Banking and finance: PRC firms in China

Fangda Partners

Fangda Partners has a strong transactional practice, with a particular focus on domestic and cross-border acquisition finance and non-recourse or limited recourse project financing for international and domestic financial institutions, borrowers, private equity and banking sponsors. The group, which is co-led from Shanghai by Xie Zheng and Stanley Chen, also has a presence in Shenzhen (where the team specialises in One Belt One Road financing) and Hong Kong. In addition, the firm is developing a niche in the distressed asset market, advising banks and funds on debt restructuring and finance for non-performing loan portfolio acquisitions.

Practice head(s):

Xie Zheng; Stanley Chen

Other key lawyers:

Romy Zhuo; Rock Wang; Joyce Zhou

Key clients

Bank of China

The Export-Import Bank of China

China Development Bank

China Construction Bank

Industrial and Commercial Bank of China

Ping An Bank

Shanghai Pudong Development Bank

China Merchant Bank

JP Morgan

Citibank

Deutsche Bank

HSBC

Standard Chartered Bank

DBS Bank Limited

OCBC Bank

SEB

DNB Bank ASA

Work highlights

  • Represented more than RMB4bn equivalent onshore and offshore syndicated loan arranged by DBS to fund the acquisition by a consortium consisting of Vanke, SCPG and Hopu of 20 properties of Capitaland.
  • Acted as PRC law counsel of the Sponsors in a term loan facility provided by Ping An Bank and CITIC Bank for the financing of the acquisition by a bidco set up by Sponsors of Wall Street English from Pearson.
  • Acted as lead PRC counsel for Ping An Bank in an acquisition of a hospital by Fountain Vest.
  • Advising Sinopec Green Energy Geothermal Development Co on loans.

Global Law Office

Global Law Office's key areas of expertise are onshore, offshore and cross-border financing; advising foreign and domestic banks and companies on project financing in relation to the One Belt One Road initiative (including sovereign borrowing supported by the export banks), cross-border loan transactions, green financing and debt financing in the PRC. The team is jointly led by Lawrence Lin, whose broad practice encompasses in foreign investment, M&A, acquisition and project finance, international syndication, and asset finance; and M&A, foreign direct and overseas investment expert Xin Zhang.

Practice head(s):

Lawrence Lin; Xin Zhang

Other key lawyers:

Miller Wang; May Liu; Li Zhu; Minghao Xu

Testimonials

Efficient

Excellent communication skills

Accurately grasp the client’s requirement‘.

Key clients

The Export-Import Bank of China

China Development Bank

China Construction Bank Limited

Bank of China Limited

China CITIC Bank International Limited

Agricultural Bank of China

IFC

ADB

Work highlights

  • Advising Commerzbank Aktiengesellschaft on a term loan facility of €176m to Jiye Auto Parts for the refinancing of the share purchase of Grammer with the share pledge of a public company listed in Shanghai Stock Exchange.
  • Advising Citicorp International Limited on a term loan facility of $195m to two HK SPVs directly/indirectly wholly-owned by CMB Financial Leasing Co for the purchase of two 23,000 TEU container vessels to be chartered to Mediterranean Shipping Company, backed by KEXIM.
  • Advising Deutsche Bank on a syndication loan of $160m to CWE (Hong Kong) Company Limited, covered by a demand guarantee issued by China Export & Credit Insurance Corporation.
  • The Asian Development Bank (ADB) signed facilities of a total of $250m in loans to Arctic Green Energy Corporation and Sinopec Green Energy Geothermal Company Limited to expand environmentally sustainable district heating services in the PRC.

JunHe LLP

The group at JunHe LLP focuses on bilateral and syndicated loans, acquisition and leveraged finance, M&A for financial institutions and project finance. It also has substantial experience in trade finance, asset finance, restructuring and insolvency, as well as banking and financial markets regulation. Nelson Zhou predominantly advises overseas fund clients on inbound finance, and co-leads the team alongside Jun Zhou, who regularly assists state-owned banks with outbound transactions. Gavin Wang is noted for his expertise in asset finance and leasing, advising airlines, carriers and a number of other stakeholders, while David Liu is experienced in advising foreign banks and other financial institutions on investments and strategic cooperation with PRC banks and fund joint ventures.

Practice head(s):

Nelson Zhou; Jun Zhou

Other key lawyers:

Gavin Wang; David Liu; Kirk Xia

Testimonials

The team strives to deliver, and is undoubtedly successful in delivering high quality services and work results

Ample experience in complex legal issues and the ability to work under huge time pressure

Key clients

Chengdu Airlines Co

Everbright Financial Leasing

Cathy United Bank

Work highlights

  • Advised Cathay United Bank as a member of a consortium providing loans to a project company formed by DAE in Netherlands, which loans were in turn transferred to a project company formed by DAE in Ireland, then the Ireland project company purchased the aircrafts and leased them to Spring  Spring Spring Airlines and Air Guilin.
  • Assisted KKR DVB Aviation Capital with a transaction which is intended to securitise the worldwide aircraft lease assets of KKR DVB Aviation Capital Limited, including 3 aircafts leased to Xiaman Air and Hainan Airlines

King & Wood Mallesons

King & Wood Mallesons has a strong presence across the major cities of China, enabling it to provide clients with consistently high-quality banking and finance advice across the jurisdiction. In addition to more traditional transactions, the group has niche expertise in RMB internationalisation, matters pertaining to the Shanghai free-trade zone, the establishment of village and township banks, foreign strategic investment in domestic banks and local incorporation of foreign banks. The team is jointly-led by Beijing-based managing partner Ling Wang and Feng Ma, and Jack Wang and Stanley Zhou in Shanghai. In 2018, the department was joined by a team from JunZeJun Law Offices, which included securitisation and structured finance expert Le Zhang and Ke Song, who has experience in asset securitisation.

Practice head(s):

Ling Wang; Jack Wang; Feng Ma; Stanley Zhou

Other key lawyers:

Lv Yinghao; Ning Wang; Molly Su; Maggie Luan; Rui Du

Testimonials

No other firm is comparable

Lv Yinghao is very attentive, devoted and professional

Particularly experienced in global markets and cross border financing areas

Key clients

Standard Charted Bank

HSBC

Bank of China

Industrial And Commercial Bank Of China

Agriculture Bank of China

China CITIC Bank International Limited

Bank of America

China Construction Bank

Work highlights

  • Advised Shanghai Electric Power Co., Ltd. as sponsor on its project financing for the construction of a coal-fired power station on the Turkey’s Mediterranean Coast.
  • Advising China CITIC Bank International Limited as global coordinator, mandated lead arranger, underwriter and bookrunner and agent in a $1bn mezzanine syndicated term loan for Tianqi Lithium’s acquisition of SQM.
  • Acting as the PRC legal counsel of the lenders, including BNP Paribas, China CITIC Bank Corporation, and Industrial and Commercial Bank of China (Asia) for the entire M&A financing of Geely’s acquisition of a $3.8bn stake in The Volvo Group.

Zhong Lun Law Firm

Zhong Lun Law Firm's full-service offering covers the spectrum of financing mandates, as well as matters related to fintech, financial markets regulation, the incorporation and acquisition of financial institutions, domestic and offshore bond issuances, debt restructuring and financial dispute resolution. The department is co-led in Shanghai by Wantao Yang, a banking disputes expert; Shirley Lu, whose clients include a number of foreign and domestic financial institutions; and outbound investment specialist Hui Zhi; and from Beijing by Borong Liu, whose focuses include securitisation, structured finance and asset management. Jingyi Lu in Beijing is another key name with securitisation and structured finance experience.  Shanghai's Joy Gao is another key name for cross-border finance and bond issuances.

Practice head(s):

Wantao Yang; Shirley Lu; Hui Zhi; Borong Liu

Other key lawyers:

Dongy Chen; Yacheng Zhou; Xiong Li; Yun Zhou

Testimonials

Compared to other firms, Zhong Lun is more effective in the overall project management‘.

Leading asset securitisation and structured finance services team‘.

Deeply cultivating the financial technology industry, specializing in financial innovation product research and development, data and privacy protection, compliance, government supervision and dispute resolution‘.

Key clients

China Construction Bank Corporation

China Minsheng Banking Corp

China Guangfa Bank Co

Sino-German Bausparkasse Co

OCBC

UOB

Credit Agricole Corporate and Investment Bank

DBS Bank Limited

Standard Chartered Bank

HSBC

Work highlights

  • Advising China Merchants Bank on private banking issues.
  • Represented China Construction Bank Limited in its RMB16.8bn securitisation.
  • Represented China Merchants Bank in its RMB15bn credit card securitisation.
  • Represented Huayu Automotive Systems Company on the standby syndicated facility of RMB5bn.

AllBright Law Offices

AllBright Law Offices' team, based out of Shanghai and Beijing, is experienced in advising on financial trust formation and transactions, banking, debt investment plans and asset-backed notes, but it has also developed a niche in emerging sectors, such as fintech, consumer and supply-chain finance.  The group also has a strong financial regulatory practice, advising major domestic banks on compliance. Splitting his time between Beijing and Shanghai, Xianming Li leads the team and is increasingly handling matters related to the reform of SOEs and international trade. Xianying Li is another standout practitioner, with extensive expertise in a variety of trust investment matters.

Practice head(s):

Xianming Li

Other key lawyers:

Xianying Li; Bin Yang

Key clients

ABC Financial Asset Investment Co

Shanghai Zhangjiang Enterprise Innovation Management Co

China Merchants Bank Co

Bank of East Asia (China) Limited, Shanghai Branch

Suzhou Hybiome Biomedical Engineering Co

Shanghai Hengying Yisheng Capital Management Co

Shaanxi China Film International Silk Road Film & TV Cultural Development Co

Work highlights

  • Advised Chang’an International Trust Co on the establishment of a fixed-point poverty alleviation-oriented charity trust.
  • Advised  Bank of East Asia (China) Limited on its FTN cross-border direct loan business.
  • Acted for  Wuxi Jinkong Financial Leasing Co on its issuance of Xingye Yuanrong -Wuxi Jinkong Financial Leasing Asset-Backed Securities (ABS).

DeHeng Law Offices

Lawyers at DeHeng Law Offices regularly act as lead counsel on cross-border financing transactions for a range of state-owned entities (SOEs), in addition to global credit enforcement strategies and restructuring of loans in default on behalf of lenders. As PRC counsel, the group also advises international banks on on- and offshore financing, with a particular specialism in asset, acquisition and project financing. Xu Zhang co-leads the department alongside Kai Ma, who has expertise in financing projects relating to real estate, new energy, technology, engineering and infrastructure. Sisi Shen is recommended for asset and shipping finance.

Practice head(s):

Xu Zhang; Kai Ma

Other key lawyers:

Sisi Shen; Tian Yue

Key clients

China Development Bank

Nanyang Commercial Bank (China) Limited

Industrial and Commercial Bank of China Limited (“ICBC”)

Bank of China (Hong Kong) Limited

The Hongkong and Shanghai Banking Corporation Limited (“HSBC”)

BOCOM International

Agricultural Development Bank of China

Bank of Beijing

China CITIC Bank International Limited

Export-Import Bank of China

Work highlights

  • Acted as the lead counsel in a $3.5bn syndicated loan granted to SK Hynix Semiconductor (China) Ltd. for which China Development Bank Jiangsu Branch acted as the legal arranger and bookrunner bank, facility agent and one of the original lenders.
  • Acted as PRC counsel and lead counsel in the $5bn acquisition loan matter advanced by China Development Bank Shenzhen Branch to China Merchants Port Holdings Company Limited in relation to the borrower’s acquisition of 85% issued share capital of Hambantota International Port Group (Private).
  • Acted as the PRC Counsel and the lead counsel in this HK$3.7bn working capital loan matter advanced by China Development Bank Hong Kong Branch and Shaanxi Branch to Shaanxi Coal and Chemical Industry Group Co.
  • Represented China Development Bank as lead counsel and PRC counsel in an €85m facility advanced to a PRC company to fund the construction of a PV station in Portugal.

Dentons China

Dentons China is able to draw on a strong global presence to advise clients on cross-border finance and international banks on syndicated lending. The firm has banking and finance teams based in Beijing, Shanghai, Shenzhen and Nanjing, and in other major cities across China, allowing it to offer a highly localised service. Leo Zhou is a key figure based in Guangzhou, while Shanghai-based Frank Qu and Yao Zhou in Beijing are also recommended.

Practice head(s):

Yunwang Ping; Lihong Wang; Weidong Wang; Frank Qu; Sofia Yao

Key clients

Agricultural bank financial assets investment Co

AVIC International Leasing Co

Banco Santander

Bank of China

China Everbright Bank Co., Ltd.

China Financial Futures Exchange

HSBC Canada

Huatai Securities Asset Management Co., Ltd.

Huaxia Bank

SinoPac Financial Holdings Company Limited

Standard Charted Bank

Work highlights

  • Advised the lender on inter-bank loans from First Abu Dhabi Bank for Industrial and Commercial Bank of China Dubai (DIFC) Branch, China Construction Bank (DIFC Branch), Bank of Communications Macau Branch, China Merchants Bank Singapore Branch.
  • Advised Western Mining Co on providing downstream guarantees for its subsidiary in Hong Kong to secure loans worth $190m.
  • Represented Bank SinoPac (China) in leading other banks to establish a consortium to provide a RMB933m syndicated loan for a major consumer finance company.
  • Assisted China International Payment Service Corp. with its involvement in the Cross-Border Interbank Payment System.

FenXun Partners

FenXun Partners' banking and finance group is led by experienced debt capital markets and banking lawyer Shirley Wang, who joined the firm alongside a team from Zhong Lun Law Firm in 2019. Clients include major Chinese banks and non-banking financial institutions, which the group advises on financial regulation and compliance, and a variety of cross-border transactions, including bond issuances. On the international side, it draws on the firm's international network to advise corporates on cross-border loans, asset and trade finance, acquisition finance and securities, relating to the One Belt One Road initiative.

Practice head(s):

Shirley Wang

Other key lawyers:

Grace Chen; Samuel He; Baihui Li

Testimonials

Strong communication skills -they can communicate with the company and understand the company’s intentions

Ability to solve problems efficiently

Provides effective legal solutions according to the company’s ideas

Key clients

The Export-Import Bank of China

Power China Finance

Bank of China

China Minsheng Bank

China Construction Bank

China Development Bank

Tsinghua Unigroup

Industrial and Commercial Bank of China

European Bank for Reconstruction and Development

Work highlights

  • Acted as the lenders’ leading counsel for the facility based on assignment of account receivables to finance the construction and development of a power plant in Iraq.
  • Acted as the lenders’ leading counsel in relation to a project finance transaction for the construction and development of an HVDC transmission line in Pakistan with a total investment of $1.65bn.
  • Acted as the borrower’s counsel for Tsinghua Unigroup Co, for the syndicated loans granted by offshore lenders.

Han Kun Law Offices

Han Kun Law Offices stands out in the area of asset finance, with a strong aircraft and shipping leasing practice. The group also regularly handles syndicated and bilateral loans, securitisations and cross-border lending. The department is led by Xiaoming Li and includes aviation finance experts Shu Wang and Zhu Jun ; financial services specialist TieCheng Yang, whose experience includes RMB internationalisation, bond issuances, securities and insurance; and Jun Wan, who has developed a niche in fintech, blockchain and crypto-currencies. In 2018, the group was joined by counsel Yi Ding from Baker McKenzie FenXun and Huhuan Li from Zhong Lun Law Firm.

Practice head(s):

Xiaoming Li

Other key lawyers:

Shu Wang; Zhu Jun; Tiecheng Yang; Jun Wan; Yin Ge;

Testimonials

Professional and understanding‘.

Efficient‘.

They have a very good understanding of the needs of the entire industry and customers‘.

Key clients

GECAS

ALC

ACG

Aercap

BOC Aviation

ICBC Financial Leasing

CCB Financial Leasing

ABC Financial Leasing

China Eximbank

Kunlun Financial Leasing

Macquarie AirFinance

Work highlights

  • Represented ICBC in several restructurings of loans granted to leasing companies and airlines to finance their acquisition of aircraft.
  • Acting as PRC counsel to GECAS, ALC, SDH Leasing, Aercap, BALI, LCI Aviation, SMBC in restructuring the cross-border leases to lease-in-lease-out structures.
  • Represented China Exim Bank in its financing of five A320 Aircraft leased by Ireland subsidiaries of AviaAM Leasing to Aeroflot – Russian Airlines.

Jingtian & Gongcheng

Banking and finance is a core competency of Jingtian & Gongcheng, which primarily focuses on cross-border deals involving project finance, and offshore special purpose vehicles for domestic and overseas clients. The team, which is based across Beijing and Shanghai and has an impressive client roster of major banks and other financial institutions, also has expertise in real estate financing, restructuring and debt enforcement. The team is led by Jiejiang Wu, who specialises in PRC foreign exchange administration schemes, project finance, asset finance and trade finance. Hongjiu Zhang is another key name, with expertise in international finance, securities and cross-border investment.

Practice head(s):

Jiejiang Wu

Other key lawyers:

Hongjiu Zhang; Wei Bai; Jeff Liu

Testimonials

Very responsive‘.

Provides timely legal advice‘.

One of the best firs for transactions in Greater China‘.

Key clients

Standard Chartered Bank

DBS Bank

United Overseas Bank

Overseas Chinese Bank Corporation

Bank of East Asia

China Trust Bank Corporation(Taiwan)

Cathay United Bank (Taiwan)

O-bank Commercial Bank (Taiwan)

Bank of Communications

Agriculture Bank of China

Industrial and Commercial Bank of China

Work highlights

  • Advised Cathay United Bank on its onshore-offshore financing to Blackstone Group (“BX”) for the acquisition and refinancing of 5 logistics properties in five cities in mainland China.
  • Advised the syndication led by Bank of East Asia on a multi-currency syndicated loans rendered to an asset management company controlled by a provincial Department of Finance in PRC.
  • Assisted a syndication led by United Overseas Bank which provided an onshore-offshore financing to Gaw Capital with its acquisition of an office building (Ocean Tower) in downtown Shanghai.

AnJie Law Firm

AnJie Law Firm's team, which is based across Beijing, Shenzhen and Shanghai, stands out for cross-border finance transactions, with a strong client list of insurance companies, financial institutions and corporates in the manufacturing, infrastructure and real estate sectors. The group is led by Gulong Ren, whose experience includes acquisition, asset-backed, project and real estate finance, as well as debt capital markets matters.

Practice head(s):

Gulong Ren

Other key lawyers:

Jing Feng

Testimonials

Professional and practiced lawyers in the area of investment  in China

Dedicated and responsive

Familiar with regulations and procedures in insurance industry, especially in insurance fund management area

Key clients

Ping An Real Estate Company

Sun Life Everbright Asset Management Company

Life Insurance Company

Generali China

Work highlights

  • Advised Sun Life Everbright Asset Management Company on the establishment of Sun Life Everbright-BYD Power Battery Infrastructure Debt Investment Plan.
  • Advised Ping An Real Estate Company on its joint investment with Land Sea Green Group for the acquisition of two long-rental apartment projects.

East & Concord Partners

East & Concord Partners' team predominantly advises banks and financial institutions on financing projects, with a particular strength in lease financing, as well as assisting banks and non-banking financial institutions with capital markets transactions, investments, and fund management. It also has an active financial compliance practice, which department head Dorothy Xing specialises in. Jennifer Zhang is another key member of the team with experience advising PE funds and insurance companies.

Practice head(s):

Dorothy Xing

Other key lawyers:

Jennifer Zhang; Shauna Lu

Guantao Law Firm

Guantao Law Firm is instructed by banks and non-banking financial institutions on a variety of matters, including equity participation in Chinese banks by foreign banks; bank formation; Sino-foreign finance cooperation projects; export credit; asset management; and debt capital markets work. The team is led by Liqiu Lyu, who focuses on finance, including disposals of financial non-performing assets, asset securitisation and governance of securities companies.

Practice head(s):

Liqiu Lyu

Other key lawyers:

Weihong Tan; Yewen Qian; Yandi Liu; Wei Jiang

Key clients

China Development Bank

The People’s Bank Of China

Bank of Dalian

China Merchants Bank

Agricultural Bank of China Shanghai Branch

Shanghai Pudong Development Bank Jingan Sub-Branch

Bank of Communications Shanghai Branch

Work highlights

  • Acted as counsel to Bohai Securities in its RMB24bn issuance of short-term financing bonds.
  • Advised Bank of Dalian on its RMB2bn issuance of green financial bonds.
  • Advised Agricultural Bank of China Shanghai Branch (“ABC Shanghai”) on the transfer of interests via a $4bn global syndicated loan to The Walt Disney Company.

Llinks Law Offices

Banking and finance is a core area for Llinks Law Offices, which advises local and international banks, non-banking financial institutions as borrowers, sponsors and export agencies. Areas of expertise include domestic project finance, as well as cross-border and multi-currency transactions. Charles Qin leads the team.

Practice head(s):

Charles Qin

Other key lawyers:

Michael Mei; Tommy Xia; Elva Yu

Key clients

Xiamen International Trade Group Co

ICBC Financial Assets Investment Co

Xiamen ITG Group Corporation

Tengan Fund Distribution(Shenzhen) Co

Work highlights

  • Advised on the registration of private equity managers of ICBC Financial Assets Investment Company.
  • Acted for Xiamen ITG on its acquisition of Century Securities.