice has had a mixture of Hong Kong IPO and bond work, including corporate and convertible issuances. The firm is also recognised for its M&A, project development and banking work.
Key clients
Key clients of the firm include PayPal, China Construction Bank, Industrial and Commercial Bank of China, Bank of China, HSBC, BNP Paribas, Ningbo Communications Investment, Zhejiang Linyang Real Estate Development, and Zhongdu Holding Collection Association.
Research period review: 33rd edition (2022/2023)
On the capital markets side, the firm advised Bank of Communications Financial Leasing on its Rmb2.4 billion ($0.33 billion) Free Trade Zone ESG offshore bond. The funds raised will be used for the company's green and social responsibility-related projects. The Dentons China team also assisted video technology solutions provider Baijiayun’s IPO on Nasdaq and became the first Chinese audio and video SaaS stock in the US.
Dentons China is also a go-to firm for many domestic and international banks. Among publishable transactions, the firm is assisting the Red Lion Indonesia East Canada Phase I Rmb2.15 billion syndicate project of the Zhejiang branch of the Export-Import Bank of China. This transaction involves multiple jurisdictions and requires reviews of the borrower and guarantor's situation and provides legal opinions.
Deal highlights: 33rd edition (2022/2023)
Baijiayun’s IPO on Nasdaq.
Meihua International Medical’s IPO on Nasdaq.
Deewin Tianxia’s Hong Kong listing.
Client feedback: 33rd edition (2022/2023)
Project finance
“Global network so no issues with multiple law firms. They provided good advice.”
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: 33rd 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: 33rd 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.
Grandall Law Firm is a full-service law firm headquartered in Shanghai. It has offices in 28 Chinese cities including Beijing, Shenzhen, Hangzhou, Guangzhou, Tianjin, Chengdu and Ningbo, and has a further five offices globally.
Focusses / specialisms
Traditionally Grandall is known for its capital markets practice, where it has been dominant in the A-share market and has more recently made a push to strengthen its overseas listing practice.
Key clients
Key clients include China Merchants Bank, China Minsheng Bank, China Huarong, Air China Cargo, Beijing Yansha Group and Zhongsheng Beikong Biotechnology Company.
Research period review: 33rd edition (2022/2023)
In 2022, Grandall Law Firm represented 45 companies in their A-share IPOs and represented 41 companies in non-public offerings. In overseas capital markets, Grandall team advised Rainmed Medical’s listing in Hong Kong and represented HuZhou Gas’ IPO in Hong Kong Stock Exchange.
In Beijing, Grandall was the legal counsel for Tencent Music’s NYSE IPO. This was one of the largest IPOs of Chinese companies in the US in recent years.
In Shandong, the firm represented Shandong Luqiao Group in its share issuance, which was the first market-based debt-to-equity swap project in Shandong province. The project was helpful in improving Shandong Road and Bridge’s governance and capital structure.
In Sichuan, the firm provided legal services to Jiaozi Financial Holding Group’s epidemic prevention and control bond issuance, which was the first "epidemic prevention and control bond" issued by a state-owned enterprise in Chengdu.
In Jiangsu, the firm represented State Grid Jiangsu Integrated Energy Service’s mixed ownership reform project. The establishment of the mixed ownership reform company was not only to deepen the reform of state-owned enterprises, but also to promote the mixed reform in key areas and key links. The case was also an exploration path for mutual benefit and win-win, multi-party profitability, and strong alliances in the comprehensive energy service business.
In Tianjin, the highlighted case is Tianjin Zhonghuan Group’s mixed ownership reform project, which was a characteristic and pioneering project in the promotion of mixed reform of state-owned enterprises in Tianjin.
Deal highlights: 33rd edition (2022/2023)
Rainmed Medical’s listing in Hong Kong.
Huzhou Gas’s IPO in Hong Kong Stock Exchange.
Daojiale’s Rmb500 million pre-A round financing.
Glory Star New Media Group’s Nasdaq IPO.
Shandong Luqiao Group’s share issue.
State Grid Jiangsu Integrated Energy Service’s mixed ownership reform project.
Tencent Music’s NYSE IPO.
Jiaozi Financial Holding Group’s epidemic prevention and control bond issue.
Join & High Law Office is one of the largest legal service providers in Tianjin. In transactional law, the firm’s major practice areas are banking and finance, and securities-related matters.
Last year, the firm acted for Tianjin Energy Investment Group in its Rmb400 million green bond issue. This was the first green bond issuance by a Tianjin municipal enterprise. The issuance interest rate was 33.3% lower than the bank's benchmark lending interest rate in the same period, setting a record for the lowest interest rate of green medium-term notes and green corporate bonds issued by Tianjin local enterprises since 2015.
Key clients include Bohai Bank, China Guangfa Bank, Harbin Bank, Hengan Standard Life, Bank of Communications, Langfang Bank, and Pakatan Rakyat Investment Holding Group.
Deal highlights
· Tianjin Energy Investment Group Rmb400 million green bond issue
· Dashun Flower share acquisition
AllBright Law Offices was founded in 1999 as a full-service law firm committed to providing clients with the highest-standard quality services.
Based in Shanghai, China, AllBright has established offices in Beijing, Hangzhou, Shenzhen, Suzhou, Nanjing, Chengdu, Chongqing, Taiyuan, Qingdao, Xiamen, Tianjin, Jinan, Hefei, Zhengzhou, Fuzhou, Nanchang, Xi’an, Guangzhou, Changchun, Wuhan, Urumqi, Haikou, Changsha, Kunming，Harbin，Hong Kong SAR, London, Seattle, Singapore and Tokyo. In addition, we have established an association with a Hong Kong SAR law firm, Stevenson, Wong & Co. and a strategic cooperation with an international law firm, Bird & Bird LLP.
AllBright has always focused on upgrading and improving its legal professional services and consistently optimizing its practice areas. Currently, AllBright features twenty-one professional practice committees, industry committees and business committees, i.e. Securities and Capital Markets, Banking and Finance, Corporate and M&A, Litigation and Arbitration, Real Estate and Construction, Intellectual Property, International Trade, Cross-Border Investment, Maritime, Bankruptcy-Insolvency & Reorganization, Criminal, Tax, Labor and Social Security, Family Affairs and Private Wealth Management, Digital Technology and Artificial Intelligence, Healthcare and Pharmaceuticals, Energy, Natural Resources and Environmental Protection, Consumption and Retail, State-owned Enterprises, Automobile and Equipment Manufacturing Industry, Aviation and Aerospace.
Founded in 1992, Dacheng is one of the first partnership law firms established in China and today one of the largest.
With more than 7,000 lawyers in over 50 offices across China, covering all of the nation's provinces, direct-administered municipalities and autonomous regions, we are able to provide the full spectrum of legal services to our clients and boast strong practices in almost all practice areas.
The excellency of our lawyers and practice has been widely recognized in the legal industry. Since 2021, we have 46 practice areas and 316 lawyers ranked in Chambers Global & Greater China Region Guides, and 26 practice areas and 487 lawyers recognized by The Legal 500, including among which, "Insolvency & Restructuring Law Firm of the Year 2024" awarded by Asian Legal Business, "2023 China (PRC Firms) Best Growth Law Firm of the Year" awarded by Chambers and Partners, "WTO International Trade Law Firm of the Year 2023" awarded by The Legal 500. We have also received awards and recognitions by many other mainstream legal media such as Asian Legal Business, China Business Law Journal, LEGALBAND, IFLR1000, asialaw Profiles, Benchmark Litigation, China Law and Practice, Who's Who Legal, etc.
In 2007, we started to implement the strategy of “Global Reach, Local Insight”, that is, to build a global legal services network to serve the need of our clients across the world. Through the rapid expansion that has resulted, our lawyers have gained access to global resources, referrals, knowledge and experience – enhancing the delivery of high-quality, comprehensive, cost-effective, agile and efficient service to our clients both within and outside China. In particular, we enjoy close cooperation with Dentons, one of the world's largest global law firms and a top 3 firm on the Acritas’ Global Elite Law Firm Brand Index and are “Dentons’ Preferred Law Firm in China.
Grandall is a leading full-service corporate and commercial law firm in China. It currently has 38 offices in Beijing, Shanghai, Shenzhen, Hangzhou, Guangzhou, Kunming, Tianjin, Chengdu, Ningbo, Fuzhou, Xi'an, Nanjing, Nanning, Jinan, Chongqing, Suzhou, Changsha, Taiyuan, Wuhan, Guiyang, Urumqi, Zhengzhou, Shijiazhuang, Hefei, Hainan, Qingdao, Nanchang, Dalian, Yinchuan, Lhatse, Hong Kong, Paris, Madrid, Stockholm, New York, Malaysia, Cambodia and Uzbekistan.
Grandall has a total combined workforce of more than 5,000 people, including PRC licensed attorneys, foreign counsels, paralegals, secretaries, administrative and support staff. Many of our legal experts and professionals are recognized as top practitioners in their respective fields of specialization, and our foreign counsel “bridge the gap” between the East and West.