Which Chinese and international firms have won their clients’ hearts with outstanding services in the past year?
For law firms, it appears to be yet another year of hard work and perseverance, but beneath the surface lies a proactive determination and ability to turn strategic slogans into tangible actions.
It is pleasing to see that, amidst a sluggish market environment, both domestic and foreign legal service providers have made every effort to defy the odds and strive to create commercial value for their clients through high-quality services.
Parallel to China’s economic development trajectory, the country’s legal market is bidding farewell to an era of rapid growth and entering a “transition period” where the focus shifts from pursuing size to pursuing excellence. Many firms are facing increased pressure due to the challenges posed by three years of pandemic and a decline in clients’ payment capabilities.
The landscape is quietly changing with evolving regulatory frameworks, the emergence of new industries and rapid technological advancements, which are reshaping the rules of the game.
To seize opportunities, law firms are demonstrating their strengths in various ways. Some continually enhance their differentiated service capabilities, excelling in areas such as antitrust, international trade and data compliance. Others remain dedicated to their core businesses, honing their expertise to gain a competitive edge and consistently secure top transactional revenues amid intense competition.
Some adapt their business focus in line with economic trends, focusing on dispute resolution, bankruptcy restructuring and other countercyclical practices. Others choose to explore new frontiers, vigorously developing cross-border services in response to domestic overcapacity and the global expansion of Chinese enterprises.
Some are committed to innovation, embracing the transformation of law firm management and service models through the utilisation of big data, digitisation and artificial intelligence. They translate these advancements into cost-effective service offerings that benefit both their own development and that of their clients.
So, in this fiercely competitive environment, which law firms have stood out and gained sincere recognition from their clients?
To accurately identify the most outstanding law firms and the top-performing firms in each field in 2023, we conducted several months of extensive research and evaluation, adhering to the principles of independence, objectivity and fairness. We openly solicited application material from domestic and international law firms, ultimately collecting hundreds of applications and thousands of comments from corporate executives, in-house counsel and senior practitioners. The selection process was entirely fee-free.
During the evaluation stage, and drawing on China Business Law Journal’s years of reporting and observation of China’s legal market, candidate firms were closely scrutinised – mainly through analysis of three information streams: their own submissions; endorsements from client referees; and valid nominations from the industry. Internal nominations were invalid. In addition to peer nominations, we received selections from government institutions, the judiciary and academia.
This year, the China Business Law Awards continue the same formation as previous years’ awards. They are divided into three types: general awards; practice area awards; and industry sector awards. This time, however, after observing various market changes and listening to diverse market feedback, we have adjusted the categorisation of each award type.
Considering the increasing demand of Chinese companies for environmental, social and governance (ESG) compliance, as well as an accelerating alignment of domestic regulatory frameworks with international standards, we have added the ESG category in the practice area awards series.
Meanwhile, recognising the strict regulation and overall weakening demand for legal services in the education industry, we have decided to temporarily set aside the Education category from this year’s industry awards series.
The interaction between AIGC technology and the legal industry has sparked significant innovation in the past year, exerting a disruptive influence on the application of legal technology. Therefore, we have introduced the Legaltech pioneers award in the general awards series to commend law firms at the forefront of practice that actively explores new technologies and applies them to benefit clients.
The updated general awards include: Golden league; Best international law firms; Best offshore law firms; Notable achievers; Firms to watch; Legaltech pioneers; and Pro bono achievers.
The 23 practice areas are: Anti-bribery and anti-corruption; Asset management; Banking and finance; Capital markets (domestic); Capital markets (Hong Kong and overseas); Competition and antitrust; Corporate compliance; Data protection and data privacy; Dispute resolution (domestic); Dispute resolution (international); Employment and labour; ESG; Government and public affairs; IP (copyright); IP (patent); IP (trademark); International trade; Mergers and acquisitions (inbound and domestic); Mergers and acquisitions (outbound); Private equity and venture capital; Restructuring and insolvency; Structured finance and securitisation; and Taxation.
The 15 industry sectors are: Automotive/industrials and manufacturing; Aviation; Construction and infrastructure; Consumer and retail; Education; Energy and natural resources; Family wealth management; Fintech and blockchain; Healthcare/pharma and life sciences; Insurance and reinsurance; Internet and e-commerce; Media/entertainment and sports; Real estate and REIT; Shipping; and AI, technology and telecoms.
It should be noted that the awards are given to law firms with relatively broad service scopes and nationwide recognition. In response to the rapidly growing Chinese legal market, a separate “China Business Law Awards (Regional Awards)” will provide a more granular look at the achievements of regional branch offices and local firms. The results will be announced in September.
Due to space limitations, this report includes the achievements of only some award-winning law firms and market recommendations. We must emphasise that each of the winning law firms under each category is equally outstanding, and we applaud the excellent achievements of all the winning law firms.
The Golden League is our most prestigious award for Chinese law firms. The winners are (in alphabetical order): AllBright Law Offices; Fangda Partners; Haiwen & Partners; Han Kun Law Offices; Jingtian & Gongcheng; JunHe; King & Wood Mallesons; and Zhong Lun Law Firm.
Fangda Partners celebrated its 30th anniversary in 2023, a significant milestone amid reduced investment activity. Despite the challenging environment, the firm continued to consolidate its leading position in Chinese transactions.
Some notable achievements include representing Egypt in the issuance of the first African Panda Bond in China, which was also the largest sovereign Panda Bond issuance to date. The firm also represented XPeng Motors in strategic co-operation agreements with both Didi and Volkswagen Group, as well as assisting Warburg Pincus in its strategic investment in Lombarda China Fund Management. Additionally, Fangda represented Saudi Aramco in its investment in two major Chinese petrochemical companies.
Han Kun Law Offices strengthened its business capabilities by bringing in a dozen senior practitioners in areas such as private equity, cross-border mergers and acquisitions, compliance and litigation. The firm also continued its going global strategy by establishing its first two international branches outside China. In June and December 2023, Han Kun launched offices in Singapore and New York, respectively.
Du Jianbo, a senior manager of Baidu Group’s legal department, praises Han Kun for its services in multiple areas, noting its “continuous focus, research and practical support for innovative technologies”.
King & Wood Mallesons’ M&A team completed a series of influential transactions in the past year, providing extensive services to large state-owned enterprises, private enterprises, listed companies and financial institutions. Some notable transactions include assisting Chinese high-precision satellite navigation and location service provider Unistrong in an agreement with the US government to sell its wholly owned North America subsidiary, Hemisphere GNSS, amid the backdrop of Sino-US trade tensions. The firm also assisted Sinomine Resource Group’s subscription of Australian listed company Tyranna Resources for acquiring parts of a lithium project in Angola. Additionally, the firm advised BYD on its acquisition of Jabil’s mobile electronics manufacturing business.
Haiwen & Partners gained great recognition from clients in multiple areas such as asset management, overseas capital markets and private equity/venture capital. Qian Chen, a long-term client and managing director of Bain Capital, commends Haiwen for its “professionalism, dedication, extensive experience in complex transactions, comprehensive understanding of the latest laws and regulations, and full-cycle services for private equity projects”.
Jingtian & Gongcheng maintained its leading position in areas such as capital markets, foreign-related transactions and dispute resolution, while strengthening its expertise in intellectual property, antitrust, anti-unfair competition and criminal law in the past year. The firm now covers nearly 40 specialised business areas, and its total revenue has steadily increased.
The firm particularly excelled in the field of overseas capital markets, achieving a market share of about 41% in Hong Kong IPO projects. Its capital markets clients span mainland China, Hong Kong, Taiwan, the US, Switzerland and Singapore.
The Best international law firm winners are (in alphabetical order): Baker McKenzie; Clifford Chance; CMS China; DLA Piper; Kirkland & Ellis; Latham & Watkins; Skadden; and White & Case.
Baker McKenzie, as one of the first international law firms to establish an office in Beijing, celebrated its 30th year in China in 2023. In the past year, the firm continued to solidify its leading position and participated in several significant transactions. Baker McKenzie advised Subway, one of the world’s largest restaurant brands, on selling its business in China to Shanghai Fu-Rui-Shi Corporate Development, which also reportedly involved one of the largest franchise agreements in the entire quick-service restaurant industry.
Clifford Chance participated in the listing of Chinese companies such as Beauty Farm, JF Wealth, Zhejiang Yongtai, Neusoft Xikang, Will Semiconductor and Shenzhen Senior Technology Material, on stock exchanges in Hong Kong, London and Switzerland. The firm also provided services in multiple notable foreign direct investments.
ICC China’s vice chair of the competition committee, You Yong, praises Clifford Chance for “continuing to maintain its advantageous position in the capital market, particularly in the Hong Kong market”.
CMS China has more than 60 lawyers in Beijing, Shanghai and Hong Kong under the leadership of three senior partners – Ulrike Glueck, Nick Beckett and Nicolas Wiegand. The firm services industries like automotive, consumer products, energy, financial services, infrastructure and projects, insurance, life sciences, healthcare, manufacturing, shipping and TMT. Despite the challenging environment faced by foreign law firms in the past year, CMS China brought in several partners and associates in Shanghai and Hong Kong.
White & Case, with a long history operating in China, currently has about 80 lawyers and legal professionals in Beijing, Shanghai and Hong Kong, showcasing outstanding capabilities across multiple legal service areas in 2023.
In international trade, the past year witnessed ongoing geopolitical tensions. White & Case provided consultation to governments, industry associations and corporate clients in multiple landmark cases. These services involved export controls and sanctions actions by the governments of both China and the US against certain key companies amid the backdrop of the US-China trade war, as well as investigations and WTO challenges resulting from the use of rarely invoked provisions such as section 201 of the Trade Act (1974) and section 232 of the Trade Expansion Act (1962).
Offshore law firms are indispensable in overseas listings and cross-border dealings involving key jurisdictions like the Cayman Islands, Bermuda and the British Virgin Islands.
Carey Olsen’s legal team is proficient in multiple languages including English, Cantonese, Mandarin and Shanghainese. The team frequently collaborates with leading international law firms and Chinese firms, serving clients such as global financial institutions, investment funds, private equity houses, multinational corporations and high net worth individuals.
In the past year, the firm has been involved in transactions in the Chinese technology sector. In Smarter Microelectronics’ RMB1.5 billion (USD206 million) IPO on the Star Market, Carey Olsen advised the issuer on Cayman Islands law.
Harneys’ Shanghai office completed a series of influential offshore litigation, bankruptcy and restructuring cases and transactions in the past year. In a winding-up application filed in the Cayman Islands by minority shareholders against Dongzheng Ruibo (Shanghai) Investment Center and Orient TM Ruibo, which are controlled by Orient Securities Group, Harneys acted on behalf of the two companies in their defence. The multimillion-dollar dispute was brought on the grounds that the actions of majority shareholders unfairly prejudiced the minority shareholders in MultiMetaVerse Holdings’ proposed equity acquisition plan of Orient TM Ruibo. Ruibo is the developer and IP holder of well-known mobile game Mole’s World.
Maples Group’s Asia team consists of lawyers fluent in English, Mandarin and Cantonese. In 2023, the firm remained active in the real estate sector and participated in several high-profile transactions, including: debt restructuring for Evergrande Group, Sunac China and Modern Land; bond issuance for CK Hutchison International; and Zhong An Intelligent Living Service’s Hong Kong IPO.
A business director of a well-known small and micro-enterprise financing platform says the Maples team is commercial, approachable and hardworking. “Their clear and timely advice helped us to establish a fund within the Cayman Islands’ legal and regulatory framework. In addition, they were proactive in sharing insights on regulatory developments and how we may be impacted,” she says.
In 2023, Commerce & Finance Law Offices added and promoted more than 40 partners in capital markets, dispute resolution, bankruptcy, compliance, government regulation and intellectual property. The additions bring the total number of legal professionals to 820. Both personnel and revenue increased compared to last year.
The firm participated in pioneering capital market transactions, including: the first A-share spin-off and backdoor listing project involving Hunan Nanling Industry Explosive Material; the first rural revitalisation commercial mortgage-backed note in China, issued by Beijing Haidian District State Owned Assets Investment Group; and Zhejiang Expressway’s first equity financing project post-listing. This project was the first simultaneous domestic and H-share refinancing for a non-financial company under the comprehensive registration system, and the largest equity financing for a listed expressway company in Hong Kong by the end of 2023.
In the past year, Dacheng Law Offices promoted 34 lawyers to senior partners, added four senior partners and two senior counsel. By 2023, Dacheng’s total headcount exceeded 10,000, including more than 7,000 practising lawyers. The firm also opened new offices in Xietongmen county in Tibet, and Zhenjiang in Jiangsu province.
Last year, Dacheng served as administrator for the substantive consolidation and restructuring of seven companies. These included Citic Guoan Group, involving assets worth about RMB76.46 billion and debts nearing RMB210 billion, making it the largest bankruptcy restructuring case in Beijing in the past year. Dacheng also managed the largest pre-restructuring project in Chinese judicial practice, involving Loncin Group, and assisted with one of the first overseas bank financing projects after China’s covid-19 restrictions were lifted. Additionally, Dacheng assisted China Southern Airlines with the private placement of RMB6 billion in A+H shares, making it the transportation industry’s leading listed company in both the number and scale of domestic financings in the past three years.
In 2023, DeHeng Law Offices expanded by opening new branches in Xiong’an and Yantai, and forming joint ventures in Seoul, Laos and Hengqin (Guangdong province), while merging with its Hong Kong joint venture to extend its global reach. DeHeng now has 55 offices worldwide, along with 160 partner institutions and more than 5,000 legal professionals, strengthening its capacity to manage complex domestic and international transactions.
Responding to the Belt and Road Initiative, DeHeng has promoted the establishment of several international commercial mediation centres and platforms. These have handled mediation cases involving more than 40 countries or regions and facilitated major projects in 136 Belt and Road countries. Jia Huaiyuan, director of DeHeng’s Dubai office, became the first Chinese arbitrator at the Saudi Centre for Commercial Arbitration. He has also assisted Chinese enterprises in securing the recognition and enforcement of the largest arbitration award between China and Saudi Arabia.
Jincheng Tongda & Neal has more than 500 partners and 1,000 lawyers organised into 12 practice groups covering nearly 40 specialties. The firm excels in resource integration and complex commercial matters. It is also actively exploring emerging fields like AI, the metaverse, blockchain, ESG and data compliance, and has established dedicated research centres for the metaverse and ESG.
In 2023, Jincheng Tongda & Neal handled high-profile cases including: a RMB13.58 billion (USD1.87 billion) equity transaction between Shagang Group, Fosun and Nanjing Iron & Steel United; Gilead v Kawin Technology and KawinGreen Biotech prodrug indirect patent dispute, China’s first case of indirect infringement of a prodrug patent; one of the first public REITs for consumer infrastructure; and an arbitration case involving the tallest building construction contract dispute in Cambodia.
Blossom & Credit Law Firm, founded in 2003, absorbed the credit legal service team from Tiantai Law Firm in 2023. It then set up 11 new offices in Shanghai, Guangzhou, Shenzhen, Suzhou, Chengdu, Wuhan, Hangzhou, Nanjing, Tianjin, Hefei and Shenyang, achieving a brand rejuvenation. The credit team consists of more than 200 lawyers and support staff, aiming to assist companies in quickly retrieving funds through early-stage credit investigations and asset inquiries, mid-term credit risk management training and credit management legal consultation, and late-stage credit legal collection services.
RuiMin Law Firm introduced three partners from top Chinese and foreign law firms in 2022, and represented prestigious clients in several influential transactions in the past year. In UBS Group’s acquisition of Credit Suisse, RuiMin provided China merger control advice to UBS.RuiMin also advised on the China merger filing aspect for STMicroelectronics
RuiMin also advised on the China merger filing aspect for STMicroelectronics, the second-largest chip manufacturer in Europe, in its USD3.2 billion joint venture with China’s San’an Semiconductor. This is one of the largest transactions by target amount in China’s semiconductor industry, and crucial for the development of next-generation automotive batteries.
Weibo Law Firm has demonstrated impressive capability in the field of intellectual property. In terms of copyright, the Weibo team has handled hundreds of copyright litigation cases, securing tens of millions of renminbi in compensation for clients. Among them, the copyright infringement for the interior decoration dispute, Yang Liping v Yun Nans, represented by Weibo Law Firm, went through twists and turns and was ultimately won in retrial proceedings before the Beijing High People’s Court. This case was selected by the Supreme People’s Court as one of 50 exemplary IP cases in Chinese courts in 2023.
ZY & Partners has received notable recognition from clients for its trademark services, with the cases it represented being selected as typical examples by institutions such as the Quality Brands Protection Committee of the China Association of Enterprises, and the Guangdong Trademark Association.
Wu Xun, an IP counsel at Midea Group’s legal department, describes ZY’s case analyses as “comprehensive, and the evidence organisation is meticulous. They have handled a large number of complex trademark dispute cases for our company, and the results have been excellent.”
| PRC FIRMS | INT FIRMS |
| Baohua Law Firm | A&O Shearman |
| JunHe | DLA Piper |
| TianTong Law Firm | Morrison Foerster |
The AI era truly began in 2023, and legaltech made significant advancements as a result. Leading law firms, both domestic and international, capitalised on deep expertise in legal knowledge and fully developed their respective strengths in the past year. They actively explored integrating new technologies into their daily workflows to enhance the efficiency of lawyers’ work, and provide added convenience for their clients.
Baohua Law Firm, as a specialist in labour law, collaborated with external tech teams to introduce an AI program called HRLC Assistant in late 2023, for clients’ human resource departments. Leveraging a vast database of Baohua’s labour law expertise, the program incorporates existing large language models. This tool analyses user needs, offers professional advice, helps mitigate potential risks, and includes intelligent association capabilities to instantly retrieve relevant data for clients in one click.
TianTong Law Firm launched a 3D dynamic litigation visualisation system in October 2023. Using modern graphic technology, the system presents courtroom and case-related scenarios as 3D models, allowing users to intuitively perceive case environments and key locations. With a roaming feature, users can freely navigate various aspects of the case through an interactive interface, controlling perspectives and scenes. Judges can also directly interact with involved parties, such as questioning evidence or expressing opinions, partially digitising the trial process.
A&O Shearman (formerly Allen & Overy) became the first leading international law firm to embrace AI tools. In February 2023, the firm announced the adoption of an AI tool called Harvey, aiming to automate contract analysis, due diligence, litigation and regulatory compliance-related legal work. The former Allen & Overy team had also participated in the beta Harvey project, with about 3,500 lawyers posing 40,000 queries to train the model for day-to-day client work.
DLA Piper created a legaltech tool matrix for internal and external use, including:
- Data Insights. A data analysis and visualisation tool assisting clients in managing financial metrics such as tracking matter spend versus actual, and providing insights into legal operations such as transaction status.
- A data breach assessment tool designed to ensure consistency and accountability in breach response notifications in compliance with the EU’s General Data Protection Regulation. It employs a quantitative approach based on a sophisticated algorithm to generate severity assessment reports and notification guidance.
- Robotic Process Automation. An internal law firm automation tool to streamline trademark practice and back-office processes in finance, HR and IT. Its goal is to improve the efficiency of services to clients.
China Commercial Law Firm has been actively involved in the New Rain Project youth legal education initiative since its launch in 2014, with lawyers volunteering to teach legal education classes in primary and secondary schools. Up to December 2023, the project conducted more than 80,000 classes nationwide, benefiting nearly 4 million students. In 2023, 45 lawyers from China Commercial Law Firm participated in Shenzhen Futian district’s legal service volunteer activities, contributing 894.5 hours of service and assisting 7,874 people.
DOCVIT Law Firm, in collaboration with the China Legal Aid Foundation, established the DOCVIT Public Legal Service Special Fund, investing tens of millions of renminbi to promote public legal services. The firm also launched corporate compliance system training and law firm management training. DOCVIT organised a lecture titled National Anti-Drug, Healthy Living, in partnership with the Hanyang District Judicial Bureau and the Women’s Federation of Wuhan, to spread anti-drug knowledge and enhance public awareness, particularly among young people. DOCVIT lawyers have engaged with communities, businesses and schools to disseminate legal knowledge through a series of public welfare and legal aid activities.
In 2023, W&H Law Firm provided legal assistance for rural development in Gaoling town, Beijing. Through multiple assistance agreements, the firm assisted with rule of law advice, consumer protection and industry support. The firm also offered legal services to the Zayul county border garrison in Tibet, safeguarding the rights of soldiers and their families, and collaborated with local judicial bureaus and legal aid centres on legal aid cases. W&H extended its services to more than 60 towns and villages in Yanqing district, Beijing, handled more than 300 legal aid cases in Haidian district, mediated more than 1,400 labour disputes for the Daxing District Federation of Trade Unions, and provided more than 10,000 hours of consultation for Beijing’s public legal service hotline.
CMS supported the JP Morgan Corporate Challenge running event, with proceeds donated to the Shanghai Pudong New District NPI Charity Foundation for projects benefiting children, special groups and low-carbon environmental initiatives. The firm also donated more than 60kg of essential items to the Daliang Mountains area in Sichuan and provided 100 sets of tables and chairs, plus educational resources, to Mengku Township Central Primary School in Yunnan. Additionally, through the White Whale clothing recycling initiative, CMS donated 25kg of goods. CMS participated in the Hong Kong Legal Walk, with proceeds supporting four charities, and collaborated with Food Angel’s food recycling programme to prepare 1,868 meal boxes for disadvantaged communities. The firm also supports Doctors Without Borders globally.
In 2023, nearly 50% of lawyers at Reed Smith in Asia provided more than 1,000 hours of pro bono services to vulnerable communities. The firm collaborated with international non-profit Justice Without Borders in Hong Kong, assisting migrant domestic workers with legal issues related to labour exploitation and human trafficking. Reed Smith also partnered with International Bridges to Justice to compile a 172-page criminal defence manual for Southeast Asia, aiding defence lawyers in protecting vulnerable defendants. Additionally, the firm contributed regulatory insights on business entry, location and financial services in Hong Kong for the World Bank Group’s Business Ready 2024 Report, aiming to promote private sector development and support the World Bank Group’s dual goals of poverty elimination and shared prosperity.
Boss & Young Attorneys at Law has extensive experience in handling anti-bribery cases in the pharmaceutical industry. A Fortune 500 medical device company commissioned the firm to advise on its alleged commercial bribery in secondary negotiation – a pharmaceutical scenario referring to an off-table negotiation after a company has won a bid to supply products to a hospital. Despite the controversy surrounding the issue in China, the case was ultimately not filed for investigation under Boss & Young’s defence. Last year, the firm strengthened its compliance practice by hiring Jessica Jin, the former compliance principal at J&J MedTech in China and the Asia-Pacific, as a partner. Ralph Xu, vice president and general counsel for North Asia at Unilever, expresses full confidence in Boss & Young’s expertise, particularly in new regulatory enforcement and market supervision cases.
Hui Ye Law Firm has a team of more than 40 lawyers specialising in anti-bribery and anti-corruption cases. Some of their lawyers have backgrounds in police, prosecution and the court system. Last year, the firm handled cases involving employee fraud, misconduct investigations, and internal whistleblowing for several multinational companies, and helped some clients establish and improve internal compliance systems. The meticulous analysis and professional support provided by Hui Ye partner Li Tianhang earns praise from Huang Yiyun, the general manager of the legal department at Autoliv China, a Sweden-based automotive safety supplier.
Haldanes successfully defended individuals accused of money laundering, fraud and misconduct, including a former municipal-level CPPCC member and a non-industry member of the Medical Council of Hong Kong. They achieved favourable outcomes such as acquittals and case dismissals. Notably, they overturned a conviction about accepting advantages, a case setting a significant legal precedent that emphasises a link between the “illegality” of the underlying transaction and the “permission defence” within the Prevention of Bribery Ordinance in Hong Kong.
Paul Hastings has a team of more than 20 anti-bribery and anti-corruption lawyers, led by partner Shaun Wu, based in Hong Kong and Shanghai. The firm handles high-risk cases for many multinational companies and large Chinese enterprises. Last year, the firm conducted internal investigations into multiple fraud allegations reported by a whistleblower for a multinational software giant’s global operations. It also provided key consultations on corporate investigations and regulatory enforcement in Asia for the world’s largest multinational environmental services group, particularly concerning government approvals and permits.
Haiwen & Partners acted as lead counsel on multiple asset management projects, advising on fund structuring, document drafting, negotiation and compliance. The firm counselled GLP Capital Partners (GCP), a global alternative asset manager, on its inaugural commingled clean energy strategy in China. This project secured RMB20 billion (USD2.76 million) from domestic institutions, including the National Green Development Fund and feeder funds affiliated with CHN Energy Investment Group. The latter is a state-owned company and one of China’s largest electricity providers. Additionally, Haiwen optimised the fund partner structure and investment structure of two Huaneng Gongrong M&A equity investment funds with a total of RMB10 billion. This entailed numerous documents, tight timelines and regulatory matters.
Jingtian & Gongcheng is one of the notable legal advisers in asset management, offering non-litigation services such as transaction structure design, due diligence, document drafting and dispute resolution. Last year, the firm assisted the Guangdong Technology Financial Fund of Funds Management and a Guangzhou-HK joint unit of the Innoangel Fund in obtaining approval for the Qualified Foreign Limited Partner (QFLP) pilot programme in Nansha Free Trade Zone, Guangzhou. The former’s RMB7.3 billion investment represents the largest approved quota in Guangdong province, and the latter is the first Hong Kong-backed QFLP fund in Guangzhou.
DLA Piper not only maintained its advantages in hedge funds, real estate funds and private equity funds but also seized opportunities in emerging digital assets last year. One of the firm’s notable achievements was providing consultation for Nine Blocks Capital Management, the first cryptocurrency hedge fund licensed by Dubai’s Virtual Assets Regulatory Authority. Hong Kong hedge fund Nine Masts Capital provided initial funds for this venture. The firm’s fund and asset class business, led by Asia head and partner Luke Gannon, has excelled in handling business in Hong Kong, mainland China and Singapore. The firm says it saw growth in fund formation and investment in the Greater China region last year.
Skadden stands out by representing well-known investment fund clients, including ALC Capital, Citi Private Bank, CMC Capital, FountainVest, Ping An Overseas Holdings, and various sovereign wealth funds and financial institutions. The firm’s lawyers have extensive experience in complex transactions, closely collaborating with top investors and fund managers in major fundraising transactions, secondary market transactions, joint venture fund transactions, and fund advisory and compliance work. Skadden provides customised solutions for local, cross-border and global matters.
Commerce & Finance Law Offices represented CCB Trust, a subsidiary of China Construction Bank, as a plaintiff in the first domestic state-owned enterprise bond default case. The case involved Baoding Tianwei Baobian Electric and its controlling entity, the state-owned military China South Industries Group, accused of evading debts through capital replacement. After a five-year legal battle the CCB Trust emerged victorious, setting a significant precedent for bondholders to protect their claims using China’s Tort Law. Commerce & Finance’s involvement last year in a cross-border project, which required navigating laws from Singapore, Luxembourg and other foreign jurisdictions, receives praise from a bank’s legal manager, specifically commending partner Wang Zehao for his “diligence, responsibility, exceptional professionalism in project time management, and effective communication and negotiation with clients”.
East & Concord Partners further strengthened its banking and finance sector by adding six new partners last year. The firm advised China CITIC Bank on its maximum RMB40 billion (USD5.52 billion) public placement in the A-share market and right issue in the Hong Kong capital market. This refinancing method has rarely been utilised by listed banks in recent years. The firm also represented CITIC Group in the transfer of 5.01% of subsidiary shares, amounting to HKD13.63 billion (USD1.75 billion), to China Huarong Asset Management, now known as China CITIC Financial Asset Management. The China Banking Association invited East & Concord to contribute to the 2023 annual report on Chinese listed banks. This marked the first time a law firm participated in this report, which is traditionally written by finance industry professionals.
JunHe can provide legal services for convertible bond subscriptions, offshore bond issuances, privatisation financing and syndicated loans. With expertise in project design, negotiation, drafting transaction documents and overall legal support, JunHe has established a strong track record in handling large-scale financing projects. In one notable project, JunHe acted as the PRC counsel for PAG in their subscription to USD500 million in convertible senior notes of iQIYI. The firm navigated various complex issues including the subscription of convertible bonds by a US-listed company, domestic guarantee arrangements, debt liquidation orders after the project company’s bankruptcy, effectiveness and enforcement of guarantees, and the arrangement of domestic funds for outbound transactions.
Slaughter and May demonstrated leadership in sustainable development and green financing last year. It provided extensive ESG/sustainability-linked loan advisory services to major banks in mainland China, Hong Kong and Asia. The firm advised OCBC Bank (Hong Kong) on issuing the first sustainability-linked dual-currency fixed-rate loan in Hong Kong’s hospitality industry to Shangri-La Asia. This innovative project, amounting to HKD1.3 billion/RMB1.15 billion, included unique features such as a prepayment indemnity requirement, sustainability discount mechanism and dual interest rate (floating) drawdown options.
Stephenson Harwood’s banking and finance team, led by partner Katherine Liu, excelled in asset financing in the shipping, aviation and real estate sectors, advising on syndicated loans, structured financing, trade financing, and secured and unsecured loans. The firm successfully assisted a large international shipping company in completing an asset financing transaction to purchase new ships. Additionally, their expertise in trade financing and commodities proved crucial in resolving a high-risk trade financing dispute involving fraudulent transactions and complex legal issues.
AllBright Law Offices participated in some of the biggest IPOs in 2023. Its team acted as the sponsor’s legal counsel in Hua Hong Semiconductor’s RMB21.2 billion IPO, the largest amount raised in an A-share listing last year.
The firm also took the spotlight when it acted as United Nova Technology’s legal counsel for its RMB11 billion IPO on the SSE, one of the largest debuts by a Star Market semiconductor company.
DeHeng Law Offices clinched 38 of 313 new listings in the A-share market last year. It also advised 188 companies in completing 653 bond issuance and asset-backed securitisation projects. Shen Kai, the in-house counsel of Zhejiang Zhoushan Tourism Group International, is satisfied with DeHeng’s advice on the issuance and registration of his company’s medium-term notes, ultra-short financing bonds and corporate bonds.
Grandall Law Firm bagged 39 IPO deals in mainland China last year, raising an accumulated RMB35.5 billion in listings. Anhui Huaren Health Pharmaceutical, the largest pharmaceutical chain in Anhui province, and manufacturer Suzhou Zhuozhao Dispensing Technology, have sought for Grandall’s advice when they debut on SZSE and BSE, respectively. Its team acted as legal counsel in the listings for Zhongzhong Science & Technology and JiangSu Evergreen Material Technology, among the first batch of companies that debuted after the SSE and SZSE kicked off the registration-based system in April 2023.
Jia Yuan Law Offices reappears in the chart this year. It acted as the issuer’s counsel for Shangxi Energy in the fourth-largest IPO last year on the A-share market, raising RMB7.2 billion. The firm also acted as CITIC Metal’s counsel in its RMB3.3 billion debut on the SSE. The Beijing-headquartered firm advised dozens of mainland companies on refinancing projects including Air China and Shenzhen Clou Electronics.
Zhong Lun Law Firm bagged the eighth-largest IPO in the A-share market last year, acting as Huaqin Technology’s counsel for its debut on the SSE’s main board, raising RMB5.85 billion. Zhu Xiaolei, in-house counsel of Smarter Microelectronics (Guangzhou), praises Zhong Lun for assisting his company to apply for IPO, and lauds their post-listing services: “The team has extensive experience and a good reputation in the field of IPO. They demonstrated professionalism and great teamwork when helping my company to apply for initial public offering.”
Commerce & Finance Law Offices advised sponsors in several of the biggest IPO on the HKEX last year. The firm acted as the sponsor’s PRC counsel in J&T Global Express and REPT BATTERO Energy’s debuts, which were the third and fourth-largest IPOs in Hong Kong last year. Under the guidance of capital market specialists such as partners Wu Gang, Kong Xin, Zhang Xinyang and Wang Bo, the firm has handled various financing projects in overseas markets. Commerce & Finance’s team advised the underwriter on PRC law in Bilibili’s launch of American depositary shares, raising USD410 million. This was the first share offering by a China concept stock on the US market last year.
Jingtian & Gongcheng participated in HKEX’s second-largest IPO last year by advising WuXi XDC Cayman’s joint sponsors and underwriters on PRC law, the listing raised around HKD4 billion.
The firm advised on 218 bonds projects last year, including acting as counsel for the Bank of China on the issuance of the world’s first CNH Yulan Bond by its Macau branch; RMB2 billion was issued. Jingtian & Gongcheng also advised the bank’s London and Hong Kong branches on its issuance of USD600 million and RMB1 billion bonds, respectively.
Deacons’ team has advised on two of China Business Law Journal’s 2023 “Deals of the Year”. It participated in Jinyuan Hchem’s HKD287 million listing on the HKEX. The IPO marks the first instance of a H-share company’s spinoff debuting on HKEX, the spin-off of red-chip companies are more commonly seen to be listed on HKEX.
The other award winning deal it advised is PBOC’s issuance of eight renminbi bills totalling RMB140 billion. Deacons’ team acted as the bank’s Hong Kong legal counsel.
O’Melveny was placed fourth on the ranking of Hong Kong counsel for HKEX IPOs, as it advised on six listings last year. The firm advised Tian Tu Capital’s HKD1.13 billion IPO last year, the first listing of a PRC VC firm on the Main Board of the HKEX to date.
The firm also represented cancer medication producer Adlai Nortye’s debut on the Nasdaq, it is the first US IPO of a Chinese firm since the China Securities Regulatory Commission launched measures to regulate PRC firms listing overseas.
Wilson Sonsini advised PRC firms on three US and eight Hong Kong IPOs last year. The firm’s team acted as WuXi XDC Cayman’s US counsel on its HKD4 billion listing on the HKEX, which was last year’s second-largest IPO in Hong Kong. The firm also acted as the US and Hong Kong counsel of WuXi AppTec, a controlling shareholder of the issuer.
Tracy Meng, a vice president from Lumi United Technology, recommends Beijing-based partner Yin Can and says, “He offered highly professional advice about the capital markets. His responses are timely, and he can provide practical rectification suggestions from the company’s perspective,” she says.
AnJie Broad’s core business area is competition and antitrust. The firm represented Hitachi Metals (now Proterial) in winning China’s first monopoly case involving non-standard essential patents, overturning a first-instance court’s judgment that Hitachi Metals had abused its market dominance. The Supreme People’s Court selected this case as one of the top 100 cases in the five-year anniversary of the Intellectual Property Court.
Commerce & Finance Law Offices’ clients include Baidu, China National Offshore Oil Corporation (CNOOC), Contemporary Amperex Technology and Li Auto. Commerce & Finance advised CNOOC, Nippon Yusen and China Merchants Energy Shipping on their plans to set up six liquefied natural gas carriers. The firm represented the three parties in handling the pre-merger antitrust filing and obtaining approval. Additionally, the firm analysed risks that arose from transactions in the US, the EU, Japan, Singapore and Hong Kong.
Tian Yuan Law Firm represented a case that was recognised by the Supreme People’s Court as a classic case in antitrust and anti-unfair competition last year. The firm represented Hefei Medical and Pharmaceutical (HMP) in a second-instance court appeal that overturned an earlier decision in favour of Yangtze River Pharmaceutical Group (YRPG). The court reversed the first-instance court’s verdict that HMP had monopolised YRPG; it cancelled more than RMB68 million compensation that had been imposed on HMP. Tian Yuan’s antitrust team also represented JD.com in winning a seven-year long anti-monopoly lawsuit, in which Alibaba had to compensate JD for RMB1 billion.
Fan Shengyan, the in-house legal counsel of Tuhu, praises Commerce & Finance’s partner Kevin Huang. “When handling business operators review, they provided professional and patient services for the company. After spending a year communicating with regulatory authorities, they successfully helped us and our partners to obtain an approval.”
Freshfields’ antitrust, competition and trade practice in China is led by Ninette Dodoo. Last year, the Freshfields team provided antitrust advice for UBS Group AG’s acquisition of Credit Suisse for USD3.25 billion. The firm liaised with regulatory authorities from countries including Australia, India and Japan, and secured their approvals. Additionally, in the USD8.2 billion merger of Canada’s agriculture company Viterra and US agribusiness giant Bunge, Freshfields acted as Viterra’s counsel to conduct filing analysis and handle various jurisdictions’ merger control issues.
Slaughter and May advised Google on China and Asia-Pacific competition law. The firm also acted as counsel to Swiss luxury group Richemont, handling its competition law issues in two separate strategic partnerships involving e-commerce platforms Alibaba and Farfetch, as well as Farfetch and Alabbar.
Fangda Partners boasts the largest dedicated corporate investigation and anti-corruption team among Chinese law firms, offering clients comprehensive legal services in corporate investigations, government enforcement, compliance projects and policy-related disputes. The team features senior partners with experience at top international law firms, partners with extensive criminal defence experience in China, and former judges, prosecutors and administrative enforcement officers.
Fangda Partners has played a role in advancing China’s compliance system, including assisting the State Administration for Market Regulation in drafting localised standards for international anti-bribery management systems and helping the National Information Security Standardisation Technical Committee draft national cybersecurity standards. The firm has also collaborated with the Ministry of Commerce and other government bodies to develop national compliance standards and guidelines.
Sundial Law Firm assisted Shenzhen Capital Operation Group, a participant in the state-owned enterprise reform “double hundred action”, in establishing a comprehensive compliance management system. The system adhered strictly to national standards for both general and specialised compliance management in key areas for state-owned enterprises.
For China Resources Group, a Fortune 500 company, Sundial developed a robust compliance framework, management system and operational mechanism, ensuring the system’s systematic and practical implementation. The firm designed a global anti-corruption compliance system for Fujian Zongteng Network, a global cross-border e-commerce infrastructure service provider. Sundial also built a compliance governance system for Sunwoda Electric Vehicle Battery Company, a well-known Chinese manufacturing listed company, meeting customer audits, CSR/ESG report business ethics requirements, and Shenzhen municipal standards.
Zhong Lun Law Firm provided compliance consulting services to Wynn Resorts in China covering gambling, data protection and personal information protection. Its assistance helped the client navigate different legal regulations in mainland China and Macau, ensuring its business decisions were legal and compliant. In a project for multinational food company Danone, Zhong Lun assisted with customs issues, label compliance and government investigations, successfully mitigating risks of penalties and fines. Additionally, as the long-term legal adviser to cross-border e-commerce platform eBay and its Chinese subsidiaries, the firm offered comprehensive compliance services in areas such as cybersecurity, data protection, business models and corporate structure, ensuring the client’s compliant operation in cross-border transactions.
Latham & Watkins provided strategic and efficient corporate compliance guidance for clients navigating complex regulatory landscapes. It successfully guided China’s largest telecoms provider through US and EU export control and trade sanctions regulations, and supported a major Chinese smartphone manufacturer with export control classification, compliance assessments and regulatory counselling. The firm assisted a multinational professional services company with an internal investigation and concurrent Securities and Exchange Commission (SEC) and Ministry of Finance inquiries into alleged misconduct that violated company policies and regulations across multiple jurisdictions. Additionally, it assisted a US-listed, China-based online commerce company in dealing with SEC investigations into potential revenue inflation.
White & Case’s corporate investigation team in China assists leading multinational companies operating in China, and Chinese companies expanding in global markets, to navigate increasingly stringent regulatory scrutiny. The bilingual team excels in handling international investigations and compliance matters with cultural and commercial complexities, particularly in responding to cross-border regulatory inquiries and parallel investigations. White & Case has been commissioned by several audit committees to conduct independent investigations into allegations of falsified financial statements and undisclosed related party transactions for ZTO Express and GigaCloud. Additionally, the team addressed allegations of inflated financial data and suspicious investment and acquisition transactions for Full Truck.
East & Concord Partners provides legal services including the construction of cybersecurity systems, data risk assessment and control, and compliance analysis for AI products. The firm was commissioned by CITIC Financial Leasing to conduct a comprehensive compliance review and implement rectifications to protect financial consumer rights involved in its household photovoltaic leasing business. Regulatory requirements for financial and leasing companies are fraught with uncertainties and the scale of project rectification is substantial. Leveraging its extensive expertise in consumer protection, data and privacy security within the financial sector, the firm’s data compliance team successfully guided the company through CITIC Group’s internal audit.
Wang Jing & GH Law Firm is Tencent’s long-term legal adviser, providing data compliance services for WeChat’s series of products. With more than 1.2 billion users, WeChat contains sensitive personal information such as financial information, real-name authentication and facial information. Proper protection of those data and personal information has extensive implications as it could affect national security. Wang Jing & GH also advised on China Southern Power Grid’s data compliance and assetisation, involving the company’s nationally pioneering “data asset certificate” co-operation model. They face two major unanswered questions regarding power data: whether it constitutes public data; and whether data ownership can be clearly defined. In addition to offering practical solutions, the firm conducted compliance analysis and compiled guidelines for the company’s subsequent data asset content and transaction models.
Mayer Brown lent its data and privacy expertise for various multinational operations across the media, retail, medical and finance sectors. The firm advised Air8, a subsidiary of Li & Fung Group, on the establishment of a trade finance platform to facilitate trade finance agreements in multiple jurisdictions including mainland China, Hong Kong, Taiwan, India, Vietnam and Singapore. Its role involved counselling the platform on the data privacy and technology aspects.
Pinsent Masons aligns its data protection, privacy and cybersecurity practice with key sectors such as financial services, technology, energy and real estate. Cara Cheung, a senior data specialist at the legal department of Easy Logistics, commends the firm’s data and privacy team for its strength in tailoring its services to client’s industry and specific needs.
In particular, Cheung highlights Jennifer Wu, a Hong Kong-based partner, for providing data privacy and cybersecurity training to her team. “[Wu] gave us real-world examples and actionable advice, which has equipped our team with the knowledge and skills needed to protect our company’s and customers’ data effectively,” she says.
Jingtian & Gongcheng handled cases with significant target amounts and industry impacts in the past year. Cowell Health general counsel Song Hao says that, in handling a joint venture (JV) dispute for his company, the firm “provided very professional and efficient services, helping our company to successfully obtain the control of the JV and various seals, enabling the JV to operate normally and safeguarding the legitimate rights and interests of our company”. He praises the firm’s Beijing and Guangzhou-based partner, Xu Bangwei, for “always putting himself in his clients’ shoes and looking out for their best interests. Xu is very dedicated and always has a unique perspective on dispute resolution, which has always amazed me.”
Kanda Law Firm continued to consolidate its strength in the field of dispute resolution in 2023, representing about 17,000 cases covering state-owned enterprises, centralised enterprises, large-scale private enterprises and multinational corporations, and achieving revenue of more than RMB400 million (USD55.1 million). Langfang Jiuhui Real Estate Development’s financial director, Li Rongping, recommends Kanda’s Deng Zhenhua, a partner in the Beijing office, who represented his company in some cases. “During the process, Deng was very professional, earnest and responsible.” Li adds that, in handling a contract dispute arbitration case, Deng ultimately “helped the company save approximately RMB30 million, with a further RMB20 million in annual capital costs”.
Llinks Law Offices’ dispute resolution team specialises in three main areas: finance and capital markets; corporate and investment; and international trade and cross-border investment. The firm is able to equip cases with experienced lawyers specialising in both finance and dispute resolution. Denis Zhao, deputy general manager of Greenland Hong Kong’s legal and internal audit department, says that while representing his company in a major case, “the Llinks team showed a high degree of professionalism in the whole process. Not only were the pre-trial preparations for the lawsuit very detailed and comprehensive, but also the ability to adapt to the scene during the trial was very flexible and efficient.” Zhao commends the firm’s Shanghai-based lead partner, Yang Peiming, for his “clear and meticulous thinking, complete and rigorous logic in the trial debates and arguments, and full and steady emotions”.
Tian Yuan Law Firm successfully responded for defendant Chang’an Investment Group in an equity repurchase dispute for more than RMB2 billion. As the group had not been able to achieve an IPO, several shareholders, including Guorong Securities, demanded the defendant carry out a repurchase under the agreement, and filed multiple lawsuits and arbitrations. The Tian Yuan team put forward a defence that the defendant was not liable because regulatory changes and restrictions constituted force majeure. This was ultimately adopted by the court and all of the plaintiffs’ claims were dismissed. Wuhan Jiebao Education’s chair, Zhang Donghong, is impressed by the services provided by Tian Yuan in handling investment repurchase arbitration cases between his company and investors, and recommends the firm’s managing partner, Li Qi, and partner Ren Jiaju in Beijing. “Li not only has the ability to think outside the box and come up with defence arguments that comply with legal regulations, akin to solving complex mathematical problems, but he also personally attends hearings and meetings with judges, regardless of their significance, even when he is physically injured – as a client, I was deeply moved,” says Zhang.
Zhong Lun Law Firm provided long-term services in commercial dispute resolution for an international chain of resorts and hotels. The general counsel for the Greater China region of the group says that in several significant litigation cases, “Zhong Lun’s team has demonstrated a high level of professionalism and dedication throughout the entire process, from pre-litigation strategy formulation and evidence collection to responsive pleadings, counterclaims, negotiations and driving the progress of the cases, as well as post-litigation execution and closure. They have been able to balance legal risk with the realisation of the client’ business interests, ultimately achieving favourable economic outcomes for our company.”
Commerce & Finance Law Offices assisted Hytera to complete the cross-border transmission of evidence in Motorola v Hytera, a USD760 million trade secret dispute heard by US courts. Faced with the fact that the client was ordered to pay a USD5 billion fine in the first instance, and that China’s regulations on data export were not complete, the Commerce & Finance team submitted an application for data export to the Cyberspace Administration of China, reviewed the evidence documents to be exported, and completed a series of compliance measures that eventually helped maximise protection of the interests of Hytera in overseas litigations. Li Zhigang, general counsel of Risen Energy, praises the firm’s cross-border dispute resolution capability as “top-notch in China, providing strong support to clients with excellent case organisation, forward-looking responses, cost-effective services and good expectation management”. He highlights the firm’s partners Cui Qiang and counsel Jiang Yuan in Beijing.
Haiwen & Partners has undertaken cases involving complex legal and financial relationships in the past year. Through investigation, argumentation, litigation and arbitration, and the use of flexible legal strategies, the firm has achieved favourable results for a wide range of clients including banks, investment institutions and insurance companies. Connie Lee, a barrister at Des Voeux Chambers, recommends Edward Liu, a partner at Haiwen’s Hong Kong office. “He leads an energetic team which can provide a one-stop service for dispute resolution with cross-border or international elements.”
Blank Rome’s services in dispute resolution are recognised by Skye Han, a legal counsel at JD Group. “They can always balance cost and efficiency, with a good division of work within the team,” she says. “They have successfully resolved many disputes for us with their refined litigation and negotiation skills.” She particularly recommends Mike Margolis, Blank Rome’s Asia practice chair in Shanghai and Los Angeles, who has “extensive litigation experience and skills. I am always pleasantly surprised when his innovative litigation strategies work. I can trust Mike in all kinds of litigation in the US.”
Linklaters’ dispute resolution practice is recommended by Helen Gu, general counsel of Sina Group’s legal department. “The Linklaters team has fully demonstrated its excellent ability to assist clients in finding optimal solutions in an international environment full of uncertainty.” Gu particularly recommends the team of Gerard Meijer, in Linklaters’ Amsterdam office. The team has been assisting Sina Group for the past few years in multijurisdictional proceedings on Dutch law in the Netherlands, the US, Hong Kong and the British Virgin Islands. “The team members are experienced, professional, commercially aware, and have demonstrated a high level of co-ordination and co-operation in cross-border arbitration proceedings,” says Gu.
White & Case specialises in representing leading banks and financial institutions on banking and finance disputes, including the enforcement of facility agreements and loan agreements. Justine Vicky Tsang, head of complaint resolution at China Citic Bank International, praises the firm’s Hong Kong-based partner, Wilfred Ho, as “personable and always willing and ready to help. He is bi-lingual and works in both English and Chinese with confidence ‒ which is particularly helpful with cross-border work. Wilfred is technically strong and gives practical advice based on his extensive experience in contentious work.”
In a relocation project for Beijing Shouqi Group’s Zizhuyuan industrial park, Anli Partners managed the complex resettlement of more than 400 employees, including pregnant women and those with occupational diseases or work-related injuries. The firm successfully negotiated termination agreements with 90% of the employees without any disputes. Anli Partners devised a compliant and reasonable plan for an employee resettlement project after Beijing Vital River Laboratory Animal Technology Company’s Shanghai branch closure. The plan resulted in 76 employees signing termination agreements within a scheduled timeframe, ensuring the smooth progress of the company’s dissolution. Additionally, in handling a labour dispute between Beijing Chentong Freighting Service Company and 48 dispatched workers, Anli Partners’ arbitration strategy reduced its client’s potential liability from RMB13.45 million (USD1.85 million) to RMB370,000.
The Labour Law and Human Resources Committee of Hui Ye Law Firm has more than 150 labour lawyers across nearly 40 global branches. Last year, the firm serviced notable companies like AIA Group, Vanke, SF Express and Baoshan Iron & Steel, with services including employee tax compliance, corporate mergers, restructuring, bankruptcy handling and nationwide economic layoff guidance. In the past year, the firm managed more than 1,000 labour dispute cases and 100 non-litigation labour-related projects. These included providing post-merger personnel integration legal consulting for Stellantis Group – a matter that involved a transaction value of USD52 billion and tens of thousands of employees. Hui Ye also advised York (China) Trading Company in a dispute lawsuit over the termination of an employee for serious misconduct, successfully persuading a court to reverse its decision. Additionally, the firm handled a labour dispute for Shanghai Road and Bridge Group about employee bonus payments. Through detailed auditing and reasonable explanations, it had all employee claims dismissed, achieving final victory after two years.
Due to game launch failures and pandemic impacts, Tangel Culture Company’s gaming subsidiaries faced negotiations to terminate the labour contracts of dozens of employees. Tahota Law Firm successfully terminated all labour relationships through detailed employee record analysis and customised solutions, winning all arbitration stages and avoiding millions of renminbi in losses for the company. In handling disputes involving more than a dozen workers seeking economic compensation, Tahota conducted thorough investigations and evidence collection, leading the court to adopt its perspective and rule in its favour. The case provides guidance for complex labour disputes involving multiple employment entities, internal company contracting, and labour relationship transfers during employment. Additionally, the firm acted as the administrator in Hainan Xinshitong Pharmaceutical Group’s pre-restructuring case, the first of its kind in Hainan, achieving full debt repayment and employee rights protection through innovative debt management.
Deacons Law Firm stands out in the employment and labour law area, managing complex cases for leading international clients. The firm is aiding an international bulk tank and container provider in summarily terminating a senior staff member for serious misconduct, which includes a significant counterclaim and involves legal aspects in both Hong Kong and Japan. Deacons successfully defended a US placement agent in Hong Kong, settling a wrongful termination claim for a fraction of the claimed amount. Additionally, Deacons adeptly guided a private equity firm through the delicate process of terminating a disruptive employee, ensuring a peaceful and amicable resolution.
With 40 years of experience in China, Pinsent Masons has built a reputation in employment and labour law, assisting numerous foreign companies in China. Notably, the firm advised a global food company on a significant layoff during its Greater China business restructuring, addressing diverse employee arrangements and preparing various termination packages and documents. It also assisted a global accessory and fashion group in implementing a whistleblowing programme specific to China, ensuring adherence to local employment laws and data protection regulations. Another significant case involved advising a healthcare sector company on employment issues related to the sale of a business unit in China, handling employee transfers and layoffs.
Guantao Law Firm advised Qianhai Yifang Hengrong Commercial Factoring in issuing the CSC Financial – China Gas – Yifang phase I-III green supply chain asset-backed securities (ABS) on the Shenzhen Stock Exchange, marking the first ABS in China hosting the dual themes of green initiatives and energy supply security. Guantao also acted as legal counsel to Wujiang Three Gorges Water Environment Treatment in the Suzhou rural sewage treatment public private partnership (PPP) project.
Jin Mao Law Firm provided legal services on project environmental compliance for various chemical and environmental governance companies last year, including international hazardous materials manufacturer CEPSA Chemical Shanghai. Jin Mao ensured its client adhered to environmental regulations and standards, and obtained discharge permits and environmental impact assessment approvals for construction projects. Rogers Wu, a Shanghai-based partner, acts as the external legal expert for the project.
JunHe assisted both the State Nuclear Electric Power Planning Design and Research Institute and the SPIC Green Energy Technology in setting up their ESG management systems. It also drafted an ESG report for Shanghai-listed Feida Environmental Science & Technology.
In addition, JunHe supported China’s first national carbon neutrality fund, the National Green Development Fund, as it invested RMB270 million (USD37.2 million) to co-establish a partnership, increasing its capital contribution to the Luoping River pumped storage power station project in Yanling, Hunan province. It is a significant undertaking for reforming Hunan’s power system, promoting energy conservation, emission reduction and high-quality development of local economy and society. In terms of legal services, the innovative model of “underlying project + PE fund structure” tested the lawyers’ expertise on PE fund compliance and regulation, as it risked being scrutinised for debt disguised as equity.
Tahota Law Firm advised Chongqing Water and Environment Holdings Group in the acquisition of 100% equity in Chongqing Environmental Investment Group, which involved RMB13.7 billion of assets across 37 subsidiaries, making it the largest M&A in Chongqing to date. Primarily, the acquired assets include more than 400 sewage and waste treatment facilities and plants across 38 districts and counties in Chongqing. The acquisition has significant implications for the city’s public welfare, making it imperative to seal the deal quickly. Tahota dispatched multiple teams to conduct on-site due diligence simultaneously, vastly accelerating the project’s completion timeline.
Jin Mao Law Firm specialises in administrative law and has represented more than 20 government departments including the United Front Department of the CPC Shanghai Municipal Committee, the Shanghai Municipal Financial Regulatory Bureau and the Shanghai Taiwan Affairs Office. Apart from offering legal opinions on daily affairs and administrative decisions, the firm focuses on providing consultation for complex civil-administrative crossover cases.
In a case of alleged improper use of financial subsidies by a trading company, Jin Mao advised the Kunshan Municipal Finance Bureau on an administrative lawsuit initiated by the trading company. Its effort resulted in a successful recovery of RMB11.6 million (USD1.6 million) in financial special subsidies. This case was selected as one of the top 10 exemplary administrative cases among Suzhou courts, with the court commending the firm for its “demonstrated positive example of using legal thinking and methods to recover state property losses”.
SGLA Law Firm has represented governmental authorities in many cases related to land ownership disputes, information disclosure, government expropriation and demolition, and illegal construction removal. For example, the firm: conducted thorough due diligence for 69 land plots in Shanghai’s Lingang Special Area on behalf of the Nanhui New Town government; offered for the Fengxi community the largest urban village renewal project in Shanghai’s Qingpu district; and served as legal counsel for the construction of multiple metro lines in Shanghai.
Pillsbury comes highly recommended by John Wen, the legal counsel at 360 Security Technology. He expressed great satisfaction with the firm’s service, praising it for a deep understanding of the actual situation faced by Chinese enterprises and highlighting its efficiency in handling client inquiries, drafting memoranda, and effectively resolving client doubts and difficulties.
Wilson Sonsini, with its in-depth knowledge of the US Department of Commerce’s procedures and requirements, is well equipped to offer clients effective legal opinions and strategies. Last year, the firm demonstrated its expertise by assisting WuXi AppTec in being removed from the US department’s “unverified list” and by advising on regulatory matters such as the Committee on Foreign Investment in the US and the National Defence Authorisation Act for Fiscal Year 2024.
Co-effort Law Firm is highly recommended by Sparkly Key Animation Studio, an animation and film production company. Sparkly’s legal counsel, Yang Qiaoling, praises Co-effort for its ability to effectively address the company’s diverse service inquiries and provide valuable suggestions for contract modifications. The firm’s exceptional professionalism and dedication have fostered a strong partnership with the animation studio for nearly a decade.
Lifang & Partners represented French multinational software corporation Dassault Systèmes before the Beijing Intellectual Property Court in a copyright dispute over its CATIA software against IAT Automobile Technology. The case highlighted the complexity of evidence preservation in intellectual property disputes. Ultimately, Lifang demonstrated that the defendant had obstructed evidence and successfully obtained a court ruling in favour of the plaintiff. The court awarded RMB20 million (USD2.75 million) in damages, marking the highest compensation ever granted in a computer software end-user rights protection case in China.
Llinks Law Offices handled a copyright dispute last year that was recognised as one of the 50 exemplary IP cases in Chinese Courts and exemplary cases of film IP protection by people’s courts. In St Hero Network Technology v ChuanQi IP (2023), Llinks defended the former and emerged victorious. This case was the first to confirm the non-infringement of audiovisual content between games and films in China, providing clear guidance for comparing the overall visual aspects of games and film works.
Rajah & Tann represented a subsidiary of NetEase Group in responding to allegations of copyright infringement and plagiarism made by Riot Games. Although the plaintiff sought a temporary injunction to halt the defendant from distributing the alleged copyright-infringing game, Hyper Front, the Singapore High Court rejected the application. As the legal proceedings are ongoing and cases have been filed in multiple countries, the firm is actively supporting and collaborating with overseas lawyers in managing these proceedings.
Vivien Chan & Co assisted a renowned American auto parts supplier in completing the copyright recordation process for its major logos and product packaging in China. Building on this procedure, the firm successfully eliminated infringing links on domestic e-commerce platforms and persuaded China’s trademark office to alter its usual approach in handling cases involving product similarity in an opposition case. As a result, the client achieved a favourable outcome.
An Tian Zhang & Partners acted as counsel for Syngenta Seedlings, the rights holder of the “奥黛丽” plant variety, in a lawsuit against an infringing company. In the initial ruling, the court discretionarily determined compensation of RMB200,000 (USD27,516). Syngenta appealed to the Supreme People’s Court and, in the second instance, the court supported Syngenta’s claim for RMB2 million based on a pre-litigation agreement.
The second-instance judgment clarified an important principle that pre-litigation agreements between parties can serve as a reference for determining the compensation amounts in infringement cases. This case was selected as one of the top 100 exemplary cases to commemorate the fifth anniversary of the establishment of the Intellectual Property Tribunal of the Supreme People’s Court.
King & Wood Mallesons achieved remarkable success in biopharmaceutical patents. At the request of Huadong Medicine, the China National Intellectual Property Administration (CNIPA) invalidated a patent for Novo Nordisk’s diabetes and weight loss drug, Semaglutide, allowing domestic companies to manufacture and sell it without restrictions. Novo Nordisk subsequently entrusted KWM with filing an administrative lawsuit for patent invalidation in the Beijing Intellectual Property Court. This case stood out as the panel of judges organised three hearings (a rare occurrence), ultimately overturning the CNIPA’s decision. Such intellectual property administrative lawsuits have only been overturned one other time in the past decade.
In a cross-jurisdictional SEP licensing dispute between Nokia and OPPO, KWM represented Nokia and handled more than 100 related cases in the PRC jurisdiction, while also co-ordinating dozens of cases in other jurisdictions. Its efforts led to a settlement between the parties, and the case volume stands as one of the largest in the history of global IP litigation.
Lung Tin Law Firm handled several patent disputes in innovative technology and biopharmaceutical fields last year, including the first domestic case involving standard essential patents (SEPs) related to enhanced voice services, a 5G SEP infringement case, and a patent dispute over CRISPR gene-editing technology that received the 2020 Nobel Prize in Chemistry.
A legal counsel from a Taiwanese semiconductor company praises Lung Tin for its significant assistance, recommending executive director Xu Bo, deputy director Mu Lijuan, and Partner Kang Xing. “Lung Tin Law Firm successfully invalidated or partially invalidated approximately 70% of the patents involved in multiple patent litigations, with the remaining patent infringement lawsuits resulting in non-infringement,” says the counsel.
Video profile: Lung Tin Law Firm is an independent entity under Lung Tin IP Attorneys
Orrick, with 11 partners and lawyers stationed in China, has seven professionals dedicated to intellectual property matters. Most hold patent agent qualifications and can handle cross-border patent disputes and trade secret issues. In a patent infringement lawsuit filed by South Korea’s Samsung Display against BOE Technology Group at the US International Trade Commission, Orrick provided consultancy services for BOE. The case is still under trial and its outcome will significantly impact the industry supply chain, given that both Samsung and BOE are giants in the OLED panel industry.
Sheppard Mullin provided advice for many Chinese technology companies in 2023. The firm represented Huaqin Technology, China’s largest original design manufacturer, in responding to patent infringement lawsuits filed by telecoms research and development company Bell Northern Research in the US. Sheppard Mullin achieved two dismissals in these cases. The firm also advised on intellectual property matters such as patent applications, freedom-to-operate analysis, and compliance for chip company ChangXin Memory Technologies.
GEN Law Firm represented anti-theft door brand Pan Pan in a trademark infringement and unfair competition dispute against Sichuan Xin PanPan Company, Gu Yang Door Factory and another individual. The firm won the final appeal in the Supreme People’s Court and secured compensation of RMB105 million, which stands as one of the highest amounts awarded in trademark infringement cases.
Despite the evenly matched between top-tier law firms, an Asia-Pacific general counsel from a foreign liquor group with a long-term partnership recommends the firm for its innovative solutions that meet client needs and market dynamics from a commercial perspective.
Lusheng Law Firm represented Tesla in a trademark infringement lawsuit against “Tesla Beer” last year. The court recognised six of Tesla’s trademarks as well known trademarks and fully supported the damage compensation claim for RMB5 million (USD687,900). One of the biggest challenges was that the defendant, Zhongyin, had applied for and obtained the Tesla trademark for beer products in 2013, before Tesla’s own trademark registration in China. Lusheng argued this extended beyond beer products and that they had obtained the trademark with deliberate intent to exploit the high reputation of the Tesla trademark. The court agreed with this argument.
Wanhuida Intellectual Property had several cases selected as exemplary intellectual property cases by courts in Beijing, Ningbo, Qingdao and Jiangsu, safeguarding clients’ rights through various innovative approaches. One notable case involved representing the Bureau National Interprofessionnel du Cognac (BNIC) in a lawsuit against Ford China for unfair competition over the “Cognac” geographical indication. BNIC is responsible for promoting and protecting the “Cognac” geographical indication. Wanhuida won the first instance for BNIC and, in the second instance, the court upheld the original judgment. The case confirmed that registrants of geographical indication products can take action under the Anti-Unfair Competition Law and broadened the concept of competitive relationships, emphasising that related products or services do not need to be similar as long as there is a simple “association” in the minds of consumers to receive protection.
D’Andrea & Partners focuses on consulting in trademark matters for Italian brands in China. When luxury car brand Maserati discovered that a Wenzhou auto parts factory was producing and selling unauthorised branded parts worth RMB5 million, D’Andrea filed criminal and civil lawsuits related to trademarks on behalf of Maserati. After three years, the firm successfully pursued criminal liability for the offending entity, and Maserati also received corresponding civil compensation.
Rouse’s main trademark clients include New Balance, Spin Master, Burberry and Juratek. Li Junting, the legal manager of infant nutrition manufacturer H&H Group, praises the firm’s trademark services as being among the “top tier” domestically, and specifically recommends Hatty Cui, the general manager of Rouse China, saying: “Her team has professional competence and maintains high service levels.”
Dacheng Law Offices represented four Chinese ceramic companies in a European Commission review of their import applications under EU anti-dumping measures. Despite initially denying one company’s application, the commission revoked its decision after Dacheng’s defence during a hearing. This marked the first case in which a Chinese company overturned an EU ruling based on the general disclosure of essential facts through a hearing process.
Last year, Dacheng partner Jason Sun impressed Li Yang, head of the legal department of Lingong Heavy Machinery, by assisting the company with a potential anti-circumvention investigation in the US. Li commends Dacheng for its extensive theoretical knowledge and practical experience in international trade and remedies, and an ability to clearly articulate the logical connections behind projects.
JunZeJun Law Offices represented China’s Ministry of Commerce in several WTO disputes, including responding to multiple anti-dumping and countervailing measures imposed by Australia against China, and the EU’s filing against China’s discriminatory and coercive measures against exports from or related to Lithuania. The firm also handled a dispute over China’s countermeasures against US national security restrictions on steel and aluminium imports.
Li Zhigang, Risen Energy’s general counsel, describes JunZeJun as a “top-tier firm” in the field of international trade and trade remedies in China. He highlights its ability to “effectively handle multiple investigations and turn crises into successful outcomes”, and particularly recommends partners Li Fayin and Li Yanchun for their “efficient and cost-effective co-ordination and reconciliation work with non-related parties”.
Steptoe stands out as the only international law firm listed in all categories of the Ministry of Commerce’s overseas law firm database, delivering essential services such as international investment, trade barriers, section 337 of the US Tariff Act of 1930, trade remedies (US and EU) and WTO disputes. The firm has emerged victorious in multiple trade disputes initiated against Chinese companies by the US, UK and EU, making it one of the go-to law firms for Chinese enterprises and governments in dealing with international trade and customs cases.
White & Case faced an increased demand for litigation and strategic guidance in international trade last year. The firm specifically advised many Greater China companies on trade investigations triggered by US sections 301, 201 and 232 of the Trade Act of 1974. The latter two are relatively rare and handled by a few experienced legal teams. White & Case defended Zhejiang Jingu, a major Chinese manufacturer of rolled wheels, in its investment in Thailand, involving complex actions by the US Customs and Border Protection and the US Department of Commerce. This case provided an example for other Chinese companies to reduce or avoid risks in Asean countries.
Fangda Partners’ transactions won China Business Law Journal’s Deals of the Year 2023 award. The firm acted as China Baowu Steel Group’s PRC counsel, the world’s largest steel company, in its acquisition of China Steel Corporation, resolving the latter’s RMB 100 billion debt crisis that erupted in 2014.
JunHe participated in an acquisition project worth almost RMB10 billion, advising four state-owned companies, including Chongqing Cheng Tou Jituan, in acquiring Chongqing Three Gorges Bank. The firm assisted the quartet in designing transaction structures and conducting due diligence on the bank. The firm also advised Italian bottle top manufacturer, Guala Closures, on its acquisition of Yibin Fengyi Packaging, a top manufacturer of closures in the Baijiu market.
CMS China’s corporate and M&A team is led by managing partner Ulrike Glueck, a specialist in the M&A and restructuring field in China. She won our media’s “The A-list 2023-24: Visionaries” award. Richard Nie, in-house counsel of Schaeffler Greater China, expressed his satisfaction with the firm’s M&A services. He said, “The services provided by CMS excelled in terms of speed, quality, and cost-effectiveness, we fully recognise their professionalism and industrial insight.”
Gide advices clients on various types of M&A transactions last year, including the sale of listed companies, the establishment of joint ventures, and greenfield and brownfield transactions. In the transaction where French medical equipment manufacturer Sterimed acquired Luoyang Jinyu New Material Technology, Gide acted as the buyer’s counsel. Nicolas Paillot, the Asia Chief Operating Officer of Sterimed, expressed his satisfaction with Gide’s services and recommended partner David Boitout.
Haiwen & Partners advised on one of the largest M&A deals in the lighting technology industry between 2023 and 2024, involving EUR100 million. It acted as Excelitas Technologies’ PRC counsel for the acquisition of global lighting technology and photonics solutions business from Heraeus, including in China. The firm also participated in the EUR74.5 million acquisition between Chinese-listed LED manufacturer Inventronics and European lighting giant ams Osram, it the largest cross-border deal for a listed LED A share in the past five years.
Han Kun Law Offices participated in one of the largest master franchise agreements in the global fast-food industry, the transaction involving Shanghai Fu-Rui-Shi Corporate Development’s acquisition of Subway’s China business.
Shanghai Fu-Rui-Shi is backed by a consortium of investors, with Han Kun representing one of the main investors. The firm also represented Sinopec in acquiring a 30% stake in KazMunayGas JSC, this acquisition allowed Sinopec to participate in Kazakhstan’s largest polythene project.
Jincheng Tongda & Neal advised Sailun Group to sign a joint venture agreement through its Singapore subsidiary with Mexican company, Tire Direct International. The agreement aims to establish a company in Mexico to manufacture semi-steel radial tyres. The firm also represented Shanghai Electric Power Energy Development in its acquisition of a wind power company in Serbia. It had to tackle legal issues brought by permits, land ownership and companies’ interests.
Freshfields has represented high-profile China outbound M&A transactions, advising Shenzhen Mindray Bio-Medical Electronics on the acquisition of a 75% stake in the Germany-based DiaSys Diagnostic Systems GmbH for about EUR115 million. The firm also advised another Shenzhen-listed company, Tianshan Aluminum Group, in its acquisition of interests in three bauxite mines in West Kalimantan in Indonesia. The firm’s “go-to” adviser for China outbound transactions is a Beijing and Shanghai-based partner, Alan Wang, who has more than 20 years of experience in the field of cross-border M&A.
Skadden topped the ranking for international firms in completed China M&A transactions by value, according to LSEG Data & Analytics. The firm represented US-based manufacturing solution provider, Jabil, in a USD2.2 billion sale of its mobility business to a Chinese manufacturer, BYD Electronic (International). The firm also acted as Didi’s international legal counsel for the HKD5.84 billion sale of its smart car development arm to XPeng.
Fangda Partners advised large corporates on multimillion-dollar projects such as China Mobile Capital’s private placement subscription of China Eastern Airlines in which a total amount of about RMB15 billion was raised. The firm also advised Hasten Biopharma in series A financing led by CBC Group, involving a transaction of USD315 million. It also acted as CDB Capital’s counsel, which led a group of strategic investors in raising RMB3.8 billion for Aerospace Era Feihong Technology, a subsidiary of China Aerospace Times Electronics.
Haiwen & Partners has served clients including companies like Baidu and state-owned funds like National Manufacturing Transformation and Upgrading Fund last year. The firm has advised Bain Capital on PRC law for a long time. Bain Capital’s in-house counsel recommended partners Wang Lei and Lu Xuemei. The in-house counsel added that the firm is dedicated, responsive and well-informed with the latest regulations when advising the company on investment, financing and compliance.
Merits & Tree Law Offices advised Beijing Capital Group Company and NIO’s investments in the past year. The firm acted as an counsel in Sequoia Capital’s investment in Zhipu AI’s Series B4 financing project. “Merits & Tree has a seasoned team of lawyers in the private equity and venture capital fields,” says Derek Dong, Sequoia Capital’s in-house counsel. “They possess legal knowledge, practical experience and understand client needs.” He says partner Jin Youyuan is excellent in solving problems and has a strong business acumen.
Cooley represented SJ Semiconductor, Full-Life Technologies and Shanghai Healthcare Capital in their financing or investment projects last year. The firm also advised Lilly Asia Ventures in its investment in the USD155 million Series B financing of ArriVent Biopharma. One of Cooley’s clients, Jason Zhou, chief executive officer of Lupeng Pharmaceuticals, recommends Cooley’s Shanghai partner in charge, Liu Yiming.
Skadden advised leading Asian PE/VC firms like Northstar Advisors, Blackrock and Aboitiz Equity Ventures. Last year, the firm participated in two major China-Middle East projects. The firm advised the Chinese electric vehicle maker, NIO, on nearly USD3 billion of equity investments by CYVN Holdings, which is majority-owned by the government of Abu Dhabi. On top of that, it acted as esport operator VSPO’s counsel on an USD265 million pre-IPO investment by Savvy Games Group, a game company backed by the Public Investment Fund, Saudi Arabia’s sovereign wealth fund.
AllBright Law Offices acted as a joint administrator in the bankruptcy proceedings of CEFC Shanghai International Group and its 70 affiliated enterprises. The case, which concluded last year after four years, involved the subsidiaries’ debts in Hong Kong and facilitated cross-border bankruptcy judicial assistance between mainland China and Hong Kong. It marked the first instance that a Hong Kong court recognised the status of a bankruptcy administrator appointed by a mainland court.
Additionally, AllBright successfully managed the bankruptcy liquidation case of iMotion Automotive Technology, the largest among electric vehicle manufacturers in Jiangsu province, and the bankruptcy reorganisation case of Xinjiang Mingcheng Investment Development, the largest real estate bankruptcy reorganisation in Xinjiang autonomous region.
Watson & Band Law Offices successfully handled two of the 15 cases that were recognised as exemplary by the Shanghai Bankruptcy Administrators Association (SBAA). The first case involved the bankruptcy liquidation of China Ordins Group Eastern Company, while the second case revolved around Xi’an Oak Investment Development’s dispute with China Ordins Group Eastern Company.
The first case presented unique challenges as it intersected civil and criminal matters, requiring the administrator to navigate an absence of clear provisions in PRC law regarding the co-ordination of criminal offences and bankruptcy procedures.
Zhong Lun Law Firm has gained recognition for taking on complex and large-scale bankruptcy reorganisation and liquidation cases, resolving many first-of-kind that often set local or national precedents. Their contributions can be observed in exemplary bankruptcy cases selected by courts across the country.
Last year, Zhong Lun Law Firm tackled a RMB3.43 billion (USD471 million) debt crisis of Shandong Jinsheng Non-Ferrous Group, as the administrator. The company’s general manager, Wang Fengjuan, says: “Zhong Lun proposed a creative transition from reorganisation to settlement, maximising the debtor’s asset value and protecting creditors’ rights to the fullest extent.”
Latham & Watkins has the advantage of providing legal services for global bankruptcy restructuring. The firm advised the debtor ad-hoc committee on a USD4.96 billion offshore debt restructuring of the real estate company China Fortune Land Development. The plan was the first of its kind to apply an English scheme of arrangement for a Chinese real estate developer since the industry crisis that began in 2020. Another major case the firm completed last year was representing Hong Kong Airlines in its USD6.2 billion debt restructuring.
Both cases were led by Hong Kong-based partner Howard Lam, a leading lawyer in bankruptcy restructuring in Greater China who has served as a fellow at the INSOL International, a worldwide federation of national associations for accountants and lawyers who specialise in insolvency.
Sidley Austin represented many major Chinese real estate developers in their debt restructurings, including the USD10.2 billion offshore debt restructuring plan of Sunac China, the largest of its kind completed by a Chinese real estate group to date, and the USD11 billion ongoing offshore debt restructuring of Country Garden, the largest bond default since China Evergrande in 2021.
In FamilyMart China Holding v Ting Chuan Holding, Sidley Austin represented the latter for a favourable judgment. The ruling is one of the most legally significant developments in arbitration and bankruptcy in recent years, having a broad impact on common law jurisdictions.
Han Kun Law Offices advised on a RMB6.9 billion (USD950 million) issuance of the ChinaAMC-CRC commercial asset real estate investment trust (REIT), the largest among the first batch of listed consumer infrastructure REITs in China. The firm additionally counselled the RMB1.55 billion expansion of the HuaAn Zhangjiang infrastructure asset REIT, which was one of China’s initial set of four infrastructure REIT expansion projects. Han Kun assisted the fund manager and institutions communicate with regulators in the absence of any precedent for REIT expansions.
Jia Yuan Law Offices advised on 156 asset securitisation products last year, including asset-backed securities (ABS) and asset-backed notes, with a total issuance of RMB194.3 billion. This achievement placed them in third among the legal agents and marked six years of rising rankings.
Ding Chenhui, the executive director of Guotai Junan Securities, expresses satisfaction with their collaboration with Jia Yuan on multiple innovative ABS projects. Similarly, Fan Shiyan, head of the financing team at Ping An International Financial Leasing, commends senior partner, Wang Bin, for consistently providing professional advice, even during project extension discussions.
Latham & Watkins has a strong presence in the complex equity transaction market, particularly in derivative and structured product transactions involving Asian companies in the US. The firm offers expert advice on over-the-counter derivatives, regulatory developments, margin financing, equity-linked products and structured financing, with knowledge covering New York, UK, Hong Kong and Singapore law. The firm has established robust relationships with major financial institutions such as Goldman Sachs, Citibank and Morgan Stanley, seamlessly handling their complex financial matters.
White & Case represented the Asian Infrastructure Investment Bank in the investment of USD404.8 million infrastructure loan-backed securities by the Hong Kong Mortgage Corporation. The note issuance marked the first asset-backed securities listed on the HKEX since the 2008 financial crisis, and the first publicly issued securitisation product in Hong Kong since the covid-19 pandemic. The securities portfolio involved 35 projects and infrastructure units across 12 countries, 25 standalone projects and nine industries, providing diversified investment opportunities for institutional investors.
DeHeng Law Offices was commissioned by the National People’s Congress budget commission, China’s highest financial and taxation legislative body, along with two other entities, to jointly draft an expert proposal for general tax law. This initiative was driven by the absence of a comprehensive general tax law, which caused a lack of systematic coherence in the existing tax system. Last June, in recognition of the firm’s work, the above-mentioned budget commission expressed its appreciation to DeHeng through a letter of acknowledgement.
Huashui Law Firm specialises in handling criminal cases related to tax law violations. The firm has achieved favourable outcomes for clients including securing bail, reducing penalties, obtaining case dismissals and receiving non-prosecution rulings. Additionally, the firm provided legal services in compliance rectification, aiding clients in maintaining lawful and compliant operations or achieving case dismissals or non-prosecution.
DLA Piper boasts a substantial tax team of 440 professionals who can handle business matters across the Asia-Pacific, Europe, the Middle East and the US. This team includes more than 130 partners. The firm stands out as one of the few teams capable of providing global transfer pricing services and solutions in China, enabling clients to adapt to the Base Erosion and Profit Shifting Action Plan. In terms of M&A tax matters, DLA Piper can offer tax-related advice covering acquisition integration, supply chain management, business process review, distribution, retail and after-sales services.
Gide counselled on major projects of COSCO Shipping Bulk in Africa, including an offshore cross-border transportation and transhipment project in Ghana and river transportation and transhipment activities for the Boffa mining project in Guinea. In the former project, Gide advised on key tax ruling applications, contributing to a clear future tax regime for the project.
Last year, Gide provided tax advice on a series of transactions including corporate restructuring, M&A, transfer pricing, tax audits and disputes, subsidies and preferential tax treatment, and tax reform issues.
Haiwen & Partners acted as PRC legal counsel to Blue Safari Group Acquisition, a blank cheque company, in its USD4 billion de-SPAC merger with Singapore-headquartered cryptocurrency miner Bitdeer, allowing the latter to go public on the Nasdaq.
The firm also assisted X-Epic, a leading domestic startup in electronic design automation in completing several rounds of financing, accumulating more than RMB1.25 billion (USD170 million).
Jingtian & Gongcheng provided legal services to the absorbed party in AVIC Airborne System’s share swap and merger with AVIC Electromechanical Systems, raising nearly RMB5 billion in supporting funds. This transaction, valued at more than RMB48.6 billion, was the largest M&A project in the defence and military sector in the history of the A-share market.
Additionally, the firm assisted several tech companies in achieving breakthroughs amid a generally slow capital market. This includes assisting Intchains Group with its IPO on the Nasdaq, reaching a market value of USD490 million; and Chipmore in its listing on the Star Market, raising about RMB2.4 billion.
Morrison Foerster advised SoftBank Group and SoftBank Vision Fund on their acquisition of a substantial interest in semiconductor and software design company Arm China, facilitating Arm Limited’s listing on the Nasdaq. The move followed an aborted USD65 billion sale of Arm Limited to Nvidia. Raising about USD4.8 billion, it was the largest US-based IPO in 2023.
The firm also represented Roblox, operator of a 3D online sandbox gaming/social platform, in establishing Luobu, a joint venture with Tencent, while also licensing certain gaming technologies to the latter. Notably, China’s online gaming sector is heavily regulated with substantial barriers to foreign entry and operation.
Simpson Thacher represented the underwriters in the Hong Kong dual primary listing of Kingsoft Cloud by way of introduction, raising HKD8 billion (USD1 billion). The firm also advised Logory Logistics Technology, operator of one of the largest digital freight platforms in China, in its HKD125 million Hong Kong IPO and regulation S offering.
Grandway Law Offices lent expertise in several capital market deals headed by automotive and industrial leaders. The firm notably represented Dahua Technology in a significant deal where global automotive giant Stellantis, owner of brands such as Citroën and Lamborghini, subscribed to new shares of Leapmotor for about HKD8.5 billion (USD1.1 billion) and acquired Leapmotor shares held by Dahua Technology for about HKD3.5 billion.
Additionally, Grandway participated in the Star Market IPO of Seichi Tech, the private share issuance by Shenling Environmental Systems, and the public issuance of convertible corporate bonds by Kehua Data.
Han Kun Law Offices provided legal services for the IPOs, bond issuances and financing projects of several well-known automotive companies last year. The firm acted as the China and Hong Kong legal advisor for NIO’s issuance of US$1 billion in convertible senior notes, and assisted Lotus Technology in its Nasdaq listing through a de-SPAC merger with L Catterton Asia Acquisition.
“Han Kun’s lawyers have a deep understanding of the industry’s traits and current challenges,” says Brian Chen, senior vice president and general counsel for Greater China at KONE Corporation. He particularly recommends Shanghai-based partner Yuan Liming. “Yuan has excellent business aptitudes. He not only provides clients with high-quality legal products, but also offers strategic support that matches their commercial goals.”
Jingtian & Gongcheng, serving as the domestic legal adviser for the sponsor and underwriter, participated in Tuhu Car’s listing on the Stock Exchange of Hong Kong. The firm also assisted Chery Huiyin Motor Finance in issuing two tranches of green financial bonds in the national interbank bond market, each of RMB1 billion. Additionally, the firm was involved in the above-mentioned transaction between Stellantis and Leapmotor, acting as the domestic legal adviser for the latter.
Simpson Thacher advised XPeng in Volkswagen’s USD700 million strategic investment into the Chinese EV maker, as well as the IP licensing to Volkswagen of its electric platform and self-drive technologies. Charles Zhang, vice president at XPeng, commends the firm for structuring a win-win collaborative model. “The Simpson Thacher [team] demonstrated strong leadership during the transaction, as well as superb problem-solving capabilities when faced with adversity,” he says.
Sullivan & Cromwell advised XPeng on entering into strategic co-operation with DiDi Global, from which XPeng acquired assets and development capabilities around a new smart electric vehicle model being developed by DiDi in exchange for shares representing 3.25% of XPeng’s issued share capital. The firm also advised Foxconn in its investment agreement with ZF Group, one of the world’s largest automotive suppliers, under which Foxconn acquired 50% of ZF’s new carved-out chassis systems and modules business in 25 locations worldwide. The deal was completed on 30 April 2024.
AVIATION
When it comes to the financing, leasing and sale and purchase of aircraft, Fangda Partners is a go-to legal adviser for banks and other financial institutions. For example, the firm represented Xiamen Airlines in the lease of 15 new Airbus aircraft from leading lessors such as AerCap, ICBC Financial Leasing and CMB Financial Leasing.
Jia Yuan Law Offices assisted Zhonghang Electronic Measuring Instruments in its planned issuance of shares valued at RMB17.4 billion (USD2.4 billion) to Aviation Industry Corporation of China (AVIC) for the purchase of 100% equity in Chengdu Aircraft Industry Group. Additionally, as the issuer’s legal advisor, Jia Yuan helped the Beijing Institute of Aeronautical Materials list on the Star Market and assisted Air China in completing a RMB15 billion non-public A-share issuance.
JunHe represented a prominent bank’s financial leasing arm in completing a debt-to-equity conversion with Hainan Airlines’ listed shares. This marks the first instance in China where a leasing company’s debt was converted into shares of a listed company following bankruptcy proceedings.
Additionally, JunHe served as the international legal adviser to the underwriters and trustees in an offshore bond issuance by Shuanglong Aviation Port Development & Investment (Group), helping it list USD12.5 million in bonds on the Stock Exchange of Hong Kong.
King & Wood Mallesons advised China Southern Air Leasing Company in the sale of five aircraft to Xiamen Air Leasing, which required a revamp of the transaction structure under strict deadlines following the withdrawal of a foreign purchaser. In addition, the firm assisted Air China Cargo in a landmark passenger-to-freighter conversion project for eight aircraft with Elbe Flugzeugwerke and Ameco.
Pillsbury continued to represent Jet Midwest (JM) International in a breach-of-contract case that started in 2018, securing in March 2023 an appellate victory that came with nearly USD42 million of enforceable compensation. The firm also advised Air Cargo China on the US aspects of a proposed IPO and assists China Southern Cargo Airlines in launching new services in the US.
Boss & Young Attorneys at Law provided legal services for several large and complex construction projects last year, including Diageo’s whisky production and visitor experience centre in Dali, Yunnan province, and China Eastern Airlines Group’s international aviation maintenance service platform in Lingang, Shanghai, expected to be completed in 2026. Additionally, the firm assisted CNAF Logistics in developing an oil unloading terminal at the new Xiamen Airport and an oil pipeline in Hefei.
Liu Dou’er, legal manager at Eastern Airlines Technic, was impressed by the professionalism Boss & Young demonstrated in the aviation maintenance service platform project. He specifically recommends the lead lawyer, Shanghai-based partner Qin Rui. “Since [Qin] began providing legal services, there have been no disputes arising from inadequate legal review,” says Liu.
Zhong Lun Law Firm advised the Central China branch of PowerChina Roadbridge Group in the RMB10.8 billion (USD1.5 billion) ecological protection and green development project at the Yidu section of Yangtse River, which is among the first batch of pilot projects of an eco-environment-oriented development model in China.
Zhong Lun also advised Sinohydro Bureau 3 on the RMB8.6 billon construction of a demonstration pilot zone in Gaolan county, Lanzhou city, designed to promote restoration of local urban ecological environment.
Kirkland & Ellis advised investment firms on China-related ventures, including assisting Bain Capital on the formation of a USD250 million joint venture with DJ New Ease Group, a leading new economy infrastructure investor, developer and operator in China. According to the firm, the JV will focus on the development and operation of modern manufacturing parks in China’s core economic hubs.
Video profile: Zhongwen Law Firm
Meanwhile, Rajah & Tann demonstrated its specialty as an outbound supporter for Chinese companies. The firm is advising Chengda Engineering, as the EPC contractor, in the design and construction of the Nakhodka Fertilizer Plant in Russia, a chemical complex project valued at more than USD1.5 billion.
The firm is also advising China Energy Engineering Group Shanxi Electric Power Engineering in the construction, operation and maintenance of a 500MW build-own-operate solar plant in Oman.
JunHe provides a wide range of legal services to players in the consumer and retail market, including capital markets, dispute resolution, bankruptcy and reorganisation. The firm represented Industrial Bank, the sole financing lender in Rongshi International Investment’s acquisition and take-private of Dali Foods Group, marking the largest cash privatisation in the H-share consumer sector in the past five years.
JunHe also assisted Bailian Group to apply for the registration of HuaAn Bailian Consumer Close-end Infrastructure Fund, with the Shanghai Youyicheng Mall serving as the underlying asset. The registration was approved by the China Securities Regulatory Commission in May 2024. The use of consumer infrastructure in REITs was not approved until March 2023; consequently, there were few market precedents and the lawyers’ expertise in securitisation was put to the test.
Lusheng Law Firm represented Enzafruit, a New Zealand-based breeder and grower of fruit and vegetables, in its landmark victory involving a plant variety rights (PVR) infringement in China over “Envy” apples. The case marked the highest recorded infringement damages regarding plants. The firm also further represented several celebrated brands in high-profile disputes including Babyzen, New Balance and Lululemon.
TsingLaw Partners is a perennial legal adviser to Carefreeing Bio-tech, particularly in terms of realising the domestic implementation of foreign drug patents. Another client in the consumer product sector is sports brand 361 Degrees.
“Brand value is our bread and butter, and only with proper compliance and risk control can such value be unlocked,” says Justin Zheng, director of 361 Degrees’ legal centre. “In this regard, TsingLaw has provided us with a wide range of professional, valuable and timely legal services.”
Cleary Gottlieb participated in SharkNinja’s USD286 million all-secondary SEC-registered follow-on offering of ordinary shares. It represented certain selling shareholders, including entities affiliated with SharkNinja’s chair and controlling shareholder. The US-headquartered firm also represented Trimco Group in its acquisition of Wah Lung Labels and Zabin Group.
Skadden advised DPC Dash in its IPO on the Hong Kong Stock Exchange and is also advising Midea Group in its upcoming listing on the HKEX. In addition, the firm also advised Shein on a strategic partnership with Sparc Group, a global leader in fashion; and TikTok in its USD1.5 billion partnership with PT GoTo Gojek Tokopedia, Indonesia’s largest digital ecosystem.
Commerce & Finance Law Offices provides legal support for leading energy companies’ listings, large-scale M&As, Belt and Road projects, and dispute resolution. For instance, the firm advised REPT Battero in its Hong Kong listing, where it raised its HKD2.3 billion (USD272 million), ranking it among top five Hong Kong listings in 2023.
In addition, Commerce & Finance provided legal support to China International Capital Corporation, the sole financial adviser in Sunstone Development’s acquisition of 95% interests in Xinyuan Holdings. The firm also conducted risk assessment for the Myanmar ventures of SPIC Yunnan International Power Investment, as well as the Bangladesh-based wind power projects planned by Wuling Power Corporation.
King & Wood Mallesons represented China Gas on two long-term LNG sale and purchase arrangements with Venture Global. It advised Sinomine Resource Group on its subscription of shares of the Australian-listed Tyranna Resources, in exchange for interests of a lithium project in Angola. The firm conducted regulatory analysis for China outbound investment, as well as foreign investment and antitrust issues across multiple relevant jurisdictions.
Eversheds Sutherland acted as sole legal counsel for CNOOC International Financial Leasing (Hong Kong) to provide the financial lease of a 155,000 DWT shuttle tanker to NS Pioneer Transport for 10 years. The firm also led the legal support for PowerChina International Group in its acquisition from PontoOn and its affiliated company of 100% equity interest in a ready-to-build 430MW peak solar power project in Brazil.
Slaughter and May enjoys a longstanding relationship with Ineos. Last year, the firm advised the energy giant on its 50/50 joint venture with Sinopec in a 300,000 tonnes per year ABS plastics plant in Tianjin, as well as a USD4 billion 50/50 joint venture with Sinopec in the Tianjin Nangang ethylene project.
White & Case advised Saudi Aramco on various large-scale petrochemical projects in China, including its joint development agreement with China North Industries Corporation and Panjin Xincheng Industrial Group to develop an integrated refining and petrochemical complex in Liaoning province. It also assisted Aramco in the acquisition of 10% interest in Shenzhen-listed Rongsheng Petrochemical for RMB24.6 billion (USD3.6 billion).
In 2023, F&O Law Firm delivered efficient online consultations, family office setup support and insurance trust training to major Sino-foreign joint venture insurance companies, the leading independent listed life insurance group in the Pan-Asia region, global financial entities, third-party wealth management companies, real estate developers, and clients dealing with cross-border inheritance. These services facilitated multimillion-renminbi insurance policies, helped clients save more than RMB4 million (USD550,000) in taxes, and assisted with the cross-border inheritance of large deposits.
Zheng Ying, general manager of the family office at Harvest Wealth, praises F&O Law Firm for its exceptional family wealth management services and expertise. “In our long-term partnership, the team’s professionalism and rapid service response have consistently impressed me,” she says. “They always prioritise clients, offering prompt, high-quality feedback and precise insights into wealth planning and inheritance needs.”
Yingke Law Firm has excelled in handling large-scale family wealth inheritance, providing wealth succession and cross-border trust planning for families with assets worth billions of renminbi. For example, the founding family of a leading domestic energy company with assets exceeding RMB10 billion sought to establish a family equity trust but faced the limitation of family trusts holding less than 5% of shares in listed companies. Yingke Law Firm designed a solution using “family descendants as individual trustees combined with testamentary trusts”, enabling the client to arrange all shares for themselves and their children in one trust while reducing tax burdens.
Zhang Yating, deputy general manager of the Bancassurance Business Department at ICBC-AXA Life Insurance, describes Yingke’s professionalism as central to their service. “Through long-term communication with clients, they have customised a series of wealth management courses for ICBC-AXA, based on client labels, covering marriage and family inheritance, corporate, tax, and insurance trusts. Their expertise has been recognised by our headquarters.”
Stephenson Harwood’s Global Private Wealth team, comprising about 50 specialists across Hong Kong, Singapore, Dubai, London and Paris, operates across multiple jurisdictions, integrating litigation and non-litigation expertise to better serve high-net-worth clients. In the past year, the firm has bolstered its cadre of legal experts and expanded its wealth management services. They have advised ultra-high-net-worth Hong Kong residents on tax arrangements for emigration to Canada, succession, and charitable gift planning. Additionally, it assisted founders of Hong Kong startups in establishing family trusts and family offices, and protected the overseas property investments and succession plans of high-net-worth Hong Kong families through the creation of entity holding structures and comprehensive tax planning.
Vivien Chan & Co developed a wealth succession plan for the founder of a multibillion-dollar Hong Kong-listed group, successfully preventing potential family disputes and ensuring the smooth implementation of their charitable mission.
Additionally, the firm established an offshore trust structure for a real estate developer, converting direct asset holdings into a trust format more conducive to inheritance planning and ensuring fair wealth distribution to the developer’s chosen successors. The past year’s transactions highlight the firm’s expertise in managing complex family asset structures and formulating effective succession plans.
King & Wood Mallesons’ fintech department adopts a cross-disciplinary approach, bringing together lawyers from finance, corporate, tax, capital markets, M&A and intellectual property fields to provide comprehensive services. Their clients include fintech companies such as Alibaba, Baidu, Huawei and Meituan, as well as prominent traditional industry enterprises like Sinopec and Sany Heavy Industry. They also serve major regulatory bodies such as the People’s Bank of China, and local financial bureaus.
In the past year, King & Wood Mallesons provided legal services for numerous asset-backed plans related to issuances of online micro-loan products. For instance, they advised on a private insurance asset-backed security totalling RMB8 billion, backed by ByteDance’s newly launched micro-consumer loan product, Fangxin Jie.
V&T Law Firm is highly experienced in fintech and blockchain transaction compliance. The firm provides legal risk assessments and reviews platform service agreements, artist agreements, privacy policies and related regulatory documents for NFT projects on various Tencent platforms, and Visual China Group’s domestic and international NFT platforms. As an innovative application of blockchain technology, NFTs involve legal regulation in blockchain, telecoms, cryptocurrency, finance and intellectual property rights.
V&T Law Firm also offers comprehensive compliance services for listed products and contracted data businessmen of the Shanghai Data Exchange, a quasi-public service organisation established by the Shanghai Municipal People’s Government to promote the development of the digital economy.
Latham & Watkins has merged its digital assets and Web3 practice with its fintech and digital assets industry group to address the growing demand for advice in the fintech and blockchain sectors. The Hong Kong team excels in financial products, market infrastructure, technology, commerce and regulatory issues, offering advisory services to clients ranging from cryptocurrency exchanges to traditional financial institutions.
Latham & Watkins acted as the sole sponsor and underwriter’s legal adviser for the IPO of JF Wealth on the Hong Kong Stock Exchange, raising HKD1.01 billion (USD130 million). JF Wealth is China’s second-largest online investment decision solutions provider. Additionally, the firm’s collaboration with the Global Blockchain Business Council to launch the new GSMI 4.0 program for evaluating blockchain and cryptocurrency further underscores its influence in setting standards for blockchain and digital assets.
Stephenson Harwood boasts more than 200 partners and 1,300 staff globally, with a dedicated team specialising in fintech, regulation, licensing and compliance. Its expertise spans the digitalisation of lending, P2P lending, banking, investment and payment services, as well as the development of integrated fintech ecosystems.
The firm’s clients include prominent financial institutions such as virtual banks, money lenders, securities brokers and money service operators. Notably, Stephenson Harwood has provided legal counsel to three of Hong Kong’s eight fintech unicorns and four of its eight virtual banks, highlighting its substantial influence in the sector.
Shihui Partners facilitated a RMB200 million pre-B round of financing for Reforgene Medicine, a leading gene-editing drug innovator in China, to expedite clinical trials for a thalassemia treatment. The firm also secured financing for Neowise Biotechnology, a global leader in TCR-T cell therapy for solid tumours, and Wondercel Therapeutics, which focuses on next-generation cell and gene therapy, to advance their cutting-edge medical research and clinical applications.
Shihui Partners’ understanding of the pharmaceutical and life sciences sectors has earned it high recognition in the industry. Bonnie Hu, legal director of Shanghai Roche Pharmaceutical, speaks of an “exceedingly positive” experience, particularly in the healthcare, pharma and life sciences sectors. “Their expertise is not only comprehensive but also deeply tailored to the unique needs of our projects. Their expertise has been instrumental in navigating the nuanced regulatory environment of the healthcare sector in China, ensuring our operations remain compliant.”
In the past year, Tian Yuan Law Firm has participated in several high-profile transactions, showcasing its expertise in the healthcare, pharmaceutical and life sciences sectors. The firm assisted China’s leading digital healthcare service platform, 160 Health, in successfully submitting its IPO application to the Hong Kong Stock Exchange, a significant milestone for the digital healthcare industry.
The firm also provided legal counsel for Hygeia Healthcare’s HKD800 million new share placement and Gushengtang’s HKD550 million top-up placement – both major refinancing transactions in the healthcare sector on the Hong Kong stock market. Additionally, two pharmaceutical industry transaction disputes handled by the firm last year were selected among 10 typical anti-monopoly and anti-unfair competition cases issued by the Supreme People’s Court in 2023.
In 2023, Ropes & Gray participated in numerous complex transactions in the healthcare, pharmaceutical and life sciences sectors across China and the Asia-Pacific region. Notably, the firm represented HUTCHMED and its subsidiary in securing an exclusive licensing agreement worth USD1.13 billion with Takeda Pharmaceutical, Japan’s largest pharmaceutical company.
The firm also advised cross-border biotechnology company LianBio on granting global biopharmaceutical company Bristol-Myers Squibb exclusive rights for the development and commercialisation of the heart drug Mavacamten in Asia, in a deal valued at USD350 million. Additionally, Ropes & Gray facilitated an exclusive collaboration between innovative global biopharmaceutical company Zai Lab and Bristol-Myers Squibb for the commercialisation of oncology products in China. These transactions demonstrate the firm’s exceptional ability to navigate regulatory and commercial challenges.
Sidley Austin’s life sciences team boasts a vast scale and diverse range of services, catering to both domestic biotech firms and large multinational companies. Its expertise spans the entire product lifecycle, including drug development, cybersecurity, intellectual property protection and post-market issues. It also has extensive experience in PE/VC financing, M&A, licensing, IPOs, compliance and dispute resolution. Notably, Sidley Austin was the first US law firm to represent the Chinese central government in anti-monopoly investigations of Chinese companies in the US.
Sidley Austin also advised Wuhan YZY Biopharma on its HKD176 million IPO and assisted R-Bridge Healthcare Fund in obtaining USD 120 million in hybrid financing from the Hong Kong branch of Natixis Corporate & Investment Banking. R-Bridge Healthcare Fund is a sub-fund managed by the healthcare-focused asset management firm CBC Group. The firm assisted I-Mab in winning its international arbitration against Tracon Pharmaceuticals.
In 2023, Huang & Huang Co Law Firm handled about 30 insurance and reinsurance dispute cases totalling USD60 million, spanning maritime and commercial shipping, transportation, aviation, logistics and warehousing, energy, offshore engineering and construction sectors. Among these, Huang & Huang Co Law Firm achieved a comprehensive victory representing China People’s Property Insurance’s Zhongshan branch in the case of China People’s Property Insurance Zhongshan Branch v China Pacific Property Insurance Dongguan Branch. This case was recognised as a typical case of 2023 by the Supreme People’s Court and the renowned UK publisher Informa UK.
Huang & Huang Co Law Firm also successfully managed the Fu Jing 001 crane vessel case, involving an insured amount of about RMB259 million. This case dealt with complex legal issues related to offshore wind farm construction accidents, determination of force majeure due to typhoons, and compensation rights of the infringing parties. The incident, which resulted in 25 fatalities and garnered significant societal attention, holds important lessons for the development of offshore wind power.
Jincheng Tongda & Neal advised Chubb on its acquisition of a majority stake in Huatai Insurance Group for RMB20 billion, becoming its controlling shareholder. Overcoming regulatory challenges for foreign investment in Chinese insurance companies, the firm facilitated shareholder consensus through multi-party negotiations. This transaction represents a significant milestone in further opening up China’s insurance market to foreign investors.
Concurrently, the firm facilitated Chubb’s subsidiary, Chubb in China, in transferring its insurance business portfolio to Huatai P&C Insurance, marking China’s first voluntary insurance business portfolio transfer. Additionally, Jincheng Tongda & Neal provided legal counsel to several globally renowned insurance and reinsurance companies establishing operations in China, underscoring its pivotal role in promoting foreign investment and regulatory innovation within the Chinese insurance market.
Deacons’ insurance and reinsurance team consists of four partners, one consultant, 12 lawyers and 10 professionals with qualification to practise in Hong Kong, England, Wales and Australia. The firm has a strong presence in the Hong Kong market and maintains close collaborations with domestic and international insurance companies, policyholders, intermediaries, government bodies, regulatory agencies and foreign law firms. It has extensive experience in both litigation and non-litigation matters, including handling complex personal injury cases.
For example, following the collapse of Target Insurance, the firm managed more than 100 workers’ compensation and auto claims under its coverage. Leveraging its profound regulatory knowledge and influence, Deacons assisted in establishing the Hong Kong Federation of Insurers, drafting standard documents and codes, and providing comprehensive advice on compliance, licensing and regulatory issues for the industry under the insurance authority’s direct supervision system.
DLA Piper’s insurance practice in China/Hong Kong is marked by its involvement in several high-profile transactions. The firm advised the health insurance company Aetna International on its preferred partnership agreement with Allianz Partners, an insurance and assistance services provider, involving a complex multi-jurisdictional asset sale and regulatory compliance.
Additionally, DLA Piper advised on various regulatory issues for DUAL Asia’s sale of its financial and cyber insurance portfolios in Hong Kong and Singapore to Chubb, and developed a transitional services agreement for the portfolio’s run-off arrangement. The firm also provided legal advice on the underwriting process for warranty and indemnity insurance in acquisition transactions in China, Singapore and Malaysia for companies such as AIG and Liberty Mutual.
In the past year, Commerce & Finance Law Offices facilitated online fitness platform Keep’s USD40 million IPO on the Stock Exchange of Hong Kong and, as the issuer’s Chinese legal adviser, assisted J&T Express in completing its USD501 million Hong Kong IPO. Additionally, the firm served as the Chinese legal adviser for the joint lead underwriters in the NYSE IPO of leading MRO (maintenance, repair and operations) procurement service platform, ZKH Group.
Shen Qiang, legal counsel at Dedao (Tianjin) Culture & Communication Company, says of the firm’s achievements: “Commerce & Finance Law Offices has provided our company with professional and effective legal opinions and advice in the internet and e-commerce sectors. They have also participated in our dispute resolution efforts in these areas, achieving an unbeaten record and successfully defending our legitimate rights, thus ensuring our healthy development in the relevant fields.”
As a well regarded internet and e-commerce legal counsel, Han Kun Law Offices guided Baidu through a comprehensive overhaul of privacy policies and data compliance amidst evolving regulations. Additionally, it assisted South Korean e-commerce giant Coupang in establishing robust data compliance frameworks in China. Han Kun Law Offices also advised on significant transactions like the Hong Kong IPO of entertainment conglomerate Star Plus Legend and ICZOOM’s Nasdaq IPO.
Skadden successfully assisted several prominent internet and e-commerce companies in completing major transactions. The firm assisted TikTok in its USD1.5 billion acquisition of a majority stake in GoTo’s e-commerce platform and facilitated cross-border e-commerce giant Shein in acquiring one-third of the shares in US apparel brand operator SPARC Group. Additionally, Skadden steered TUHU Car through a USD138 million IPO in Hong Kong, and assisted Bilibili with a USD409 million American depositary shares offering and a USD385 million notes exchange with Goldman Sachs (Asia).
Leveraging its robust global platform, Latham & Watkins provides strategic solutions for domestic, international and cross-border transactions. The firm assisted QuantaSing Group’s IPO on the Nasdaq, advised a major Chinese fast fashion e-commerce platform on its proposed US IPO, and represented a leading tech conglomerate in a final arbitration with a video game developer and publisher at the Hong Kong International Arbitration Centre. The firm also supported a prominent Chinese internet company with regulatory compliance for APAC market expansion, and guided a China-based gaming company in formulating privacy policies for Singapore, South Korea and Japan.
Tiantai Law Firm, serving as the chief legal adviser for the Beijing International Film Festival, provides consultation on awards, screenings, markets, gaming, animation and forums. This project also encompasses new technologies and applications such as the metaverse and NFTs. The firm offers comprehensive legal support to a TV series by Beijing Ray Productions Media Incorporated Company, including reviewing and drafting documents on project financing, copyright and creators, and assisting in structuring transactions. Additionally, Tiantai Law Firm assisted Migu Cultural Technology in completing transactions worth about RMB10 billions in interactive entertainment, digital media and animation. The firm also provides legal services for multiple variety shows by CCTV Creative Media, ensuring compliance with copyright, corporate and advertising laws.
TransAsia Lawyers provided ongoing counsel to the Financial Times China on cross-border data transfer regulations and guided IMAX, a leading global entertainment technology company, on compliance and film production in China. It also advised notable Chinese director, Mo Zhang, on his latest blockbuster, managed landmark agency deals for Chinese pop musicians with Tencent Music Entertainment, and supported the market entry of British independent music company Audio Network into China. The firm advised China Film Group Corporation on multiple film projects and Storycom on key licensing transactions.
CMS’s clients include well-known social media companies and entertainment groups, both domestic and international. CMS provides consulting on critical acquisitions, intellectual property due diligence, data security reviews and patent licensing related to stages and performances in the Greater China region. Calvin Wu, legal counsel at TikTok/ByteDance, praises CMS’s “industry knowledge and quick feedback”. He specifically recommends lawyer Chen Mengyi, from the firm’s Hong Kong office, saying she can “quickly understand client intentions, conduct in-depth research, provide timely feedback, and deliver high-quality documents”.
Latham & Watkins advised on significant transactions like MBK Partners’ USD950 million acquisition of several ocean parks from the Hong Kong-listed Haichang Ocean Park, and Endeavor Group’s acquisition of WME IMG China. The firm also specialises in arbitration for major technology conglomerates and provides regulatory compliance advice for APAC market expansions covering data privacy, intellectual property and e-commerce for prominent internet and gaming companies.
Boss & Young Attorneys at Law has received recommendations from numerous partners for its work in the real estate investment and REIT fund sectors. Lv Xia, legal director of Shanghai Bailian Group, has collaborated with Boss & Young Attorneys twice: once on an arbitration case involving a RMB2 billion real estate acquisition project’s final settlement, and then representing Shanghai Bailian Group in handling a mall closure project. Lv praises the firm’s service and professionalism, particularly recommending Lawyer Lu Guofei. “As the director of the Shanghai Lawyers Association Real Estate Committee, Lu has outstanding expertise and extensive experience in real estate investment, focusing on asset acquisitions and construction projects.”
DHH Law Firm addressed multiple issues for the Zhuhai Delta Island Project, including sales model design and compliance control. The project marks China’s first development of an uninhabited island under the “public welfare + tourism” model, with an investment of about RMB2.2 billion. Additionally, DHH Law Firm facilitated the Aranya project in Qinhuangdao, a cultural tourism real estate benchmark with a total investment exceeding RMB5 billion. The project involved industry-leading models such as digital community management and entrusted operation, alongside complex legal matters and potential disputes.
DHH also represented China Construction Sixth Engineering Division in a RMB110 million construction contract dispute with Qinhuangdao Shanhaiguan Dingxin Real Estate Development Company, successfully securing non-mortgaged assets to protect client interests.
In the real estate and REIT sectors, Maples Group played a role in several high-impact transactions in Asia. Notably, the firm acted as offshore counsel for property management service provider Zhong An Intelligent Living Service’s HKD149.5 million IPO in Hong Kong, and CK Hutchison’s wholly owned subsidiary CK Hutchison International (23)’s bond issuance. The firm also facilitated bond issuances for Xinyuan Real Estate. Maples Group managed debt restructurings for prominent companies such as Modern Land, Sunac and China Evergrande, underscoring its capability in handling complex financial challenges in the market.
International law firm Morrison & Foerster has about 40 attorneys in Asia, providing expertise throughout the real estate investment cycle – including fund formation, joint ventures, and asset acquisition and development. Clients such as GLP, Princeton Digital, Sino-Ocean and BHG seek its guidance for both local and international ventures. The firm has strengths in private equity real estate and data centre transactions involving Chinese assets.
In a maritime property damage liability dispute involving a 57,000 DWT ocean cargo ship, ostensibly triggered by US sanctions, AllBright Law Offices assisted a Hong Kong shipping company in successfully waiving a London arbitration jurisdiction clause unfavourable to the shipowner and bareboat charterer, maximising economic recovery for the client.
Additionally, AllBright Law Offices supported SUYIN Financial Leasing in completing a financing lease project for an offshore wind power installation platform valued at more than RMB1 billion, providing legal support for this high-quality marine economic development. The firm also assisted the Bank of China’s Shanghai branch in achieving the first domestic sustainability-linked syndicated loan in the shipping industry, with an initial loan amount of RMB1.5 billion.
In a landmark dispute between Guangzhou Marine Products Supplying Company and TAN BINH Company over ship collision damages, Huang & Huang Co Law Firm, representing TAN BINH Company, successfully negotiated a settlement, and secured a significantly reduced liability for its client. This case was recognised by the Supreme People’s Court as a model foreign-related civil and commercial case applying international treaties and international practices.
Additionally, the law firm advised Hebei Jiheng Chemical Company in a high-profile property damage liability dispute involving the vessel Maersk Honam, where the claim amount reached RMB730 million. Through innovative defence strategies, Huang & Huang Co Law Firm successfully absolved its client from liability, underscoring its capability in managing complex international shipping cases.
DLA Piper has an experienced team spread across Beijing, Shanghai and Hong Kong, and handles a variety of shipping-related transactions. Notably, it advised Third Eye Capital in pursuing a USD12.7 million London arbitration award against Parakou Tankers Inc (PTI). This case involves unravelling PTI’s complex corporate structure of about 30 entities across various jurisdictions, including Hong Kong, and seeking an efficient scheme to avoid the obstruction of creditors while striving for the recognition and enforcement of the award in Hong Kong.
Reed Smith assisted China Merchants Energy Shipping with a joint venture to construct and charter eight 175,000 CBM LNG carriers. It provided guidance to Sinopec throughout the process of securing long-term LNG tanker charters with major industry players, involving intricate, cross-border projects. In litigation, it achieved a groundbreaking ruling in the Hong Kong Court of Final Appeal for Perusahaan Perseroan (Persero) PT Pertamina in a collision case with Trevaskis, significantly impacting global maritime law. Reed Smith’s multi-year collaboration with COSCO on intricate shipping financing further highlights its proficiency in managing sophisticated international financial deals.
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