The Legal 500

Allbright Law Offices has a market leading practice with extensive expertise in this area; it fields experts in each of its six Chinese offices, including Shanghai. Adept at stock and bond issuance, the group often takes on large and complex listings as well as handling small and medium sized matters. It advises SOEs and private companies on all aspects of capital-raising activities for various exchanges, including NASDAQ, AIM and the Hong Kong Stock Exchange. With expertise in fund formation, it advises clients on pre-IPO investments and assists hedge funds in relation to QFII issues. The firm also specialises in securitisation and derivatives. Guoquan Shen is highly recommended, advising clients including Jin Xin Securities Investment Fund and Jinding Securities Investment Fund, and has been involved in asset restructuring for a number of listed companies including Fujian Zhongfu Industries and China Machinery Corporation.

Fangda Partners is ‘very strong in overseas listings’ and has ‘particularly good knowledge when it comes to venture capital and IPOs’. Active in both debt and equity markets, the practice is split across the firm’s offices in Beijing, Shanghai and Shenzen and also covers bonds and debenture issues, the establishment of mutual funds, and securities. Recent highlights include representing Chinese online video platform Tudou in its $174m IPO and listing on NASDAQ; and representing the underwriters (including Goldman Sachs), as PRC counsel, in Prada’s HK$19.2bn Hong Kong IPO. Other recent instructions came from clients including Citigroup Global Markets, Deutsche Bank, and Morgan Stanley. Senior partner Jonathan Zhou is recommended.

Jun He Law Offices has a well-established team handling both overseas and domestic listings. It recently acted for the issuer in Shenzhen Dongjiang Environmental Company’s listing transfer from the GEM in Hong Kong to the main board. Also in Hong Kong, it assisted on the IPOs of both Haotian International Holding and Baoxin Auto Group, acting for the underwriter and the issuer respectively. Further highlights included acting for the underwriter in Taomee Holdings’ IPO on the New York Stock Exchange, while, in the local market, it advised the issuer on Anhui Yingliu Electromechanical’s IPO. Other mandates included advising Ping An Trust on the purchase of shares in Shanghai Jahwa, and advising MMI Holdings on US dollar bonds. Rongrong Yan is recommended.

King & Wood Mallesons demonstrated its ability to advise on complex deals when it acted for the underwriters in Perennial China Retail Trust’s listing on the Singapore Exchange, raising over S$776m. Other highlights included advising the issuers on the respective listings of shoe producer AoKang (on the Shanghai Stock Exchange), online beauty business Perfect Shape (PRC) Holdings, and bakery supplier Christine International Holdings (both on the main board of the Hong Kong Stock Exchange). Zhao Xiaohong, Mu Peng and Zhang Mingyuan are recommended. Stanley Cha left the firm in 2012.

Llinks Law Offices focuses mainly on Asia-related work, and is ‘relatively small, but very very good’, with credit paid to the ‘tailored and professional service’, and the team’s ‘excellent knowledge’. Highlights included advising Shanghai Media Group on the listing of IPTV operator Bestv; the client acquired 36.6% of shares in SVA Information as part of the deal. The team also advised Focused Photonics and Sungrow Power Supply on their respective listings on ChiNext; acted for PRC property company Top Spring International Holdings in its listing on the Hong Kong main board; and advised on Global Lighting Technologies’ primary listing by foreign issuers on the Taiwan Stock Exchange. David Yu oversees the group.

Zhong Lun Law Firm has a wealth of experience in advising Chinese companies on onshore and offshore listings on the Shanghai, Shenzhen, Hong Kong, Singapore and Tokyo stock exchanges, as well as those further afield, in the US, Canada and UK. On the equity side, typical instructions involve pre-IPO restructuring, private placements, IPOs, back door listings, and securities investment funds. It is equally strong in debt markets, with strong expertise in corporate, enterprise and financial bonds, short-term financing bonds, and mid-term notes. The team also handles corporate governance, and regulatory matters. Xiaojuan Fan and Anthony Zhao are particularly strong in private equity investment, and Wei Kong is recommended for securities-related matters.

Boss & Young’s lawyers are ‘commercial, responsive, and know their practice well’. In particular, Hubert Tse is regarded as an ‘excellent partner, who knows the law and policies surrounding key areas extremely well’, and is ‘always focused on finding the right solution for clients’. The firm is advising a range of companies including a number of real estate clients and banks, on the proposed Shanghai International Board, which has not yet been launched. It also advises on AIM listings, and listings in Hong Kong and Singapore.

Chen & Co. Law Firm’s Frank Chen enjoys a solid reputation, and the group has extensive knowledge of PRC capital market issues, covering both debt and equity. The firm works with issuers, underwriters, placement agents and investment banks, and is familiar with a wide range of industry sectors. It has acted as PRC counsel for IPOs on exchanges in China and overseas.

Duan & Duan Law Firm is a medium-sized Shanghai firm, with additional offices in Beijing, Hong Kong and Seattle. It advises on the full range of debt and equity transactions, both in China and overseas, acting for distributors and underwriters. It displays solid expertise in IPOs, private placements, convertible bonds, securitisation, derivatives, and sovereign issues.

Global Law Office’s lawyers handle the full range of capital markets work including international and domestic IPOs and listings, and advice on fixed-income products, enterprise bonds, corporate bonds, convertible bonds and securities investment funds. The team is split between Beijing and Shanghai. A recent highlight for the firm was the successful listing of Shenyang Brilliant Elevator on the Shenzhen Stock Exchange, which raised over RMB575m; the firm advised the sponsor, Zhong De Securities.

Grandall Law Firm has advised numerous PRC companies on stock and bond issuance (many of which have been listed on the NYSE, NASDAQ, and AIM), and on listings in Singapore, Hong Kong and Japan. The group also advises on issues relating to convertible bonds and shares, and acts for listed companies on corporate restructuring. With excellent knowledge of US securities law, it also regularly advises clients on compliance matters.

Jin Mao Law Firm has around 70 lawyers in total, and acts for both domestic and overseas clients. It often advises domestic companies on listings overseas, and advises listed companies on corporate reorganisations and restructuring. It also has expertise in bonds (convertible, equity and financial).