Insolvency and restructuring; PRC firms in China

King & Wood Mallesons

King & Wood Mallesons has a sizeable restructuring and insolvency team with specialists that advise across the full spectrum of related issues. The practice handles matters concerning debt restructuring, insolvency and settlement operations, corporate dissolution and liquidation, as well as risk disposal for financial institutions. Key clients include Bohai Steel Group, Dan-dong Port Group, and Huahan Science and Technology. Practice head Yanling Liu and Fuxiang Wang have a strong background in corporate debt restructuring and bankruptcy reorganisation. Zhaohui HaoLe Wang and of counsel Yuhan Shen are also noted.

Practice head(s):

Liu Yanling; Wang Fuxiang

Other key lawyers:

Zhaohui Hao; Le Wang; Yuhan Shen

Key clients

Bohai Steel Group Co., Ltd.

Shaanxi J&R Optimum Energy Co., Ltd

Ningxia Zhongyin Cashmere Co., Ltd

Dandong-Port Group Co., Ltd.

Huahan Science and Technology Co., Ltd.

Qinghai Salt Lake Industry Co., Ltd.

Xiwang Group Company Limited

Zhong Lun Law Firm

Zhong Lun Law Firm offers a full-service approach and advises a large client base consisting of debtors, strategic investors, shareholders, and creditors. The practice has significant experience in acting as a bankruptcy administrator, as well as advising on liquidation cases. Other key areas of work include filing for bankruptcy applications, conducting pre-restructuring investigations, participating in risk treatment of financial institutions. Practice head Shengfeng Xu has a strong presence in the restructuring and insolvency space.

Key clients

Guizhou Guoyuan Mining Co., Ltd

Fuguiniao Co., Ltd

Liaoning Huishan Dairy Group Company Ltd. and the 108 associated companies.

Liaoning Harbour Group Co., Ltd

Shenzhen Protruly Electronics Co., Ltd.

Yangzhou Guangli Steel Pipe Manufacturing Co., Ltd.(Used name: Marcegaglia (China) Co. Ltd.)

Nanjing Wanjia Real Estate Development Co., Ltd

Jiangsu Longken Group Co., Ltd.

Nanjing Huaneng South Industry Development Corp.

Jiangsu Branch of the Export-Import Bank of China

Jiangsu Kaijin Online Financial Assets Exchange Center Co., Ltd.

Jiangsu Sumec Group Co., Ltd.

Jiangsu Dongfang Real Estate Development Co., Ltd.

Jiangsu Huizhong Gete’er Air Conditioning Co., Ltd.

Nanjing Weige Decoration Engineering Co., Ltd.

Administrator of Jiangsu Huiyu Logistics Co. Ltd.

Administrator of Nanjing Jianwei Real Estate Development Co. Ltd.

Administrator of Nanjing Yicheng Real Estate Co. Ltd.

Administrator of Nanjing Yicheng Ocean World Co. Ltd.

Administrator of Nanjing Ningcheng Elec

Work highlights

  • Assisted Fuguiniao Co. with the demonstration and research of major legal issues, the recruitment of investors, the drafting of reorganization plans and the formulation of asset disposal plans.
  • Acted as the main administrator of Guizhou Guoyuan Mining Co.
  • Advised Liaoning Huishan Dairy on its restructuring.

DeHeng Law Offices

DeHeng Law Offices has a long history in restructuring and insolvency and established the Enterprise Aid and Insolvency Committee which now has has 22 locations around China. The firm works alongside courts and government authorities including the Supreme People's Court, China Securities Regulatory Commission, and National Development and Reform Commission. Liya Fan heads the practice and has been active in a number of corporate restructuring cases.

Practice head(s):

Liya Fan

Other key lawyers:

Jie Zhou; Jianhong Chen

Key clients

Sanya Intermediate People’s Court

Yinchuan Intermediate People’s Court

Beijing Municipal Haidian District Basic People’s Court

ICBC Dalian Branch

Zibo Intermediate People’s Court

Liquidator of Shanxi Liansheng Energy Co., Ltd

Zhuzhou Intermediate People’s Court

Dalian Shipbuilding Industry Co., Ltd

Yanzhou District People’s Court

China Development Bank, Anhui Branch

Qilu Special Steel Co., Ltd.

Qilu Engineering Machinery Co., Ltd.

Yanzhou Alloy Steel Co. Ltd.

Shandong Quanxing Forging Co., Ltd.

Kangde Composite Mater

Work highlights

  • Selected as administrator in the Corporate restructuring case of Sanya Luhuitou Tourism District Development Co., Ltd and its six subsidiaries, Hainan Xinjia Travel Industry Development Co., Ltd and its four subsidiaries.
  • Selected as administrator in the Consolidated restructuring case of Shanxi Liansheng Energy Co., Ltd. and other thirty-one companies.
  • Selected as administrator in the Corporate restructuring case of Beijing Xingda medical research Co., Ltd.

Fangda Partners

Fangda Partners is highly rated in restructuring and insolvency and works with clients in both the private and public sectors. The team has expertise in handling investor representation, cross-border bankruptcy and restructuring, bankruptcy administration and debt representation. The practice is increasingly acting as administrators for local governments in restructuring matters. Practice head Ji Nuo is experienced in debt restructuring, investment in distressed assets and cross-border insolvency matters. Kai Li and Lingqi Wang are also noted.

Practice head(s):

Ji Nuo

Other key lawyers:

Kai Li; Lingqi Wang

Key clients

Dalian Shipping Industry Offshore Co., Ltd.

ZK Engineering

Bestway Marine & Energy Technology Co., Ltd.

Shanghai CEFC International Group Ltd.

Shanghai Yuehe Real Estate Co., Ltd.

Shanghai Zhouxian Real Estate Development Co., Ltd.

Shanghai Tongye Charcoal Chemical Industry Co., Ltd.

Huaxin Chemical Fiber Technology Group Co., Ltd.; Yuyao Xinhua xin Fiber Sales Co., Ltd.

GSP Yantai

Jinlong Holding Group Co.,Ltd

Work highlights

  • Appointed by Shanghai Bankruptcy Court as joint administrators of Shanghai CEFC International Group bankruptcy and liquidation.
  • Acted as pre-pack administrator to ZK Engineering in the first pre-packaged reorganization before Shanghai Bankruptcy Court.
  • Advised Bestway Marine & Energy Technology Co. on its reorganization.

DaHui Lawyers

DaHui Lawyers has a highly experienced restructuring and insolvency practice with particular expertise in the TMT sector. Key clients for the firm include CBS, Haufe Group, Vonage and other multinationals. Founding/managing partner Richard Ma is a key contact in the practice and also heads the TMT and M&A teams. Chris Chen, Julia Dai and Zheng Zhang are also noted and have a strong background in corporate and M&A.

Practice head(s):

Richard Ma

Other key lawyers:

Chris Chen; Julia Dai; Zheng Zhang

Key clients


Aruba Networks


CBS Corporation

Cirium (Flight Global)


Comcast Communications

Elsevier Limited

Evernote Corporation

Hainan Airlines / HNA Group

Hannover Fairs

Haufe Group

Hewlett Packard Enterprise

LexisNexis Legal Professional & Risk Solutions

Lindsay Corporation

Macmillan Publishers

Messe München Group




Princeton University Press

Prinova Solutions

Reed Exhibitions

Reckitt Benckiser

RELX Group

Siam Cement Group (SCG)


Springer Nature


Work highlights

  • Represented CBS in restructuring planning and establishment of strategic wholly-owned ventures in China.
  • Advised Comcast on developing and implementing efficiency-boosting strategies aimed at winding up and dissolving past operations that no longer fit its strategic core interests.
  • Advised Vonage’s Nexmo and NewVoiceMedia affiliates to undertake a corporate restructuring to enable the companies to offer innovative services to PRC customers.

Guantao Law Firm

Guantao Law Firm has experienced lawyers that handle corporate, insolvency and liquidation matters, and act for a range of corporates and non-banking financial institutions. Frequent instructions involve acting as the court-appointed administrator in bankruptcy and liquidation cases. Yucheng Jin heads the practice in Dalian and Jianyue Zhu heads the Beijing-based team. Guang Yang and Dongfeng Sun are also noted.

Practice head(s):

Jianyue Zhu; Yucheng Jin

Key clients

Jianqiao Securities

Quanzhou Qixing Machinery Co., Ltd.

Fujian Qixin Machinery Equipment Co., Ltd.

Multi-Micro (Fujian) Electronic Tech. Co., Ltd.

China Great Wall Asset Management Co., Ltd.

China Huarong Asset Management Co., Ltd.

China Cinda Capital Management Co., Ltd.

China Orient Asset Management Co., Ltd.

Work highlights

  • Advised Jianqiao Securities Co. on its bankruptcy liquidation.
  • Advised Quanzhou Qixing Machinery Co., Ltd. and Fujian Qixin Machinery Equipment Co., Ltd. on its substantial merger and restructuring.
  • Advised Liaoning Branch of China Huarong Asset Management Co., Ltd on its a series of lawsuit cases about confirmation of creditor’s rights in insolvency of enterprises against a series of companies of Liaoning Huishan Dairy Group.


JunHe LLP has a sizeable insolvency practice and is a member of the National Judicial Register of Bankruptcy Administrators. The team regularly advise on a broad range of issues including bankruptcy, restructuring, voluntary liquidation, compulsory liquidation, and debt restructuring projects. Yang Li heads the Beijing team and Ming Dong operates in Shanghai. Guangzhou-based Catherine Miao and Shanghai-based Min Zhao are key individuals to note.

Work highlights

  • Acted as the legal counsel for the Financial Debt Committee of Ningxia Zhongyin Cashmere Co., Ltd. for the restructuring of Ningxia Zhongyin Cashmere Co., Ltd.
  • Advised the creditors of Xiamen XGMA Machinery Co. through the entire bankruptcy and reorganization process.
  • Appointed as the administrator for the bankruptcy liquidation of Shenzhen Jinzhentong Technology Development Co.

East & Concord Partners

East & Concord Partners' key areas of work include bankruptcy liquidation, bankruptcy reorganization, bankruptcy settlement, and compulsory liquidation. Other areas of expertise include administrative trusteeship, special opportunity investment, debt and equity restructuring. Jian Li and Lixin Wu co-head the practice together.

Practice head(s):

Jian Li; Lixin Wu

Key clients

DMG Entertainment Media Co., Ltd.

CCB Financial Assets Investment Co., Ltd.

Work highlights

  • Assisted DMG Entertainment Media Co. with its bankruptcy and related issues.
  • Commissioned by CCB Financial Assets Investment Co., Ltd., which is a wholly-owned subsidiary of China Construction Bank, to provide legal services for its debt-to-equity project with Anyang Iron & Steel Group.
  • Commissioned by CCB Financial Assets Investment Co., Ltd., which is a wholly-owned subsidiary of China Construction Bank, to provide legal services for its debt-to-equity project with Jiangsu Lianyungang Port Co.,Ltd.

Jingtian & Gongcheng

Jingtian & Gongcheng has an experienced insolvency practice based in Beijing which is headed by Bangwei Xu, who has particular expertise in handling domestic and cross-border litigation and arbitration. The team regularly advises clients on bankruptcy investigations, complex loan restructuring, insolvency-related dispute resolution and litigation.

Practice head(s):

Bangwei Xu

Key clients

Lingzhi Fashion Sales (Tianjin) Co., Ltd. (an affiliate of Bestseller)

China Risun Group Limited (1907.HK)

Ningbo Akin Electronic Technology Co., Ltd.

Wacker Neuson SE (SDAX: WAC)

Work highlights

  • Advised Lingzhi Fashion Sales on its bankruptcy proceedings.
  • Advised China Risun Group Limited in the merger filing of China Risun Group Limited and six bankrupt companies of Hongye Chemical Group Co. Limited.
  • Acts as legal counsel to Wacker Neuson SE.

Longan Law firm

Longan Law firm has an active presence in the domestic insolvency and restructuring market. The team advises major domestic banks, asset management firms, and distressed companies. The team's regular workload consists of advising on non-performing asset acquisitions, bankruptcy law and reorganisations. Practice head Dan Wang is noted.

Practice head(s):

Dan Wang

Other key lawyers:

Chi Xu; Jie Wu