Next Generation Partners

Firms To Watch: Restructuring and insolvency: PRC firms

Kangda Law Firm‘s bankruptcy and restructuring practice is split between Beijing and Chengdu, and specialises in acting for administrators in reorganisations and liquidations. Wei Peng leads the team.
Beijing Highking Law Firm handles complex reorganisations and liquidations, including out of court restructurings. Qinghua Zhang and Zhanpeng Xi are the key names to note in the team.

Restructuring and insolvency: PRC firms in China

King & Wood Mallesons

The restructuring and insolvency team at King & Wood Mallesons is appointed by courts across China to act as administrators in complex, large-scale restructurings. The team registers claims, investigates assets of troubled companies, negotiates with creditors, and handles strategic investments to save these companies. In addition to restructurings, the team is also instructed on high-profile liquidations. Yanling Liu and Fuxiang Wang jointly lead the team; Le Wang and Zhaohui Hao are also key figures in the practice, with experience acting in matters involving private and listed companies. Yuhan Shen was promoted to partner in April 2021.

Practice head(s):

Yanling Liu ;  Fuxiang Wang

Other key lawyers:

Le Wang; Zhaohui Hao; Yuhan Shen

Key clients

Tewoo Group Corporation Limited and 44 affiliates

Chongqing Lifan Holding Co., Ltd

Chongqing No. 5 Intermediate People’s Court

Wintime Energy Co., Lt

Jinzhong Intermediate Court

Xiwang Group Company Limited

Court of Zouping City, Shandong Province

Judicial reorganization of Sichuan Coal Industry Group Limited Liability Company and Sichuan Chuanmei Ronghua Energy Corporation Limited

Chengdu Intermediate Court

Antong Holdings Co., Ltd

Quanzhou Intermediate Court

Yinyi Corporation Limited

Ningbo Intermediate Court

Jingui Silver Company Limited

Chenzhou Intermediate Court

Work highlights

  • Handled the reorganisation of Tewoo Group, a state-owned logistics company, and 44 of its affiliates.
  • Acted as deputy chairman of the administration of Chongqing Lifan Holding Co., Ltd; the team was appointed to this position by Chongqing No. 5 Intermediate People’s Court.
  • Appointed as administrator of Wintime Energy Co., Ltd by Jinzhong Intermediate Court.

Zhong Lun Law Firm

Zhong Lun Law Firm has a proven track record of acting as the court-appointed administrator and liquidator for troubled companies across a range of sectors. The team’s work includes acting on complex matters in this area such as pre-pack reorganisations. The practice is divided between offices in Shanghai and Shenzhen; the Shenzhen team has a particular specialism in acting for companies listed on the Shenzhen Stock Exchange who face the threat of delisting due to their troubled finances. Jianhui Tang leads the debt restructuring and non-performing assets practice group, and has experience in restructurings involving listed companies and offshore assets. Other key figures in the team include Shengfeng Xu and Nafisa Nihmat, both of whom are highly experienced in this area.

Practice head(s):

Scott Guan; Fei Wang; Jianhui Tang

Other key lawyers:

Shengfeng Xu; Nafisa Nihmat


‘The team members are all outstanding and very familiar with Chinese law, as well as having a wealth of experience of bankruptcy case work.’

‘Nafisa Nihmat works in a conscientious and sound way, and has been involved in bankruptcy services since a fairly early stage of her career.’

Key clients

Liaoning Huishan Dairy Group Company Ltd. and 82 affiliated companies

Shenzhen Feima International Supply Chain Co.,Ltd.

Shenzhen Junma environmental protection Co., Ltd

Feima Investment Holdings Co.,Ltd.

Guizhou Guoyuan Mining Co., Ltd

DEA General Aviation Holding Co., Ltd.

Shenzhen QVOD Technology Co., Ltd

Xinyijia supermarket Co., Ltd.

Shenzhen Xindelai Industrial Co., Ltd

Ju Yuan Chemical Industry Co., Ltd

Djarum Resources Holdings Co., Ltd. No

Qingdao Decoration Corporation

Qingdao Hongshun Industrial Company

Work highlights

  • Acted as administration in the reorganization of Liaoning Huishan Dairy Group Company Ltd. and 82 affiliated companies.
  • Provide legal services on debt restructuring of Djarum Resources Holdings Co., Ltd..
  • Acted as the bankruptcy administrator for consolidated bankruptcy restructuring of Zhoushan Haozhou Group Co., Ltd. and its 11 affiliates.

DeHeng Law Offices

DeHeng Law Offices handles the reorganisation of Chinese enterprises, including state-owned enterprises, in sectors including mining, manufacturing, construction, and pharmaceuticals. Liya Fan leads the practice, with Chunlei Zhang another key figure in the team.

Practice head(s):

Liya Fan

Other key lawyers:

Chunlei Zhang

Key clients

Chengdu Tianxiang Environment Co., Ltd

Shandong Baisheng Biotechnology Co., Ltd

Shenyang Wuzhou Development Commercial Plaza Co., Ltd

Chongqing Xiexin Yuanchuang Industrial Co., Ltd

Hunan Jinwang bismuth Co., Ltd

Qilu Special Steel Co., Ltd

Ningxia Shangling industry (Group) Co., Ltd

Inner Mongolia Xingye Group Co., Ltd

Henan Fangyuan Carbon Group Co., Ltd

Pingshan Lushan Yaxing carbon material Co., Ltd

Henan Shengguang Group

Ningxia Rongchang Cashmere Group Co., Ltd

Sanya Luhuitou tourist area development Co., Ltd

Henan Construction Group Co., Ltd

Shandong jinshunda Group Co., Ltd

Work highlights

  • Assisted Qilu Special Steel Limited Company and its three affiliated companies with their reorganization which will promote the rebirth of four companies including Qilu special steel and its three affiliated companies.
  • Acted as trustee in the reorganisation of Sanya Zhonghongxi Real Estate Development Co., Ltd. and 16 affiliated companies.
  • Acted as a member of the liquidation group of Shengguang Investment Group and 22 other companies.

Fangda Partners

Fangda PartnersComparative Guides promotional icon is frequently instructed as administrator and liquidator in complex cases. The team’s recent work includes advising on cross-border insolvencies, including acting in Hong Kong courts to have the verdicts of Mainland bankruptcy courts recognised in Hong Kong. The practice also advised on several novel matters in the Shanghai market, including the first pre-pack reorganisation and the first reorganisation of a listed company. In addition to acting as administators, it also acts for creditors and bondholders. The team is led by Nuo Ji, who handles reorganisations and insolvencies across a range of sectors. Other key contacts in the team include Kai Li and Lingqi Wang, who is noted for his work on cross-border matters and frequently acts for foreign liquidators, noteholders and creditors.

Practice head(s):

Nuo Ji

Other key lawyers:

Kai Li; Lingqi Wang


‘The bankruptcy and restructuring team and dispute resolution team led by Nuo Ji both have excellent academic backgrounds, good English, very strong service skills and outstanding research capabilities. The team has outstanding strengths, particularly in terms of restructuring administrators, restructuring investor recruitment services, and cross-border bankruptcy services.’

Excellent legal knowledge and strategic thinking – a go-to every time.’

Lingqi Wang – extremely bright personable and commercial.’

Strong ability to understand company issues and suggestions and to help the company find the best solution for the business, combining legal requirement and business needs.’

‘Excellent, reliable and accurate advice. They are my go-to team.’

‘They offer integrity and technical ability.’

Key clients

Shanghai CEFC International Group Ltd.

Dalian Shipping Industry Offshore Co., Ltd.

ZK Engineering

Bestway Marine & Energy Technology Co., Ltd.

Shanghai Tongye Charcoal Chemical Industry Co., Ltd.

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

Jinlong Holding Group Co., Ltd

Shanghai Zhouxian Real Estate Development Co., Ltd.

Shanghai Yuehe Real Estate Co., Ltd.

Various Creditors and Counterparties in HNA Bankruptcy

Work highlights

  • Acted as administrator in the reorganization of Bestway Marine & Energy Technology Co., Ltd., the first reorganization of listed company registered in Shanghai.
  • Acted as administrator in pre-packaged reorganization and subsequent reorganization proceeding of ZK Engineering, making it the first pre-packaged reorganization in Shanghai.
  • Acted as administrator in reorganization of Shanghai CEFC International Group Ltd., the bankruptcy reorganization proceeding was recognized by the High Court of Hong Kong, which is a milestone in cross-border recognition and assistance between the mainland and Hong kong.

DaHui Lawyers

DaHui Lawyers has a particular focus on aiding multinational companies in reorganising their operations in China, such as advising these companies on spinning-off aspects of their business. The team also advises foreign companies on exiting the Chinese market through the liquidation of their subsidiaries; in this area, it collaborates with the firm’s labour and employment team to handle associated mass layoffs. Richard Ma leads the team.

Practice head(s):

Richard Ma

Key clients

Air Products



Aruba Networks

CBS Corporation

Cirium (Flight Global)


Comcast Communications

Elsevier Limited

Evernote Corporation

Haufe Group

Hewlett Packard Enterprise


J&T Express

LexisNexis Legal Professional & Risk Solutions

Lindsay Corporation

Macmillan Publishers

Messe München Group




Princeton University Press

Prinova Solutions

Reckitt Benckiser

Reed Business Information (RBI)

Reed Exhibitions

RELX Group

Research Square (AJE)

Samsung Electronics


Simon & Schuster

Springer Nature


Work highlights

  • Advised CBS on selling several of its China subsidiaries, including spinning off to Pinduoduo a company holding a rare, key operating license (for A/V programs).
  • Advised Haufe on shutting down its China subsidiaries, including termination (and limited re-hiring for dissolution work) of employees and repatriation of funds.
  • Advised Yingxiang Biji on further restructuring to position it and its parent Evernote for additional growth.


Leveraging its impressive domestic footprint, Dentons' Beijing-based restructuring and insolvency team acts on matters across China. The team is particularly active in cases involving industrial companies, including SOEs. In addition to acting as court-appointed administrator, the practice also serves as trustee to distressed companies and handles debt restructurings and liquidations. Guang Han, Meili Gao, Ting Zhang, and Zhibin Zheng jointly lead the team. Gao, Zhang and Zheng are specialists in bankruptcy and restructuring law. Ying Jian is also a key name to note, and is praised for her 'excellent understanding of the market' as well as providing 'commercially driven legal advice'.

Practice head(s):

Han Guang; Gao Meili; Zhang Ting; Zhibin Zheng

Other key lawyers:

Ying Jian


‘Ying Jian has created innovative deal structures for us and put together a highly efficient team to provide us with services. She provides expert and accurate opinions. She also has an excellent understanding of the market for debt restructuring and bad asset disposal, and has given us a lot of excellent business advice.’

‘Dentons is able to provide legal services everywhere in the world that they have a presence, and this really appealed to us. Dentons’ overseas offices also provide very professionally, expert services, which meant that we didn’t have to worry about finding such services.’

‘Ying Jian is extremely professional. She designs different deal methods for the specific circumstances of a project, plus all the methods she uses are very practical. Ms Jian has an excellent understanding of the market and has also helped us by providing business advice, thereby making her legal services even better value for money. We increasingly need this type of combined legal and commercial service.’

Key clients

Henan Zhongpin Food Co., Ltd and other 16 companies

Jilin HOROC Group Co., Ltd

Beijing Huayi Jiaxin Integrated Marketing Consulting Group Co., Ltd

Henan Yinge Industrial Investment Co., Ltd

China Construction Bank Corporation

Mengshang Bank Co.,LTD

Yunnan Coal Chemical Industry Group

Guizhou Guoyuan Mining Development co. LTD

Tewoo Group

Shenyang North Heavy Industries group co. LTD

Tonghua Iron & Steel Group Co., Ltd

Shenyang Machine Tool (Group) Co., Ltd

Shenyang Machine Tool Co., Ltd

China Forest Industry Group

Shenyang Shengjing Energy Development Group

Work highlights

  • Acted as joint adminstrator of He’nan Zhongpin Food Co., Ltd. and 17 other companies.
  • Acted as the pre-reorganisation administrator of Beijing Huayi Jiaxin Integrated Marketing Consulting Group Co., Ltd, after being appointed to this role by the First Intermediate People’s Court of Beijing Municipality.

Global Law Office

Global Law Office‘s broad restructuring practice acts for a range of parties in the bankruptcy and restructuring process, including creditors and investors in distressed companies. Jiuguang Zhao and Yunjian Hou lead the Beijing team, which is frequently appointed by courts in the city to serve as administrator of insolvent companies and is also active in advising on restructuring and liquidation. Weiwei Gu in Shanghai is another name to note.

Practice head(s):

Jiuguang Zhao; Weiwei Gu; Yunjian (Leo) Hou

Other key lawyers:

Zhenlin Ma


‘They are able to provide comprehensive legal services for bankruptcy and restructuring matters, and have a wealth of experience in each area, regardless of whether they are providing legal consultations for creditors, legal consultations for investors, or administrators.

The team’s strengths and key skills are that: 1) They can accurately understand what our company’s intentions are and rapidly respond to our needs; 2) The bankruptcy and restructuring team has extensive expertise and a wealth of practical experience; 3) The teams are set up in a very well-thought-out way and work is shared across teams very well so that handovers are very smooth at all levels; and 4) The partners are heavily involved in each project, ensuring that the quality of work is very high.’

‘Jiuguang Zhao and Zhenlin Ma conduct in-depth research for every legal issue and are always able to provide expert opinions in a timely manner. They are able to integrate this with our company’s commercial requirements, and they continually strive to improve their legal services. They work in a very sound and practical way, ensuring that no detail is overlooked.bThey provide very high quality, expert legal services in a conscientious and professional manner.’

Key clients

Beijing First Intermediate People’s Court

Beijing Chaoyang People’s Court

Beijing Shijingshan People’s Court

Beijing Shunyi People’s court

Beijing Haidian People’s Court

Zhongrong International Trust Co., Ltd.

Bloomage Biotechnology Corporation Limited

HSD Engine Co., Ltd

HSBC Bank (China) Company Limited

Sinopec Capital Co., Ltd

Work highlights

  • Acting for the Bank of China, a major creditor of Tewoo Group, in claiming for creditor’s right during Tewoo Group’s restructuring.
  • Acting for Zhongrong International Trust Co. Ltd., a major creditor of Qinghai Huaxin Hydropower Development Co., Ltd., in claiming creditor’s right during the company’s restructuring.
  • Acting as administrator to Beijing Senxiang Automobile Sales & Service Co., Ltd., after being appointed to the position by Beijing Bankruptcy Court.

Guantao Law Firm

Guantao Law Firm handles the full range of matters in the restructuring and insolvency space. In addition to advising on the reorganisation and liquidation of companies, the team acts for creditors in litigation related to insolvencies. Jianyue Zhu and Yucheng Jin lead the team; Shaosong Sun is another key contact.

Practice head(s):

Jianyue Zhu; Yucheng Jin

Other key lawyers:

Shaosong Sun; Dongfeng Sun

Work highlights

  • Appointed by the Beijing First Intermediate Court to set up a liquidation team for the liquidation process of Beijing Urban Construction Nandi Property Management Co., Ltd.


JunHe LLP assists companies with the restructuring of assets, acting for insolvent enterprises as well as companies restructuring in order to comply with competition laws. The team handles the restructuring of listed companies; it also acts for investors with their investment in companies that are undergoing restructuring. The team is headed by Li Yang, who has experience in handling the reorganisation of SOEs, listed companies, and joint ventures. Zhao Min is another key contact.

Practice head(s):

Li (Lawrence) Yang

Other key lawyers:

Zhao Min

Key clients

Huishan Dairy

Zhongshan Shengdi Real Estate Development Co., Ltd

Zhongnan Red Culture Group Equity Co., Ltd

Guxu Coalfield

Tecnon(Fujian) Commercial Lighting Co., Ltd

Chongqing Brewery Co., Ltd


Guangdong Expressway Development Co., Ltd

Air China

Work highlights

  • Advised Huishan Dairy Holdings Company Limited on its successful bankruptcy and reorganization.
  • Advised Chongqing Brewery on its major asset restructuring and consolidation of Carlsberg’s Chinese brewery assets.
  • Advised China Merchants Group and China Merchants Port Group Co., Ltd. as investors in the bankruptcy and reorganization of Antong Holdings Co., Ltd.

AllBright Law Offices

AllBright Law Offices‘ restructuring and insolvency team is spread across the firm’s offices in Shanghai, Jinan and Nanjing. The practice advises distressed companies on administrations, liquidations, and debt restructurings, and is appointed by Shanghai courts to act as administrators in high-profile cases. Linhai Zhu leads the practice, with Yukun Zhang, Gao Zhang and Qing Xi also active in this area.

Practice head(s):

Linhai Zhu

Other key lawyers:

Yukun Zhang; Qing Xi; Gao Zhang; Jun Sun


‘Linhai Zhu has outstanding overall abilities and very comprehensive service capabilities. Gao Zhang has a wealth of experience and very strong front-line capabilities.’

Key clients

Nanjing Happy Water Cube Travel Co., Ltd.

Nanjing Zhongxing Real Estate Development Co., Ltd.

Eighteen affiliated companies including Zouping Sanli Group Co., Ltd.

Shandong Heli Wheel Co., Ltd.

Eight affiliated companies including Shandong Aobo Medical Equipment Co., Ltd.

Shanghai Youyouto Entertainment Facilities Co., Ltd.

Shanghai Guanghao Property Group Co., Ltd.

Shanghai Xinyu Housing Rental Co., Ltd

Shanghai Spartun Sports Club Co., Ltd.

Shanghai WWT Iot Technology Co., Ltd.

Work highlights

  • Assisted the Hong Kong subsidiary of Shanghai Electric Group Co., Ltd. to avoid insolvency crisis, recover huge losses, and maintain China’s corporate business stability in Hong Kong.

East & Concord Partners

East & Concord Partners is active across the insolvency and restructuring space, and is involved in administrations, liquidations, and debt restructurings. Jian Li and Lixin Wu lead the team.

Hui Ye Law Firm

Hui Ye Law Firm is routinely appointed to serve as administrator of troubled companies by courts in Shanghai. The practice has particular areas of expertise in advising on matters involving companies in the logistics and real estate sectors. Shujun Wang and Michelle Luo lead the team.

Practice head(s):

Shujun Wang; Michelle Luo

Key clients

Shanghai Xiangfa Dangerous Goods Shipping Storage Co., Ltd

Shanghai Yuan Cheng Logistics Co., Ltd

Zhejiang Zhongqing Real Estate Company and Shaoxing Huijin Hotel

Shanghai Xudao Automotive Parts Co., Ltd

Days Hotel Honglou Shanghai

Kaihua Qinyang Agricultural Trade City Investment Co., Ltd

Longyou Huxin Stainless Steel Co., Ltd

Shanghai Qianjing International Freight Co., Ltd

Shanghai Hongshen Technology Development Co., Ltd

Shanghai Xinlvju Co.,Ltd

Work highlights

  • Provided legal service to Shanghai Xiangfa for its reorganization process.
  • Acted for Yuan Cheng Logistics on its CNY 3.1 billion reorganization project.
  • Handled the bankruptcy liquidation of the liabilities of Zhejiang Zhongqing Real Estate Company and Shaoxing Huijin Hotel totalling RMB1.96bn and more than 2,100 creditors nationwide.

Hylands Law Firm

Under the leadership of Xu Yu, Hylands Law Firm provides clients with comprehensive advice on restructurings and insolvency matters. The team’s recent work includes advising debt committees on reorganisations, representing creditors in lawsuits against insolvent companies, and serving as administrators. The practice also handles out-of-court reorganisations. Qin Liping and Rui Jiehua are also key names to note.

Practice head(s):

Xu Yu

Other key lawyers:

Qin Liping; Rui Jiehua

Key clients

Dalian Donglin Food Co., Ltd.

Suzhou Taihehui Investment Management Co., Ltd.

Beijing Zhongdian Huatong Information Technology Co., Ltd.

Longxing Changtai New Material Technology Co., Ltd.

Work highlights

  • Acted as the legal advisor for the Dalian Donglin Financial Institutions Debt Commitee.
  • Acted for the creditor Suzhou Taihehui Investment Management Co., Ltd.  in the debt crisis of Zhejiang Jinggong Holding Co., Ltd.
  • Served as administrators of Longxing Changtai New Material Technology Co., Ltd.

Jingtian & Gongcheng

Jingtian & Gongcheng is highly active in the restructuring and insolvency space. The practice has a particular specialism in representing financial institutions such as funds who are investors in, or creditors of, insolvent companies. The team’s work encompasses multijurisdictional matters, particularly insolvencies involving debtors and creditors based in Hong Kong. Bangwei Xu leads the team, which is spread across the firm’s Beijing and Guangzhou offices.

Practice head(s):

Bangwei Xu

Other key lawyers:

Peng Xie; Shiqi Sun

Key clients

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

Work highlights

  • Represented Lingzhi Fashion Sales (Tianjin) Co., Ltd., a creditor in the bankruptcy of Xinglong Group.

Tian Yuan Law Firm

With key practitioners in its Beijing and Chengdu's offices, Tian Yuan Law Firm’s insolvency and restructuring practice has a broad geographical reach, and additionally handles a range of work in this area. In addition to serving as court-appointed administrators, the team also represents creditors in high-value insolvencies. The practice handles matters involving companies from a range of sectors, including energy, real estate, manufacturing, and financial services. Xiaodong Zhu leads the Beijing team, while Jie Zhang is the key figure in Chengdu.

Practice head(s):

Xiaodong Zhu

Other key lawyers:

Jie Zhang; Aihua Xiao

Key clients

KaiDi Ecology

SGCC Guangyuan Power Supply Co., Ltd.

Chengdu Jiuzhai Real Estate Development Co., Ltd.

Chengdu Ruichuang Trading Co., Ltd.

Chengdu Zhengbang Real Estate Development Co., Ltd.

Sichuan Huayuan High Temperature Centrifugally Tube Co., Ltd.

Chengdu Jinlin Petroleum Machinery Co., Ltd.

Sichuan Wenxiu Investment Co., Ltd.

Sichuan Jinggong Machinery Co., Ltd.

Work highlights

  • Advised on KaiDi Ecology’s restructuring and insolvency case.
  • Represented SGCC Guangyuan Power Supply Company, a major creditor of Sichuan Guangyuan Qixing Aluminum (SQGC), in SGQC’s bankruptcy reorganisation and liquidation.