King & Wood Mallesons > Beijing, China > Firm Profile

King & Wood Mallesons
18/F, East Tower World Financial Center

China > Regional coverage: Guangdong Province: Guangzhou and Shenzhen Tier 1

King & Wood Mallesons‘ Greater Bay regional offices has an impressive caseload that includes corporate reorganisation, insolvency restructuring, IPOs and M&A transactions as well as a broad range of contentious matters. The sizeable Guangzhou and Shenzhen teams are jointly led by Lixin Wang and Xianlong Zhao. Wang is the managing partner of both the firm’s International Centre in the Greater Bay Area and the Guangzhou Office, and focuses on overseas listings and bond issuance, and Zhao excels in real estate, infrastructure construction and securities mandates. In the Guangzhou team, Jianxue Wang and Le Zhang handle capital markets and M&A transactions; Xiaoquan Yang specialises in aircraft and project finance; and Mingfei Sun is a key name to note for intellectual property and commercial disputes. In Shenzhen, Siyu Song focuses on contentious matters and capital markets compliance issues while Zhangqi Tao is a key name for real estate matters.

Practice head(s):

Lixin Wang (Guangzhou); Xianlong Zhao (Shenzhen)

Other key lawyers:

Jia Wu; Xiaopeng Feng (Guangzhou); Jianxue Wang (Guangzhou); Kuncheng Zhao (Shenzhen);  Xiaoquan Yang (Guangzhou); Liang Qiu (Guangzhou); Siyu Song (Shenzhen);  Xianlong Zhao (Shenzhen)


KWM is a law firm in mainland China that is familiar with international energy and power project financing and equity M&A, and a law firm that fully understands the legal compliance and control management system and needs of domestic commercial banks‘.

Xiaopeng Feng and his team have rich practical experience in customs affairs. The firm also has better communication advantages with relevant customs departments and provides targeted professional advice’.

Xiaopeng Feng quickly understands the client’s needs and existing problems, and provides practical solutions after summarizing them’.

Xiaoquan Yang and Liang Qiu can smoothly communicate between banks, investors, and lawyers, and are able to achieve the satisfaction goals of multiple parties’.

King & Wood Mallesons’ Shenzhen and Guangzhou offices have maintained a strong position in the capital market, dispute resolution, bankruptcy and restructuring, corporate M&A and other fields, and have continuously expanded their partner teams through internal promotion and external introduction‘.

Siyu Song provides clients with creative professional opinions, and uses profound experience to guide client’s business practices‘.

China > Regional coverage: Jiangsu Province: Nanjing Tier 1

King & Wood Mallesons has ‘a deep team line-up and professional first-class securities knowledge and can make full use of its global synergy to provide clients with a full range of high-quality services‘. It has a solid team in Jiangsu province with expertise in corporate investment and financing, non-performing asset investment, private equity and debt restructuring. The Jiangsu team advises clients from the financial services, fintech, healthcare and life sciences, media and entertainment, construction and energy sectors and cooperates with its network of offices across China on big-ticket IPOs,  issuance of bonds and M&A transactions. Daryl Zhao and Mingyuan Zhang are noted for IPOs and securities-related transactions, while Liufang Shi is highly regarded for commercial disputes.

Practice head(s):

Mingyuan Zhang

Other key lawyers:

Daryl Zhao; Liufang Shi; Sharon Ma; Wei Chen; Jianmei Ye


The team’s speciality business is capital markets. The entire service team is responsible and professional. The personnel who provide us with legal services are reasonably configured, and the service response is very fast, which can provide us with high-quality and comprehensive legal services. While providing legal advice, the team is also able to fully understand our business intentions and provide legal service solutions that match our business strategy. They have a deep team line-up and professional first-class securities knowledge and can make full use of their global synergy to provide clients with a full range of high-quality services‘.

Mingyuan Zhang and Wei Chen are able to fully understand our business intentions and provide legal service solutions that match our business strategy. They usually cover various fields such as securities and capital markets, mergers and acquisitions, equity investment, etc. The lawyers have rich legal knowledge and practical experience and are also able to coordinate resources inside and outside of their law firms to provide us with efficient and comprehensive legal services‘.

Liufang Shi and Jianmei Ye stand out for being their professionalism and communication skills‘.

Key clients

Shanghai Baosight Software Co., Ltd.

CR Chemical Materials Technology Inc.

Trina Solar Co., Ltd.

Jinko Solar Co., Ltd.

Keystone Technology Co.,Ltd.

YTO Express Group Co., Ltd.

CEFC (Shanghai) Group Co., Ltd. (“CEFC”) and its 69 affiliates

Anhui Shengyun Environment Protection Group Co., Ltd.

MeiHua International Medical Technologies Co., Ltd.

Nanjing Jiangning Development Zone Industrial Equity Investment Partnership (LP)(JN Fund)

Nanjing Innovation Investment Group Co., Ltd.

Hozon New Energy Automobile Co., Ltd.

Work highlights

  • Advised Jinko Solar Co., Ltd.’s A-share IPO on the Shanghai Stock Exchange (STAR Market).
  • Handled the liquidation of CEFC and its 69 affiliates.
  • Advised Nanjing Innovation Investment Group on the Zijin Jianye Secondary Fund project.

China > Regional coverage: Sichuan Province: Chengdu including Chongqing Tier 1

King & Wood Mallesons‘ Chengdu and Chongqing team is regularly instructed on major listings, delistings and related risk mitigation, and compliance matters for clients in the financial services and real estate sectors. The team regularly works with its Beijing-based colleagues, and is also increasingly handling bankruptcy restructuring and liquidation, commercial disputes and customs and foreign exchange for clients in Southwestern China, as well as assisting domestic and foreign clients with their business activities in the region. Within the team led by the highly regarded transactional partner Rong Liu, Hu Liu, Yong Lu and Feng Liu focus on securities issuance and listings and corporate restructuring and Huan Guo specialises in corporate compliance, import-export regulation, export control, anti-monopoly and anti-commercial bribery compliance matters. Below partner level Ruilong Liang and Qi Tang are names to note.

Practice head(s):

Rong Liu

Other key lawyers:

Yi Yu; Mo Zhang;  Qi TangHuan Guo; Yong Lu; Feng Liu; Ruilong Liang

Key clients

Sinocat Environmental Technology Co., Ltd

Swire Properties Limited

Bank of Chengdu Co., Ltd

Sichuan Qiaoyuan Gas Co.,Ltd.

Work highlights

  • Acted for Swire Properties Limited concerning the Xi’an Tai Koo Li investment project, including the design and justification of transaction structure, amendment of transaction files and negotiation, assistance in setting up a Sino-foreign joint venture, and participation in the land bidding process.
  • Advised Bank of Chengdu on the public offering of convertible bonds.
  • Represented Sinocat Environmental Technology in a series of share repurchase disputes.

China > Regional coverage: Zhejiang Province: Hangzhou Tier 1

King & Wood Mallesons‘ Hangzhou office is a key destination in the East China region, together with its Shanghai, Suzhou and Nanjing offices. Its diverse client roster features SOEs, listed companies and a large number of high-tech start-ups; and the team has leading capital markets, corporate and M&A, cross-border investment, private equity and venture capital, and commercial disputes practice. The Hangzhou team also regularly assists its Beijing and Shanghai colleagues with big-ticket M&A and IPO transactions for major clients based in the Zhejiang province. Hangzhou office head Guojun Ye handled a steady flow of restructuring, reorganisation and domestic/offshore IPOs for numerous companies in the chemical, logistics, automotive, medical, real estate, gaming and other industries. Jin Liang and Ming Yang are also highly regarded for securities and capital markets and state-owned equity transfer as well as inbound and outbound investment, and Yingzhi Shan specialises in securities and private equity financing.

Practice head(s):

Guojun Ye

Other key lawyers:

Jin Liang; Yun Han; Ming Yang; Yingzhi Shan; Zhenjiang Li; Hui Ren


Yingzhi Shan and his team have rich experience‘.

The team is able to comprehensively consider legal compliance, tax compliance and capital markets, and assists the company to adjust the overall equity structure‘.

Key clients

Zhejiang Energy Group Co Ltd.

Zhejiang Communications Investment Group Co., Ltd.

Zhejiang Agricultural Holding Group Co., Ltd.

Wuchan Zhongda Group Co., Ltd.

CaiTong Securities Co., Ltd.

Zhejiang China Commodities City Group Co., Ltd.

Alibaba Group

Zhongan Group (ZhongAn Real Estate (00672.HK) and China New City

Tahoe Group Co., Ltd.

Ningbo Bank Co., Ltd.

Younger Group Co., Ltd.

YTO Express Co., Ltd.

Shengyue Network Technology (Shanghai) Co., Ltd(Shanda Games)

Zhefu Holding Group Co., Ltd.

Greenland Holdings Co., Ltd.

Venus Medtech (Hangzhou) Inc.

Ruhnn Holding Limited

Zhejiang Crystal-optech Co.,ltd.

Zhejiang Supcon Technology Co., Ltd.

Yinyi Group

高瓴 Investment

Hangzhou Culture & Creative Co., Ltd. (微拍堂)

Zheshang Securities Co., Ltd.

Zhejiang Zheshang Securities Asset Management Co., Ltd.

Wankai New Materials Co., Ltd.

Suzhou YourBest New-type Materials Co., Ltd.

Dongnan Electronics Co., Ltd

Goldman Sachs (Asia) L.L.C

Jiangsu Eastern Shenghong Co., Ltd.

FountainVest Partners (Asia) Limited

Cathay Capital


Zhejiang Fuzhe Equity Investment Fund Management Co., Ltd

Work highlights

  • Advised ZJMI Environmental Energy Co., Ltd. (603071.SH) on the spin-off from Wuchan Zhongda Group Co., Ltd. (600704.SH) and the initial public offering and listing on the main board of Shanghai Stock Exchange.
  • Advised Youngor Group on its acquisition of 40% equity of UNDEFEATED, a fashion brand in US and advised on the daily operations and business of its PRC subsidiary.
  • Acted for the fund manager of Huhangyong Hanghui REITs on the listing of Zheshang Securities Huhangyong Hanghui High-speed Closed Infrastructure Securities Investment Fund.

China > Shipping: PRC firms Tier 3

Complex and sensitive insurance claims and trading disputes are staple work of the King & Wood Mallesons practice. Described by clients as ‘a law firm an international client can trust‘, the team is led by Edward Ma, who is very well respected in the field.

Practice head(s):

Ma Yanhui (Edward Ma)


‘Deep industry knowledge, strong network across the cities, a top respected name in the field.’

‘A law firm an international client can trust.’

China > Antitrust and competition: PRC firms

King & Wood Mallesons‘ antitrust team advise on a range of matters including abuse of market power, cartels and competition investigations, compliance, international trade, competition litigation, merger control and vertical agreements. The firm has had a special antitrust division since 2008 and, as such, was ahead of the game long before the introduction of the anti-monopoly Law, which practice head Susan Ning was consulted upon by the regulators.  She is supported by the ‘excellent’ Ruohan Zhang and merger filing and compliance specialist Zhifeng Chai. Tianjie Zhang is a highly rated associate.

Practice head(s):

Susan Ning

Other key lawyers:


‘Their advice was straight forward with not to many complicated qualifications or assumptions.’

‘Very practical advice and very good understanding of the perspectives of multinational companies operating in China.’

‘Ruohan Zhang is excellent. He’s extremely responsive and practical, but also very knowledgeable. Susan Ning is also terrific.’

Key clients

ICBC Wealth Management Co., Ltd.

Zhejiang Geely Holding Group Co., Ltd; Futaihua Industry Shenzhen Co., Ltd

Woodside Petroleum Ltd, BHP Petroleum International Pty Ltd

Saudi Arabian Industrial Investments Company; Asia Green Fund Management Limited; BroadPeak Diamond SLP LP

Celgard, LLC (PPO’s parent company)

Luckin Coffee Inc.

Whirlpool Corporation

Work highlights

  • Acted for ICBC Wealth Management Co., Ltd. (ICBCWM) in the merger filing in China and the other 6 jurisdictions in its creation of a full function joint venture in the PRC together with Goldman Sachs Asset Management, L.P. (GSAM)
  • Represented both parties in the joint venture between Zhejiang Geely Holding Group Co., Ltd (Geely) and Futaihua Industry Shenzhen Co., Ltd (Futaihua) in the merger filing with SAMR.
  • Represented both parties in the acquisition of BHP Petroleum International Pty Ltd by Woodside Petroleum Ltd in the merger filing with SAMR.

China > Banking and finance: PRC firms

King & Wood Mallesons stands out for its solid track record of acting for borrowers in a variety of onshore, offshore and syndicated loan transactions. The team is jointly led by aircraft and project finance expert Feng Ma alongside Stanley Zhou who excels in acquisitions and privatisation financings; both have a wealth of experience dealing with these in a cross-border context. Yinghao Lv specialises in international project financing as well as leveraged acquisition, trade and asset finance, while Jie Chen focuses on aircraft, shipping and equipment leasing and finance. Stella Wang is another name to note, with a broad structured financing practice in the realm of acquisitions, projects, and IPOs. Managing partner in Beijing, Ling Wang, is vastly experienced in this practice area.

Practice head(s):


‘The firm has expertise in the aviation area, in particular in the PRC.’

‘Feng Ma is professional and provides prompt and useful advice to clients.’

Key clients

China Merchants Bank

Wise Road Capital

Lingyi Technology

China Merchants Bank

Jingdan New Energy Investment

CMB Wealth Management

Postal Savings Bank of China

Work highlights

  • Advised Wise Road Capital on its acquisition financing from DBS to acquire majority shares of ePAK.
  • Advised Jingdan New Energy Investment on a syndicated loan.
  • Advised Deutsche Bank on the syndicated loan for refinancing Joyson KSS Auto Safety‘s acquisiton of Takata Corporation for $1.65bn.

China > Capital markets: PRC firms

Through its global network, King & Wood Mallesons are able to offer an enviable capital markets practice. It is continually entrusted to advise multinational companies, financial institutions and Chinese issuers on transactions spanning a variety of sectors. It also represents Chinese issuers and underwriters on both domestic and cross-border securities transactions, including IPOs on the Shanghai, Singapore, New York, NASDAQ, and Frankfurt stock exchanges. Mulong Gong, Yongliang Zhang, Ning Zhou and Jin Peng co-lead the practice from Beijing, whilst Lixin Wang manages the Guangzhou office. Zheng Su’s practice focuses on securities and M&As, whilst Xiaohong Zhao provides additional expertise in public and private placements of debt and equity securities.

Practice head(s):

Mulong Gong; Yongliang Zhang; Ning Zhou; Jin Peng; Lixin Wang

Other key lawyers:

Zheng Su; Xiaohong Zhao; Yifeng Jiang; Mingyuang Zhang


‘King & Wood Mallesons’ reputation is well-known. The team members are highly professional, they provide constructive advice on difficulties encountered in different projects, and still meet the tight deadlines of the projects.’

‘Yongliang Zhang, Yanyan Song,  Yangguang Dong are professional and efficient. They can provide clients with effective solutions to specific problems, especially those involving Chinese law.’

‘Strong team, rich experience, honest and responsible.’

‘The team’s specialty business is capital markets. They provide high-quality and comprehensive legal services, and the team is able to fully understand clients’ business intentions and provide legal service solutions that match their business strategy.’

‘Mingyuan Zhang,  Lei Yao, and Shunxiang Lu have professional first-class securities knowledge, and the team can make full use of their global network to provide customers with a full range of high-quality services.’

‘The firm provides a quick response with meticulous work. They are proactive and highly professional, but remain flexible.’

Jianli Wen and Quan Li are recommended. They have rich economic and legal knowledge, and they use easy-to-understand expressions as much as possible in order to explain and demonstrate various legal logics at the project level.’

‘KWM has made a lot of exploration and investment in the field of legal science and technology, which has greatly improved legal services and efficiency.’

Key clients

China International Capital Corporation Limited

CSC Financial Co., Ltd.

CITIC Securities Company Limited

Baidu, Inc.

SenseTime Group Inc.

Goldman Sachs and CICC

ACM Research (Shanghai), Inc.

Nafine Chemical Industry Group Co., Ltd.

ZJMI Environmental Energy Co., Ltd.

China Longyuan Power Group Corporation Limited

Work highlights

  • Advised on A-share listing of China Telecom.
  • Advised on A-share listing of China Mobile.
  • Advised on Sensetime’s listing on the main board of the Hong Kong Stock Exchange.

China > Data protection: PRC firms

King & Wood Mallesons draws from an established China corporate practice, advising a range of domestic and multinational clients on their compliance solutions concerning various regulatory regimes. With a focus on compliance, the firm is active in an array of relevant projects, evidenced by its recent instructions of advising Everbright Bank on its internal data protection program. Beijing-based practice head Susan Ning is praised for her broad practice, which includes advising on data compliance systems, cross-border data transmissions, network security emergencies, and the formulation and modification of privacy policies. Han Wu is also highly recommended for advising multinational companies on their China compliance requirement, as well as representing Chinese companies operating in foreign countries in establishing data compliance systems.

Practice head(s):

Other key lawyers:

Key clients

Agricultural Bank of China

China Everbright Bank

TravelSky Technology

Work highlights

  • Assisted the Agricultural Bank of China with its data compliance consulting project in complying with the cybersecurity and data compliance obligations.
  • Acted for Everbright Bank in data compliance consulting projects, including providing gap analysis on mobile apps and third-party data providers, advice on internal data protection program, and assessing data-sharing arrangements.
  • Assisted TravelSky Technology with a data rights and interests research project.

China > Dispute resolution: Arbitration: PRC firms

King & Wood Mallesons offers a first-class arbitration practice, assisting multinational corporations, state-owned and private enterprises, and financial institutions on a full spectrum of dispute resolution services across a wide array of sectors. With the firm’s impressive international offering, it is also well positioned to handle complex international arbitrations, including representing domestic and foreign clients in ad hoc and institutional arbitration cases, with expertise acting across a variety of major international arbitration centres, including ICC, HKIAC, SIAC, SCC, LCIA, and CIETAC. Tao Huang heads the group from Beijing, specialising in international civil and commercial arbitration, with specific expertise in international trade, cross-border investment and financing matters. Yuwu Liu, Jessica Fei and Ariel Ye are also noted for their expertise in representing foreign and domestic clients in cross-border disputes. Mengdan Lv focuses on equity investment and joint venture matters, whilst Xinyu Liu has significant experience in the areas of corporation, PE investment, and product liability disputes.

Practice head(s):

Tao Huang

Other key lawyers:

Key clients

China Export & Credit Insurance Corporation

China > Dispute resolution: Litigation: PRC firms

King & Wood Mallesons has an impressive litigation offering, advising on a full range of commercial disputes across a wide array of industries, both on domestic and cross-border cases. It regularly entrusted by major MNCs, state-owned and private enterprises, and financial institutions to act on high profile and complex litigation proceedings. It has also seen continued growth, with the recent opening of its Chongqing Office. Practice head Tao Huang has extensive expertise in international civil, commercial, and maritime litigation. Key names to note in the team include Dongxia Xia, who has extensive experience in securities compliance and litigation matters, and Yue Dai, who specialises in international commercial litigation. Ting Yang has rich experience acting in domestic courts, with particular expertise in securities litigation, whilst senior associate Runze Liu focuses on commercial litigation, with expertise in non-performing asset disposal and liquidation matters.

Practice head(s):

Tao Huang

Other key lawyers:

Key clients

Shanxi Yinsheng Energy Technology Co., Ltd.

Beijing Yinfeng Investment and Development Co., Ltd.

Hong Kong and Shang Hai Banking Corporation

Kailuan Limited Liability Corporation

Pacific Credit Card Center of Bank of Communications Co. Ltd.

China CAMC Engineering Co., Ltd.

China > Insurance: PRC firms

King & Wood Mallesons has a close relationship with major insurers, reinsurers, banks, and intermediaries operating in China, Hong Kong and the broader Asia Pacific region. Clients turn to the practice for assistance with a wide range of insurance transactions and disputes. Most recently, the team has been particularly busy handling large high-profile foreign investment mandates, restructurings, M&A and regulatory compliance. On the international front, the group is well placed to handle cross-border matters with offices in Beijing, Shanghai, Hong Kong and Sydney. Leading the team is Min Yuan, who is recommended for equity investments, M&A and regulatory compliance related to commercial property, casualty, and life insurance. Yuan works alongside Zhe Lin, who is especially sought after to advise on restructurings and rights issuance, and Yunjie Lai.

Practice head(s):

Yuan Min

Other key lawyers:


‘The insurance team is made of absolute experts that know how to navigate the Chinese insurance landscape. They have a close relationship with the regulators which can be very valuable. The team is responsive and willing to go the extra mile.’

‘Associate Yunjie Lai is a superstar, she is highly responsive and practical in her advice and listens closely to clients’ requirements.’

Key clients

PICC Property and Casualty Company Limited

PICC Health Insurance Company Limited

PICC Life Insurance Company Limited

China Rong Tong Property & Casualty Insurance Co., Ltd.

Sunshine Property and Casualty Insurance Company Limited

China Life Asset Management Company Limited

Work highlights

  • Advised China Rong Tong Property & Casualty Insurance Co., Ltd. (Rongtong Property Insurance) on its establishment and daily legal compliance matters after its opening.
  • Acted for Sunshine Property and Casualty Insurance Company Limited on its issuance of ¥5bn redeemable capital supplement bonds.
  • Assisted China Life Asset Management Company Limited as its legal advisor in relation to the establishment of the China Life – Zhaojin Mining Creditors Investment Scheme, which intends to raise ¥3bn.

China > Investment funds: PRC firms

King & Wood Mallesons investment funds lawyers advise on fund formation, structuring and negotiations on business and legal terms with investors, as well as providing various drafting services. The firm provides ‘tremendous support’ on both private equity and venture capital fund formation. Assistance on the establishment of funds overseas is a key strength of the practice. Mulong Gong has extensive experience in enterprise restructuring, domestic and overseas listings as well as PE fund investment, formation and fund-raising of PE funds; he co-leads the team with Ma TianningAlan Du has advised on several major high-profile fund formations and has expertise in foreign direct investment. Minxiu Wan has been promoted to partner. Zhaoyan Wang is well recommended by clients.

Practice head(s):

Mulong Gong; Ma Tianning

Other key lawyers:


‘King & Wood Mallesons helps us to form the fund structurse, provides tremendous legal support on our PE/VC investment projects, and advises us on day-to-day compliance issues.’

‘The team offers valuable counseling to our oversea projects, in particular providing insights on establishment of overseas investment vehicles and advice on practicability of investment proposals.’

‘We maintain smooth communication, and they can quickly make our business ideas into specific text plans.’

‘They have extensive knowledge and experience of the area, and they have requisite skill set to fulfill our needs and respond in a competent and responsive manner.’

Key clients

China SME Development Fund Co., Ltd.

Suzhou Industrial Park Major Industrial Project Investment Fund, L.P.

Suzhou Innovation Industry Development Guidance Fund, L.P. (Suzhou FOFs)

China > Labour and employment: PRC firms

Advising on compliance, labour arbitration, lay-offs and transfers, trade union negotiations and more, the King & Wood Mallesons employment team offers notable expertise to a number of multinationals and large Chinese companies. Linda Liang has over 20 years experience in the employment practice area and is well regarded in the market. Her specialisms include assisting clients in complex terminations involving large numbers of employees, the implementation of incentive plans and data transfers. Lucy Lu has expertise in implementing compliance and HR plans. Ting Liu represents the practice in Shenzen, working on layoffs, settlements and organisational restructuring.

Practice head(s):

Linda Liang

Other key lawyers:

Lucy Lu; Liu Ting; Luo Ai; Li Xin

Key clients

Cook (China) Medical Trading Co., Ltd. Beijing Branch

Beijing Daoxiangcun Food Co., Ltd.

A renowned multinational shipping company

A renowned multinational consulting company

A local medical device company

A renowned multinational medical device and pharmacy company

A global supplier of micro-electronic semiconductor

China Merchants Group


Qiyin Speech Therapy Technology (Shenzhen) Co., Ltd.

Designer Brands Inc.

Zhejiang Geely Holding Group Co., Ltd


Work highlights

  • Represented Cook (China) Medical Trading in arbitration and litigation proceedings of a wrongful termination case brought by a former employee.
  • Assisted a leading multinational company in the sportswear industry in a compliance investigation of multiple employee disciplinary cases in stores.
  • Assisted Qiyin Speech Therapy Technology (Shenzhen) Co., Ltd. in establishing an overall human resource management system ranging from entry to departure, focusing on the protection of intellectual property and trade secrets.

China > Life sciences and healthcare: PRC firms

With ‘extensive knowledge of investment, licence registration, compliance, and antitrust matters’, the healthcare & pharmaceuticals team at King & Wood Mallesons is on top of key developments and trends in the industry, offering tailored and creative solutions’. Acting for a wide range of clients, including health insurance groups, private equity houses, investors, biotech companies and hospitals, the practice enjoys the ability to leverage the firm’s international network, which makes it well placed to handle cross-border matters. Leading the team from Beijing is Jianwen Huang, who specialises in inbound and outbound investment and M&A mandates. Tina Tai and Wenping Chen are recommended for IP matters, enforcement actions and investigations while Yuanyuan Zhu is a key name for compliance matters and investigations. In Shanghai, Mark Zhang and  Fan Yang handle cross-border investment, M&A and PE matters. Also noted are Shenzhen-based Ting Liu and senior associate Lingbi Li in Shanghai.

Practice head(s):

Jianwen Huang


‘The firm  provides a full range of services and has extensive knowledge of investment, licence registration, compliance, and antitrust matters.’

‘Mark Zhang is an excellent and very professional lawyer, who gives appropriate advice that matches the needs of the client’s business.’

‘King & Wood Mallesons is one of the few law firms in China with a dedicated healthcare team, with deep legal expertise and extensive transactional experience. The team also includes senior lawyers with biomedical background.’

‘They provide clients with a full range of legal services in the field of life sciences and healthcare. They are on top of key developments and trends in the industry, offering clients tailored and creative solutions.’

‘With capabilities in key jurisdictions, including Chinese mainland, Hong Kong, Australia, the United Kingdom, the United States and Europe, King & Wood Mallesons has the ability to assist clients with cross-border transactions and in expanding their businesses overseas.’ 

‘Mark Zhang is able to provide clients with a wide range of comprehensive “one-stop” services, covering pharmaceuticals, medical devices, biotechnology, clinical trials, genetics, healthcare products, hospitals and other medical service providers.’

‘Mark Zhang’s team has a clear understanding of the legal issues involved in transactions, providing clients with clear suggestions and a full picture of the risks involved from the outset.’ 

‘Yang Fan is recommended for the quality of the service provided and his responsiveness.’

Key clients

HUTCHMED (China) Limited

CANbridge Pharmaceuticals Inc

Reckitt Global and Reckitt Benckiser (China) Investment Co., Ltd

Beijing Leto Laboratories Biotechnology Co., Ltd

RemeGen Co., Ltd

Harbin Pharmaceutical Group

Work highlights

  • Advised RemeGen Co., Ltd on its initial public offering of A-shares on the STAR market of the Shanghai Stock Exchange.
  • Acted for Beijing Leto Laboratories Biotechnology Co., Ltd on a joint development agreement with Hanson Pharmaceutical Group Company Limited.
  • Represented Novartis AG in proceedings to maintain the validity of Entresto® compound patent.

China > Projects and energy: PRC firms

Vast in scope, covering financing and development work, King & Wood Mallesons continue to rank among the best. The practice caters to new renewable energy clients, oil and gas titans, nuclear energy producers and mining and metallurgical firms. Xiao Yong is the head of the team, having joined from Dechert LLP. He is supported by a number of highly qualified partners including Wenjing Tian, LV Yinghao and Jin Xiong, who also has experience in M&A and foreign direct investment matters. Zhizhi Liu is another name to note. She focusses on cross-border investments, international construction and engineering projects, international technology licensing and cross-border sales.

Practice head(s):

Xiao Yong

Key clients

China Longyuan Power Group Corporation Limited

State Grid China Electric Electricity Equipment and Technology Co., Ltd

Shenzhen Energy Gas Investment Holding Co., Ltd

Huadian Fuxin Energy Development Co., Ltd.

Guodian Ningbo Wind Power Development Co., Ltd.

The Wharf Holdings Limited

Tishman Speyer

Sino Ocean Capital

SF Real Estate Investment Trust

Yuexiu Real Estate Investment Trust (Yuexiu REIT) (00405.HK)

Macquarie Group


CapitaLand China Trust (SGX: CLCT) (former name: CapitaLand Retail China Trust (CRCT))

Ascott Residence Trust

Work highlights

  • Advised China Zhongyuan Engineering Corporation on a transaction structure and legal risks; reviewing and revising the project agreements and attending a number of rounds of on-site negotiations.
  • Provided Huadian Fuxin Energy Development Co Ltd with comprehensive legal service for the project. The scope of service involves various fields such as preliminary preparation, legal due diligence investigation, deal scheme design, drafting transaction documents, participating in commercial negotiations.
  • Advised Shenzhen Energy Gas Investment Holding Co. Ltd on complex negotiation of transactions with the inclusion of an ‘exit’ clause on occurrence of certain events.

China > Real estate and construction: PRC firms

Advising international household names such as Walmart and Tesco, as well as major Chinese hotel chains and real estate developers, the real estate and construction practice at King & Wood Mallesons is truly placed amongst the top echelons. Harry Du whose clients include Tishan Sprayer and Beijing Land, heads the practice; Du’s key areas of expertise include finance, land acquisitions, mergers, bidding and real estate investment. He is supported by a strong bench of partners including Shenzhen-based Zhangqi Tao, dispute partners Shigang Cheng and Xianlong Zhao, and William Jiang who splits his time between Shanghai and Hanzhou. Meidong Xing specialises in real estate financing and M&A. The practice also includes a number of highly promising associates, including Chen Xi, whose recent highlights include advising on Tishman Spreyer’s investment in a major retail and commercial development in Shenzen.

Practice head(s):

Harry Du

Other key lawyers:

Wiiliam Jiang; Zhangqi Tao; Shigang Cheng; Xianlong Zhao; Fan Rong; Peng Fu; Chen Xi; Meidong Xing

Key clients


Sino Ocean Capital

SF Real Estate Investment Trust

The Hongkong and Shanghai Banking Corporation Limited

Shenshi (Shenzhen) Smart Logistics Infrastructure Private Fund Partnership

Tishman Speyer

CapitaLand China Trust (former name: CapitaLand Retail China Trust (CRCT))

The Wharf Holdings Limited

Ascott Residence Trust

Yuexiu Real Estate Investment Trust (Yuexiu REIT)


China > Private equity: PRC firms

As a leading firm in China, King & Wood Mallesons offers a strong private equity and investment funds practice. The team is well regarded for its expertise in advising on the establishment, investment, and exit of both domestic and overseas funds. The practice represents a large range of private equity firms, including major global buyout funds, as well as first time funds. It is also able to offer comprehensive advice through collaboration with the firm’s wider teams in M&A, tax, intellectual property and capital markets. The team is co-headed by Mulong Gong, who specialises in fund formation and downstream investment across a variety of sectors, and Tianning Ma, who brings specific expertise advising on large projects in the media, culture and education sectors, including on offshore restructuring matters. Liguang Ren has specific expertise in PE and VC investments in the TMT and pharmaceuticals sectors. Yun Han and associate Shuai Wang are also notable for their experience acting for top tier funds and investment institutions.

Practice head(s):

Mulong Gong; Tianning

Other key lawyers:

Key clients

MSA Capital Investment Vehicle Investment

Helixon Ltd



Sequoia Capital

Shandong Taishan Beer

Silver Lake Partners, L.P.

Goldman Sachs (Asia) L.L.C.

Hello Inc.

VX Logistics Properties Co. Ltd.

China > Tax: PRC firms

Acknowledged by clients and peers alike as one of the top PRC tax practices, King & Wood Mallesons offer services in tax dispute resolution, audit defence, compliance and M&A tax planning. Paramount and Goldman Sachs form just a small part of the firm’s illustrious client list. Tony Dong is highly experienced and has assisted on a number of high-value and high-profile matters. Bill Ye has a specialises in representing energy and electronics companies. Daisy Duan‘s services include tax consultation and planning for non-resident enterprises, tax planning for cross-border investments, M&A, and restructuring projects. Zhao Yan has moved to Fangda Partners.

Practice head(s):

Tony Dong

Other key lawyers:

Daisy Duan; Bill Ye; Jessie Yu

Key clients

Pfizer Inc.

Goldman Sachs


China > WTO/international trade: PRC firms

Dispute settlement, treaty negotiations, trade remedies and public policy all fall with in the scope of King & Wood Mallesons‘ extensive international trade practice. Work for MOFCOM in matters such as international arbitration and for globally renowned companies such as Hitachi and Mitsubishi characterises this top-tier practice. Jin Xiao has represented both the Chinese government and multinational companies during his distinguished career. He specialises in customs law, WTO dispute settlement, and international trade agreement negotiation as well as trade remedies. Xinyu Liu works on investigations, export controls, sanctions and smuggling cases. Xiaopeng Feng has a background in the customs field and specialises in customs trade compliance.

Practice head(s):

Jin Xiao; Xinyu Liu

Other key lawyers:

Xiaopeng Feng; Su Chang

Key clients

Ministry of Commerce of the People’s Republic of China (“MOFCOM”)

Ministry of Ecology and Environment

Pernod Ricard Winemakers Pty Ltd

Casella Wines Pty. Limited

Nippon Steel Corporation

Nippon Steel Trading Corporation

Zhuhai Yunzhou Intelligence Technology Co. Ltd.

Tongwei Co., Ltd.

Mitsubishi Corporation

Bard Healthcare Science (SHANGHAI) Co., Ltd.

Nissan Motor Co., Ltd

Sichuan Leshan Fuhua Agricultural Technology Investment Group Co., Ltd.

Hitachi Construction Machinery Co., Ltd.

ITOCHU Corporation

TCL Corporation

Siemens Electrical Drives Ltd.

Mitsubishi Electric (China) Co., Ltd.

Work highlights

  • Assisted a well-known domestic leasing company to apply for administrative reconsideration to the GAC and avoid high administrative penalty and downgrade risks.
  • Advised a well-known US leading medical device company on a case of false declaration and avoiding the criminal risk. Finally the ASB close the case as an administrative punishment case with a lesser administrative penalty.
  • Assisted a well-known domestic Surface Vessel Production High-Tech enterprise to establish and develop a US export control compliance management program and answer inquiries from US corresponding agencies.

China > Intellectual property: PRC firms

King & Wood Mallesons is consistently sought out by brand owners and corporate giants for complex patent, trade mark and copyright matters, as well as IP litigation and transactions. The track record of IP litigation leader He Wei includes acting in over 500 litigations and arbitrations; Qin Yugong is 'great for IP strategy'; Maohua Wang specialises in the electrical and electronic engineering aspects of patent protection; Shi Yusheng acts in disputes involving trade marks, patents, copyrights, domain names, trade secrets and unfair competition; Xiaoli Yang is 'smart, reliable and very helpful'; and Tina Tai is a pharmaceutical and healthcare sector specialist. Also highly regarded are IP litigation experts Xu Jing, Mia Qu and He Fang, while the next partner line features Jiao Hongbin, Ben Ni, Song Xinyue, Zhang Xiaoxia, Gui Hongxia and Zhang Haomiao. In May 2022, IP partner Gordon Gao joined from Fangda Partners, while Yan Ligang is a recently promoted counsel.

Practice head(s):

Maohua Wang; Xiaoli Yang; He Wei; Tina Tai; Yong Li; Mia Qu


‘The team is excellent for its preparation of IP litigation.’

‘The team is knowledgeable, responsive and very professional. Clients are very satisfied with its service.’

‘Qin Yugong is great for IP strategy during litigation.’

‘Xiaoli Yang is smart, reliable and very helpful – friendly and professional, and clients have nothing but praise for her.’

‘Xiaoli Wang and her team are helpful, knowledgeable and very responsive. A go-to firm for all trade mark-related work in the PRC.’

‘Xiaoli Wang is knowledgeable, and a real expert on the complexities of Chinese trade mark law and the practice of CIPO.’

‘Xu Jing is outstanding for her ability to give precise legal advice, come up with clever ideas for difficult problems, and present cases to the court, for example during FRAND litigation.’

Key clients

GuoSen Security

YAPP Automotive Systems Co

Sany Automobiles

Emerson Electric Co





Beijing Xiaoju Technology Co

Guangzhou Pharmaceuticals Group

Shenzhen Jiedian Technology Co

Gree Electric Appliances

Ant Credit Pay

NavInfo Co


Mitsubishi Electric Co

Beijing Bytedance Technology Co

Novo Nordisk

NV Bekaert

Red Bull Vitamin Drink Company

Shenzhen Guosen Securities Co

Hero Entertainment Co

Perfect World Co

Jianxin (Shanghai) Technology Co

Shanghai Lianshang Network Technology Co

Vertiv Co

Work highlights

  • Assisted Beijing Whiteshire Breeding & Technologies Co with applying to the court for an order for production of documents, in relation to an infringement.
  • Defended Bilibili against a copyright infringement and unfair competition case before the Shanghai Pudong District People’s Court.
  • Acted for Emerson Electric Company in a civil lawsuit seeking injunctive relief and damages against serial trade mark piracy.

China > Corporate and M&A: PRC firms

With experience across sectors including renewable energy, semiconductors and data centres, King & Wood Mallesons’s corporate team is adept at handling M&A deals in some of the fastest-growing sectors of the Chinese economy. The team is particularly active in advising private equity funds, based in both China and the rest of the world, on investments in PRC companies; elsewhere, it acts for Chinese clients, including SOEs, on outbound investments. Its work on inbound transactions includes acquisitions and investments, as well as joint ventures between PRC and overseas companies. In Beijing, Ping Xu has been instructed on some of the largest deals in the Chinese market by Chinese and international companies, while Harry Du is noted for his work on corporate deals involving real estate and energy assets. Kaiding Wang and Jennifer Yao are also key figures in Beijing, while in Shanghai Lixin Wang has a strong following among both multinational and Chinese clients. Ling Huang works between Beijing and Shenzhen, with a focus on cross-border deals, and Haibo Mo heads up the firm’s south China corporate offering.

Practice head(s):

Ping Xu; Lixin Wang; Mo Haibo

Other key lawyers:

Harry Du; Kaiding Wang; Jennifer Yao; Ling Huang; Jingchuan Zhao; Xiaoping Liu; Morgan Jiang


‘The KWM China team has a deep bench with broad domain expertise and resources at every talent/experience level. They are responsive and very good at marrying legal expertise with commercial pragmatism.’

‘Ping Xu and her team are very impressive and a pleasure to deal with. They are very responsive and proactive at identifying and managing issues and great at providing effective solutions which combine good technical, and legal expertise with commercial pragmatism. She is extremely expert so inspires confidence and is terrific at finding a way through difficult issues.’

‘The lawyers from King&Wood for our project, which was led by Mr Wang Lixin and Ms Liu Xiaoping, were quite personable, persuasive and polite.’

‘Xiaoping Liu was the best lawyer I had ever met. She had an excellent listening ability to build relationships and engender confidence with clients. She was also good at identifying what is relevant out of a mass of information and explaining it clearly and concisely to her clients, as well as the counterparty of her clients, in order to process the transition forward. Additional she was very meticulous and never made mistakes while giving advice to her clients.’

‘KWM team led by Partner Morgan Jiang was truly the best team I have ever work with and as an in-house, the most important thing is how prompt outside counsels would respond to our request and KWM team is perfect from that perspective. Through WeChat, I could discuss with KWM team at any time and KWM team’s response was always given right away and we worked together as one team all the time.’

‘Partner Morgan Jiang is very smart and client-oriented and also, his M&A related legal expertise together with the business mind was very helpful to negotiate the M&A transactions.’

Key clients

Reckitt Benckiser Group plc

China Three Gorges (Europe) S.A.

Whirlpool Corporation

AVIC Trust Co., Ltd

LG Chem, Ltd.

MBK Partners

New Hope Diary Co., Ltd.


China National Complete Plant Import & Export Corporation Limited

Walden International

Work highlights

  • Advised Reckitt on entering into definitive agreements with Primavera to sell its IFCN business of Mead Johnson (a global leading IFCN company owned by Reckitt) in China (including mainland China, Hong Kong SAR and Taiwan) to Primavera for 2.2 billion USD.
  • Advised Oceanwide on sale of 100% of shares of IDG to Blackstone with an enterprise value of $1.3 billion.
  • Advised China Three Gorges (Europe) S.A. on its successful acquisition of 100% equity in wind and photovoltaic assets from a consortium led by Corporacion Masaveu.

China > Regulatory/compliance: PRC firms

With a dedicated compliance and corporate governance team, King & Wood Mallesons offers a strong practice advising clients across different industries in a variety of matters, including compliance system building, compliance investigations, and crisis response. It is also experienced in assisting on investigations by Chinese government authorities, industry regulators, and multilateral development banks. Wei Wu and Harry Liu jointly lead the team, with Wu specialising in anti-commercial bribery, corporate compliance risk assessment and prevention, compliance non-prosecution and program building, and corporate crisis management. Meanwhile, Liu has extensive experience in regulatory investigations, representing clients in dealing with Chinese and US government agency investigations. Junfeng Chang focuses on criminal litigation and compliance investigation, whilst Xiaodan Xu is experienced in assisting domestic and international clients in internal compliance investigations. Yang Han has expertise in the field of corporate compliance, whilst Yuanyuan Zhu’s practice focuses on anti-commercial bribery, investigation and sanctions of multilateral development banks, and construction of compliance system for state-owned companies. Yulai Gan is also notable for his experience in criminal defence, corporate risk management and compliance matters.

Practice head(s):

Wei Wu; Harry Liu

Key clients

Sichuan Golden-Elephant Sincerity Chemical Co., Ltd.

Guangxi Guihuacheng Co., Ltd

China > Restructuring and insolvency: PRC firms

King & Wood Mallesons‘ sizeable team stands out for its expertise in large high-profile insolvency and restructuring cases, typically advising listed and state-owned companies, multinationals and financial institutions. Active in a wide range of sectors, most notably infrastructure, energy, real estate and retail, the practice is geared to handle reorganisations, out-of-court restructurings, cross-border proceedings and corporate dissolutions, among other matters. The group’s leadership is split between debt restructuring expert Yanling Liu, Le Wang who is recommended for restructuring M&A and liquidations, and Shenzhen-based Kuncheng Zhao who has extensive experience in advising listed companies on debt crisis management and reorganisations. In Shanghai, experienced administrator Yuhan Shen is a key contact for insolvency proceedings while Zhaohui Hao handles bond default response and reorganisations for listed companies. Also noted is Shenzhen-based Fuxiang Wang, who is well versed in debt restructuring.

Practice head(s):

Yanling Liu; Le Wang; Kuncheng Zhao

Other key lawyers:

Key clients

Kangmei Pharmaceutical Co., Ltd.

Tewoo Group Company Limited and Its 43 Affiliates

Jointly administered bankruptcy liquidation: CEFC (Shanghai) Group Co., Ltd. (“CEFC”) and its 69 affiliates

Bankruptcy liquidation: CEFC (Shanghai) Finance Co., Ltd.

Compulsory liquidation: CEFC (Shanghai) Securities Limited

Henan Huaying Agriculture Development Holding Co., Ltd.

Shandong Yabo Technology Co., Ltd,

Shandong Yabaite Technology Co., Ltd

Guirenniao Co.,Ltd, Quanzhou Intermediate People’s Court

Work highlights

  • Acted as the administrator of Kangmei Pharmaceutical Co., Ltd, and advising on its reorganisation plan.
  • Assisted Tewoo Group Company Limited and its 43 affiliates with guiding, supervising and implementing its reorganisation plan.
  • Advised Henan Huaying Agriculture Development Holding Co., Ltd as its administrator on negotiations with creditors and its reorganistion plan.

China > Private wealth: PRC firms

King & Wood Mallesons has a comprehensive private wealth offering and is particularly active in family wealth management and inheritance cases. It regularly acts for high-net-worth individuals, shareholders and family investment trusts in a range of matters, including investment management and restructuring, succession planning, wealth protection, tax planning and family disputes. Wang Hui leads the team, specialising in family wealth management and inheritance, with additional experience in domestic and overseas listings and financing. Daisy Duan is experienced in providing tax advice for enterprises and individuals, whilst Hui Zheng has expertise in cross-border family wealth management projects. Peng Wu focuses on disputes pertaining to marriage and family wealth issues.

Practice head(s):

Wang Hui

Other key lawyers:

Daisy Duan; Hui Zheng; Peng Wu; Han Yang; Mengke He


‘The team led by Hui Zheng is able to provide a one-stop shop service to PRC clients who wish to have their businesses listed in China, or overseas in either Hong Kong or the US using an offshore structure, as well as setup of an offshore trust for asset protection and succession planning.’

‘The team has good experience in dealing with matters concerning UK and US.’

Hui Zheng’s expertise in handling cross-border transactions, internal personal taxes and wealth planning issues stands out from other PRC wealth planning advisers.’

‘Mengke He is a credible private client lawyer with ample experience in advising clients setting up offshore trusts.’

China > TMT: PRC firms

King & Wood Mallesons represents a number of household clients on a full range of legal services across the telecommunications, media, entertainment and technology sectors. Within the telecommunications sector, it is also experienced in advising governments and supranational bodies on the development of telecommunications regimes. It is also active across subsectors in the media and entertainment industry, including broadcasting, print, social media, gaming, and internet. Miao Qu specialises in IP related matters, including IP litigation, whilst Hanyu Zhang focuses on private equity and corporate M&A. Han Wu provides additional expertise in cybersecurity and data compliance matters for multinational companies.

Other key lawyers:

Miao Qu; Hanyu Zhang; Han Wu; Ningyuan Wang

Key clients

ACM Research (Shanghai), Inc.

Goldman Sachs (Asia) L.L.C.

Citigroup Global Markets Inc.

China Renaissance Securities (Hong Kong) Limited


Silver Lake Partners, L.P.


New Opportunities in China’s Healthcare and Pharmaceutical Industries

In recent years, China’s healthcare and pharmaceutical industry has continuously introduced various incentive policies to optimize the environment for foreign investment. Under the dual stimulation of the internal market and policies, China’s healthcare and pharmaceutical industry has achieved rapid development. In 2022, China ranked among the top in the world in terms of active pharmaceutical transactions, with the total transaction value reaching 34.6 billion USD, up by 10% year-on-year[1].

This article reviews the new regulations and policies in China’s healthcare and pharmaceutical industries in recent years from five aspects: (1) Reform of the regulatory system of drugs and medical devices in China; (2) Addition of new entries of the pharmaceutical industry to the Catalogue of Encouraged Foreign Investment Industries (鼓励外商投资产业目录); (3) New regulations on online drug sales; (4) Implementation of Internet hospital supervision policies; and (5) Allowance of Hong Kong and Macao MAHs (as defined below) to entrust cross-border production.

I. Reform of the regulatory system of drugs and medical devices in China

In 2015, the State Council of the PRC issued the Opinions on the Reform of the Evaluation and Approval System for Drugs and Medical Devices (关于改革药品医疗器械审评审批制度的意见), which kicked off the regulatory system reform of drugs and medical devices. In 2017, the General Office of the State Council further issued the Opinions on Deepening the Reform of the Evaluation and Approval System and Encouraging the Innovation of Drugs and Medical Devices (关于深化审评审批制度改革鼓励药品医疗器械创新的意见), which accelerated China’s reform of the regulatory system of drugs and medical devices.

Echoing this development, the National Medical Products Administration of the PRC (“NMPA”) joined the International Council for Harmonisation of Technical Requirements for Pharmaceuticals for Human Use (“ICH”) in 2017 and was elected as a member of the ICH Management Committee in 2018, further aligning China’s drug registration and administration system with international standards.

Prior to the implementation of the Plan for the Pilot Plan on Drug Marketing Authorization Holder System (药品上市许可持有人制度试点方案) (“Pilot Plan”) issued in 2016, China’s drug marketing authorization and manufacture license were bound to each other. In other words, only enterprises with the capacity to manufacture drugs or medical devices may be granted marketing authorization for their drugs or medical devices. After the issuance of the Pilot Plan, ten provinces (municipalities), including Beijing, Shanghai, and Guangdong, implemented a new drug marketing authorization holder system on a trial basis, under which the marketing authorization and the manufacture license are independent of each other (“MAH System”). After the new Drug Administration Law of the People’s Republic of China (“Drug Administration Law”) came into force on December 1, 2019, China fully implemented the MAH System nationwide.

Under the MAH system, an enterprise or a drug research and development institution without manufacturing capacity can also be a drug marketing authorization holder (“MAH”). Except for drugs that are explicitly prohibited by law from manufacture entrustment[2], MAHs are allowed to entrust enterprises with the corresponding manufacturing qualifications to manufacture all other drugs. However, MAHs still need to be responsible for non-clinical research, clinical trial, manufacture and distribution, post-marketing research, and monitoring, reporting and handling of adverse drug events, etc[3].

Similar to the drug MAH System, the newly revised Regulations on the Supervision and Administration of Medical Devices (医疗器械监督管理条例), which came into force on June 1, 2021, also implemented, on a nationwide basis, a medical device registrant (filing applicant) system under which the marketing authorization and the manufacture license are independent of each other. In addition, the Drug Administration Law newly revised in 2019 has, for the first time, clarified the transferability of drug marketing authorizations on the legislative level[4], making marketing authorization of drugs one of the newest forms of transferrable assets. However, up to now, there is no explicit legal basis for the transfer of marketing authorizations for medical devices in China.

In recent years, in addition to the fundamental laws and regulations in the regulatory system of drugs and medical devices, NMPA has revised and improved a series of supporting regulations, including Provisions for Drug Registration (药品注册管理办法), Provisions for the Supervision and Administration of Drug Manufacturing (药品生产监督管理办法), Provisions for Medical Device Registration and Filing (医疗器械注册与备案管理办法), Provisions for Supervision and Administration of Medical Device Manufacturing (医疗器械生产监督管理办法), etc. Today, China’s regulatory system of drugs and medical devices has undergone profound changes and is further in line with international practices.

II. Addition of new entries of the pharmaceutical industry to the Catalogue of Encouraged Foreign Investment Industries

A. What preferential policies are foreign investors entitled to by investing in the industries set out in the Catalogue of Encouraged Foreign Investment Industries?

As one of China’s major policies to promote foreign investment, foreign investors investing in the industries listed in the Catalogue of Encouraged Foreign Investment Industries can mainly benefit from the following three policies[5]:

  • For equipment imported for self-use within the total investment amount, customs duties are exempted, except for certain products that are not exempted according to the national regulations in China[6];
  • For encouraged industrial projects with intensive land use, land can be supplied with priority, and the price for land transfer can be discounted at no less than 70% of the national minimum price standard applicable to the transfer of industrial land in the corresponding location; and
  • For foreign investment in the western regions and Hainan Province, enterprise income tax is reduced by 15%[7].

B. What are the changes in the pharmaceutical industries in the latest version of the Catalogue of Encouraged Foreign Investment Industries?

The latest version of the Catalogue of Encouraged Foreign Investment Industries (“Catalogue 2022”) was issued by the PRC National Development and Reform Commission and the PRC Ministry of Commerce on October 26, 2022 and came into force on January 1, 2023. The main structure of Catalogue 2022 remains unchanged compared with the 2020 version and consists of two parts: (1) the National Catalogue of Encouraged Industries for Foreign Investment (全国鼓励外商投资产业目录), which applies to foreign investment in the whole country; and (2) the Catalogue of Industries for Foreign Investment in Central and Western China (中西部地区外商投资优势产业目录), which applies to foreign investment in the central and western regions, north-east regions, and Hainan Province.

Compared with the 2020 version, the Catalogue 2022 has 239 newly-added entries, among which the newly-added entries related to the pharmaceutical industry are partially listed below:

a. Newly-added entries related to the pharmaceutical industry under the National Catalogue of Encouraged Industries for Foreign Investment:

  • Research, development and production of cell therapy drugs (except for investment in areas where foreign investment is prohibited);
  • Development and production of drugs for rare diseases and pediatrics;
  • Development and production of pharmaceutical manufacturing-related consumables, including separation and purification media, solid phase synthesis media, chiral resolution media, and drug impurity control and detection consumables, etc.;
  • Research, development and manufacturing of smart healthcare products for the elderly (e.g. supplies and ancillary products, medical devices and rehabilitation devices, smart and wearable devices for the elderly, etc.).

b. Newly-added entries related to the pharmaceutical industry in Hainan Province under the Catalogue of Industries for Foreign Investment in Central and Western China:

  • Production and processing of new medical devices, equipment and medical materials, especially for items with independent intellectual property rights;
  • Outsourcing services for medical devices (contract development and manufacturing organizations, contract research organizations);Medical consulting services;
  • High-end professional medical treatment, rehabilitation, nursing and other medical and health services.

III. New Regulations on Online Drug Sales

After a lengthy period of exploration by the State Administration for Market Regulation, Provisions for Supervision and Administration of Online Drug Sales (药品网络销售监督管理办法) (“Provisions for Online Drug Sales”) came into force on December 1, 2022. As the departmental rule specifically regulates online drug sales, its implementation provides guidance on how to carry out online drug sales in compliance in China.

A. What entities can carry out online drug sales in China?

According to the Provisions for Online Drug Sales, entities entitled to engage in online drug sales include[8]:

  1. Drug MAHs: Drug MAHs are only allowed to sell the drug for which they have obtained a drug marketing authorization. To sell drugs to individuals, an additional retail qualification needs to be obtained;
  2. Drug distributors: Drug distributors shall carry out online drug sales in accordance with their approved business model (wholesale or retail) and within their approved business scope; and
  3. Manufacturers of traditional Chinese medicine (“TCM”) decoction pieces: Manufacturers of TCM decoction pieces shall abide by the relevant obligations imposed on the drug MAH when selling their decoction pieces, including overseeing the whole manufacture and distribution process and establishing a tracing system for decoction pieces to ensure the safety, effectiveness, and traceability thereof[9].

B. Which kinds of drugs are prohibited from being sold online?

In China, not all drugs can be sold online. According to the Provisions for Online Drug Sales, vaccines, blood products, narcotics, psychotropic substances, toxic drugs for medical use, radioactive drugs, pharmaceutical precursor chemicals and other drugs under special management by the country are prohibited from being sold online. The specific catalogue of such drugs is formulated by the NMPA. On November 30, 2022, the NMPA issued the List of Drugs Prohibited from Selling Online (the First Edition) (药品网络销售禁止清单(第一版)), implementing a “negative list” for the administration of drugs sold online. In addition, the Provisions for Online Drug Sales specify that online drug retailers are allowed to sell prescription drugs to individuals through the Internet, provided that such retailers sign an agreement with electronic prescription providers and ensure that the sources of prescriptions are authentic and reliable.

IV. Implementation of Internet hospital supervision policies

The outbreak of COVID-19 has accelerated the development of “Internet Plus” medical services, an emerging business model combining information technology with traditional healthcare industries. Statistics from the PRC National Health Commission show that by the end of 2021, the number of China’s online medical users reached 298 million, a surge of 83.08 million from 2020, accounting for 28.9% of the total number of Internet users. With more users becoming aware of online medical treatment, the market for Internet-based medical services will continue to expand.

On July 17, 2018, the PRC National Health Commission, together with the National Administration of Traditional Chinese Medicine, formulated the Administrative Measures for Internet-Based Diagnosis (for Trial Implementation) (互联网诊疗管理办法(试行)), the Administrative Measures for Internet Hospitals (for Trial Implementation) (互联网医院管理办法(试行)) and the Good Practices for Telemedicine Services (for Trial Implementation) (远程医疗服务管理规范(试行)), establishing a basic legal framework for China’s Internet-based medical services sector. On February 8, 2022, the Detailed Regulatory Rules for Internet-Based Diagnosis (Trial) (互联网诊疗监管细则(试行)) was issued, further elaborating on the regulations on Internet-based medical services. With the introduction of these new policies, Internet hospitals, as one of the important sectors of Internet-based medical services, ushered in a new era of strong supervision.

A. What are the operation models of Internet hospitals in China?

According to Administrative Measures for Internet Hospitals (for Trial Implementation), Internet hospitals currently have two main operation models: (1) an independent Internet hospital affiliated to an offline medical institution set up by a third-party institution (usually an Internet information technology company, a medical device company, etc.), and (2) an associated Internet hospital under an offline medical institution. The second model is divided into two sub-modes: (1) an associated Internet hospital independently set up by an offline medical institution, and (2) an associated Internet hospital jointly set up by an offline medical institution and a third-party institution.

B. Are there restrictions on foreign investment in Internet hospitals in China?

According to the Special Administrative Measures (Negative List) for Foreign Investment Access (Edition 2021) (外商投资准入特别管理措施(负面清单)(2021年版)) and the Interim Measures for the Administration of Sino-Foreign Equity and Cooperative Joint Venture Medical Institutions (中外合资、合作医疗机构管理暂行办法), only Sino-foreign joint venture medical institutions are allowed in China, and the equity or interests owned by the foreign investors must be capped at 70%. However, in practice, the above restrictions may be disapplied in certain parts of China and to certain kinds of investors. For example, (1) in a Sino-foreign joint venture medical institution established in Sichuan province, the foreign investor’s equity interest is capped at 90% (instead of 70%)[10]; (2) service providers from Hong Kong, Macao and Taiwan may establish wholly-owned medical institutions in mainland China[11]; and (3) foreign medical institutions may establish wholly foreign-owned medical institutions in the China (Shanghai) Pilot Free Trade Zone upon approval by relevant authorities[12].

V. Allowance of Hong Kong and Macao MAHs to entrust cross-border production

On June 27, 2022, the Department of Comprehensive Affairs of the NMPA issued the Notice of the Department of Comprehensive Affairs of the National Medical Products Administration on Further Strengthening Services Provided to Foreign Invested Enterprises (关于进一步加强外资企业服务工作的通知) (the “Notice”), which supports Hong Kong and Macao drug MAHs and medical device registrants (collectively, the “Hong Kong and Macao MAHs”) to manufacture their drugs and medical devices by qualified enterprises incorporated in the nine mainland cities of the Greater Bay Area (Guangzhou, Shenzhen, Zhuhai, Foshan, Huizhou, Dongguan, Zhongshan, Jiangmen and Zhaoqing in Guangdong Province).

On June 29, 2022, two days after the issuance of the Notice, the Department of Comprehensive Affairs of the NMPA issued the Implementation Plan for Supporting Hong Kong and Macao Drug Marketing Authorization Holders to Produce Drugs in the Nine Mainland Cities of the Greater Bay Area (支持港澳药品上市许可持有人在大湾区内地9市生产药品实施方案) and the Implementation Plan for Supporting Hong Kong and Macao Medical Device Registrants to Produce Medical Devices in the Nine Mainland Cities of the Greater Bay Area (支持港澳医疗器械注册人在大湾区内地9市生产医疗器械实施方案) (collectively the “Implementation Plans”). The Implementation Plans clarified the scope of application, entrustment procedures, application procedures, documentary requirements, etc., for Hong Kong and Macao MAHs to entrust the manufacture of drugs or medical devices in the nine mainland cities of the Greater Bay Area. The specific plans for entrusting the manufacture of drugs and medical devices by Hong Kong and Macao MAHs across the border have finally been implemented.

The Drug Administration Law newly revised in 2019 and the Regulations on the Supervision and Administration of Medical Devices newly revised in 2021 do not explicitly prohibit manufacture entrustment across the border. However, prior to the issuance of the Implementation Plans, pursuant to the Administrative Measures for Changes after Drug Marketing (for Trial Implementation) (药品上市后变更管理办法(试行)) and the Announcement of National Medical Products Administration on Matters Concerning the Manufacturing of Imported Medical Devices by Enterprises within the Territory of China (国家药监局关于进口医疗器械产品在中国境内企业生产有关事项的公告), if a drug MAH and medical device registrant outside mainland China intend to manufacture drugs or medical devices that have been registered as imported drugs or imported medical devices in mainland China, such drug or medical device shall first be registered as a domestic drug or medical device in mainland China before it can be domestically produced.

The Implementation Plans removed such restrictions to a certain extent. Except for drugs and medical devices explicitly prohibited from being manufactured by entrustment under the Implementation Plans, Hong Kong or Macao MAHs which have obtained imported drug/medical device registration certificates for the Chinese patent medicines, chemical medicines and medical devices, may entrust enterprises with corresponding manufacturing qualifications and registered addresses and manufacturing sites located in the nine mainland cities of the Greater Bay Area to manufacture the registered Chinese patent medicines, chemical medicines and medical devices.

China attaches great importance to the development of the healthcare and pharmaceutical industries, encourages foreign investment in the healthcare and pharmaceutical industries, and continuously improves the investment environment in many aspects, such as innovating regulatory methods, speeding up review and approval, expanding market opening, and promoting the transformation of international rules. With the continuous introduction of new regulations and new policies, China’s healthcare and pharmaceutical industries will also have new opportunities, but at the same time, China’s healthcare and pharmaceutical industries will be subject to more comprehensive, detailed and stricter supervision. The supervision policies are often tailored to suit the local market, so for the enterprise interested in investing in China’s healthcare and pharmaceutical industry, it is strongly advised to engage a PRC law firm with rich experience in the healthcare and pharmaceutical industry to ensure full compliance in the transaction, operation and other aspects in order to secure ideal investment returns.


Contributed by Jianwen Huang, Head of Pharma and Healthcare Practice at King & Wood Mallesons.


[1] From 2022 China Transaction Report released by Pharmcube.

[2] According to paragraph 4 of clause 32 of the Drug Administration Law of the People’s Republic of China, the entrusted manufacturing of blood products, narcotics, psychotropic substances, toxic drugs for medical use, and pharmaceutical precursor chemicals is prohibited, unless otherwise stipulated by the drug regulatory department under the State Council.

[3] Paragraph 2 of Clause 30 of the Drug Administration Law of the People’s Republic of China.

[4] Clause 40 of the Drug Administration Law of the People’s Republic of China.


[6] Announcement on Issues concerning the Implementation of the Catalogue of Encouraged Foreign Investment Industries (2022 Version) (Announcement No. 122, 2022 of the General Administration of Customs of the PRC) (海关总署关于执行《鼓励外商投资产业目录(2022年版)》有关事项的公告(海关总署公告2022年第122号)).

[7] Notice on Preferential Policies for Enterprise Income Tax in Hainan Free Trade Port (Cai Shui [2020] No.31) (关于海南自由贸易港企业所得税优惠政策的通知(财税〔2020〕31号)).

[8] Clause 7 of the Provisions for Supervision and Administration of Online Drug Sales.

[9] Clause 39 of the Drug Administration Law of the People’s Republic of China.

[10] Administrative Measures of Sichuan Province for the Sino-Foreign Equity/Co-operative Joint Venture Medical Institutions 2012 (四川省中外合资、合作医疗机构管理办法).

[11] Interim Administrative Measures for the Establishment of Wholly-owned Hospitals by Taiwan Service Providers in the Mainland (台湾服务提供者在大陆设立独资医院管理暂行办法) and Notice of Ministry of Health and the Ministry of Commerce Concerning Issues in Establishing Medical Institutions by Hong Kong/Macau Service Providers in the Mainland (卫生部、商务部关于香港和澳门服务提供者在内地设立医疗机构有关问题的通知).

[12] Provisional Measures on the Administration of Wholly Foreign-invested Medical Institutions in China (Shanghai) Pilot Free Trade Zone (中国(上海)自由贸易试验区外商独资医疗机构管理暂行办法).