Firms To Watch: Capital markets: PRC firms

Chen & Co. Law Firm’s recent mandates include advising clients from a broad range of industries on their listings on the STAR market and on the main board of the Shanghai Stock Exchange.
Financial services boutique firm CM Law Firm handles both debt and equity issuances. Managing partner Xiaoliang Wu is a key name to note.
With offices in almost all of China’s major cities, Hiways Law Firm advises on both domestic and international public listings.
Founded in 2016, Shihui Partners gained widespread notoriety in 2020 for its work assisting JD.com with its IPO on the Hong Kong Stock Exchange.
V&T Law Firm’s capital markets team includes key practitioners in Shenzhen and Shanghai that handle multibillion-RMB bond and debt issuance.

Capital markets: PRC firms in China

Fangda Partners

Fangda Partners is entrusted with handling the most complex work in the PRC market in a range of areas, and capital markets is no exception. The group is well-equipped to advise on all types of international equity and debt offerings, including IPOs, follow-on offerings, corporate bonds issuance, in addition to assisting with public M&A and restructuring. Many of the partners have developed strong reputations in the market; Jeffrey Ding continues to work extensively with global investment banks such as Goldman Sachs and Morgan Stanley as underwriters, while Dong Wu is experienced in ABS transactions. Leo Lou leads the Shanghai group, while  Xueyan Jiang and Christine Chen are the joint practice heads in the Beijing office. At the associate level, Helen Zhao works with banks on bond offerings. Michael Qi focuses on corporate finance from Shanghai.

Other key lawyers:

Dong Wu; Helen Zhao; Jeffery Ding;  Michael Qi

Testimonials

Christine Chen, and her DCM team at Fangda, did an exceptional job representing us. Highly recommend them for their knowledge, quality of work, responsiveness, and billing transparency. Christine is a true leader in the field.

Key clients

Shanghai Fudan-Zhangjiang Bio-Pharmaceutical Co., Ltd.

VeriSilicon Microelectronics (Shanghai) Co. Ltd.

Shanghai Lily & Beauty Cosmetics Co. ,Ltd

BTR New Material Group Co., Ltd.

iRay Technology Company Limited

XPeng Inc.

China International Capital Corporation Limited

China International Capital Corporation Hong Kong Securities Limited

Credit Suisse Securities (USA) LLC

Huatai Securities Co., Ltd.

Bank of China Limited

Bank of Communications Co., Ltd. Hong Kong Branch

China Construction Bank (Asia) Corporation Limited

Merrill Lynch (Asia Pacific) Limited

Citigroup Global Markets Inc.

Crédit Agricole Corporate and Investment Bank

CTBC Bank Co., Ltd.

Deutsche Bank AG London Branch

Goldman Sachs (Asia) L.L.C.

J.P. Morgan Securities plc

Mizuho Securities Asia Limited

Standard Chartered Bank

Asian Infrastructure Investment Bank

Asian Development Bank

Shenzhen SCP Commercial Property (Group) Development and Management Co., Ltd.

Shenzhen Qianhai Lianjie Commercial Factoring Co., Ltd.

Huatai Asset Management Co., Ltd.

Tianjin Trust Co., Ltd.

CITIC Securities Co., Ltd.

Chongqing Ant Business Credit Co., Ltd.

Guotai Junan Securities Co., Ltd.

China Foreign Economy and Trade Trust Co., Ltd.

China Merchants Securities Co., Ltd.

Work highlights

  • Advised China International Capital Corporation Limited on SMIC’s initial public offering.
  • Advising The Ministry of Finance of People’s Republic of China on bond issuances.
  • Advised Shenzhen SCP Commercial Property (Group) Development and Management Co., Ltd. on the establishment of the 2nd phase of 2020 CICC-SCP Shenzhen SCPG Center CMBS.

Han Kun Law Offices

When it comes to international IPO projects, Han Kun Law Offices is a market-leading firm in the PRC region. The department is particularly adept at advising financial institutions as underwriters; as a recent example, Chaoying (Charles) Li and Jin Wang led a team representing the sponsors in JD Health International’s IPO on the Hong Kong Stock Exchange. Beyond its sponsor work, the firm also works extensively with Chinese companies looking to list in the US on Nasdaq and the New York Stock Exchange. Dafei Chen splits his time between the Beijing and Hong Kong offices, while Bing Xue and Jason Wang lead the Shenzhen team.

Practice head(s):

Dafei Chen; Jason Wang; Bing Xue; Tao Li

Other key lawyers:

Charles Li; Yijun Chao; Jiaxin Liu

Key clients

J.P. Morgan

Goldman Sachs (Asia) LLC.

Credit Suisse Securities (USA) LLC

UBS Securities Hong Kong Limited

BofA Merrill Lynch

Meituan

Innovent Biologics

iQIYI

Tencent Music Entertainment Group

NIO Inc.

AsiaInfo Technologies Limited

KE Holdings Inc.

Li Auto Inc.

Zhihu

Autohome

Work highlights

  • Advised the joint sponsors and the underwriters in JD Health International Inc.’s $3.41bn Hong Kong IPO.
  • Represented the joint sponsors in connection with the  $2.8bn secondary listing of JD.com, Inc. in Hong Kong.
  • Acted for the joint sponsors and the underwriters in JD Logistics, Inc.’s HK$21.713bn Hong Kong IPO.

King & Wood Mallesons

Having undergone an internal restructure in late 2020 that allows departments to focuses more on specific industries and sectors, King & Wood Mallesons is now more capable than ever when it comes to cross-border work in the capital markets field. In addition to its demonstrable experience in large-scale bond issuances and complex restructuring issues, the firm frequently advises companies on international listing projects. Xiaohong Zhao is a key name in this regard, having worked with clients looking to list on stock exchanges in mainland China, Hong Kong, UK and the US. The team is led from Beijing by Yongliang Zhang, Ning Zhou, Mulong Gong and Jin Peng; Lixin Wang manages the Guangzhou office.

Other key lawyers:

Xiaohong Zhao; Lizi Tang; Yifeng Jiang

Testimonials

King & Wood Mallesons is a market leader in China and we have worked with them extensively in offshore debt capital markets space. They are highly knowledgeable and experienced and are effectively in resolving issues with their client. Their work is high quality and they offer excellent can practical advice to their clients. They are also good at staying connected with their clients which help them to understand the need of their clients and provide better services. Being a full-service PRC firm, they are able to leverage on the expertise of different partners to offer all-rounded advice and support to their clients.

Work highlights

  • Advising Haier Smart Home Co., Ltd. on a major asset restructuring.
  • Advising Baidu, Inc. on its secondary listing on the Hong Kong Stock Exchange.
  • Advising China Securities Co., Ltd as sponsor to Yihai Kerry Arawana Holdings Co., Ltd on its listing on the Growth Enterprise Market on the Shenzhen Stock Exchange.

Zhong Lun Law Firm

With offices in all of China’s major cities, Zhong Lun Law Firm‘s expertise spans the debt and equity capital markets, and the firm is equally comfortable advising domestic companies on overseas IPOs as it is assisting with bond issuances and asset securitisation. In Shanghai, Anthony Zhao‘s practice spans capital markets, M&A and private equity transactions; in 2020 Zhao led a team alongside William Jia which advised the sponsors in Lufax’s IPO on NYSE, which was the largest fintech IPO to date. At the associate level, Roy Zheng is dual-qualified in New York and China, making him an ideal person to advise Chinese companies looking to list overseas. Mingjun Chang, Zhoujun Tang, Yuming Liu and Haibo Jia make up the management team.

Other key lawyers:

Limin Chen; Anthony Zhao; Kefeng Li; William Jia; Roy Zheng

Testimonials

‘The firm truly stands out for its attention to detail, deep knowledge and expertise, and communication skills.’

‘The firm listens to client’s needs and is willing to help in a flexible way.’

‘They are able to do their best to protect the rights of clients.’

Key clients

Ascendent Capital Partners

Blackstone Group

L Catterton Asia

NetEase, Inc.

Zai Lab Limited

New Hope Group Co., Ltd. and its main affiliates

Dongfang Electric Corporation and its main affiliates

China Cinda Asset Management Co., Ltd. Sichuan Branch and Chongqing Branch

CapitaMalls Asia (Chengdu) Co., Ltd. and five affiliates of CapitaLand Group

Sichuan Tourism Development Group Co., Ltd.

Sichuan Jinding Industry Financial Holding Co., Ltd.

Huaxi Securities Co., Ltd.

Sichuan Tianqi Lithium Co., Ltd.

New hope dairy Co., Ltd.

Chengdu Raffles Industry Co., Ltd

Sichuan Development Finance Leasing Co., Ltd

Chengdu Boaoteke Biotechnology Co., Ltd.

Sichuan Haotel Communication Co., Ltd

Xingyuan Environment Technology Co., Ltd.

Guangzhou Huixin Internet Microfinance Co. Ltd

Haisco Pharmaceutical Group Co., Ltd

Symantec Software Development Chengdu Co., Ltd.

Chengdu Gaoxin Innovation Investment Co., Ltd.

Sichuan Development Emerging Industrial Park Investment Construction Management Co., Ltd.

Citic Securities Company Limited

Shanghai Yiyao Biotechnology (Group) Co., Ltd.

QiaoYin City Management Co., Ltd.

Guangzhou Ruoyuchen Technology Co., Ltd.

Ninebot Limited

Guangdong Wencan Die Casting Co.

Dizal (Jiangsu)Pharmaceutical Co.,Ltd.

SDIC Fund Management Co., Ltd

Antengene Corporation

Exegenesis Bio Inc.

The Carlyle Group

Novogene Corporation Inc.

Work highlights

  • Advised NetEase on its offering and secondary listing in Hong Kong.
  • Advised the joint bookrunners on Lufax Holding’s the IPO and listing on NYSE.
  • Advised Ascendent Capital Partners on its pre-IPO investment in Wumart’s retail business.

Global Law Office

Global Law Office is well-versed in all aspects of domestic and international capital markets work, regularly advising issuers and sponsors on private placements, IPOs, follow-on listings and bond issuances. Jinrong Liu, Xin Zhang, Wei Qin and Wen Li are the leaders of the Beijing office; Cheng Li and Yu Zhang respectively head the Shenzhen and Shanghai offices. Junior partner Haishan Sun is a name to note, having already assisted both issuers and underwriters in the IPOs on the New York Stock Exchange, NASDAQ, and Hong Kong Stock Exchange. Associate Xing Jin‘s experience spans banking and finance and real estate as well as capital markets.

Other key lawyers:

Alex Liu; Jun Li; Gaohou Qiang; Haishan Sun; Xing Jin;  Minglang Wang

Testimonials

‘The team demonstrates professionalism and good teamwork.’

‘Minglang Wang‘s extensive working experience in related fields, excellent bilingual working ability in Chinese and English, good professional quality, and the team’s reputation in the industry all contribute to our successful cooperation.’

Key clients

ABC

Beijing Infrastructure Investment Co. Ltd

CDB

Chang An Bank

Chang An Trust

China Bond Insurance Co., Ltd.

China Construction Bank

China International Capital Corporation Limited

China Resources Microelectronics Limited

Citics

CMS

FINELANDSERVICE

FUJIAN YANGO GROUP CO., LTD

Lionbridge Financing Leasing (China) Co., Ltd.

LVGEM (China) Real Estate Investment Company Limited

Mofang

Nanjing Bank

New Development Bank

New Oriental Education& Technology Group Inc.

RK Properties

Road King Infrastructure Limited

SPD Bank

Yankuang Group

Zhongrong International Trust Co. Ltd.

Zhongtian My Home Group

ZTO Express (Cayman) Inc.

Work highlights

  • Advised on private placement of CR MICRO on the Star Market.
  • Advised China Construction Bank on its multi-currency ESG bonds issuance.
  • Advised ZTO Express on its secondary listing on HKEX.

Grandall Law Firm

Grandall Law Firm's team is an extremely active one, advising Chinese companies on issues ranging from major assets restructuring to convertible bond issuances. The firm is particularly proficient in assisting issuers looking to list on the Chinese markets, having acted in 13.7% of successful IPO applications on the Shenzhen and Shanghai markets in 2020. An example of this specialism is the team’s work with 3PEAK, which it assisted with its listing on the Shanghai Stock Exchange Sciences and Technology Innovation Board (STAR) market in September 2020. Hongbing LV, Wei Liu and Jianjun Guan are three of the firm’s most important partners; all three have extensive experience working with clients from a range of sectors.

Other key lawyers:

Tianfeng Shen; Junji Ni; Mingxi Wang; Hongbing Lv; Wei Liu; Jianjun Guan; Xiangming Liu; Yongping Yue

Key clients

Juneyao

Shangwei New Material Technology Co., Ltd

Bailian Group

Dalian Commodity Exchange

Jinling Hotel Co., Ltd.

Joyvio

Work highlights

  • Advised 3PEAK, an integrated circuit design company focusing on the development and sales of analogue integrated circuit products, on its listing on STAR Market.
  • Advised Touchstone Surgical, a high-tech enterprise focusing on the development, innovation, production and sales of high-end surgical staplers, on its listing on STAR Market.
  • Advised Swancor, a leading supplier of resin for composite materials in China, on its listing on STAR Market.

Haiwen & Partners

Haiwen & Partners works extensively with investment banks as sponsors, in addition to advising issuing companies in a range of transactions. In addition to listing projects, the team assists with asset securitisation issues, and handles a steady stream of REIT transactions covering all property types. A recent highlight is undoubtedly the firm's involvement in Lifax’s IPO, the most successful listing of a Chinese company in the US since 2015. Practice head Wei Gao is particularly strong in public M&A transactions, as well as those involving state-owned enterprises.

Practice head(s):

Wei Gao

Other key lawyers:

Hao Bian; Wenzhen Dai; Ning Du; Shuangjuan Wei; Jiangshan Tang; Xuemei Lv; Su Liu; Yao Wang; Xuemei Lv

Testimonials

‘Jiangshan Tang and his team provided us with timely and effective support, kept real-time communication during the project to solve problems arising in project implementation, laying an important legal foundation for our company’s successful listing in Hong Kong.’

Xuemei Lv is not only highly professional but also able to solve problems effectively from the client’s prospective.’

Key clients

Kuaishou Technology

Merrill Lynch (Asia Pacific) Limited, CLSA Capital Markets Limited, Goldman Sachs (Asia) L.L.C. and underwriting syndicate

Lufax Holding Ltd

Orient Securities Investment Banking Co., Ltd; China Galaxy Securities Co., Ltd.

CCB International Capital Limited, Haitong International Capital Limited, ABCI Capital Limited, CLSA Capital Markets Limited

Nanofilm Technologies International Limited

China International Capital Corporation

Chindata Group Holdings Limited

Eazyhome

Work highlights

  • Advised Kuaishou Technology on its listing on the Hong Kong Stock Exchange.
  • Advised Lufax Holding Ltd on its IPO.
  • Advised the sponsors on Baidu’s secondary listing on the Hong Kong Stock Exchange.

Jingtian & Gongcheng

Capital Markets is one of Jingtian & Gongcheng‘s primary areas of focus, and the group has a proven track record of assisting domestic and multinational companies on securities transactions in relation to stock exchanges in China, Europe, the US and Australia. As a recent example, Xiang Gao oversaw one of the highlights of 2020, as the firm acted as underwriter’s counsel in Ke.com’s IPO on the New York Stock Exchange. On the debt side, the firm regularly advises on exchangeable and convertible bonds issuances in addition to asset securitisation. Zhenhua Xiang  leads the team from Beijing, though the firm also has a presence in Hangzhou, Shanghai, Shenzhen, Hong Kong and Nanjing.

Practice head(s):

Zhenhua Xiang

Other key lawyers:

Wei Bai; Xiang Gao; Zhengzheng Hu; Jiang Shen; Xuan Zhou; Wenbo Lin; Zejia Chen; Mingzi Tian

Testimonials

‘Zhengzheng Hu and Jiang Shen are excellent in project cooperation; they are able to put forward professional opinions.’

‘Jingtian’s team is able to communicate with other intermediaries and work out solutions together with the company to improve the overall work efficiency.’

Xuan Zhou is familiar with the latest developments of the capital markets and provides professional and timely legal services, which ensures the company to carry out related activities in the capital markets.’

Xuan Zhou is a leader and guide on legal affairs. Wenbo Lin has an in-depth understanding of cases and is able to make detailed analysis based on extensive practical experience.’

‘With professional legal knowledge and experience in listing, they provide efficient and cost-effective legal services.’

Zejia Chen has the professional legal knowledge and listing work experience, provides efficient legal advice for listing work.’

‘It is a very professional capital markets team. Under the leadership of Xiang Gao, the second generation of core partners, including Mingzi Tian, have grown up. They are able to provide insightful and reliable legal advice on very cutting-edge innovative issues. They also have a business vision.’

‘Xiang Gao is experienced, practical and intuitive. We are happy to work with him which he delivers with high efficiency and good results.

Mingzi Tian has extensive experience and is good at exploring the legal logic in complicated facts and is able to provide accurate suggestions.’

Key clients

Sany Heavy Equipment Co., Ltd.

Morgan Stanley

J.P. Morgan

China International Capital Corporation Limited (CICC)

Goldman Sachs (Asia)

BofA Securities, Inc.

China Gezhouba Group (Hong Kong) Overseas Investment Co., Limited

Shanghai International Port (Group) Co., Ltd. (SIPG)

Simcere Pharmaceutical Group Limited

Burining Rock DX

CMB International Capital Limited

NWS Holdings Limited

CMB International Capital Corporation Limited

Goodbaby International Holdings Limited

Sundy Service Group Co., Ltd.

Ebang International Holdings Inc.

Wenling Zhejiang Measuring and Cutting Tools Trading Centre Company Limited

Nanjing Zhijingling Education Technology Co., Ltd.

FTLife Insurance Company Limited

Dingdang Kuaiyao Technology Group Co., Ltd.

Beijing Ruide Medical Investment Corporation

Work highlights

  • Advised the underwriters for the NYSE IPO of Ke.com.
  • Advised Pop Mart on its listing on the Hong Kong Stock Exchange.
  • Advised Nongfu Spring Co.,Ltd on its listing on the main board of Hong Kong Stock Exchange.

JunHe LLP

JunHe LLP has a longstanding reputation for advising on capital markets deals, assisting with placements, bond issuances and listing projects in addition to M&A and the restructuring of public companies. Headquartered in Beijing, the firm has an extensive office network spanning Shanghai, Guangzhou, Shenzhen and other major cities in China, as well as in Hong Kong and New York, allowing it to assist with listings on the Hong Kong Stock Exchange, Nasdaq and the New York Stock Exchange. Tiejun Shi, Chenliang Li and Huiqing Qu lead the team, while Yongqiang YU  focuses on cross-border bond and equity transactions.

Other key lawyers:

Yongqiang Yu; Tianxiao Lei; Yongqiang Yu

Testimonials

‘JunHe LLP is one of the leading firms in the offshore capital markets space and have excellent knowledge and understanding in this area. They are very experienced with offshore debt capital markets issuances and have a breadth of knowledge that they employ to resolve issues for their clients. As a full-service firm in the PRC, their partners are well connected and can leverage on the expertise of different partners in the firm to provide legal support to their clients.’

‘Yongqiang Yu is an excellent and highly experienced lawyer in the offshore debt capital markets space. He is very commercial and helpful and is willing to go the extra mile for his clients. He provides clear and sound advice to his clients and is extremely reliable with his extensive experience and skills. Tianxiao Lei is a new partner in the same team and offers great service to foreign institutional clients with her good communications skills.’

‘Yongqiang Yu’s legal team focuses on clients’ legal needs and is able to provide practical legal solutions.’

‘The team has extensive experience in the capital markets and is able to provide bilingual services in Chinese and English. With high feedback efficiency and smooth communication with clients, the team has a good understanding of business needs and is a reliable external helper for the company’s legal affairs.’

‘Yongqiang Yu is currently a trusted external consultant of the company, his service has been unanimously affirmed by the legal and business teams. He is good at communicating with the internal team of the company and has a good understanding of the company’s structure, business and risk appetite.’

Key clients

China Yangtze Power Co., Ltd

BYD Company Limited

NetEase, Inc.

Work highlights

  • Assisted China Yangtze Power Co., Ltd in its successful offering and listing of GDRs on the London Stock Exchange through Shanghai-London Stock Connect and trade on the Shanghai Segment of London Stock Exchange.
  • Assists BYD in completing the Placement of almost HKD $30bn H-shares.
  • Assisted NetEase in its Listing on the Main Board of the Stock Exchange of Hong Kong.

Tian Yuan Law Firm

Tian Yuan Law Firm‘s capital markets group is among the busiest in the Greater China region, most particularly with regards to listings on the Chinese markets; in 2020 the firm completed 58 IPO projects, in addition to numerous refinancings and bond issuances. The team is frequently consulted by companies looking to list in Hong Kong and some lawyers, including Siqi Fu, split their time between the PRC and Hong Kong offices. Yan Liu leads the team from Beijing and recently advised China Railway Materials (Group) Commercial Corp. on a major assets restructuring. Other key practitioners include Lihua Wang and Xiaohui Zhu, both of whom combine capital markets experience with M&A expertise.

Practice head(s):

Yan Liu

Other key lawyers:

Lihua Wang; Xiaohui Zhu; Guanxiong Wu; Ping Xu; Siqi Fu

Key clients

Yihai Kerry Arawana Holdings Co., Ltd.

CanSino Biologics Inc.

Shanghai Junshi Biosciences Co., Ltd.

Jiangsu Chuanzhi Podcast Education Technology Co., Ltd.

China Railway Materials (Group) Commercial Corp.

Nongfu Spring Co., Ltd.

Bilibili Inc.

New Oriental Education & Technology Group Inc.

Shimao Services Holdings Limited

Simcere Pharmaceutical Group Limited

Kangji Medical Holdings Limited

Hygeia Healthcare Holdings Co., Limited

RemeGen Co., Ltd.

Financial Street Property Co., Limited

Archosaur Games Inc.

Strawbear Entertainment Group

BYD Co., Ltd.

17 Education Technology

Chindata Group Holdings Limited

Cloopen Group Holding Limited

Work highlights

  • Advised on Yihai Kerry Arawana’s A-share IPO.
  • Advised Bilibili on its secondary IPO in the Hong Kong Stock Exchange.
  • Advised China Railway Materials (Group) Commercial Corp on its major assets restructuring and listing.

AllBright Law Offices

Headed by Jun Xu and Xiaohong Zhang, AllBright Law Offices‘ expertise spans all traditional areas including IPOs, acquisition of listed companies, major asset restructuring and refinancing in addition to more novel areas such as over-the-counter (OTC) markets. The firm, which is primarily based in Shanghai, is highly adept at assisting both issuers and sponsors on listing projects on markets in mainland China and Hong Kong. Guoquan Shen is one of the key practitioners and assists with restructuring issues, particularly with regards to state-owned enterprises.

Practice head(s):

Jun Xu; Xiaohong Zhang

Other key lawyers:

Guoquan Shen; Jing Pang; Congjun Wen; Li Wang; Deng Yaxin; Zou Zebing; Jiwei Yang; Qing Hao

Testimonials

‘The team has many projects in the Internet industry and has a great understanding of the unique business model and legal risks of this industry.’

‘Jing Pang is very accurate in overall judgement.’

Key clients

Caitong Securities

Kintor Pharmaceutical Limited

Liferiver Biotechnology Co., Ltd.

Zhejiang Narada Co., Ltd.

Xinjiang Hongtong Natural Gas Co., Ltd.

SMIC International Integrated Circuit Manufacturing Co., Ltd.

Hengxuan Technology (Shanghai) Co., Ltd.

Haitong Securities Co., Ltd.

Everbright Securities Co., Ltd.

Suzhou Gracell Biotechnology Co., Ltd.

Elite Color Environmental Resources Science & Technology Co., Ltd.

Zhejiang Zhaolong Interconnect Technology Co., Ltd.

Ping An International Financial Leasing Co., Ltd.

Anta Sporting Goods Co., Ltd.

Zhejiang INT’L GROUP Co., Ltd.

Jiangsu Tunan Alloy Co., Ltd.

Bank of China Limited

Shenwan Hongyuan Securities Co., Ltd.

Nanjing Jiangbei New Area Industrial Investment Group Co., Ltd.

Nanjing Jiangbei New Area Industrial Investment Group Co., Ltd.

Jiangsu Rijiu Optoelectronic Co., Ltd.

IECHO

Jiangsu Maixinlin Aviation Technology Co., Ltd.

Hubei Zhenhua Chemical Co., Ltd.

Koal software Co., Ltd.

Commerce & Finance Law Offices

Operating from Beijing and Shanghai, Commerce & Finance Law Offices has a niche in assisting foreign companies with the acquisition of Chinese enterprises through financing from international capital markets, but is active in a range of other areas including pre-IPO restructuring, public listings, refinancing and public M&A. The team is regularly instructed on listings in Hong Kong and cross-border bond issuances. Xin Kong, who leads the team alongside Xiaoman Zhang, Haitao Jiang and Zilong Song, is one of the most experienced names in the sector and assists companies in the real estate sector with debt issuances.

Other key lawyers:

Bo Wang; Rui Chen; Gong Jie; Huaiwang Chen; Gang Wu

Testimonials

‘They are able to provide seamless communication, solving problems in a timely manner.’

Haitao Jiang can accurately understand client needs.’

Bo Wang, Rui Chen, Jie Gong and Huaiwang Chen are excellent with regards to their professionalism and close cooperation.’

Key clients

First Service Holding Limited

AdTiger Corporations Limited

ESR Cayman Limited

Guizhou Branch of Agricultural Bank of China

Yunnan Branch of Agricultural Bank of China

ZHEJIANG ZOENN DESIGN CO., LTD

China International Capital Corporation Limited

Hangzhou Alltest Biotech Co., Ltd.

Bestway Marine & Energy Technology Co., Ltd.

Zhejiang Wolwo Bio-Pharmaceutical Co., Ltd.

Weichai Holding Group Co. Ltd

China Bohai Bank Co., Ltd.

Zhaoke Ophthalmology Limited

JHBP (CY) Holdings Limited

Honliv Healthcare Management Group Company Limited

Shenzhen Hepalink Pharmaceutical Group Co., Ltd.

Kohlberg Kravis Roberts & Co. L.P.

Zai Lab Limited

JOINN Laboratories (China) Co., Ltd.

Suzhou Basecare Medical Corporation Limited

Antengene Corporation Limited

Adagene Inc.

GL Capital

Li Ning Company Limited

YF Capital

Evergrande Property Services Group Limited

SHIMAO SERVICES HOLDINGS LIMITED

Morgan Stanley & Co. International plc、China International Capital Corporation Hong Kong Securities Limited、The Hongkong and Shanghai Banking Corporation Limited、BNP Paribas

China International Capital Corporation Hong Kong Securities Limited Goldman Sachs (Asia) L.L.C. Credit Suisse (Hong Kong) Limited

Sunac Services Holdings Limited

NIO

Boqii Holding Limited

Dada Nexus Limited

Bilibili Inc.

Smart Share Global Limited

Hongta Securities Co., Ltd.

IAT Automobile Technology Co., Ltd.

Henan Shuanghui Investment & Development Co.,Ltd.

Chongqing Baiya Sanitary Products Co., Ltd.

First Capital Securities Co., Ltd.

Ningbo Zhoushan Port Company Limited

Quhuo Limited

Strawbear Entertainment Group

Yum China Holdings, Inc.

WEILONG DELICIOUS GLOBAL HOLDINGS LTD

Green Tea Group Limited

Work highlights

  • Advised Yunnan Branch of Agricultural Bank of China on the issuance of project income special bonds.
  • Advised Guizhou Branch of Agricultural Bank of China on the issuance of project income special bonds.
  • Advised Linklogis Inc. on its listing on the Main Board of the Hong Kong Stock Exchange.

DeHeng Law Offices

DeHeng Law Offices‘ position in the Chinese securities market is well established, and the firm has a proven track record of assisting domestic and overseas companies with IPOs and other listing projects, refinancing and M&A involving listed companies. In 2020, the firm worked with a number of companies looking to list on the STAR Market of the Shanghai Stock Exchange, including Beijing SinoHytec and Haitong Securities. Jianjun Xu leads the team and is best known for advising issuers and sponsors on listings on the Hong Kong Stock Exchange.

Practice head(s):

Jianjun Xu

Other key lawyers:

Zhengguo Liu; Xianan Wang; Jiejun Zhang; Yanan Zhao; Zhiwei Hou

Key clients

Haitong Securities Co.,Ltd.

China Resources (Holdings) Co., Ltd.

China Resources Land Limited

China Resources Mixc Lifestyle Services Limited

Smoore International Holdings Limited

Chongqing Sanfeng Environment Group Co., Ltd.

Beijing SinoHytec Co., Ltd.

Zhejiang Marssenger Kitchenware Co., Ltd.

Guangdong Leadyo IC Testing Co., Ltd.

Asymchem Laboratories (Tianjin) Co., Ltd.

Beijing TINAVI Medical Technology Co., Ltd.

HSBC Qianhai Securities Limited

3onedata Co., Ltd.

Ming Yuan Cloud Group Holding Limited

Jilin Oled Material Tech Co., Ltd.

Pony Testing International Group Co., Ltd.

Road Environment Technology Co., Ltd.

Infovision Optoelectronics (Kunshan) Co., Ltd.

Lixiang Education Holding Co., Ltd.

Xi’an Peri Power Semiconductor Converting Technology Co., Ltd.

Kweichow Moutai Group

China Three Gorges Corporation

Work highlights

  • Advising Haitong Securities Co.,Ltd. on its IPO.
  • Advised Beijing TINAVI Medical Technology Co., Ltd. on its IPO.
  • Advised on the IPO of China Resources Mixc Lifestyle Services Limited on the Main Board of HKEX.  

Baker McKenzie FenXun

When it comes to asset-backed securitisation projects, few firms in China are as active as Baker McKenzie FenXun. With offices in Beijing, Shanghai, Hainan and Shenzhen, the firm is able to advise clients from a range of industries on complex projects involving multiple asset types including real estate, consumer finance, infrastructure and financing leases. Beyond its ABS work, the team, led by Jianzhao Wang, Shirley Wang and Yingzhe Wang, works with state-owned enterprises on restructurings and reorganisations, as well as M&A involving publicly-listed companies.

Other key lawyers:

Guangshui Yang; Wenyi Piao; Yingfei Yang

Testimonials

Baker McKenzie Fexun has very strong local expertise and a very good understanding of international capital market requirements or standards. There is seamless cooperation between the local teams and Baker McKenzie offshore teams to deliver excellent legal advice to both local and international clients. The teams are highly professional and efficient.’

Baker McKenzie Fexun can always go one step further by identifying win-win or even win-win-win solutions, advice or alternatives for various counterparties. The team is also extremely efficient and highly responsive in delivering legal services.’

Their professionalism can be reflected in the advice they offer, and they will try their hardest to find the best solutions for their clients.’

Work highlights

  • Advised China Cinda Asset Management Co., Ltd. on “Cinda Zhiyuan Period” ABS series projects.
  • Advised Mercedes-Benz Leasing Co., Ltd. on the ABN project of its lease receivables.
  • Advised Shenzhen Bo Lin Hui Commercial Factoring Co., Ltd. on an ABS project.

Guantao Law Firm

Capital markets continues to be a core area for Guantao Law Firm, which is very active in advising companies from numerous industries on IPO projects on the Chinese stock markets. Led by Bo Su and Dongying Sun, the department’s recent successes in this regard include Financial Street Property’s listing on the main board of the Hong Kong Stock Exchange and Shanxi Zhongtian Rocket Technology's IPO on the Shenzhen Stock Exchange. Beyond listing work, founding partner Liguo Cui handles asset acquisition mandates.

Practice head(s):

Bo Su; Dongying Sun

Other key lawyers:

Liguo Cui; Yaping Huang; Wenliang Zhang; Zengjin Luo

Key clients

Financial Street Property Co., Limited

Jinke Smart Services Group Co., Ltd.

Shanxi Zhongtian Rocket Technology Co., Ltd

Beijing World Online Advertising Co., Ltd.

Wuhan Xingtu Xinke Electronics Co., Ltd.

Hangzhou Huaguang Advanced Welding Materials Co., Ltd.

Hengyu Datacom Aviation Equipment (Beijing) Co., Ltd.

KEDE Numerical Control Co., Ltd.

Shenzhen Kinwong Electronic Co.,Ltd.

Shanghai Chengtou Group Corporation

Shanghai Tower Construction and Development Co., Ltd.

China Post Life Insurance Co., Ltd.

Yango Group Co., Ltd.

Suzhou Iron Technology Co., LTD

China State Construction International Investments Limited

Puyang Refractories Group Co., Ltd

Allgens Medical TechnologyCo., LTD

Work highlights

  • Advising Financial Street Property Co., Limited on its IPO on the Hong Kong Stock Exchange.
  • Advising Jinke Smart Services Group Co., Ltd on its listing on the Main Board of The Stock Exchange of Hong Kong.
  • Advised Shanxi Zhongtian Rocket Technology Co., Ltd. on its IPO on the Shenzhen Stock Exchange.

Llinks Law Offices

Llinks Law Offices practice is commendably broad, as the firm advises international and domestic issuers and sponsors on all major types of transactions. Securities issuance projects are undoubtedly a specialism, with several members of the team experienced in IPOs, follow-on listings and convertible debt offerings.  Founding partner Christophe Han continues to advise on capital markets matters as part of a wide-ranging corporate practice, while Grant Chen leads the practice from Shanghai and has previous experience working for regulatory bodies.

Practice head(s):

Grant Chen

Other key lawyers:

Christophe Han; Calista Huang; Wayne Chen; James Weng; Zhengyi Zhang

Key clients

Sinochem International Corporation;

American Securities LLC

Shanghai Sinotec Co., Ltd

Gangfeng Lithium Co., Ltd.

China Molybdenum Co., Ltd.

Shanghai Lingang Economic Development (Group) Co. Ltd.

Xiamen ITG Group Corp.,Ltd.

Guoxuan High-techd Co., Ltd..

Work highlights

  • Advised Contemporary Amperex Technology Co., Limited on non-public issuance of stocks.
  • Advised Ganfeng Lithium Co., Ltd. on public offering of A-share convertible bonds.
  • Advised Gotion High-tech Co., Ltd. on the non-public issuance of stocks.

Beijing Grandway Law Offices

Beijing Grandway Law Offices is the firm of choice for many companies looking to list on the STAR market of the Shanghai Stock Exchange, as well as the Shenzhen SME board. Liguo Zhang heads up the practice (which also handles public M&A, refinancing and ABS) from Beijing, and frequently collaborates with Shanghai-based Zang Xin on the firm’s largest projects. Shenzhen-based Tao Zhou is also a name to note who excels in capital markets, refinancing and M&A transactions involving listed companies.

Practice head(s):

Liguo Zhang

Other key lawyers:

Zang Xin; Tao Zhou; Jian Sang; Yueyun Yuan; Bo Pan

Key clients

Zhejiang Dahua Technlogy Co., Ltd.

Ligao Foods Co., Ltd

Goke Microelectronics Co., Ltd.

Long Yuan Construction Group Co., Ltd.

Shanghai Golden Union Business Management Co., Ltd.

Jiamei Food Packaging (Chuzhou) Co., Ltd.

Jiangsu Eazytec Co., Ltd.

Shanghai Trendzone Construction Decoration Group Co.,Ltd

Cloudwalk Group Co., Ltd.

Jiangsu Gao Kai Precision Fluid Technology Co., Ltd.

Hainan Huluwa Pharmaceutical Group Co., Ltd.

Guangdong Shenling Environmental Systems Co., Ltd.

Xiamen Hongxin Electron-tech Group Co., Ltd

Guangdong Rifeng Electric Cable Co., Ltd.

Guangdong Enpack Packaging CO., LTD

Guangzhou Tinci Materials Technology Co., Ltd

Dongguan Dingtong Precision Metal Co., Ltd

Guangdong Lyric Robot Automation Co., Ltd.

Guangdong Xinbao Electrical Appliances Holdings Co., Ltd

Shenzhen Urban Transport Planning Center Co., Ltd.

Guangdong Fangyuan Environmental Protection Co., Ltd

Shenzhen New Land Tool Planning &Architectural Design Co., Ltd.

Work highlights

  • Advised Hainan Huluwa Pharmaceutical Group Co.,Ltd. on an IPO.
  • Advised PCI Technology Group on its non-public issuance of A-shares.
  • Advised Shanghai Golden Union Business Management on its IPO.

Chance Bridge Law Firm

Chance Bridge Law Firm has expanded significantly in recent years, and now has a capital markets practice capable of advising domestic clients on a full spectrum of transactions. Very active in IPOs on the Chinese market, the firm also assists with bond issuances, pre-listing private placements and refinancing of listed companies. Ning Zhu, Gang Hu and Guangzhe Xu lead the team from Beijing.

Practice head(s):

Ning Zhu; Gang Hu; Guangzhe Xu

Key clients

Jiangxi Fushine Pharmaceutical Co., Ltd.

Gansu Yatte Investment Group

Hubei Yunhua Rural Culture and Tourism Development Co., Ltd.

Zunyi Xinpu Development Group Co., Ltd

Beijing Orient Landscape & Environment Co., Ltd.

Tongren Bijiang Urban Construction Development Investment Co., Ltd.

Shanxi Xixian New Area Qinhan New City Development and Construction Group Co., Ltd.

Rugao Xinchai Rural Infrastructure Development Co., Ltd.

Guizhou Shuanglong Airport Development &Investment Group Co., Ltd.

Liaocheng Huajing Gaoke Construction Development Co.,

Ltd.

Work highlights

  • Advised Jiangxi Fushine Pharmaceutical Co., Ltd. on a share issuance.
  • Advised Gansu Yatte Investment Group on the transfer of equity interests in Jinhui Liquor Co., Ltd.
  • Assisted Beijing Orient Landscape & Environment Co., Ltd. with a public issue of Green Corporate Bonds.

Dentons China

As part of Denton’s global network, Dentons China frequently acts as PRC counsel on international capital markets transactions, though the firm is also adept at assisting domestic clients with IPO, corporate restructuring and reorganisation. Xugang Yu, Qingchun Du, Shoushuang Li, Wangsheng Lu , Qin Chen, Xingcheng Fan and Renwen Geng are the names to note.

Key clients

FAW Auto Finance Co,. Ltd.

Ping An Bank Co., Ltd.

Bank Of Guiyang Co., Ltd.

Shanghai Lingang Guanwei Investment Development Co., Ltd.

Alchip Technologies, Limited

Jowel Global Limited

Zhejiang Shanxi Water Conservancy and Hydropower Development Co., Ltd.

China Eastern Airlines Co., Ltd.

Guangxi Beibuwan International Port Group Co., Ltd.

Shanghai CEO Environmental Protection Technology Co., Ltd.

Deewin Tianxia Co.,Ltd.

Chengdu Mingyu Global Business Management Co., Ltd.

China CITIC Bank Co., Ltd.

China Jinmao Holdings Group Ltd; Shanghai Jinmao Hotel Management Co., Ltd

Lenovo (Tianjin) Commercial Factoring Co., Ltd.

Chongqing Longhu Enterprise Development Co., Ltd.

CITIC Securities Co., Ltd.

China Fortune Land Development Co., Ltd

Beijing Shunyi Xincheng Construction Development Co., Ltd.; Yibin Luneng Development (Group) Co., Ltd

Jiangsu Re-guarantee Financial Leasing Co.,Ltd.

Zhuzhou Kibing Group Co., Ltd.

Guangdong Lingxiao Pump Industry Co.,Ltd.

Guangxi Yuegui Guangye Holdings Co., Ltd.

Guangdong Provincial Expressway Development Co. , Ltd.

Hunan Nucien Pharmaceutical Co., Ltd.

Guangdong Shunde Holding Group Co., Ltd.

Guangdong Nanhai Holding Investment Co.,Ltd.

Guangzhou Development Zone Financial Holding Group Co., Ltd.

Guangzhou Development Zone Urban Development Fund Management Co., Ltd.

Zhongshan Zhongying Industrial Investment Co., Ltd.

Global Top E-Commerce Co., Ltd.

Honz Pharmaceutical Co.,Ltd.

Guangzhou Digital Media Co., Ltd

Xingfa Aluminium Holdings Limited

Shanghai Zhongliang Real Estate Group Co., Ltd

Zheshang Bank Co., Ltd

Zhejiang Tailong Commercial Bank Co., Ltd.

China Ping An Trust Co., Ltd.

Zhangjiagang Rural Commercial Bank

Ping An Dian Chuang International Financial Leasing Co., Ltd.

Caixin Securities Co., Ltd.

CCCC First Highway engineering Group Co. Ltd

China Three Gorges Renewables Co. Ltd

Dianguang Explosion-proof Technology Co., Ltd.

China Financial Futures Exchange

Shanghai Futures Exchange

Dalian Commodity Exchange

Dalian Commodity Exchange

Agricultural Bank of China Financial. Leasing Co., Ltd.

AVIC International Leasing Co., Ltd.

AVIC Capital Co., Ltd., Bank of Barclays, BNP Paribas, China International Finance Hong Kong Securities Co., Ltd., Standard Chartered Bank and Shanghai Pudong Development Bank Hong Kong Branch

CLSA Limited

Dornier Seawings Co., Limited

Shanghai Fengxian development (Group) Co., Ltd.

Shanghai lingang new city investment & construction co., ltd.

China Development Bank Corpration

Sino Gas Holdings Group Limited

Qilian International Holding Group Limited

Icon Culture Global Company Limited

ATIF Holdings Limited

Guangdong Nation-Synergy Hydrogen Power Technology Co., Ltd

Guangxi Wuzhou Zhongheng Group Co.,Ltd.

Times Property Holdings Limited

Guangzhou Yatsen Global Co., Ltd.

Baosheng Media Group Holdings Limited

Oriental Gas Holdings Limited

Fushun Branch of China CITIC Bank Co., Ltd.

Hai Run Law Firm

Following the merger of Beijing Hairun Law Firm and Beijing Teamray Law Firm in 2018, Hai Run Law Firm is able to offer expertise in all major areas of the capital markets, frequently assisting with domestic IPO projects, corporate asset reorganisation and reform of joint-stock systems, public M&A and major asset restructuring. Kebing Yan leads the team, which also includes Shenghuai Zhang and Yushuan Zhu, both of whom have over 20 years of experience in the field.

Practice head(s):

Kebing Yan

Other key lawyers:

Shenghuai Zhang; Yushuan Zhu

Key clients

China Life Insurance (Group) Company

State Grid Corporation of China

Mircosoft

Baidu

MCC

China National Aviation Holding Company

China Construction Bank

HUAXIA Bank

China Nonferrous Metal Mining (Group) Co., Ltd.

China South Industries Group Corporation

Work highlights

  • Advised Amic Technology Development Co., Ltd. on its IPO.
  • Advised Beijing Bohui Technology Co., Ltd. on its IPO.
  • Advised Arctech Solar Holding Co., Ltd. on its IPO.

Jia Yuan Law Offices

Jia Yuan Law Offices‘  extensive client base includes financial institutions, state-owned enterprises and fortune 500 companies from numerous industries, which it assists with domestic and overseas IPOs, asset restructuring and investment transactions. Guobao Huang, Jiansheng Yi, Wen Zhang are the names to note in Beijing, while Liangjuan Wen leads the Shenzhen practice.

Other key lawyers:

Yu Yan; Yuan Wang

Key clients

China National Materials Group Corporation LTD.

Aviation Industry Corporation of China

China National Salt Industry Corporation

QingdaoPortInternationalCo.,Ltd.

Zhejiang Sanmei Chemical Industry Co., Ltd.

Legend Holdings Corporation

CITIC Group Corporation

China National Building Materials Group Corporation

China Railway Group Limited

Metallurgical Corporation of China

Work highlights

  • Advised Air China Power Co., Ltd on asset transactions.
  • Assisted TCL Technology GroupCo. with a convertible bond issuance.
  • Advised New Oriental Education Technology Group on its secondary HK listing.

Kangda Law Firm

Kangda Law Firm has a long history of handling complex transactions on the domestic debt and equity capital markets, and continues to assist both sponsors and issuers with public listings, restructuring and M&A involving public companies. Hua Jiang leads the team, which also advising clients on issuing shares to purchase assets and transferring state-owned equity.

Practice head(s):

Hua Jiang

Key clients

Bonree Data Technology Co., Ltd.

Skycam Defense Technology Co., Ltd.

Zhejiang Xidamen New Material Co., Ltd.

Foshan Blue Rocket Electronics Co., Ltd.

Yunnan Jianzhijia Health-Chain Co., Ltd.

Zhejiang Yiming Food Co., Ltd.

Shengyi Electronics Co., Ltd.

Shanxi Huaxiang Group Co., Ltd.

China International Capital Corp., Ltd.

Shaanxi Construction Engineering Group Corp., Ltd.

No.5 Construction Engineering Group Co., Ltd.

Guangdong Holdings Limited

Guangzhou Industrial Investment Holding Group Co., Ltd.

Work highlights

  • Advised Muyuan Foods Co., Ltd. on its IPO.
  • Advised AVIC International Holding Corporation a on bond issuance.
  • Advised Yunnan Jianzhijia Health-Chain Co., Ltd. on its public listing.