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Index of tables

  1. Capital markets: PRC firms
  2. Leading individuals
  3. Next generation lawyers

Leading individuals

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King & Wood Mallesons has a top reputation in debt capital markets and securitisations, advising on high-profile onshore and offshore listings, refinancing, red chip stock offerings and panda bond transactions. Highlights included advising Industrial and Commercial Bank of China on its private offering of 450 million preference shares, raising RMB45bn, and successfully assisting Huatai Securities with issuing H-shares and a listing on the main board of the Hong Kong Stock Exchange. The practice acted for the five joint lead underwriters in the issuance of the first panda bond by the government of the Republic of Korea. The well-regarded Yongliang Zhang, Mulong Gong and Xiaohong Zhao head the sizeable team, which also includes the ‘knowledgeable and experienced’ Eddie Hu, Lizi Tang, Roy Zhang, and Xiaolei Yang.

Fangda Partners continues to be at the forefront of the fast developing capital markets, particularly in the context of overseas equity and debt offerings, and enhanced its standing in the market by hiring Dong Wu and Xueyan Jiang from Haiwen & Partners. Under the NDRC’s new policy regarding the foreign debt introduced in September 2015, Wu and Xueyan Jiang acted for J.P. Morgan Securities, China International Capital Corporation Hong Kong Securities and UBS (Hong Kong branch) on a $500m zero coupon H-share convertible bond issuance by China Railway Construction. A multidisciplinary team assisted Focus Media with its RMB45.7bn back-door listing on the A-share market of the Shenzhen Stock Exchange, a complex relisting of an entity which was previously listed on Nasdaq. Other clients include Baozun, Alibaba, Goldman Sachs and BeiGene. Beijing-based Jeffrey Ding and Shanghai-based Leo Lou jointly head the 18-partner team, in which Michael Qi, Doris Tang and Jonathan Zhou ‘stand out’.

Grandall Law Firm has an impressive track record in domestic A-share and B-share offerings, as well as in the offering and listing of corporate bonds, convertible bonds and subordinated debt. The highly regarded Hongbing Lv and Xiangyong Fang assisted Oriental Securities with the IPO and listing of renminbi-denominated ordinary shares. Another highlight saw the team assisting China Minsheng Bank (Hong Kong Branch) with its $5bn medium-term note issuance programme. Weidong Wang and Wei Liu have ‘extensive experience in complex capital markets transactions’.

Haiwen & Partners has substantial expertise in cross-border issuances and its clients include Sinopec, Cowell e Holdings and China Cinda Asset Management. Su Liu, Fei He and Jingfang Yang are the recommended practitioners.

Jingtian & Gongcheng is highly regarded for its overseas listing experience and has a growing domestic issuance practice. Chunwei Liang successfully acted for Dali Foods Group on its IPO in Hong Kong and the team advised Bank of China on a bond issuance programme denominated in four currencies and listed on five stock exchanges. Other clients include Wanda Cinema Line, Baidu and Focus Media Information Technology. Wei Ren and Zhiqiang Zhang head the sizeable team, in which Xiang Gao and Siqi Fu are also highly recommended.

JunHe LLP is one of the market leaders for issuances in Hong Kong and overseas. In 2015, Xiaocheng Li assisted Chia Tai Enterprises International with its listing on the main board of the Hong Kong Stock Exchange. In the corporate bonds space, Yongqiang Yu acted as the joint lead underwriter of the RMB45bn onshore non-public offering of preference shares by Industrial and Commercial Bank of China; Yu also assisted Goldman Sachs Gao Hua Securities Company in the non-public offering of corporate bonds by China Gas. The ‘highly experienced’ Chunyang Shao has ‘great commercial sense’ and Tiejun Shi has the ‘ability to deal with complex transactions’.

Zhong Lun Law Firm has experience of assisting large Chinese companies with their onshore and offshore debt and equity offerings and listings on a wide range of stock exchanges. In 2015, Anthony Zhao acted for Deutsche Bank on the issuance of guaranteed bonds by Vital Star, a subsidiary of Hubei Fuxing Science and Technology, and Bin Fan advised Sichuan Dehui Commercial on its National Equities Exchange and Quotations (NEEQ) listing. The ‘highly responsive’ Limin Chen, Kejun Guo and real estate expert Xuebing Zhang are also names to note.

AllBright Law Offices has developed a strong debt and equity capital markets practice and is particularly active in handling listings on NEEQ. Guoquan Shen has experience of asset restructuring and regularly acts for listed and private companies in private placements and back-door listings.

Beijing Grandway Law Offices has a solid reputation as a leader for domestic listings on a number of Chinese main boards, SME boards and NEEQ. Representative clients include Shandong Landsee Genetics, Eoptolink Technology, Shanghai Apollo Machinery and China Nuclear Engineering Group. Liguo Zhang is recommended.

Commerce & Finance Law Office is at the ‘top of its game’ for offshore listings. The group has particular experience in the pharmaceuticals and healthcare, education and energy sectors. Gang Wu advises on listings as well as capital markets aspects of M&A and refinancings, with Xin Kong being recommended for domestic and Hong Kong issuances; Meng Zhang and Xiaoman Zhang are also key contacts.

DeHeng Law Offices handles a range of DCM work, including overseas bond issuance transactions. Highly regarded practice head Jianjun Xu has particular expertise in convertible bond issuances and counts CITIC Securities Company and China Development Bank Financial Leasing as his clients. Zhiwei Hou is a highly regarded corporate and securities law specialist and assisted China Three Gorges with its international bond offering, which was among the first few dual currency transactions by Chinese SOEs. The capital markets team is present in Beijing, Shanghai and Shenzhen. Jiejun Zhang, Yuwei Wang, Zhenguo Liu and Qiyun Su are key names to note.

Global Law Office has a healthy practice advising underwriters and issuers on debt and equity transactions. Jinrong Liu, who is ‘excellent in every sense’, assisted Jiayuan International Group with its IPO and listing of shares on the Hong Kong Stock Exchange. The team also regularly advises listed companies on capital markets aspects of restructurings and M&A, as well as compliance and corporate governance issues. Cheng Li, Alex Liu and Yu Zhang are other key names to note.

Han Kun Law Offices acts for Chinese companies as well as international underwriters in IPOs and follow-on equity and debt offerings on overseas capital markets. In 2015, the team acted for Yirendai in its New York Stock Exchange IPO and advised Yusin Holding on its Taiwan Stock Exchange IPO. It is also active in NEEQ listings, where recent clients include Goyoo Networks, Innovation Works (Beijing) Enterprise Management and Beijing Ubox Technology & Trade. Huan Wang, Jason Wang, Bin Zhi and Charles Li are the main contacts.

Jincheng Tongda & Neal handles a broad range of capital markets transactions; in 2015, the team acted for Hebei Rongsheng Real Estate Development in the offering of corporate bonds totalling RMB5.9bn. Clients also include Zhejiang Starry Pharmaceutical, Beijing Urban Construction Investment Development and Shandong Yisheng Livestock & Poultry Breeding. Xiaodong Zheng, Yinhong Liu and Yuntao Shan are the key practitioners.

Tian Yuan Law Firm handles domestic and overseas debt and equity listings for a broad range of clients including China Nuclear Power, Sunflower Pharmaceutical Group and Kerry Logistics Network. The team assisted Lida with its listing on the Taiwan Stock Exchange and handled Zhongdian Xinlong Technology’s private placement. Xiaohui Zhu - Jianhui Li and Bin Liu are key members of the team.

Dentons China’s recent work highlights include acting for NewMargin Ventures and Shenzhen Tianyu Venture Capital on their listings on NEEQ. The team is led by Beijing-based Shoushuang Li and Yuan Yuan, as well as Shanghai-based Jingjing Wu and Guangzhou-based Bin Jiang. Michael Wang is another name to note, who counts AVIC International Leasing, Guangzhou Pharmaceuticals and Far East Horizon as his clients.

Guantao Law Firm has an established domestic and cross-border offerings practice. Recent highlights include acting for China Railway Engineering Equipment Group on its successful HK$2.65bn listing on the main board of the Hong Kong Stock Exchange and advising Start Plus on its indirect parent company Financial Street’s issuance of RMB1.5bn of guaranteed bonds in Singapore. Practice co-heads Bo Su and Dongying Sun are recommended along with Rong Liu and Liguo Cui.

Jia Yuan Law Offices is recommended for mainland, Hong Kong and overseas listings for issuers and underwriters. Ying Xu and Yu Yan have ‘strong technical knowledge’.

Llinks Law Offices’ recent work highlights include acting for Hangzhou Cable on its IPO and listing on Shanghai Stock Exchange. Yuhua Yang and Wayne Chen are recommended, as are Calista Huang and the ‘commercially mindedChristophe Han.

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China and Hong Kong

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Legal Developments in China

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