Firms To Watch: Restructuring and insolvency: PRC firms

Jincheng Tongda & Neal focuses upon corporate liquidation and dissolution, often handling projects which involve restructuring debtor companies. It also represents clients in transactions with state-owned assets and uses its M&A expertise to carry out internal corporate restructuring.
T&C Law Firm specialises in provincial bankruptcy administration. Typical work includes enterprise crisis rescue, reorganisation, and liquidation. The team is based in Hangzhou and is active in complex bankruptcy and liquidation cases for private and state-owned enterprises.

Restructuring and insolvency: PRC firms in China

King & Wood Mallesons

Primary clients of King & Wood Mallesons include listed companies, large corporate groups, and financial institutions, over industries such as infrastructure, energy, shipbuilding, and real estate. Experts in the field, the practice advises on reorganisations, liquidations and settlements, crisis consulting, and compliance investigations of distressed enterprises, among other areas. The team is also adept in cross-border bankruptcy proceedings, restructuring investments, and the restructuring of financial institutions. The practice is led by Yanling Liu, who excels in corporate debt restructuring and bankruptcy reorganisation, Le Wang whose specialism is bankruptcy liquidation and M&A restructuring, and Kuncheng Zhao, who deals with insolvency restructuring and complex debt crisis management. Fuxiang Wang, Yuhan Shen, and Zhaohui Hao are all noted for their expertise in all restructuring and insolvency issues.

Practice head(s):

Yanling Liu; Le Wang; Kuncheng Zhao

Other key lawyers:

Zhaohui Hao; Fuxiang Wang; Yuhan Shen



‘An orderly team that is organised and professional. It offers efficient legal advice and services – these are all the main advantages of the law firm and its team.’

‘Professionalism, responsibility and experience are three important factors that make up this firm.’

‘Professionalism and experience.’

Key clients

Yurun Holding Group Co.

Nanjing Yurun Food Co.

Poten Environment Group Co.

New China Trust Co.

China Security Co.

Sichuan Etrol Technologies Co.

Cnlight Co.

Work highlights

  • Assisted Yurun Holding Group Co., Nanjing Yurun Food Co. and both their affiliates with the reorganisation of Yurun Holding, including a debt repayment plan, a combination of cash distribution, debt retention and debt-to-equity-swap.
  • Assisted Poten Environment Group Co. with a pre-reorganisation plan after new regulation was issued by the SZSE and SHSE.
  • Assisted New China Trust Co., the first bankrupt trust company in China, with the administration of its bankruptcy liquidation, including dealing with trust products.

Zhong Lun Law Firm

Zhong Lun Law Firm is well-versed in advising large private businesses and group companies on a slew of debt restructuring and non-performing asset matters. Clients include financial institutions, group companies, and local financial regulators. Other work includes operation of financial creditors’ committees, and prevention and elimination of regional financial risks by local governments. Nanjing-based Jianhui Tang heads up the debt and distressed asset disposal group, taking on large debt risk resolution projects. Shengfeng Xu focuses on insolvency and reorganisation in Shenzhen, while in Beijing, Bing Wang acts on dispute resolution cases. In Chengdu, ‘rigorous and pragmaticYiheng Xu is a name to note for his skills in all areas of bankruptcy and insolvency.

Practice head(s):

Scott Guan; Fei Wang; Jianhui Tang; Shengfeng Xu; Bing Wang

Other key lawyers:

Yiheng Xu; Sheng Zhang; Xu Zhancheng


‘The professionalism, teamwork and dedication of each lawyer is impressive. The system reasonably divides tasks, encourages close cooperation, centralised discussion, and upper-lower linkage between partners and lawyers.’

‘Excellent professional ability, organisational ability and communication ability make them stand out from other lawyers. Distinguished partner Yiheng Xu and the team are professional, comprehensive and provide high-quality legal services, they deserve unanimous praise.’

‘The bankruptcy team has rich project experience and outstanding professional ability. The division of labour is reasonable, the rights and responsibilities are clear, and they display dedicated professionalism.’

‘Yiheng Xu has many years of service experience in the bankruptcy business field. He is a member of the Bankruptcy Law Professional Committee of the Bankruptcy Lawyers Association of Chengdu. He has strong professional skills and extensive knowledge, and has extremely fast response speed and strong ability to solve complex problems and transaction structures. He works conscientiously and responsibly.

‘Yiheng Xu is one of the most outstanding professionals I have worked with. He has demonstrated excellent legal knowledge and skills, which make him stand out. He excels in solving complex legal issues. In addition, his excellent communication skills and negotiation skills make him unique. He is always customer-focused, detail-oriented, rigorous and pragmatic.’

‘The team is professional, efficient and innovative. The characteristics of the team’s bankruptcy and reorganisation business are: it has a high-quality and professional team of lawyers with rich practical experience and profound legal knowledge, good communication skills, and the ability to provide clients with a full range of legal knowledge. All in all, we highly recommend this firm as your partner.’

‘Yiheng Xu displays excellent professional knowledge and experience. He has profound legal knowledge and rich practical experience, can accurately understand the needs of clients, and provide professional legal advice and solutions plan. He also has excellent communication skills.’

Key clients

Sanpower Group Co.

Nanjing Fullshare Industrial Holding Group Co. and its affiliates

Zhejiang Unifull Industrial Fiber Co.

Shenyang Dairy Co.

Shenzhen Vanke Development Co.

Shenzhen Huaxun Fangzhou Investment Co.

Guangdong Qiangke Real Estate Co.

Beijing New Mileage Health Industry Group Co.

Zhuhai Huafa Technology Industrial Group Co.

Macrolink Holding Co., Ltd.

China Grand Excellence Real Estate (Yunnan) Co.

East China Engineering Science and Technology Co.

Sichuan Jicheng Chemical Vessel Manufacturing Co.

China Cinda Asset Management Co., Sichuan Branch

Chengdu Baojing Real Estate Company

Lixian Wentai Hydropower Development Co.

Chengdu Western Union Steel Co.

Anning Jindi Chemical Co.

Sichuan Jianyang Longquanhu Taohuaxi Resort

Sichuan Ruize Real Estate Group Co.

Chengdu Shuangliu Hongxu Investment Co.

Work highlights

  • Acting as administrator on behalf of Nanjing Fullshare Industrial Holding Group Co. and its affiliates resulting in a successful reorganization.
  • Acting as administrator on Shenyang Dairy Co., having been appointed by Shenyang Intermediate People’s Court for bankruptcy and reorganisation proceedings.
  • Acting as legal advisor on behalf of Zhejiang Unifull Industrial Fiber Co. in its reorganisation proceedings.

Dacheng Law Offices

Dacheng Law Offices regularly assists large enterprises with bankruptcy reorganisations, liquidations, and non-performing asset disposal issues. Other strengths include settlements, pre-reorganisations, debt restructurings, and NPA disposals. The team utilises its knowledge in a wide range of industries, such as industrial manufacturing, real estate, education, and energy. Large state-owned enterprises and private enterprises also make up a portion of the firm’s client base. Meili Gao leads the practice, undertaking major bankruptcy reorganisation and debt resolution cases for listed companies, alongside fellow co-heads Guang Han and Guangming Wang. Ye Dong handles a range of matters from Nanjing, while Ting Zhang, Zhibin Zheng, and ‘experienced and intelligentYing Jian all work from Beijing. Yeshan Cao is notable for his work in corporate restructurings.

Practice head(s):

Guang Han; Meili Gao; Guangming Wang

Other key lawyers:

Ting Zhang; Zhibin Zheng; Ying Jian; Ye Dong; Yeshan Cao


‘Dacheng is very well-known in the field of bankruptcy and reorganisation. They have done many large bankruptcy projects, and these projects have a great impact on society.’

‘Ying Jian can accurately grasp the needs and goals of the project. In the field of bankruptcy and reorganisation, she is good at proposing innovative reorganisation plans and providing clients with highly operable reorganisation plans that are very beneficial.’

‘ Ying Jian is very rigorous in her work and provides professional advice. She not only has a precise understanding of the law, but also can understand our actual needs, she has been unanimously recognised by our company’s leaders.’

‘When dealing with complex projects, the team can accurately understand the situation and needs of the project, as well as legislative trends. They have integrated various laws and policies and given us a lot of help and support. In addition, their global network also enables them to provide us with legal services abroad.’

‘Ying Jian is good at looking at issues from the perspective of legislation and supervision, and can always give us some compliance and risk warnings that are more advanced than other lawyers. The quality of her service is very good and lets us prevent legal risks in advance. In addition, she is very good at innovation.’

‘The cooperation with Dacheng is very smooth and pleasant. In the process of contacting their bankruptcy and reorganisation team, their excellent professionalism, conscientious work attitude and the innovative development path of the whole team have impressed me. The team has brought me a deep impression of professionalism, efficiency, and innovation.’

‘What impresses me the most about Ye Dong is his professionalism. He has been focusing on corporate liquidation and restructuring for nearly 20 years. He not only has rich experience in handling cases, but also can communicate with us in a timely and full manner when handling specific cases.’

‘Ying Jian is an excellent lawyer in the field of bankruptcy and reorganisation, she is outstanding. She has worked on several well-known and socially influential projects. She is very experienced and intelligent when dealing with complex and large-scale projects. She feels like a mastermind when giving us advice.’

Key clients

Peking University Founder Group Corp.

Founder Technology Group Co.

Citic Guoan Group

China Resources Economic Development Co.

China Cinda Asset Management Co.

China Orient Asset Management Co.

eAnn Property & Casualty Insurance Co.

People’s Bank of China

Nanjing Iron & Steel Group Co.

China Jiangsu International Economic And Technical Cooperation Group

Nanjing Qinhuai State Owned Assets Holding Group Co.

Hua Xia Bank Co.

Nanjing Taco Catering Culture Management Co.

Nanjing Sinar Mas & Zi Jin Venture Capital Management Co.

Nanjing Xinnong Scientific Innovation Investment Co.

Zijin Trust Co.

SP Chemicals (Taixing) Co.

China Huarong Asset Management Co. (Jiangsu Branch)

Nanjing Baili Environmental Art Design Engineering Co.

Changsha Micro Domain Network Technology Co.

Jilin Province Trust Co.

Jintai Futures Co.

Jiangsu Huajing Investment Industrial Co.

Nanjing Shangtai Metallurgical Technology Co.

Nanjing Yede Steel Co.

Jiangsu Delong Nickel Industry Co.

Tianjin Rockcheck Investment Holding Group Co.

Chongqing Energy Co.

Fid Solid Development Investment Holdings Co. (Spearhead Integrated Marketing Communication Co.)

Zhongpin Food Co.

Peking University Founder Group Co.

Citic Guoan Group

Yi ‘an Insurance Company

Founder Technology Group Co.

Huishang Bank

Dongxing Securities

China Construction Bank Corporation

KPMG Consulting (China) Co.

Mengshang bank Co.

Ningxia Baota Petrochemical Group Co.

Sanya Phoenix Island International Cruise Terminal Development Co.

Sanya Phoenix Island Development Co.

Sanya Phoenix Island Real Estate Co.

Industrial Bank (Langfang Branch)

AVIC Huayuan (Beijing) Holding Co.

Yongqing Jinxiu Real Estate Development Co.

Langfang Anju Real Estate Development Co.

Xinjiang XPCC International Trading Co.

Harbin Bearing Group Corporation

Zhong An Xin Technology Co.

Xingxing Energy Equipment Co.

Zhongjia United (Beijing) Investment Fund Management Co.

Langfang Xin’ao Tenghui Trade Co.

Wanyuan Zhongbang Holdings Co.

CNBM International Engineering Co.

Beijing Xiangjiang Shengfu Real Estate Development Co.

Xinxing Heavy Industries Group Co.

CLP Huatong Communication Co.

GAC Parts Co.

Dongxin Yuanheng International

Technology (Beijing) Co., Ltd.

Work highlights

  • Assisted Peking University Founder Group Co. with the substantive merger and reorganization of five companies, including Peking University Founder Group Co.
  • Assisted SP Chemicals (Taixing) Co. with a sale restructuring after assessing the shell resources of the two companies were not valuable and risky thus did not require a transfer of equity.
  • Assisted Congqing Energy Investment Group Co. with the prepackaged reorganisation and reorganisation of 16 related companies due to bankruptcy.

DeHeng Law Offices

DeHeng Law Offices is well-versed in bankruptcy restructuring cases, dividing work into the following five sections; claims data review, asset integration, investor recruitment, liaison with government agencies and courts, and public opinion control. Clients include pharmaceutical, energy, and construction companies. Notably, the team also handles personal debt liquidation. Liya Fan spearheads the corporate bankruptcy and rescue practice, assisting large and medium enterprise groups with bankruptcy reorganisation and mergers, as well as managing corporate debt restructuring and reorganisation investments. Jinan-based Feng Zhu often tackles enterprise dissolution and liquidation cases, alongside dispute resolutions and bankruptcy issues.

Practice head(s):

Liya Fan; Feng Zhu

Other key lawyers:

Chunlei Zhang; Dingku Jiang

Key clients

Shanxi Liansheng Energy Co.

Shandong jinshunda Group Co.

China Foreign Construction Co.

Sanya Luhuitou Co.

Qilu Special Steel Co.

Shandong Parkson Biotechnology Co.

Shenyang Wuzhou Commercial Plaza Development Co.

Beijing Xingda Pharmaceutical Research Co.

Shandong Dawang Jintai Group Co.

Shandong Cotton Flax Co.

Shandong Agricultural Means of Production Co.

Shandong Yudu Real Estate Development Co.

Jinan Baode Steel Construction Co.

Jinan Junyi Printing Co.

Shandong Dervock Electric Technology Co.

Dongying Dawang Nonferrous Metals Co.

Dongying Jintai Tyre Bladder Co.

Shandong Tianyang New Energy Co.

Shandong Taifeng Energy Conservation New Materials Co.

Shandong Xinhui Warehousing and Logistics Co.

Work highlights

  • Assisting Shanxi Liansheng Energy Co. with the merger and reorganisation of its enterprises following their bankruptcy in 2015, including the completion of their restructuring by the creditor controlling the debtor through a debt-to-equity swap.
  • Assisting Jin Shunda Group with a reorganisation plan for its merger with 25 other companies.
  • Assisting China Construction International Co. with the first nationwide restructuring case of a construction enterprise and handling the debt.

Fangda Partners

The restructuring and insolvency team at Fangda Partners advises on a range of formal bankruptcies, and issues such as investor representation, cross-border bankruptcy and restructuring, bankruptcy administration, and compulsory liquidation administration. The practice is particularly sought out for its cross-border insolvency expertise, being a go-to for offshore creditors, bondholders, liquidators, and administrators. Practice head Nuo Ji is an expert in debt restructuring, investment of distressed assets, and cross-border issues. ‘Rare and outstanding lawyerKai Li handles all cases involving court appointment as bankruptcy administrators, while litigation specialist Lingqi Wang assists on in-court and out-of-court restructuring.

Practice head(s):

Nuo Ji

Other key lawyers:

Kai Li; Lingqi Wang; Joyce Huang; Guanbing Chen; Wang Zhang


‘Fangda Law Firm is one of the earliest partnership law firms in China, and is also a comprehensive law firm. The law firm serves clients from all walks of life at home and abroad, and continues to participate in transactions in various commercial fields, providing advice and designing innovative legal structures. They are good at dealing with complex matters, are very professional and innovative with proposals, and have a quick response. ’

‘Kai Li and his team are very professional in handling corporate bankruptcy and debt restructuring. They have handled many major corporate bankruptcy cases and have very rich experience. They not only showed very professional and excellent knowledge and ability in their work, but also were very conscientious and responsible. Kai Li is a rare and outstanding lawyer in the field of bankruptcy and reorganisation, whether it is professional ability, insight into commercial essence or team standardization and efficiency.’

‘Exceptionally talented and able team, with top pedigree. Cutting edge and innovative.’

‘Lingqi Wang is a go to for this type of work in the China Market.’

Key clients

ZK Engineering

Shanghai CEFC International Group

Dalian Shipping Industry Offshore Co.

Shanghai Yuehe Real Estate Co.

Kangmei Pharmaceutical Co.

Fujian Star Group Co.

Huachen Energy Co.

Work highlights

  • Assisted ZK Engineering with the first pre-oreorganisation case and formal organisation process transferred from a pre-reorganisation proceeding in Shanghai.
  • Assisted CEFC Shanghai with its bankruptcy, including cross-border insolvency issues.
  • Assisted Dalian Shipping Industry Offshore Co. with asset investigations to confirm debt claims of $2.5 billion, and the subsequent bankruptcy reorganisation case.

Global Law Office

The debt restructuring and corporate liquidation team at Global Law Office acts on a number of restructuring and bankruptcy issues, from numerous sectors including banking and finance, business services, and chemical engineering. The firm acts as legal counsel for debtors, restructuring parties, and investors, and runs legal risk investigations and derivative litigation related to company liquidation and bankruptcy. Jiuguang Zhao heads up the practice from Beijing, focusing on debt restructuring and company liquidation for large state-owned enterprises and listed companies. Shanghai-based Weiwei Gu handles commercial dispute resolution and corporate reorganisations, while Yunjian Hou and Eric Chen are adept at a range of restructuring and insolvency matters.

Practice head(s):

Jiuguang Zhao; Weiwei Gu; Eric Chen; Yunjian Hou

Other key lawyers:

Zhenlin Ma; Kunlin Wang

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.

Bloomage Biotechnology Corporation

HSD Engine Co.

Huzhou City Investment Development Group Co.

China Credit Trust Co.

Work highlights

  • Represented Bank of China and Korea Development Bank in a case dealing with all the legal issues in the reconstruction of HNA Group.
  • Advised Huzhou City Investment Development Group Co. on a bankruptcy reorganisation investment in Wuyang Group.
  • Represented Zhongrong International Trust Co. in a case to declare over 6 billion creditor’s rights.


Full-service firm JunHe LLP assists clients with their bankruptcy, restructuring, voluntary and compulsory liquidation, and debt restructuring projects. The team utilises its wide-ranging expertise to aid clients across different sectors including real estate, medical, metallurgy, mechanics, and foreign trade. It works with both domestic and international organisations as well as financial regulators, creditors, debtors, and liquidators. Li Yang leads the bankruptcy team from Beijing, specialising in listed company reorganisation, group company reorganisation, and out-of-court debt restructuring. Jing Lian advises on oil and gas upstream and downstream projects and M&A, while Zhengdong Liu focuses on non-litigation services from Shanghai. Min Zhao mainly assists financial institutions with bankruptcy, liquidation, and reorganisations.

Practice head(s):

Li Yang; Jing Lian; Zhengdong Liu; Min Zhao


Other key lawyers:

Wei Wang; Feng Shen; Ming Dong

Key clients

Wilson & Associates LLC

Arcplus Group PLC

Hinova Pharmaceuticals

The Export – Import Bank Of China Jiangxi Branch

China Power International Development

China Orient Asset Management (International) Holding

Smart Success Capital

Cheer Link Global

COS Greater China Special Situations Fund

China Orient Summit Capital SSF GP Co.

TianJin Lishen Battery Joint-Stock CO.

Onewo Space-Tech Service Co.

Hebei Anfeng Iron&Steel Co.

Jinjiang Shengrui Real Estate Development Co.

Work highlights

  • Assisting Hengkang Medical with its restructuring.
  • Represented a large state-owned bank in its dispute with a bankruptcy administrator over the cancellation of repayments of RMB 560 million.
  • Assisting Onewo with its H-share IPO and listing on HKEx’s main board.

AllBright Law Offices

The bankruptcy liquidation and reorganisation practice at AllBright Law Offices is often appointed by high courts and municipal middle courts across China to manage companies’ bankruptcy and liquidation processes. It has assisted state-owned enterprises, foreign investors, and private enterprises on matters such as compulsory and voluntary liquidations and bankruptcy reorganisations and liquidations. Gao Zhang leads the team from Shanghai, specialising in bankruptcy and restructuring, and litigation. Linhai Zhu is known for his corporate insolvency knowledge, while Shenzhen-based Shicai Zong deals with bankruptcy reorganisation cases. In Tianjin Lili Jia works on bankruptcy and disposal of non-performing assets, Chunyan Zhu handles M&A from Shenzhen, and over in Nanjing Yukun Zhang and Qing Xi are also noted.

Practice head(s):

Gao Zhang

Other key lawyers:

Linhai Zhu; Shicai Zong; Chunyan Zhu; Lili Jia; Yukun Zhang; Qing Xi

Key clients

CEFC Shanghai International Group

Anhui Foreign Economic Construction (Group) Co.

Shanghai International Airport Co.

Shanghai Wanhao Investment Co..

Xinjiang Mingcheng Investment Development Co.

China Resources Asset Management Co.

China Fortune Securities Co.

XiuTu (Shanghai) Investment Co.

Shanghai Jiuyuan Enterprise (Group) Co.

Shanghai Hongyuan Shengshi Investment Development Co.

Work highlights

  • Acted as one of the bankruptcy administrators for the bankruptcy proceedings of CEFC Shanghai International Group, carrying out the bankruptcy liquidation of more than 70 companies.
  • Advised Anhui Foreign Economic Construction (Group) Co. on its reorganisation in  insolvency, involving the disposal of cross-border assets.
  • Assiting Xinjiang Mingcheng Investment Development Co. with reorganisation following their application to Shayi Bake District People’s Court of Urumqi Municipality for reorganisation on the grounds that it was unable to pay its debts and lacked solvency.

Hui Ye Law Firm

The insolvency and non-performing asset resolution team Hui Ye Law Firm focuses on the Shanghai market, assisting real estate and construction companies with their bankruptcy restructuring, and other insolvency issues. The team has completed numerous debt restructuring cases for clients in the real estate sector as well as listed companies, including pre-restructuring. Shujun Wang leads the team providing legal advice for debt restructuring, M&A, disposal of non-performing assets, and bankruptcy liquidation. Xuehong Luo is well-versed in commercial dispute resolution, restructuring and liquidation for financial institutions.

Practice head(s):

Shujun Wang

Other key lawyers:

Xuehong Luo

Key clients

Zhongchang Marine (Shanghai) Co.

Shanghai Wei Le Fashion Co.

Xuzhou Suyang Environmental Protection Thermal Power Co.

Shanghai Mingyu Real Estate Co.

Shanghai Yuancheng Logistic Development Co.

Leguan Information Technology (Shanghai) Co .

Shanghai Jingyuan Real Estate Development Co.

Shanghai Honglou Daysinn Hotel Co.

Shanghai Lvguang Education and Training Co.

Shanghai Yeah Info Tech Co.

Work highlights

  • Assisted Shanhai Yuancheng Logistics Development Co. with the bankruptcy of Yuancheng Logistics with a total debt of RMB 3.1bn.

Tian Yuan Law Firm

Tian Yuan Law Firm handles corporate bankruptcy liquidation and reorganisation cases and is often appointed by courts to act on compulsory liquidation cases. The team also represents debtors and shareholders applying for bankruptcy and liquidation, acts as legal counsel for investors and restructuring parties, and tackles bankruptcy related litigation on behalf of creditors and debtors. The Beijing based team is led by Yukai Zhang, who mainly works with corporate entities and securities with bankruptcy issues, Wei Li, who is adept at corporate restructuring, and Guan Huang, who assists with corporate reorganisations. Aihua Xiao assists with major asset restructuring, while Peng Yuan works on non-performing asset investments and financing.

Practice head(s):

Yukai Zhang; Wei Li; Guan Huang

Other key lawyers:

Aihua Xiao; Peng Yuan

Key clients

Tongliao Yuliang Livestock Development Co.

Inner Mongolia Youran Animal Husbandry Co.

BYD Industrial Automobile Co.

Inner Mongolia Yili Industrial Group Co.

Kaidi Ecological Environment Technology Co.

Beijing Taifeng Real Estate Development Co.

Good Buy Wealth Management Co.

Huarong Huitong Asset Management Co.

China Resources Land Holdings

China Fortune Land Development Co.

Runxin Commercial Investment (Shenzhen) Co.

CCCC Dredging (Group) Co.

China Jinmao Holdings Group Co.

Jindijing Chengzhi Engineering Management Co.

Beijing Longfor Times Real Estate Co.

Sino-Ocean Land Co.

China Great Wall Asset Management Co. (Beijing Branch)

Beijing Zhonghai Xincheng Real Estate Co.

Ping An Life Insurance Company of China

CITIC Guoan Urban Development Holdings Co.

Shougang Group Co.

Work highlights

  • Assisted CITIC Guoan Urban Development Holdings Co. with the reorganisation and revitalisation of its subordinate companies.
  • Assisted Shougang Group Co. with a project related to Tangshan Shougang Baoye Steel Co. being liquidated and deregistered through compulsory liquidation procedures.
  • Assisted Good Buy Wealth Management with the bankruptcy and reorganisation case of Netcom Securities Co.

TianTong Law Firm

TianTong Law Firm works across many industries such as insurance, trust, real estate, and petrochemicals, representing bankrupt enterprises, investors, and creditors in a number of bankruptcy and restructuring matters. Led by Weihong Chi, the firm has recently been increasing its cross-border insolvency cases. Chi specialises in acting as administrator in complex bankruptcy and restructuring cases over numerous sectors, and has represented debtor enterprises in a number of debt restructuring cases. Wenle Du takes on commercial crisis resolution alongside debt restructuring and bankruptcy reorganisation cases from Shenzhen.

Practice head(s):

Weihong Chi


Other key lawyers:

Wenle Du

Key clients

Haohua Junhua Group Co.

Ping An Life Insurance of China

Yurun Holding Group Co.

Korea Line Corporation

Shenzhen Shengze Zhaoye Investment Co.

Dongguan Meisaidaxin Electronic Technology Co.

Qionghai Mingdao Industrial Co.

Hengshi Dachang Technology Co.

Hebei Chenyang Industry and Trade Group Co.

China Jingu International Trust Co.

Work highlights

  • Advised joint-investors of Ping An Insurance Of China on the founder group reorganisation case.
  • Represented the Korea Line Corporation in proceedings of the HNA Group Co. and multiple other companies in a substantive merger and reorganisation case.
  • Assisted as the administrator of Haohua-Junhua Group Co. with debt crisis and production issues.

Beijing DaHui Lawyers

The team at Beijing DaHui Lawyers specialises in restructuring for streamlining operations in accordance with China’s regulatory requirements. The practice mainly assists international clients within the technology, finance, and telecoms spaces, facilitating operations within China. Other work includes bankruptcy for both foreign and domestic clients. Founding partner and practice head Richard Ma is active across restructuring, TMT, and M&A, advising multinational companies on their Chinese ventures.

Practice head(s):

Richard Ma

Key clients





Comcast Communications

Discovery Inc. & Discovery Communications

Evernote Corporation / Yinxiang Biji (Shanghai) Technology Co.

Hannover Fairs

Haufe Group

HEBE Beauty

Hewlett Packard Enterprise



J&T Express

JHD/Yellow River

LexisNexis Legal Professional & Risk Solutions

Messe München Group

Modern Classics


Peterson Control Union

RELX Group


SingEx Exhibitions Pte.

Springer Nature


Xinyuan Real Estate

Work highlights

  • Assisting an e-commerce company with restructuring its shareholding structure in Thailand and the Philippines to satisfy the foreign investment restrictions in those countries.
  • Assisting a media company with exiting a problematic joint venture and positioning itself for continued success in the PRC market afterwards.
  • Advising a major real estate company on a difficult restructuring.

Beijing Highking Law Firm

Beijing Highking Law Firm focuses its practice on debt and asset restructuring, within the wider scope of bankruptcy restructuring and liquidation. The team also assists clients with corporate compliance reforms related to debt or asset restructuring. Zhanpeng Xi leads the non-performing assets team, aiding on all matters, including corporate credit issues. Founding partner Qinghua Zhang handles complex cases that often cross over into civil and criminal spaces and compliance rectification. Zhiqiang Geng is experienced at asset disposal, civil and commercial litigation, and enforcement.

Practice head(s):

Zhanpeng Xi

Other key lawyers:

Zhiqiang Geng; Qinghua Zhang

Key clients

Beijing Ronghe Jutong Investment Management Co.

Fujian Fuan Sikai Real Estate Co.

China Nuclear Industry Zhongyuan Engineering Co.

Shaanxi Yufeng Real Estate Co.

Shaanxi Xinnuo Real Estate Development Co.

Cedar International Trust Co.

Erdong Pictures Group Limited

BCEG No.3 Construction Engineering Co.

CETC-Chinacomm Communications Corporation

Beijing Zhongdian Huatong Information Technology Co.

Shaanxi Yifeng Property Co.

Changqing Industrial Group Co.

Shengjing Guoxin (Beijing) Ecological Garden Co.

9F Group Co.

Zhongyedi (Beijing) Real Estate Development Co.

Zhongjing Building (Beijing) Construction Engineering Co.

Anhui Tianke Holdings Group Co.

Work highlights

  • Assisted Shaanxi Pubaihuang Expressway Construction Management Co. with a debt restructuring, including resolving devts of RMB 1.8 billion and restructured assets of RMB 8.4 billion.
  • Assisted Shaanxi Hejia Real Estate Co. with a debt restructuring project exceeding RMB 2 billion, including compulsory enforcement.
  • Assisted Hubei Jiezhixing Sports Industry Development Co. with a debt restructuring project involving nearly RMB 1 billion in debt.

Kangda Law Firm

Based in Beijing, Kangda Law Firm acts as bankruptcy administrators in a number of cities including Beijing, Xi’an, Chengdu, and Shenyang. The firm focuses on bankruptcy liquidation and reorganisation cases and does significant work for the real estate, construction, and commercial industries. Wei Peng leads the team and is experienced in non-performing assets management and disposal, debt restructuring, and pre-organisation matters. Co-head Lei Lei specialises in real estate and banking related bankruptcy and reorganisation cases from Shenyang. Juan Luo is another name to note on the Beijing team.

Practice head(s):

Wei Peng; Lei Lei

Other key lawyers:

Juan Luo

Key clients

Liaoning Xinglong Group Enterprise

Chengdu Yingxiang Real Estate Development Co.

Beijing Chaoyang District Construction and Engineering Co.

Beijing Xiangfa Auto Service Co.

QianJiang Spring (Beijing) Co.

Sichuan Guolong Group Enterprise

Beijing Jinzhao Hongye Investment Co.

Crisis Consultant of Zhongchang International Holding Group Co.

Shaanxi Jinyuan Real Estate Development Co.

Nine enterprises including Chemact (Liaoning) Petrochemicals Co.

Jianhe Zhongheng Investment Co.

Chengdu Xingneng Real Estate Co.

Chengdu Hongchang Jiatai Real Estate Co.

Sichuan Emei Husheng Industrial Co.

Chengdu Nanlian Food Packaging Machinery Co.

Sichuan Zhengxing Farmer Entrepreneurship and Employment Concentrated Development Zone Construction Co.

Jiu San Group Chengdu Grain, Oil and Food Co.

Chengdu Fuel Corporation

China Water Resources and Hydropower Materials Chengdu Company

Jinchuanchuan Tourism and Culture Investment Co.

Sichuan Shente Jinpeng Co.

Work highlights

  • Assisted Liaoning Xinglong Department Store Group Co. as trustee with developing a restructuring plan for the debtor.
  • Assisted Chengdu Yingxiang Real Estate Development Co. with coordinating multiple parties to continue project construction based on reality after obtaining approval from the court following suspension due to asset problems.
  • Assisted nine enterprises including Chemact (Liaoning) Petrochemicals Co. with clearing up the debt burden of enterprises, achieving a complete turnaround of the enterprise group through substantive merger and restructuring of affiliated enterprises.

Guantao Law Firm

Closure, liquidation, and restructuring are all included within the insolvency and corporate restructuring practice at Guantao Law Firm. The firm largely works with corporate entities such as securities, real estate, financial institutions, and energy companies. The team often handles bankruptcy liquidation and reorganisation cases, as well as compulsory liquidation cases involving service creditors and reorganisation investors. Co-heads Yucheng Jin and Yangsheng Li, located in Dalian and Xiamen respectively, assist on all bankruptcy and reorganisation matters. Shaosong Sun assists the team from an antitrust perspective.

Practice head(s):

Yucheng Jin; Yansheng Li

Other key lawyers:

Shaosong Sun; Guang Yang

Key clients

Qingdao Military and Civil Integration Development Group Co.

Shanghai Pharmaceutical Co.

CSTF Fund Management Co.

The National Trust

Intermediate People’s Court of Xiamen Municipality

Capital-Bridge Securities Co.

China Tenth Metallurgy Group Limited Corporation

Xiamen Hongjing Paper Packaging Co.

Dalian Tailong Renewable Resources Utilization Co. of Northeast Special Steel Group

Lin’an Senfa Real Estate Co.

BUCG Nandi Property Management Co.

Xiamen Tangram Science and Technology Co.

Work highlights

  • Assisted Qingdao Military and Civil Integration Development Group Co. with acquiring Taihai Manoir Nuclear Equipment Co. and becoming the largest shareholder as restructuring investor in the bankruptcy reorganisation process.
  • Assisted Shanghai Pharmaceutical (Taizhou) Co. with its bankruptcy liquidation.
  • Assisted CSTF Fund Management Co. with the bankruptcy reorganisation procedure of CITIC Guoan Group Co. and its subsidiaries.

Jingtian & Gongcheng

Jingtian & Gongcheng represents clients across multiple financial sectors, including banks and funds, with insolvency and restructuring issues. The department is regularly active in bankruptcy investigations, complex loan restructuring, and debtor-in-possession and exit financings. Other key matters include litigation matters such as insolvency proceedings and dispute resolution. Based between Beijing and Guangzhuo, practice head Bangwei Xu is a litigation and dispute resolution specialist. In Shanghai, Shiqi Sun handles bankruptcy and liquidation arbitration. Other names to note are Jianbo Pan and Lei Zhang.

Practice head(s):

Bangwei Xu

Other key lawyers:

Shiqi Sun; Jianbo Pan; Lei Zhang


‘The firm’s insolvency practice is one of the biggest and the most prominent in mainland China. They have undertaken many of the high profile and high value insolvency and restructuring matters in the market. What impresses me the most is their commitment to professionalism and also the extensive experience in this area of the law.’

‘Bangwei Xu is the leader of the insolvency and restructuring practice in Beijing. He is an extremely good and experienced strategist, who can provide practical and commercial solutions to complicated restructuring arrangements.’

Key clients

Lingzhi Fashion Sales (Tianjin) Co.

Standard Chartered Bank

Bank of Communications

Ping An International Financial Leasing

Industrial and Commercial Bank of China

China Minsheng Banking Corporation

China Merchants Bank

Shanghai Pudong Development Bank

Ping An Bank

Anhui Conch Cement

Conch Venture

Conch Enviro

Work highlights

  • Assisted Anhui Conch Venture Capital Co. and BOC Xin Holding Group Co. with acquiring the aluminum industry sector of Shandong Conglin Group Co. through direct acquisition and establishment of private equity investment funds.
  • Assisted Hiersun Industrial Co. with legal counsel for its pre-reorganisation case and the merger and reorganisation case of seven companies, with an overall debt scale of nearly RMB 2bn.
  • Assisted the trustee with a real estate bankruptcy project to complete bankruptcy pre-reorganisation and reorganisation.