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Editorial

Index of tables

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

Leading individuals

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Next generation lawyers

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Who Represents Who

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King & Wood Mallesons’well-rounded’ China capital markets practice acts for a range of international corporations, financial institutions and Chinese issuers on A-share, H-share, red chip offerings and panda bond transactions. The team’s solid track record includes advising both issuers and underwriters on domestic and cross-border securities transactions, and its workload includes assisting with a number of onshore and offshore listings and bond issuances. Demonstrating its leading position in the space, it advised World Bank on its special drawing rights (SDR)-denominated bond in the Chinese interbank bond market; acted as PRC counsel for the underwriter on Postal Savings Bank of China’s successful listing on the Hong Kong Stock Exchange; and assisted China Resources Pharmaceutical Group with its successful listing on the Hong Kong Stock Exchange. Other highlights included advising China Cinda Asset Management on its first non-public issuance of preference shares, assisting CITIC Securities with its $3bn medium term notes programme and advising Shandong Buchang Pharmaceuticals on its A-share IPO. The sizeable team is jointly headed by Beijing-based Mulong Gong and Yongliang Zhang, and Xiaohong Zhao in Shanghai. Also noted are Lizi Tang, Xiaolei Yang, asset-backed securities (ABS) specialist Zhe Hu and Christine Chen.

Fangda Partners excels in overseas equity and debt capital markets transitions. The group is also increasingly active in domestic issuances, where it advises issuers and underwriters, especially in matters relating to companies returning to the domestic market after delisting overseas. The firm acts for a number of leading TMT sector clients as well as multinational financial institutions. Among its impressive workload, Michael Qi and Josh Shin advised the underwriters on Rici Healthcare Holdings’ IPO on the Hong Kong Stock Exchange; Dong Wu assisted China International Capital Corporation with Jiangxi Copper’s issuance of RMB10bn of corporate bonds; and Xueyan Jiang advised Goldman Sachs (Asia) on its purchase of bonds as part of a $3bn issuance by China Petrochemical Corporation. Jeffrey Ding is ‘an expert in cross-border equity capital markets transactions’, as is Doris Tang, who advised e-commerce solution provider Baozun on its $110m IPO in the US.

Grandall Law Firm is a clear market leader in A-share IPOs, as evidenced by Xiaoliang Wu and Wei Wei advising China’s largest express delivery firm S.F. Express on its back-door listing on the Shenzhen Stock Exchange, and Charles Guan acting for Giant Interactive Group during its back-door listing through an A-share listed company, Chongqing New Century Cruise. Other highlights saw the highly regarded Wei Liu advising Guangzhou Baiyunshan Pharmaceutical on its private placement on the A-share market and acting for the underwriter during Everbright Securities Company’s successful IPO on the Hong Kong Stock Exchange. The practice also handles H-share offerings, as well as the offering and listing of corporate bonds, convertible bonds and subordinated debt. Tianfeng Shen, Weihua Xuan and Wei Wei are other names to note.

Haiwen & Partners’ strength lies in overseas transactions, including IPOs, bond issuances and debt offerings. Its client list features CICC, Export-Import Bank of China, Sinopec and China Cinda Asset Management. Su Liu, Fei He and Weibo Jiang are highly recommended.

Jingtian & Gongcheng is known for its standing in Hong Kong and overseas listings with a client base that includes state-owned enterprises (SOEs) and a number of large private companies such as Wanda Cinema Line, Qtone Education Group and Baofeng Group, as well as leading underwriters including Morgan Stanley and CITIC CLSA Capital Markets. It also has a growing domestic listing practice, and is particularly experienced in handling the delisting of variable interest entity (VIE)-structured companies from overseas markets. Work highlights saw Qingjie Wang advising the underwriters on Datang Environment Industry’s global offering of shares and listing in Hong Kong; Zhiqiang Zhang acting for Yihai International during its IPO and listing in Hong Kong; Xiang Gao advising China National Chemical Corporation and its overseas subsidiary CNRC Capital on the issuance of €700m bonds; Tezhi Ling assisting Bank of China with the issuance of $500m international green bonds; and Wei Ren acting for United Laboratories International during its offering of $130m convertible bonds. Wei Bai, Yang Zhao and Chunwei Liang are also highly regarded.

JunHe LLP’s sizeable team handles a range of debt and equity capital markets mandates, with notable strength in overseas and Hong Kong listings and a growing domestic listing practice. In 2016, the team assisted China Petrochemical with the successful offering of four tranches of bonds with a total value of $3bn and advised the underwriter Bank of China on Veolia Environment’s issuance of RMB bonds on China’s interbank bond market. Other notable highlights include acting as the underwriter’s PRC counsel on JD.com’s $1bn public notes offering and assisting New Development Bank with its offering of RMB3bn green financial bonds on the interbank bond market. Tiejun Shi is highly regarded for H-share and A-share issuances, and Chunyang Shao regularly acts as PRC counsel for issuers and underwriters on IPOs and onshore and offshore listings. Yongqiang Yu, Chenliang Li and Yi Wang are also key names.

Zhong Lun Law Firm has a solid reputation for advising Chinese companies on their onshore and offshore debt and equity offerings and listings on various stock exchanges. In 2016, Anthony Zhao and William Jia acted as the PRC counsel to JD.com during its $1bn public offering of notes registered in the US and listed in Singapore. Kejun Guo and Chen Jia assisted Datang Environment Industry with its successful IPO and listing in Hong Kong, and advised Nanjing Estun Automation on the issuance of A-shares and listing on the SME Board. Practice head Limin Chen and Xuebing Zhang focus on capital markets transactions, but also regularly assist listed companies with their corporate and M&A activities.

AllBright Law Offices receives a steady flow of domestic listing instructions from SOEs and private companies; it also regularly handles M&A and restructuring transactions for listed companies. In 2016, a team led by Xiaohong Zhang advised Hainan Haiqi Transportation and Zhejiang Rongsheng Environmental Protection Paper on IPOs and listings in Shanghai. The team also handled Shanxi Road and Bridge Construction’s issuance of $250m of offshore bonds. Guoquan Shen and Hai Huang are other key names to note.

Beijing Grandway Law Offices has an impressive market share of A-share listings and a long list of PRC issuer clients. Recent highlights include assisting clients such as Bridge Capital Market, Taishi Biological Science and Technology and Excellence Information Technology on their successful listings on the National Equities Exchange and Quotations (NEEQ) market. Other highlights include advising Abachem Engineering on the non-public issuance of shares and acting for Shandong Swan Cotton Industrial Machinery during its IPO. Chief partner Liguo Zhang and Ruiming Jiang ‘stand out’.

Commerce & Finance Law Office has a formidable record in offshore listings transactions, and acts for issuers and underwriters. Recent highlights saw Bo Wang advising Zhou Hei Ya International Holdings Company on its IPO in Hong Kong, and Haiyan Zhu handling China Export-Import Bank’s issuance of international bonds and China Evergrande Group’s overseas bond issuance. Department head Gang Wu is particularly noted for advising TMT and education sector clients, and recently assisted China United Network Communications with the issuance of RMB20bn of corporate bonds. Xin Kong, Xiaoman Zhang and Yiqun Cheng are also recommended.

FenXun Partners’ four-partner team excels in the securitisation space, and has particular experience in working with a range of underlying assets including lease receivables and small loans. Managing partner Jianzhao Wang advised Beijing Fuwah Jinbao Centre on the issuance of RMB1.3bn mortgage-backed securities, assisted JD Finance with the securitisation of its commercial factoring assets and handled China Minsheng Bank’s residential mortgage-backed securities Qifu phase I. Associate Ming Zhang is also a key name to note.

Global Law Office’s group is singled out for its ‘quick responses’ and ‘willingness to provide tailor-made solutions’. The team is experienced in handling complex, structured transactions, advising underwriters and issuers on debt and equity capital markets. In 2016, it assisted the underwriters with Meitu’s IPO and listing in Hong Kong, advised Shenzhen Mingde Holding Development on S.F. Express’ back-door listing on the A-share market and acted for Beijing Infrastructure Investment on the issuance of RMB2bn corporate bonds in the China Inter-bank Bond Market. ‘Highly experienced capital markets specialistJinrong Liu and Qiuning Kang advised the underwriters on the offering and listing of $500m guaranteed senior notes. Xin Zhang and Wen Li have particular expertise in securitisation and derivative products. Cheng Li, Miller Wang and Ruiqing Zhu are also names to note.

Han Kun Law Offices has a wealth of experience in advising Chinese issuers (particularly in the TMT sector) and international underwriters during overseas capital markets transactions (on the debt and equity side). The firm also handles go-private transactions. It also handles a steady stream of NEEQ listings, with recent work in this space including acting for 51Talk, an online education platform in China, during its IPO and listing in the US, and assisting the sponsors with China Digital Video Holdings and China Unienergy Group’s listings in Hong Kong. Other highlights saw Yijun Chao advising Car on its issuance of RMB2bn of panda bonds on the Shanghai Securities Exchange, and assisting UCAR with the removal of the red chip structure and NEEQ listing. Dafei Chen and Bin Zhi are other key names.

Jia Yuan Law Offices’ workload spans IPOs, non-public offerings and the restructuring of public companies. The firm primarily acts for issuers, and, as such, assisted China Railway Group with the successful issuance of $500m of bonds. It also advised China Resources Pharmaceutical on its IPO in Hong Kong, acted for CRRC and SAIC Motor on their non-public offerings of A-shares, and handled Wan Cheng Metal Packaging Company’s GEM listing on the Hong Kong Stock Exchange. Yan Yu, Wen Zhang and Ying Xu are the key partners.

Tian Yuan Law Firm handles domestic and overseas debt and equity matters. It handled China Securities Finance’s IPO and listing in Hong Kong, advised Yunda Express on its back-door listing by way of the acquisition of Ningbo Xinhao Electric, and assisted China Yangtze Power with the issuance of dual-currency exchangeable bonds. The team is led by Yan Liu and Guanxiong Wu. Siqi Fu, who is experienced in handling domestic bond issuance work, ‘understands what clients require and provides highly commercial advice’, and Xiaohui Zhu is recommended for both debt and equity offerings transactions.

DeHeng Law Offices’ diverse practice spans domestic debt and equity offerings, corporate bonds, private placements and the issuance of convertible bonds. Clients include Bank of Communications, Bank of China, Export-Import Bank of China and China Merchants Bank. Jianjun Xu, Yuwei Wang, Zhe Li and Jiejun Zhang are recommended.

Guantao Law Firm advises issuers and underwriters on onshore and offshore transactions. In 2016, Bo Su and Dongying Sun assisted Xihuna Winshare Publishing and Media with its IPO of A-shares and listing on the Shanghai Stock Exchange, and Wenliang Zhang advised Financial Street Holdings on the issuance of RMB10bn of corporate bonds. Rong Liu has particular expertise in matters involving the disposal of state-owned assets.

Llinks Law Offices focuses primarily on acting for issuers, and advises clients from a broad range of sectors. Calista Huang recently advised Hefei Changqing Machinery Company on its IPO and listing on the Shanghai Stock Exchange, while Wayne Chen assisted Sinochem International with its public bond offering of RMB250M.

Tahota Law Firm is best known for securitisation work, but also has a strong track record advising on medium term note programmes and non-public issuances of exchangeable corporate bonds. Clients include Guang’an Development and Construction Group, Leshan State-owned Assets Management, Sichuan Huaxi Group and Beijing Comens New Materials. Yingmei Han and Chenggang Guo are recommended.

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China and Hong Kong

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