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Hangzhou headquartered boutique firm Sunshine Law firm specialises in project development, providing a full spectrum of legal services in the energy, environment, and infrastructure sectors. Its practice areas also include capital markets, banking and finance, M&A and restructuring.
During the research period, the team acted on China Power International’s acquisition of Zhanatas 100MW wind power in Kazakhstan. The deal was the first renewable energy project operation in the list of capacity cooperation between China and Kazakhstan and was also the largest wind power project put into operation in Kazakhstan. It is socially meaningful because the project was expected to save 109.5 thousand tons of standard coal per year after completion, and will benefit millions of Kazakh people, continuously delivering economic, ecological and social benefits.
In another significant mandate, the team provided legal services for the acquisition of Yuehai Petrochemical Storage and Development Company by Guangzhou Gas Group, PO&G Holdings, and Guangzhou Port Energy Development Company. The buyers also jointly invested, constructed, and operated the LNG emergency accepting station after the acquisition. This was a significant infrastructure project approved by the Guangzhou government because it aims to meet the demand of natural gas supply and emergency storage of Guangzhou, which strengthens energy supply capability and ensures stable development.
Last year, the firm recruited Niu Feng as a counsel to handle international business. Niu worked at China Southern Power Grid Corporation before joining the firm.
Key clients include SPIC, China Energy, China Datang, CHD, China Huaneng, China Sinopec, CNOOC, State Grid, and Power China.
Deal highlights
· China Power International acquisition of Zhanatas 100MW Wind Power in Kazakhstan
· Guangzhou Gas Group, PO&G Holdings, and Guangzhou Port Energy Development
· Company acquisition of Yuehai Petrochemical Storage and Development Company
· GCL Intelligent Energy investment in VINA 30MW Wind Power
· Shanghai Electric Power Investment in Turkey Houtru 2 x 660 MW Coal-fired Power Generation
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: 33rd 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: 33rd 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: 33rd 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.”
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
Client feedback
“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
Nie Weidong Richard
“Knowledge of law and rich experience knowledge of industry.”
Lv Yinghao
“Professionalism. Quick response. Attentive to details.”
V&T Law Firm is a full-service law firm based in Beijing with further offices in Shenzhen, Shanghai, Chengdu, Wuhan, Xi’an and Changsha. Notable for its work in banking and finance, the firm continued to expand and strengthen its practice.
During the research period, V&T assisted China Resource's Rmb2.5 billion financing in Chengdu MixC, which was the first CMBS project of the state-owned China Resources Group.
Key clients include Xinjiang Tebian Electrician Group, Ping An Asset Management and Beijing Municipal Engineering Consulting Corporation.
Deal highlights
· China Resource Rmb2.5 billion financing
· Tus-Holdings $750 million bond issue
· Daily Interactive Network Technology SZSE GEM IPO
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.
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.”
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.”
Guantao Law Firm was established in 1994 and is a full-service law firm headquartered in Beijing.
Focusses / specialisms
The firm’s practice areas cover capital markets, corporate and M&A, banking and finance, restructuring and insolvency, private equity and venture capital.
Key clients
Main clients of Guantao include China Development Bank, China CITIC Bank, China Merchants Bank, China Life Investment, China Reinsurance, Beijing Building Material Group, China Energy Engineering Group, China Communications Construction Group and Huayi Tencent.
Research period review: 33rd edition (2022/2023)
In 2022, the firm represented The National Trust, Bank of Dalian, China Fortune International Trust and China Jiangsu International Trust in financing. The team also represented fund manager China Insurance Investment (Beijing) in establishing and raising a Rmb10 billion ($1.4 billion) private fund within a tight schedule.
In 2021, the firm represented CK Asset Holdings in its HK$19.3 billion buyback of 380 million shares from the Li Ka Shing Foundation. Also, the firm has acted in several restructuring cases with significant deal value.
In 2020, the team acted in PipeChina’s $38 billion acquisition of PetroChina’s pipeline business and assets. Completion of this deal has resulted in the formation of one national oil and gas pipeline network.
In another significant mandate, the firm assisted Liaoning Huishan Dairy Group – the largest enterprise group producing dairy products in the entire industry chain in China – complete its reorganisation. 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.
Deal highlights: 33rd edition (2022/2023)
The National Trust’s Rmb5.5 billion financing.
China Insurance Investment (Beijing)’s fund setup.
Liaoning Huishan Dairy Group’s restructuring.
PipeChina’s $38 billion acquisition of PetroChina pipeline business and assets.
Client feedback: 33rd edition (2022/2023)
Financial services regulatory
“Dedicated work with professional legal advice on behalf of the client.”
Insolvency
“The team is led by partners with abundant experience in bankruptcy and capital markets. The team always provides timely feedback and positive response to our inquiries and has cooperated with us in communicating and coordinating with the court, local government, administrator, listed company, creditors, original shareholders and other investors, as well as securities regulators, stock exchanges, and China Securities Registrars, during the course of the project.
Although this project faced several complicated and individualised special issues, the team of lawyers, based on the accuracy of the application of the law and the successful experience and practice of past cases, combined with the actual situation of this project, put forward a number of creative opinions and suggestions in the process of solving difficult and complicated issues.”
Lawyer feedback: 33rd edition (2022/2023)
Xiaochuang Chen
“Professional services and very dedicated working.”
Yucheng Jin
“Very professional and responsive to our questions.”
Grandall is a leading full-service corporate and commercial Chinese law firm. It has offices in 28 Chinese cities including Beijing, Shanghai, Shenzhen, Hangzhou, Guangzhou, Kunming, Tianjin, Chengdu and Ningbo, and has a further five offices globally.
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.
The firm’s M&A team was busy advising on mandates in the food and beverage, technology, automotive and biotech sectors, while its projects practice continued to gain traction.
Client feedback
"Its capital markets practice is professional, and has a clear understanding of the requirements and trends in the A-share market." - Capital markets
Wu Gang
"He has professional abilities and carried a strong sense of responsibility for the project."
Sino-Australian venture King & Wood Mallesons (KWM) is a dominant player in China’s legal market. Headquartered in Beijing, the firm has 13 offices in China.
The practice areas covered by KWM include banking and finance, M&A, debt restructuring, private equity, real estate and capital markets. It excels in each practice.
In 2019, KWM’s capital markets team was very busy. Highlights include acting in Alibaba’s Hong Kong IPO, which was the largest global public offering in 2019; advising on Huatai Securities’ LSE IPO, which was the first issuer to utilise the Shanghai-London Stock Connect; and also acting in the China Eastern Airlines’ mixed ownership reform.
It was a big year for KWM’s M&A team as well. For example, it advised China Resources Snow Beer in the acquisition of Heineken’s China business, and represented Bain Capital on its acquisition of Xiamen Qinhuai. KWM kept active in M&A and continued to help its clients with global and regional joint ventures, sales and acquisitions across a range of sectors.
In restructuring and insolvency KWM advised Shanghai CEFC International Group in its insolvency, which was the first case where bankruptcy proceedings in mainland China were recognised by the high court in Hong Kong.
In the research period, the firm brought in capital markets partner Shan Yingzhi from Commerce & Finance and M&A partner Ma Xiaoyun from Jiangsu law Firm.
Deal highlights
- Alibaba Group Holding HKSE secondary listing
- Bohai Steel Group insolvency
- CGN SZSE IPO
- China Eastern Airlines mixed ownership reform
- China Resources Snow Beer acquisition of Heineken China business
- Huatai Securities GDR offering and LSE listing
- Ningbo Shanshan investment in Altura
- Shanghai CEFC International Group insolvency
Guantao Law Firm was established in February 1994 and is a full-service law firm headquartered in Beijing.
Guantao’s practice areas cover capital markets, corporate and M&A, banking and finance, restructuring and insolvency, private equity and venture capital. The firm specialises in private equity, infrastructure and real estate matters, and it developed its insurance and securities business over the research period.
The main clients of the firm include China Life Investment, China Reinsurance, Beijing Building Material Group, China Energy Engineering Group, China Communications Construction Group and Huayi Tencent.
In 2019, the firm recruited banking expert Guo Haizhen from King & Wood Mallesons and M&A specialist Li Xiaohao from Hogan Lovells in Beijing. It also strengthened its capital markets offering with the hire of Huang Yan from Commerce and Finance.
Deal highlights
- Beijing Ctrowell Technology share issue
- CMGE Technology Group HKSE IPO
- Giant Network Group corporate restructuring
- Ningxia Baofeng Energy Group SSE IPO
- Wirecard acquisition of Beijing Apple Information Consulting
- Wuhan Xingtu Xinke Electronics SSE STAR Market IPO
Dentons China was formerly known as Dacheng Law Offices but is now structured as a Swiss Verein since international firms cannot practice PRC law. In China, the firm has 47 offices, including in Beijing, Shanghai, Chongqing and Shenzhen.
The firm is strongest in private equity and investment funds and has a highly active restructuring practice. Its capital markets practice has had a mixture of Hong Kong IPO and bond work, including corporate and convertible issuances.
In 2020 its Beijing team kept busy with transactions in the insurance, energy, technology and real estate sectors. One of the highlighted cases was the establishment, raising and investment of IDC special fund. This was the first special fund for RMB IDC projects in China. Despite the Covid-19 pandemic, the IDC Fund still completed the first-round closing of Rmb1.5 billion within 6 months, which set a new record for the first-round closing of a CDH mezzanine fund.
In Shanghai, the firm provided a legal opinion to Shanghai Lingang Guanwei Investment Development’s CCB International Science and Technology Innovation Fund, and advised on Shanghai Lingang Guanwei Investment Development’s mixed ownership reform fund.
Key clients include IQiyi, BYD Auto, Export-Import Bank of China, Industrial and Commercial Bank of China and Beijing Jingdong Century Trading.
Deal highlights
· IDC special fund formation
· Zero2IPO Holdings HKSE IPO
· Jiachen Holdings HKSE IPO
Client feedback
“Provided efficient and accurate PRC legal opinions on validity, enforceability and due execution relating to the PRC guarantee gal opinion.” — Banking and finance
“Professional legal services at a reasonable price.” — Investment funds
“The firm offers professional services and is easy to communicate with.”— M&A
“Hard working, good communication, good at find common grounds of both parties.” — Restructuring and insolvency
V&T Law Firm is a full-service law firm based in Beijing with further offices in Shenzhen, Shanghai, Chengdu, Wuhan, Xi’an and Changsha. Notable for its work in banking and finance, the firm continued to expand and strengthen its practice.
During the research period, V&T assisted China Resource's Rmb2.5 billion financing in Chengdu MixC, which was the first CMBS project of the state-owned China Resources Group.
Key clients include Xinjiang Tebian Electrician Group, Ping An Asset Management and Beijing Municipal Engineering Consulting Corporation.
Deal highlights
· China Resource Rmb2.5 billion financing
· Tus-Holdings $750 million bond issue
· Daily Interactive Network Technology SZSE GEM IPO
With integrated management headquartered in Shanghai, AllBright Law Offices is among the largest full-service Chinese law firms. It has branch offices in 22 cities that house over 3000 lawyers.
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, andasset securitisation.
In 2020, the M&A team in Shanghai acted for Cinve Real Estate Group in its sale of Sanlin Impression City. As the brick-and-mortar commercial retail industry was most affected by COVID-19, the project was finally completed during the epidemic. It was a significant demonstration case for the real estate block trading market.
In Guangdong, the M&A team represented China Resources Pharmaceutical Group in its Rmb2.3 billion acquisition of Boya Biopharmaceutical Group. The acquisition of a listed company in the biopharmaceutical industry was among the largest A-share transactions in 2020.
Main clients include The Bank of East Asia, Longfor Group, State Grid and Shanghai Lujiazui Group.
Deal highlights
· Golden Oak Medical Series A and A+ round financing
· State Grid investment in China Radio and Television Network Group
· Weigao Orthopedic Materials Science and Technology SSE STAR Market IPO
· Danone Group acquisition of an infant milk powder production plant in Qingdao
· Blue Sail Medical issuance of convertible corporate bonds
· Weiyuan Gene Series B financing
· Innovation Workshop Asset Management Company investment of Zhongli Group
· Refine Biotech Series A financing
· Strategic cooperation project between JAC and Volkswagen
· Qingdao Doublestar acquisition of Kumho Tire
· China Shipbuilding asset restructuring
· CMIG acquisition of SRE Group
· Nanjing Happy Water Cube Travel insolvency
· Nanjing Jiangbei New Area Industrial Investment Group issuance of debt financing instruments for 2020
· Shin Kong Holding Group debt Restructuring
· Kintor Pharmaceutical HKSE IPO
· Songdu Group ABS issue
· Zhejiang Inte Group convertible bond issue
Client feedback
“Professional, dedicated, highly efficient and good at communication.” —Banking and finance
“Experienced, rigorous and logical.” — Capital markets
Guantao Law Firm was established in 1994 and is a full-service law firm headquartered in Beijing. Its practice areas cover capital markets, corporate and M&A, banking and finance, restructuring and insolvency, private equity and venture capital. Market feedback confirms Guantao’s growth in recent years underlined by an elite team of transactional lawyers.
During the research period, the team acted in PipeChina’s $38 billion acquisition of PetroChina’s pipeline business and assets. Completion of this deal has resulted in the formation of one national oil and gas pipeline network.
In another significant mandate, the firm assisted Liaoning Huishan Dairy Group—the largest enterprise group producing dairy products in the entire industry chain in China—complete its reorganisation. 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.
Main clients of Guantao include China Life Investment, China Reinsurance, Beijing Building Material Group, China Energy Engineering Group, China Communications Construction Group and Huayi Tencent.
Deal highlights
· Liaoning Huishan Dairy Group restructuring
· PipeChina $38 billion acquisition of PetroChina pipeline business and assets
· Compulsory liquidation of Beijing Urban Construction Nandi Property Management Company
Client feedback
The leading counsellor, Ms Yang Wang, with her team of excellent counsellors, provided a range of legal services in the setting up of the fund, including due diligence, negotiation and legal advices in all the relevant aspects. The outcome was very satisfactory.”— Private equity
V&T Law Firm is a full-service law firm based in Beijing with further offices in Shenzhen, Shanghai, Chengdu, Wuhan, Xi’an and Changsha. Notable for its work in banking and finance, the firm is continuing to expand and strengthen its practice.
During the research period, V&T Law Firm was mainly involved in project development mandates within the transport, energy and infrastructure sectors.
Key clients include Xinjiang Tebian Electrician Group, Ping An Asset Management and Beijing Municipal Engineering Consulting Corporation.
Deal highlights
- Tus-Holdings $750 million bond issue
- Daily Interactive Network Technology SZSE GEM IPO
AllBright is one of the leading full-service Chinese law firms in the People’s Republic of China, and the largest law firm based in Shanghai. It has established branch offices in 21 cities on the Chinese mainland.
AllBright’s major practice areas include capital markets, banking and finance, corporate and M&A, international trade, cross-border investment, real estate and construction, intellectual property, maritime affairs, bankruptcy liquidation and reorganisation, litigation, arbitration and criminal law.
The firm has a wide range of clients, including state-owned enterprises, local state-owned enterprises, private and foreign-funded enterprises. Its well-known clients include China Shipbuilding Industry, Shanghai Electric Group and Xiamen Airlines.
In 2019, the firm mainly provided legal services for trust, asset management, asset securitisation, financial derivatives and private equity.
The firm opened new offices in Wuhan and Urumqi in 2019.
Deal highlights
- Fujian Forecam SSE STAR Market IPO
- Shanghai CEFC International Group insolvency
- Shanghai Zhangjiang Hi-Tech Park Development acquisition of Huaqin Communications Technology
Client feedback
“Professional, dedicated, highly efficient and good at communication.” —Banking and finance
“Experienced, rigorous and logical.” — Capital markets
Dentons China was formerly known as Dacheng Law Offices but is now structured as a Swiss Verein since international firms cannot practice PRC law. In fact, in China the firm is still known as Dacheng and has 47 offices including in Beijing, Shanghai, Chongqing and Shenzhen.
The firm is strongest in private equity and investment funds and has a highly active restructuring practice. Its capital markets practice has had a mixture of Hong Kong IPO and bond work, including corporate and convertible issuances.
Key clients include IQiyi, BYD Auto, Export-Import Bank of China, Industrial and Commercial Bank of China and Beijing Jingdong Century Trading.
In 2019 its private equity team kept busy with transactions at different stages of funding, and its corporate team acted in insurance, energy, technology and real estate related deals.
During the research period, its Shanghai office hired several M&A partners, including Ni Jianlin from SG & Co Lawyers and Wu Junjie from PricewaterhouseCoopers.
Deal highlights
- Beijing Compass Technology Development SZSE IPO
- China National Nuclear Corporation Capital Holding acquisition of Tongfang
- Dandong Harbor Group restructuring
- Sinar Mas Group acquisition of Shandong Bohui Group
- Zhejiang Feiyang International Tourism HKSE IPO
Client feedback
“Professional legal services at a reasonable price.” —Investment funds
“The firm offers professional services and is easy to communicate with.”— M&A
Wu Jingjing
“Ms Wu cooperated with our bank in various cross-border investment and financing projects. She carried out detailed work according to the requirements of our bank. For various transactions, Ms Wu actively coordinated and assisted our bank in communicating with all parties and the government, providing professional legal advice and efficient legal services. As our bank cooperates with various large state-owned enterprises, central enterprises and listed companies, Ms Wu devotes time to each case and keeps good communication. She has a precise grasp of her professional skills and a flexible application on the basis of maintaining principles, effectively protecting the legitimate rights and interests of our bank. Ms Wu 's efficient and innovative work attitude has left a deep impression on our bank.”
Sino-Australian venture King & Wood Mallesons (KWM) is a dominant player in China’s legal market. Headquartered in Beijing, the firm has 13 offices in China.
The practice areas covered by KWM include banking and finance, M&A, debt restructuring, private equity, real estate and capital markets. It excels in each practice.
In 2019, KWM’s capital markets team was very busy. Highlights include acting in Alibaba’s Hong Kong IPO, which was the largest global public offering in 2019; advising on Huatai Securities’ LSE IPO, which was the first issuer to utilise the Shanghai-London Stock Connect; and also acting in the China Eastern Airlines’ mixed ownership reform.
It was a big year for KWM’s M&A team as well. For example, it advised China Resources Snow Beer in the acquisition of Heineken’s China business, and represented Bain Capital on its acquisition of Xiamen Qinhuai. KWM kept active in M&A and continued to help its clients with global and regional joint ventures, sales and acquisitions across a range of sectors.
In restructuring and insolvency KWM advised Shanghai CEFC International Group in its insolvency, which was the first case where bankruptcy proceedings in mainland China were recognised by the high court in Hong Kong.
In the research period, the firm brought in capital markets partner Shan Yingzhi from Commerce & Finance and M&A partner Ma Xiaoyun from Jiangsu law Firm.
Deal highlights
- Alibaba Group Holding HKSE secondary listing
- Bohai Steel Group insolvency
- CGN SZSE IPO
- China Eastern Airlines mixed ownership reform
- China Resources Snow Beer acquisition of Heineken China business
- Huatai Securities GDR offering and LSE listing
- Ningbo Shanshan investment in Altura
- Shanghai CEFC International Group insolvency
V&T Law Firm is a full-service law firm based in Beijing with further offices in Shenzhen, Shanghai, Chengdu, Wuhan, Xi’an and Changsha. Notable for its work in banking and finance, the firm is continuing to expand and strengthen its practice.
During the research period, V&T Law Firm was mainly involved in project development mandates within the transport, energy and infrastructure sectors.
Key clients include Xinjiang Tebian Electrician Group, Ping An Asset Management and Beijing Municipal Engineering Consulting Corporation.
Deal highlights
- Tus-Holdings $750 million bond issue
- Daily Interactive Network Technology SZSE GEM IPO
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
Client feedback
“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
Nie Weidong Richard
“Knowledge of law and rich experience knowledge of industry.”
Lv Yinghao
“Professionalism. Quick response. Attentive to details.”
Zhong Lun Law Firm continues to enjoy the coveted position as one of the strongest and most in-demand transactional law firms in China. Zhong Lun’s strongest forte is in banking and finance, capital markets, M&A, investment funds, restructuring and insolvency, and private equity.
Headquartered in Beijing, Zhong Lun has 17 additional offices in Shanghai, Shenzhen, Guangzhou, Wuhan, Chengdu, Chongqing, Qingdao, Hangzhou, Nanjing, Haikou, Tokyo, Hong Kong, London, New York, Los Angeles, San Francisco and Almaty.
During the research period, the Beijing team was active in banking and finance and M&A matters. Some key highlights include Sahiwal 2X660MW coal-fired power plant $1.44 billion syndicated loan restructuring, Colorful Guizhou Airlines lease of four A320neo aircraft from GECAS, Haier Electronics Group $7.7 billion take-private, and Beijing Konruns Pharmacuetical Rmb900 million acquisition of NT Pharma. These cases involved huge funds and multiple interests, requiring lawyers to provide professional and creative advice in a short period of time.
Shanghai is another core region of the firm. Last year the team acted in INVISTA Nylon Chemicals’ Rmb7.3 billion financing of the adiponitrile plant in Shanghai Chemical Industry Park, which was one of the biggest infrastructure investments in Shanghai in recent years. The team also acted for Lufax’s NYSE IPO, and the transaction was the largest ever fintech IPO and the biggest Chinese IPO since 2015 in the US.
In Guangdong the firm kept playing an important role in the capital markets. It advised on Smoore’s HKSE IPO, enabling the company to become the first e-cigarettes H-shares in China. Also, the team assisted local companies issue debt and ABS to alleviate their economic crisis during COVID-19.
Deal highlights
· Colorful Guizhou Airlines lease of four A320neo aircraft from GECAS
· Geely's fundraising to support Polestar's restructuring
· Sahiwal 2X660MW coal-fired power plant $1.44 billion syndicated loan restructuring
· LyondellBasell/Liaoning Bora Enterprise Group $2.6 billion joint venture
· Haier Electronics Group $7.7 billion take-private
· Beijing Konruns Pharmacuetical Rmb900 million acquisition of NT Pharma
· INVISTA Nylon Chemicals Rmb7.3 billion financing of adiponitrile plant in Shanghai Chemical Industry Park
· Gubei SOHO Project of SOHO China syndicated loan facility
· Brilliance Automotive Group Holding restructuring
· Smoore HKSE IPO
· Qingdao Gaoce Technology SSE STAR Market IPO
· Chengdu Kanghua Biological Products SZSE IPO
· 360 Security Technology acquisition of 30% stake in Kincheng Bank of Tianjin
Client feedback
“They did a great job in providing services and ideas to facilitate the transaction” — Banking and Finance
“The firm offers efficient and constructive advice on risk control.” — Financial services regulatory
“It assisted in the whole process of the acquisition, from due diligence and SPA negotiation to deal completion. The work Zhong Lun’s team did was beyond our expectations with its consistent high-quality work and patience shown during the long transaction period.” — M&A
“While we designed the transaction structure, Zhong Lun's lawyer helped us. In this deal we had some legal points to break through, and it recommended that we break the deal into two steps so that it finally came through.”— M&A
“Professional, diligent and resourceful.” — Capital markets
“Providing practical advice and leading the project efficiently.” — Private equity
Gong Lefan
“It’s not just that he has good experience, but he also has professional skills.”
Shi Yi
“She is responsive and responsible when we have a problem to solve.”
Liu Xinyu
“Liu is constructive and offers efficient advice on the recent financial supervisory regulations.”
Dentons China was formerly known as Dacheng Law Offices but is now structured as a Swiss Verein since international firms cannot practice PRC law. In fact, in China the firm is still known as Dacheng and has 47 offices including in Beijing, Shanghai, Chongqing and Shenzhen.
The firm is strongest in private equity and investment funds and has a highly active restructuring practice. Its capital markets practice has had a mixture of Hong Kong IPO and bond work, including corporate and convertible issuances.
Key clients include IQiyi, BYD Auto, Export-Import Bank of China, Industrial and Commercial Bank of China and Beijing Jingdong Century Trading.
In 2019 its private equity team kept busy with transactions at different stages of funding, and its corporate team acted in insurance, energy, technology and real estate related deals.
During the research period, its Shanghai office hired several M&A partners, including Ni Jianlin from SG & Co Lawyers and Wu Junjie from PricewaterhouseCoopers.
Deal highlights
- Beijing Compass Technology Development SZSE IPO
- China National Nuclear Corporation Capital Holding acquisition of Tongfang
- Dandong Harbor Group restructuring
- Sinar Mas Group acquisition of Shandong Bohui Group
- Zhejiang Feiyang International Tourism HKSE IPO
Client feedback
“Professional legal services at a reasonable price.” —Investment funds
“The firm offers professional services and is easy to communicate with.”— M&A
Wu Jingjing
“Ms Wu cooperated with our bank in various cross-border investment and financing projects. She carried out detailed work according to the requirements of our bank. For various transactions, Ms Wu actively coordinated and assisted our bank in communicating with all parties and the government, providing professional legal advice and efficient legal services. As our bank cooperates with various large state-owned enterprises, central enterprises and listed companies, Ms Wu devotes time to each case and keeps good communication. She has a precise grasp of her professional skills and a flexible application on the basis of maintaining principles, effectively protecting the legitimate rights and interests of our bank. Ms Wu 's efficient and innovative work attitude has left a deep impression on our bank.”
Grandall is a leading full-service corporate and commercial Chinese law firm. It has offices in 28 Chinese cities including Beijing, Shanghai, Shenzhen, Hangzhou, Guangzhou, Kunming, Tianjin, Chengdu and Ningbo, and has a further five offices globally.
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.
The firm’s M&A team was busy advising on mandates in the food and beverage, technology, automotive and biotech sectors, while its projects practice continued to gain traction.
Client feedback
"Its capital markets practice is professional, and has a clear understanding of the requirements and trends in the A-share market." - Capital markets
Wu Gang
"He has professional abilities and carried a strong sense of responsibility for the project."
Grandall 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.
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.
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 United States in recent years.
In Shanghai, the firm acted in Glory Star New Media Group’s Nasdaq IPO, which was the first Chinese concept stock listed on Nasdaq in China's entertainment industry in 2020.
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.
Key clients include China Merchants Bank, China Minsheng Bank, China Huarong, Air China Cargo, Beijing Yansha Group, and Zhongsheng Beikong Biotechnology Company.
Deal highlights
· Daojiale Rmb500 million pre-A round financing
· Glory Star New Media Group Nasdaq IPO
· Shandong Luqiao Group share issue
· State Grid Jiangsu Integrated Energy Service mixed ownership reform project
· Tencent Music NYSE IPO
· Jiaozi Financial Holding Group Epidemic Prevention and Control bond issue
Client feedback
"Its capital markets practice is professional and has a clear understanding of the requirements and trends in the A-share market." - Capital markets
Wu Gang
"He has professional abilities and carried a strong sense of responsibility for the project."
Hangzhou headquartered boutique firm Sunshine Law firm specialises in project development, providing a full spectrum of legal services in the energy, environment, and infrastructure sectors. Its practice areas also include capital markets, banking and finance, M&A and restructuring.
During the research period, the team acted on China Power International’s acquisition of Zhanatas 100MW wind power in Kazakhstan. The deal was the first renewable energy project operation in the list of capacity cooperation between China and Kazakhstan and was also the largest wind power project put into operation in Kazakhstan. It is socially meaningful because the project was expected to save 109.5 thousand tons of standard coal per year after completion, and will benefit millions of Kazakh people, continuously delivering economic, ecological and social benefits.
In another significant mandate, the team provided legal services for the acquisition of Yuehai Petrochemical Storage and Development Company by Guangzhou Gas Group, PO&G Holdings, and Guangzhou Port Energy Development Company. The buyers also jointly invested, constructed, and operated the LNG emergency accepting station after the acquisition. This was a significant infrastructure project approved by the Guangzhou government because it aims to meet the demand of natural gas supply and emergency storage of Guangzhou, which strengthens energy supply capability and ensures stable development.
Last year, the firm recruited Niu Feng as a counsel to handle international business. Niu worked at China Southern Power Grid Corporation before joining the firm.
Key clients include SPIC, China Energy, China Datang, CHD, China Huaneng, China Sinopec, CNOOC, State Grid, and Power China.
Deal highlights
· China Power International acquisition of Zhanatas 100MW Wind Power in Kazakhstan
· Guangzhou Gas Group, PO&G Holdings, and Guangzhou Port Energy Development
· Company acquisition of Yuehai Petrochemical Storage and Development Company
· GCL Intelligent Energy investment in VINA 30MW Wind Power
· Shanghai Electric Power Investment in Turkey Houtru 2 x 660 MW Coal-fired Power Generation
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
Client feedback
“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
Nie Weidong Richard
“Knowledge of law and rich experience knowledge of industry.”
Lv Yinghao
“Professionalism. Quick response. Attentive to details.”
V&T Law Firm is a full-service law firm based in Beijing with further offices in Shenzhen, Shanghai, Chengdu, Wuhan, Xi’an and Changsha. Notable for its work in banking and finance, the firm continued to expand and strengthen its practice.
During the research period, V&T assisted China Resource's Rmb2.5 billion financing in Chengdu MixC, which was the first CMBS project of the state-owned China Resources Group.
Key clients include Xinjiang Tebian Electrician Group, Ping An Asset Management and Beijing Municipal Engineering Consulting Corporation.
Deal highlights
· China Resource Rmb2.5 billion financing
· Tus-Holdings $750 million bond issue
· Daily Interactive Network Technology SZSE GEM IPO
Guantao Law Firm was established in 1994 and is a full-service law firm headquartered in Beijing.
Focusses / specialisms
The firm’s practice areas cover capital markets, corporate and M&A, banking and finance, restructuring and insolvency, private equity and venture capital.
Key clients
Main clients of Guantao include China Development Bank, China CITIC Bank, China Merchants Bank, China Life Investment, China Reinsurance, Beijing Building Material Group, China Energy Engineering Group, China Communications Construction Group and Huayi Tencent.
Research period review: 32nd edition (2022/2023)
In 2021, the firm represented CK Asset Holdings in its HK$19.3 billion buyback of 380 million shares from the Li Ka Shing Foundation. Also, the firm has acted in several restructuring cases with significant deal value.
In 2020, the team acted in PipeChina’s $38 billion acquisition of PetroChina’s pipeline business and assets. Completion of this deal has resulted in the formation of one national oil and gas pipeline network.
In another significant mandate, the firm assisted Liaoning Huishan Dairy Group—the largest enterprise group producing dairy products in the entire industry chain in China—complete its reorganisation. 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.
Last year, the firm hired five partners in banking and finance: Song Jia, Xue Zhihong, Tang Zhenxian, Cheng Hui, Zhang Ji and Ni Ruichun.
Deal highlights
Liaoning Huishan Dairy Group restructuring
PipeChina U$38 billion acquisition of PetroChina pipeline business and assets
Compulsory liquidation of Beijing Urban Construction Nandi Property Management Company
Client Feedback: 32nd edition (2022/2023)
Capital markets
“The work quality of pre-listing due diligence, preparation of filings, responses and etc. is very high.”
Dentons China was formerly known as Dacheng Law Offices but is now structured as a Swiss Verein since international firms cannot practice PRC law. In China, the firm has 46 offices, including in Beijing, Shanghai, Chongqing and Shenzhen.
Focusses / specialisms
The firm is strongest in private equity and investment funds and has a highly active restructuring practice. Its capital markets practice has had a mixture of Hong Kong IPO and bond work, including corporate and convertible issuances.
Key clients
Key clients include IQiyi, BYD Auto, Export-Import Bank of China, Industrial and Commercial Bank of China and Beijing Jingdong Century Trading.
Research period review: 32nd edition (2022/2023)
In 2021, Dentons represented Mengshang Bank in its acquisition of the assets and equity of 32 financial institutions with investment from Inner Mongolia-based Baoshang Bank as it is undergoing restructuring and liquidation. King & Wood Mallesons represented Baoshang Bank in this case.
The firm also performed well in the debt capital markets and represented the joint lead manager in China Construction Bank’s $18 billion simultaneous issuances of ESG-themed green bonds.
In 2020 its Beijing team kept busy with transactions in the insurance, energy, technology and real estate sectors. One of the highlighted cases was the establishment, raising and investment of IDC special funds. This was the first special fund for RMB IDC projects in China. Despite the Covid-19 pandemic, the IDC Fund still completed the first-round closing of Rmb1.5 billion within 6 months, which set a new record for the first-round closing of a CDH mezzanine fund.
In Shanghai, the firm provided a legal opinion to Shanghai Lingang Guanwei Investment Development’s CCB International Science and Technology Innovation Fund and advised on Shanghai Lingang Guanwei Investment Development’s mixed ownership reform fund.
Deal highlights
IDC special fund formation
Zero2IPO Holdings HKSE IPO
Jiachen Holdings HKSE IPO
Client Feedback: 32nd edition (2022/2023)
Banking and finance
"In the process of providing financing and equity investment legal services, they has a rigorous working attitude. Professionally, they not only have a precise understanding of the law, but also can grasp the needs of customers and provide personalized services that can meet those needs."
Capital markets: Equity
"Very professional and highly efficient. Very helpful and reliable."
Capital markets: Structured finance and securitization
"Respond effectively, good team players."
Financial restructuring
"Lawyers work rigorously with high service quality. Not only have a precise understanding of the law but also understand the needs of customers and provide customers with personalized services."
Restructuring
"Some teams are good at providing legal services in multiple fields, while others are more focused on one or several fields and are very proficient. This enables them to provide services to customers with different needs."
"They are very professional and efficient. Especially when dealing with complex projects, their service is excellent and outstanding."
Lawyer Feedback: 32nd edition (2021/2022)
Ying Jian
"He is very professional in the fields of finance and M&A. He is good at exploring the original intention of legislation. He can provide customers with forward-looking legal opinions from the perspective of legislation and help customers avoid possible legal risks in the future. At the same time, he is also good at designing personalized and operable transaction structure for customers according to their actual needs, so as to provide support for customers to achieve business objectives according to law."
"He and his team work seriously - he has a high professional level and good team management. He can not only provide forward-looking opinions for customers from the perspective of legislation and escort customers' compliance operation, but can also work in an efficient team, grasp customers' needs and provide accurate opinions. He provides very good legal support for our work and helps us promote the project more smoothly."
"He is good at providing customers with forward-looking legal advice from the perspective of legislative intent, helping customers predict risks in advance and formulate avoidance measures. This is different from other lawyers who only focus on immediate compliance. This forward-looking opinion of is very important to clients."
"Jian Ying works seriously, is very professional in the field of finance and M & A and leads a very good team. Jian Ying can not only provide customers with forward-looking opinions from the perspective of legislation but also grasp customers' needs and provide accurate legal opinions, which provides very good legal support for our evaluation work and makes customers' projects progress more smoothly. In addition, Jian Ying has strong team management ability and gets the legal team to work efficiently."
Hanlin Wang
"Pays high attention to us, is highly responsible and reliable."
Lihong Wang
"Cooperative, covering both litigation and corporate area."
Grandall 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.
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.
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 United States in recent years.
In Shanghai, the firm acted in Glory Star New Media Group’s Nasdaq IPO, which was the first Chinese concept stock listed on Nasdaq in China's entertainment industry in 2020.
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.
Key clients include China Merchants Bank, China Minsheng Bank, China Huarong, Air China Cargo, Beijing Yansha Group, and Zhongsheng Beikong Biotechnology Company.
Deal highlights
· Daojiale Rmb500 million pre-A round financing
· Glory Star New Media Group Nasdaq IPO
· Shandong Luqiao Group share issue
· State Grid Jiangsu Integrated Energy Service mixed ownership reform project
· Tencent Music NYSE IPO
· Jiaozi Financial Holding Group Epidemic Prevention and Control bond issue
Client feedback
"Its capital markets practice is professional and has a clear understanding of the requirements and trends in the A-share market." - Capital markets
Wu Gang
"He has professional abilities and carried a strong sense of responsibility for the project."
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 over 3500 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 securitisation.
Key clients
Main clients include The Bank of East Asia, Longfor Group, State Grid and Shanghai Lujiazui Group.
Research period review: 32nd edition (2022/2023)
In September 2021, the M&A team completed XCMG Machinery’s mixed ownership reform project.The total investment is Rmb21.05 billion and the deal is among the first batch of mixed ownership reform cases in the reform of state-owned enterprises in Jiangsu province.
In 2020, the M&A team in Shanghai acted for Cinve Real Estate Group in its sale of Sanlin Impression City. As the brick-and-mortar commercial retail industry was most affected by COVID-19, the project was finally completed during the epidemic. It was a significant demonstration case for the real estate block trading market.
In Guangdong, the M&A team represented China Resources Pharmaceutical Group in its Rmb2.3 billion acquisition of Boya Biopharmaceutical Group. The acquisition of a listed company in the biopharmaceutical industry was among the largest A-share transactions in 2020.
Deal highlights
Golden Oak Medical Series A and A+ round financing
Weigao Orthopedic Materials Science and Technology SSE STAR Market IPO
Danone Group acquisition of an infant milk powder production plant in Qingdao
Weiyuan Gene Series B financing
Qingdao Doublestar acquisition of Kumho Tire
China Shipbuilding asset restructuring
CMIG acquisition of SRE Group
Nanjing Happy Water Cube Travel insolvency
Kintor Pharmaceutical HKSE IPO
Zhejiang International Group convertible bond issue
Client Feedback: 32nd edition (2022/2023)
Banking and finance
"AllBright Law Offices was one of the first law firms to have been approved by the CSRC and become qualified for engaging in securities business. AllBright Law Offices has been the main legal service provider in the Chinese securities area and one of the law firms that provides the most diverse types of securities service. Securities and capital markets are AllBright Law Offices’ core service areas. In recent years, the A share IPO service of AllBright Law Offices has been among the best of the law firms. With years of experience in providing professional legal services, AllBright Law Offices has established good cooperation with the security regulatory authorities, stock exchanges and various intermediaries of various countries and regions."
“Professional, dedicated, highly efficient and good at communication.”
Capital markets
“Trust one partner who works for AllBright Law Offices.”
“Experienced, rigorous and logical.”
Lawyer Feedback: 32nd edition (2021/2022)
Zhang Sheng
"Mr Zhang Sheng, the senior partner in AllBright law offices, has extensive experience in undertaking projects in the field of financial leasing legal services and cross-border equity trading. Mr Zhang has supported me with a project that was the most complicated case involving the establishment of a financial leasing company in Macao Special Administrative Region so far. The main legal services Mr Zhang provided included: Issue legal opinions on the company type and establishment procedures of the Macao leasing company; Demonstrate the feasibility transaction plan for the Macao leasing company to acquire the client's equity and the relevant legal issues involved; Demonstrate the procedures for the Macao leasing company to attract strategic investors and the relevant legal issues involved; Draft all the legal documents involved in this transaction such as the strategic cooperation agreement, the equity investment agreement, the equity transfer agreement and the articles of association of the Macao leasing company. Due to the differences in financial supervision system and legal system between Chinese mainland and Macao, this kind of legal service was very complex and challenging. The legal services provided by Mr Zhang were efficient, excellent, professional and very satisfactory.”
Hangzhou headquartered boutique firm Sunshine Law firm specialises in project development, providing a full spectrum of legal services in the energy, environment, and infrastructure sectors. Its practice areas also include capital markets, banking and finance, M&A and restructuring.
During the research period, the team acted on China Power International’s acquisition of Zhanatas 100MW wind power in Kazakhstan. The deal was the first renewable energy project operation in the list of capacity cooperation between China and Kazakhstan and was also the largest wind power project put into operation in Kazakhstan. It is socially meaningful because the project was expected to save 109.5 thousand tons of standard coal per year after completion, and will benefit millions of Kazakh people, continuously delivering economic, ecological and social benefits.
In another significant mandate, the team provided legal services for the acquisition of Yuehai Petrochemical Storage and Development Company by Guangzhou Gas Group, PO&G Holdings, and Guangzhou Port Energy Development Company. The buyers also jointly invested, constructed, and operated the LNG emergency accepting station after the acquisition. This was a significant infrastructure project approved by the Guangzhou government because it aims to meet the demand of natural gas supply and emergency storage of Guangzhou, which strengthens energy supply capability and ensures stable development.
Last year, the firm recruited Niu Feng as a counsel to handle international business. Niu worked at China Southern Power Grid Corporation before joining the firm.
Key clients include SPIC, China Energy, China Datang, CHD, China Huaneng, China Sinopec, CNOOC, State Grid, and Power China.
Deal highlights
· China Power International acquisition of Zhanatas 100MW Wind Power in Kazakhstan
· Guangzhou Gas Group, PO&G Holdings, and Guangzhou Port Energy Development
· Company acquisition of Yuehai Petrochemical Storage and Development Company
· GCL Intelligent Energy investment in VINA 30MW Wind Power
· Shanghai Electric Power Investment in Turkey Houtru 2 x 660 MW Coal-fired Power Generation
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: 32nd edition (2022/2023)
During the research period, the Beijing team was active in banking and finance and M&A matters. Some key highlights include Sahiwal 2X660MW coal-fired power plant $1.44 billion syndicated loan restructuring, Colorful Guizhou Airlines lease of four A320neo aircraft from GECAS, Haier Electronics Group $7.7 billion take-private, and Beijing Konruns Pharmacuetical Rmb900 million acquisition of NT Pharma. These cases involved huge funds and multiple interests, requiring lawyers to provide professional and creative advice in a short period of time.
Shanghai is another core region of the firm. Last year the team acted in INVISTA Nylon Chemicals’ Rmb7.3 billion financing of the adiponitrile plant in Shanghai Chemical Industry Park, which was one of the biggest infrastructure investments in Shanghai in recent years. The team also acted for Lufax’s NYSE IPO, and the transaction was the largest ever fintech IPO and the biggest Chinese IPO since 2015 in the US.
In Guangdong the firm kept playing an important role in the capital markets. It advised on Smoore’s HKSE IPO, enabling the company to become the first e-cigarettes H-shares in China. Also, the team assisted local companies issue debt and ABS to alleviate their economic crisis during COVID-19.
Deal highlights
Sahiwal 2X660MW coal-fired power plant $1.44 billion syndicated loan restructuring
Haier Electronics Group $7.7 billion take-private
Beijing Konruns Pharmacuetical RMB900 million acquisition of NT Pharma
INVISTA Nylon Chemicals RMB7.3 billion financing of adiponitrile plant in Shanghai Chemical Industry Park
Brilliance Automotive Group Holding restructuring
Smoore HKSE IPO
Qingdao Gaoce Technology SSE STAR Market IPO
Chengdu Kanghua Biological Products SZSE IPO
360 Security Technology acquisition of 30% stake in Kincheng Bank of Tianjin
Client Feedback: 32nd edition (2022/2023)
Capital markets: Equity
"Very professional and productive. Provide sour company with legal consul services with great quality."
"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.
Capital markets: Structured finance and securitization
"The firm provides us with professional, diverse and efficient legal services."
"Dedicated, professional and active."
Financial restructuring
"The lawyers of Zhong Lun Law Firm are very professional, actively helping enterprises coordinate the work of the court and creditors, and solve the problems of debtors in a tmely manner. The whole team is hardworking and dedicated, and continues to bail out enterprises and solve enterprise financing problems."
Financial services regulatory
"They are very knowledgeable and know the ins and outs of the ever-changing PRC rules and regulation. They offer very practical and user-friendly advice and are extremely responsive. "
Investment funds
"Good sense of balancing regulatory requirements and commercial goals."
M&A
"Fully understood the scope of work, outlined an approach with all parties, provided timely work, and most important acted in true capacity as a partner and counsellor to us."
"Present legal risks and solutions according to customer requirements."
"Professional, rigorous and efficient."
"The firm effectively bridges our various perspectives, as a client headquartered in Sweden and with subsidiaries in China, and supporting the dialogue with the acquisition target and their advisers. "
"They are an excellent law firm that provides good legal and business advice. They are very responsive to our needs and the team has extensive experience in doing outbound M&A deals in mining. "
"Timely and professional."
Private equity
"Zhong Lun always provides a professional response and assistance in the on-going matters."
"Zhonglun has solid and stable teams led by Emma and can provide stable services/advice to clients as needed. Also their fee proposal is reasonable and acceptable with a high value performance."
Project development
"The team gives a high quality of service to customers throughout the whole process of consulting services. The team has been able to provide us with the best quality legal services, and the feedback speed of the team is also very quick. Generally there will be a response to our questions within 30 minutes and according to the degree of difficulty of the problem, the team would provide amendment or solutions within 48 hours. The efficiency of the team meets our high standards and requirements. The legal advice the team provides is very comprehensive and useful. The team's business sense is very strong, which is the most satisfying point to us. To better understand our project, avoid more legal risk and to create more value, the team provided multiple law courses for our project staff, in order to improve the legal consciousness of the staff, so that the project could be implemented smoothly."
Restructuring
"Zhong Lun Law Firm has shown a very strong performance in its service. The team is very pragmatic, detail-oriented and extremely professional. Through its efforts, a listed company in Shenzhen successfully invested RMB 180 million in our company. And the reorganization really saved our business. "
"The team is top notch and delivers practical advice that is on point and shows an excellent understanding of local regulatory requirements. "
"1. The firm has a stable team, in which every member has a strong sense of responsibility and follows up the whole process closely on site. 2. It is not only proficient in legal issues of restructuring, but also understands the client's commercial demands. 3. The firm has rich experience in dispute resolution and has a keen sense of legal risks, so it can sort out the risk points and provide professional feedback in a timely manner."
"In the area of bankruptcy reorganization, the firm's project team can accurately grasp and respond to our business demands, to propose innovative ideas and solutions to solve the project's complex, non-precedent-based problems. The suggestions given by the firm's project team are the result of thorough internal discussion and careful argumentation. At the same time, they always give positive feedback on the progress of relevant issues and take the initiative to advance and follow up the project, this has greatly reduced our communication costs."
Lawyer Feedback: 32nd edition (2021/2022)
Xinfan Chen
"He has a good reputation in the field of real estate and construction in Zhejiang province because of his professional ability and defence skills."
Jun Cheng
"He was the partner responsible for our project - very experienced in the natural resources sector, especially in Africa. Brought a wealth of not only legal knowledge, but business sense. He was able to provide us with valuable advice on how to structure our transaction in a way to reduce legal risk and realize our business objectives."
Shaun Gao
"Shaun sees beneath the surface of problems and points to the crux of the issue directly. He then explains issues in a way that is easy to appreciate and understand, so we can make an informed decision. He is very sharp and punchy and does things very efficiently. "
LeFan Gong
"Great communication and quick response feedback on clients' request. Great law advice provided."
Wen (Cindy) Guo
"Efficient working approach and convenient to reach out, professional and friendly to communicate with."
Xinyue Li
"She provides professional legal services to the satisfaction of clients and fulfils her duties in the projects entrusted by the company."
Qiang Li
"Lawyer Li has a strong professional ability, bears hardships and stands hard work, and can coordinate problems in time."
Jingxiong Li
"Solid legal skills."
Tianshun Liu
"Familiar with Chinese laws, including capital market and business rules. Efficient, enthusiastic and rigorous."
"Professional, rigorous and efficient."
Peter Ni
"Business acumen and a true counsellor. He understands complex matters and is able to simplify them for all parties and lead all parties to agreement."
David Wang
"Very responsive to client needs, able to solve almost any problem that arises and a very capable team. "
Wayne Wang
"Extremely responsive and offers practical and user-friendly advice. "
Bing Wang
"She has the advantage of clear logic, good communication skills, being good at breaking the 'deadlock' in business negotiations, and is often able to come up with creative and constructive solutions, so that it is easy to gain the approval and acceptance of the other side of the transaction, so as to maximize the realization of our business interests."
"She is highly professional and is able to grasp the core of problems the first time and provide the solution from the perspective of our commercial demands and in line with the purpose of the transaction."
Zhuo Wang
"Positive, excellent and delicate."
Yiheng Xu
"Xu offers a lot of constructive advice and has the client's best interest at heart. We feel assured when the job is in his capable hands. He is very active in due diligence and negotiations, showing commercial sense."
Zhou Yan
"His team of lawyers, which we have been working with, are relatively young and professional, respond to customer needs as quickly as possible and give professional legal advice. At the same time, he has helped us in the establishment of a joint venture, participating in leading the entire negotiation and the final establishment and landing process. He also assisted us in setting up a joint venture company, participating in the whole process of the company's establishment and cooperation, helping us to establish a joint venture in the field of new energy quickly, efficiently and compliantly. He possesses strong negotiation and execution skills."
Phoebe (Xing) Yin
"Phoebe (Xing) Yin always provides professional and prompt reply and assistance on our on-going matters."
Hong Lei Zhao
"She is very patient and professional."
Cindy Guo
"She relentlessly puts all pieces of the puzzle of the transaction in place, always supportive with clarity on legal matters and proposes solutions to challenges."
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.”
V&T Law Firm is a full-service law firm based in Beijing with further offices in Shenzhen, Shanghai, Chengdu, Wuhan, Xi’an and Changsha. Notable for its work in banking and finance, the firm continued to expand and strengthen its practice.
During the research period, V&T assisted China Resource's Rmb2.5 billion financing in Chengdu MixC, which was the first CMBS project of the state-owned China Resources Group.
Key clients include Xinjiang Tebian Electrician Group, Ping An Asset Management and Beijing Municipal Engineering Consulting Corporation.
Deal highlights
· China Resource Rmb2.5 billion financing
· Tus-Holdings $750 million bond issue
· Daily Interactive Network Technology SZSE GEM IPO
With integrated management headquartered in Shanghai, AllBright Law Offices is among the largest full-service Chinese law firms. It has branch offices in 29 cities that house more than 3,500 lawyers.
Focusses / specialisms
AllBright has built itself a good reputation in transactional law. The firm is well versed in a range of matters including IPOs, debt for equity swaps, M&A, private equity, investment funds, banking, restructuring and insolvency, PPPs and asset securitization.
Key clients
Main clients include the Bank of East Asia, Logan Group, State Grid, Shanghai Lujiazui Group and Haitong Unitrust International Financial Leasing.
Research period review: 33rd edition (2022/2023)
In 2022, the M&A team represented Logan Group on its sale of 40% equity and debt of Guangxi Longguang Guiwu Expressway to Xinchuang (Guangdong) investment. In September 2021, the M&A team completed XCMG Machinery’s mixed ownership reform project. The total investment is Rmb21.05 billion ($2.93 billion) and the deal is among the first batch of mixed ownership reform cases in the reform of state-owned enterprises in Jiangsu province.
On the capital markets side, last year, the firm completed Huaxia Eye Hospital Group’s IPO. Rooted in Fujian and radiating across the country, the company has opened 57 ophthalmic specialised hospitals in 46 cities in 17 provinces. After listing, Huaxia Group is the second largest chain hospital group of ophthalmology specialty in China. This issue is the largest A-share IPO project with the largest market value and financing scale in the medical service industry so far.
Also, the firm advised Shanghai International Airport on its purchase of 100% equity of Hongqiao International Airport, 100% equity of Shanghai Airport Group Logistics Development and relevant assets of the fourth runway of Pudong Airport from Shanghai Airport (Group) by issuing shares, and raised matching funds of no more than Rmb5 billion from the Airport Group, with a total transaction scale of Rmb24.132 billion. It is the largest restructuring project (excluding supporting financing) in the past seven years for enterprises affiliated to Shanghai SASAC.
Deal highlights: 33 rd edition (2022/2023)
China Resources Sanjiu Pharmaceutical acquires Kunming Pharmaceutical Group.
Logan Group selling 40% of Guangxi Longguang Guiwu Expressway.
Huaxia Eye Hospital Group’s IPO.
Zhejiang Bofay Electric’s IPO.
Shanghai Airport gains on $3 billion plan to take public Pudong and Hongqiao Airports public.
Chengdu Minsheng Real Estate’s restructuring.
Nanjing Construction Industry Group’s reorganisation.
Jiangsu rural revitalization investment fund setup.
Client feedback: 33rd edition (2022/2023)
Insolvency
“AllBright Law Offices, as a large national law firm, has experienced lawyers practising in various professional fields. In the bankruptcy reorganisation case of our company, AllBright's lawyers provided high-quality, efficient and professional legal services for our company, timely handled our company's relevant legal affairs and assisted our company's bankruptcy reorganisation plan to be approved by Hefei Central Court.”
“As the law firm with the largest revenue-generating staff in Shanghai, AllBright has experienced practising lawyers in various legal specialties. In this case of our company's application for compulsory liquidation of the investment company, the lawyers of AllBright provided our company with high-quality, efficient and professional legal services, timely handled the legal affairs related to our company and the investment company and assisted our company and the liquidation team of the investment company to advance the liquidation work in an orderly manner.”
Lawyer feedback: 33 rd edition (2022/2023)
Qiao Fengshuo
“In the process of providing legal services, Qiao can fully listen to clients’ opinions and develop a plan that meets their requirements. To provide better services to clients, Qiao has the spirit of constantly learning and exploring new things. Combining with the characteristics of our industry, he developed relevant service plans to provide us with good experience.”
Guantao Law Firm was established in 1994 and is a full-service law firm headquartered in Beijing.
Focusses / specialisms
The firm’s practice areas cover capital markets, corporate and M&A, banking and finance, restructuring and insolvency, private equity and venture capital.
Key clients
Main clients of Guantao include China Development Bank, China CITIC Bank, China Merchants Bank, China Life Investment, China Reinsurance, Beijing Building Material Group, China Energy Engineering Group, China Communications Construction Group and Huayi Tencent.
Research period review: 33rd edition (2022/2023)
In 2022, the firm represented The National Trust, Bank of Dalian, China Fortune International Trust and China Jiangsu International Trust in financing. The team also represented fund manager China Insurance Investment (Beijing) in establishing and raising a Rmb10 billion ($1.4 billion) private fund within a tight schedule.
In 2021, the firm represented CK Asset Holdings in its HK$19.3 billion buyback of 380 million shares from the Li Ka Shing Foundation. Also, the firm has acted in several restructuring cases with significant deal value.
In 2020, the team acted in PipeChina’s $38 billion acquisition of PetroChina’s pipeline business and assets. Completion of this deal has resulted in the formation of one national oil and gas pipeline network.
In another significant mandate, the firm assisted Liaoning Huishan Dairy Group – the largest enterprise group producing dairy products in the entire industry chain in China – complete its reorganisation. 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.
Deal highlights: 33rd edition (2022/2023)
The National Trust’s Rmb5.5 billion financing.
China Insurance Investment (Beijing)’s fund setup.
Liaoning Huishan Dairy Group’s restructuring.
PipeChina’s $38 billion acquisition of PetroChina pipeline business and assets.
Client feedback: 33rd edition (2022/2023)
Financial services regulatory
“Dedicated work with professional legal advice on behalf of the client.”
Insolvency
“The team is led by partners with abundant experience in bankruptcy and capital markets. The team always provides timely feedback and positive response to our inquiries and has cooperated with us in communicating and coordinating with the court, local government, administrator, listed company, creditors, original shareholders and other investors, as well as securities regulators, stock exchanges, and China Securities Registrars, during the course of the project.
Although this project faced several complicated and individualised special issues, the team of lawyers, based on the accuracy of the application of the law and the successful experience and practice of past cases, combined with the actual situation of this project, put forward a number of creative opinions and suggestions in the process of solving difficult and complicated issues.”
Lawyer feedback: 33rd edition (2022/2023)
Xiaochuang Chen
“Professional services and very dedicated working.”
Yucheng Jin
“Very professional and responsive to our questions.”
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.
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
Client feedback
“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
Nie Weidong Richard
“Knowledge of law and rich experience knowledge of industry.”
Lv Yinghao
“Professionalism. Quick response. Attentive to details.”
Hangzhou headquartered boutique firm Sunshine Law firm specialises in project development, providing a full spectrum of legal services in the energy, environment, and infrastructure sectors. Its practice areas also include capital markets, banking and finance, M&A and restructuring.
During the research period, the team acted on China Power International’s acquisition of Zhanatas 100MW wind power in Kazakhstan. The deal was the first renewable energy project operation in the list of capacity cooperation between China and Kazakhstan and was also the largest wind power project put into operation in Kazakhstan. It is socially meaningful because the project was expected to save 109.5 thousand tons of standard coal per year after completion, and will benefit millions of Kazakh people, continuously delivering economic, ecological and social benefits.
In another significant mandate, the team provided legal services for the acquisition of Yuehai Petrochemical Storage and Development Company by Guangzhou Gas Group, PO&G Holdings, and Guangzhou Port Energy Development Company. The buyers also jointly invested, constructed, and operated the LNG emergency accepting station after the acquisition. This was a significant infrastructure project approved by the Guangzhou government because it aims to meet the demand of natural gas supply and emergency storage of Guangzhou, which strengthens energy supply capability and ensures stable development.
Last year, the firm recruited Niu Feng as a counsel to handle international business. Niu worked at China Southern Power Grid Corporation before joining the firm.
Key clients include SPIC, China Energy, China Datang, CHD, China Huaneng, China Sinopec, CNOOC, State Grid, and Power China.
Deal highlights
· China Power International acquisition of Zhanatas 100MW Wind Power in Kazakhstan
· Guangzhou Gas Group, PO&G Holdings, and Guangzhou Port Energy Development
· Company acquisition of Yuehai Petrochemical Storage and Development Company
· GCL Intelligent Energy investment in VINA 30MW Wind Power
· Shanghai Electric Power Investment in Turkey Houtru 2 x 660 MW Coal-fired Power Generation
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: 33rd 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: 33rd 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: 33rd 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.”
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.”
V&T Law Firm is a full-service law firm based in Beijing with further offices in Shenzhen, Shanghai, Chengdu, Wuhan, Xi’an and Changsha. Notable for its work in banking and finance, the firm continued to expand and strengthen its practice.
During the research period, V&T assisted China Resource's Rmb2.5 billion financing in Chengdu MixC, which was the first CMBS project of the state-owned China Resources Group.
Key clients include Xinjiang Tebian Electrician Group, Ping An Asset Management and Beijing Municipal Engineering Consulting Corporation.
Deal highlights
· China Resource Rmb2.5 billion financing
· Tus-Holdings $750 million bond issue
· Daily Interactive Network Technology SZSE GEM IPO
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
Client feedback
“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
Nie Weidong Richard
“Knowledge of law and rich experience knowledge of industry.”
Lv Yinghao
“Professionalism. Quick response. Attentive to details.”
Hangzhou headquartered boutique firm Sunshine Law firm specialises in project development, providing a full spectrum of legal services in the energy, environment, and infrastructure sectors. Its practice areas also include capital markets, banking and finance, M&A and restructuring.
During the research period, the team acted on China Power International’s acquisition of Zhanatas 100MW wind power in Kazakhstan. The deal was the first renewable energy project operation in the list of capacity cooperation between China and Kazakhstan and was also the largest wind power project put into operation in Kazakhstan. It is socially meaningful because the project was expected to save 109.5 thousand tons of standard coal per year after completion, and will benefit millions of Kazakh people, continuously delivering economic, ecological and social benefits.
In another significant mandate, the team provided legal services for the acquisition of Yuehai Petrochemical Storage and Development Company by Guangzhou Gas Group, PO&G Holdings, and Guangzhou Port Energy Development Company. The buyers also jointly invested, constructed, and operated the LNG emergency accepting station after the acquisition. This was a significant infrastructure project approved by the Guangzhou government because it aims to meet the demand of natural gas supply and emergency storage of Guangzhou, which strengthens energy supply capability and ensures stable development.
Last year, the firm recruited Niu Feng as a counsel to handle international business. Niu worked at China Southern Power Grid Corporation before joining the firm.
Key clients include SPIC, China Energy, China Datang, CHD, China Huaneng, China Sinopec, CNOOC, State Grid, and Power China.
Deal highlights
· China Power International acquisition of Zhanatas 100MW Wind Power in Kazakhstan
· Guangzhou Gas Group, PO&G Holdings, and Guangzhou Port Energy Development
· Company acquisition of Yuehai Petrochemical Storage and Development Company
· GCL Intelligent Energy investment in VINA 30MW Wind Power
· Shanghai Electric Power Investment in Turkey Houtru 2 x 660 MW Coal-fired Power Generation
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: 33rd 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: 33rd 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: 33rd 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.”
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.
Guantao Law Firm was established in 1994 and is a full-service law firm headquartered in Beijing.
Focusses / specialisms
The firm’s practice areas cover capital markets, corporate and M&A, banking and finance, restructuring and insolvency, private equity and venture capital.
Key clients
Main clients of Guantao include China Development Bank, China CITIC Bank, China Merchants Bank, China Life Investment, China Reinsurance, Beijing Building Material Group, China Energy Engineering Group, China Communications Construction Group and Huayi Tencent.
Research period review: 33rd edition (2022/2023)
In 2022, the firm represented The National Trust, Bank of Dalian, China Fortune International Trust and China Jiangsu International Trust in financing. The team also represented fund manager China Insurance Investment (Beijing) in establishing and raising a Rmb10 billion ($1.4 billion) private fund within a tight schedule.
In 2021, the firm represented CK Asset Holdings in its HK$19.3 billion buyback of 380 million shares from the Li Ka Shing Foundation. Also, the firm has acted in several restructuring cases with significant deal value.
In 2020, the team acted in PipeChina’s $38 billion acquisition of PetroChina’s pipeline business and assets. Completion of this deal has resulted in the formation of one national oil and gas pipeline network.
In another significant mandate, the firm assisted Liaoning Huishan Dairy Group – the largest enterprise group producing dairy products in the entire industry chain in China – complete its reorganisation. 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.
Deal highlights: 33rd edition (2022/2023)
The National Trust’s Rmb5.5 billion financing.
China Insurance Investment (Beijing)’s fund setup.
Liaoning Huishan Dairy Group’s restructuring.
PipeChina’s $38 billion acquisition of PetroChina pipeline business and assets.
Client feedback: 33rd edition (2022/2023)
Financial services regulatory
“Dedicated work with professional legal advice on behalf of the client.”
Insolvency
“The team is led by partners with abundant experience in bankruptcy and capital markets. The team always provides timely feedback and positive response to our inquiries and has cooperated with us in communicating and coordinating with the court, local government, administrator, listed company, creditors, original shareholders and other investors, as well as securities regulators, stock exchanges, and China Securities Registrars, during the course of the project.
Although this project faced several complicated and individualised special issues, the team of lawyers, based on the accuracy of the application of the law and the successful experience and practice of past cases, combined with the actual situation of this project, put forward a number of creative opinions and suggestions in the process of solving difficult and complicated issues.”
Lawyer feedback: 33rd edition (2022/2023)
Xiaochuang Chen
“Professional services and very dedicated working.”
Yucheng Jin
“Very professional and responsive to our questions.”
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.”
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.
Tian Yuan Law Firm is one of the law firms with the most profound history and culture in China. In the past over 30 years, we have kept pace with China’s economy. Our experience covers the main practice areas in China. We have undertaken a number of pioneering transactions as well as a series of projects and cases with considerable influence, which earned us a high reputation in the industry.