JunHe

On March 31, 2025, Xiaomi Corporation announced on the Hong Kong Stock Exchange that it had completed the placing of existing shares and the top-up subscription of new shares under a general mandate (the "Placement"). A total of 800 million new shares were issued in the Placement, raising approximately HKD 42.5 billion after deducting expenses. Xiaomi Corporation was founded in April 2010 and was listed on the main board of the Hong Kong Stock Exchange on July 9, 2018, with the stock code 1810. It is a consumer electronics and smart manufacturing company specializing in smartphones, smart hardware and IoT platforms. JunHe acted as the domestic legal counsel to Goldman Sachs (Asia) L.L.C., J.P. Morgan Securities (Asia Pacific) Limited, and China International Capital Corporation Hong Kong Securities Limited. Partners LI, Zhi and LEI, Tianxiao led the JunHe team and partner DENG, Lin provided support for the internal control matters.

On January 24, 2025, Ascentage Pharma Group International ("Ascentage Pharma", the "Company" or the "Issuer") (NASDAQ: AAPG, HKEX: 06855) issued 7,325,000 American depositary shares and was listed on the NASDAQ, raising funds exceeding USD 126 million. Ascentage Pharma is a global biopharmaceutical enterprise in the commercialization stage. It develops innovative drugs in areas such as oncology, chronic hepatitis B, and aging-related diseases. With its technical expertise in structure-based drug design and innovative pharmaceutical research and development, the Company has established a robust product pipeline including nine small-molecule drug candidates in various clinical stages. These include novel and effective BCR-ABL1 TKI, Bcl-2 and dual-target Bcl-2/Bcl-xL inhibitors, inhibitors targeting the IAP and MDM2-p53 pathways, and next-generation multi-kinase inhibitors such as FAK/ALK/ROS1 for cancer treatment. It is the only global enterprise with clinical development candidates targeting all three known key regulators of cell apoptosis. The Company is conducting over 40 Phase I/II clinical trials in China, the United States, Australia and Europe. Its core product 耐立克® (Olverembatinib) has been approved for marketing in China and has entered the commercialization stage. JunHe acted as the PRC legal counsel to Ascentage Pharma and provided comprehensive legal services for its U.S. IPO and data compliance matters. JunHe conducted PRC legal due diligence in accordance with U.S. IPO requirements and issued PRC legal opinions, reviewed and revised the prospectus and other application and offering documents related to the IPO, and assisted in responding to inquiries from the U.S. Securities and Exchange Commission (SEC) concerning PRC laws. JunHe also conducted PRC legal due diligence in accordance with the CSRC's filing requirements for overseas listings and issued legal opinions, assisted Ascentage Pharma in preparing the full set of filing documents to be submitted to the CSRC, and helped respond to the CSRC's inquiries. JunHe advised the Company on data compliance-related issues, issued a data compliance memorandum, and assisted in responding to inquiries from both the SEC and the CSRC. The JunHe team maintained communication and collaborated closely with the other intermediaries. They assisted Ascentage Pharma in completing filing with the CSRC for its overseas listing and obtaining the SEC's approval for its IPO application. In an extremely challenging and uncertain capital market, Ascentage Pharma completed its securities issuance on schedule and achieved an outstanding outcome. Its significance lies in the following: (1) Ascentage Pharma became the first biopharmaceutical company approved by the CSRC to go public in the United States since the beginning of 2024. It was also the first company to submit an IPO application and CSRC filing application in 2024 and to complete the CSRC filing process in the same year for a U.S. IPO project; (2) Ascentage Pharma is the first Hong Kong-listed 18A company to list in the United States to date; (3) Ascentage Pharma is the fourth Chinese pharmaceutical company listed in both the United States and Hong Kong, following the dual listings of BeiGene, Zai Lab and Hutchison China MediTech. The JunHe team responsible for the U.S. IPO matters in this project was led by partners DONG, Ming, TAO, Xudong and XU, Shengao (Shaun). Partner XU, Shengao (Shaun) was responsible for the specific work, with support for the internal control matters from partner SHANG, Shiming (George). Partners DONG, Ming, TAO, Xudong and Gu Yu led the team responsible for the data compliance matters and partner Gu Yu was responsible for the specific work.

On July 9, 2025, Beijing Geekplus Technology Co., Ltd. (‘Geek+’), stock code: 2590.HK) issued overseas listed ordinary shares and was listed on the main board of the Hong Kong Stock Exchange. Geek+ is the first H-share listed company to implement an ‘AB share’ structure (i.e., a differentiated voting rights arrangement). This marks another milestone for JunHe following its services for Xiaomi Corporation (stock code: 1810.HK), the first red-chip structured Hong Kong-listed company with an AB share structure (JunHe acted as the domestic legal counsel for the issuer) and for UCloud Technology Co., Ltd. (stock code: 688158), the first A-share listed company with an AB share structure (JunHe acted as the issuer's legal counsel). JunHe has now advised on the first red-chip structured Hong Kong listing with a dual-class share structure, the first H-share listing with a dual-class share structure, and the first A-share listing with a dual-class share structure. Geek+ provides global Autonomous Mobile Robot (AMR) solutions for warehouse fulfillment and industrial material transport, aiming to enhance supply chain efficiency while reducing reliance on manual labor. According to CIC, in terms of 2024 revenue, Geek+ has become the world's largest provider of warehouse fulfillment AMR solutions with the largest global customer base. Geek+ first established a red-chip structure in 2018 and its shareholders include prominent USD and RMB funds. The JunHe team has provided legal services to the company since August 2020. We assisted Geek+ in dismantling their complex red-chip structure within three months and helped it set up an AB share structure for the first time. This H-share listing with a dual-class share structure had no precedent. The revised Company Law which came into effect in July 2024 provided a clear legal basis for domestic enterprises with an AB share structure to apply for H-share listings. Leveraging our professional experience, JunHe assisted Geek+ to complete the domestic legal procedures required during the listing application and successfully procure the first H-share listing with a dual-class share structure. With its consistent delivery of efficient and rigorous legal services and detail-oriented and professional expertise, JunHe’s team was recognized by the company investors and the other intermediaries. JunHe acted as the domestic legal counsel to the issuer and the special legal counsel for the data compliance matters. The JunHe team was led by SHI, Tiejun and WANG, Zhaohui (Zoe). JunHe partners LI, Ruochen, SHANG, Shiming (George) and SUN, Xiao were responsible for the specific work of the project. JunHe partner LIU, Yang was responsible for the data compliance matters, and partner ZHOU, Fang provided support for the internal control matters.

JunHe acted as the PRC legal counsel to the placement agent in the recent share placement by Black Sesame International Holding Limited (“Black Sesame”, HKEX: 2533). Black Sesame issued a total of 53,650,000 ordinary shares, raising approximately HK$1.24 billion (US$160 million). Black Sesame is a supplier of automotive-grade computing SoCs and SoC-based intelligent vehicle solutions. This was the first refinancing initiated by an intelligent automotive computing chip company on Hong Kong’s stock market and the first refinancing by a commercialized company under the new Chapter 18C regulations in Hong Kong. The JunHe team participated throughout the entire process of the new share placement. They assisted the placement agent with the legal due diligence and the conclusion of the placement agreement and advised on the filing of Black Sesame’s new share placement with the China Securities Regulatory Commission. ZHANG, Ke and LI, Chenliang led the JunHe team. Partner YI, Yisong provided support for the internal control matters and LI, Chenliang and WANG, Juewei (Jewel) were responsible for the specific work. In August 2024, Black Sesame completed its initial public offering and was listed on the Hong Kong Stock Exchange, becoming the first intelligent driving chip stock on the Hong Kong Stock Exchange. JunHe also acted as the PRC legal counsel to the joint sponsors and underwriters in the IPO and listing of Black Sesame.

On March 10, 2025, Chifeng Jilong Gold Mining Co., Ltd. ("Chifeng Gold") was listed on the main board of the Hong Kong Stock Exchange, with the stock code 6693. The listing of Chifeng Gold raised approximately HK$ 2.8 billion. Chifeng Gold is dedicated to the exploration, mining and processing of gold and other non-ferrous metals. With its abundant resources, advanced technologies and stable management, it has become one of the leading enterprises in China's gold industry. The listing of Chifeng Gold on the main board of the Hong Kong Stock Exchange not only provides it with a financing platform in the international capital market but also signifies its entry into a new stage of international development. Chifeng Gold is the third "A+H" gold stock to be listed on the Hong Kong Stock Exchange. As the PRC legal counsel to the sponsor and underwriter, JunHe assisted in the legal due diligence, the internal decision-making procedures and the PRC regulatory approval procedures. The team assisted in the preparation of the transaction documents, the review of the prospectus, and the publication of the PRC and overseas announcements, leading to Chifeng Gold’s successful listing on the main board of the Hong Kong Stock Exchange. With its consistent delivery of efficient and rigorous legal services and detail-oriented and professional expertise, JunHe’s team was recognized and trusted by the company and the other intermediaries. Partners YU, Yongqiang (YY) and SHI, Yun led the JunHe team, and partner YI, Yisong provided support for the internal control matters.

On March 31, 2025, Zhaojin Mining Industry Co., Ltd. (Zhaojin Mining, stock code: 1818.HK) announced the successful placement of 140 million H shares. The new H-shares were placed at an issue price of HKD 14.16 per share, raising approximately HKD 1.98 billion. This was the largest priced placement by a non-ferrous metals manufacturer on the Hong Kong stock market in 2025 to date. Zhaojin Mining is a leading integrated gold producer and refiner in China. It was incorporated as a joint-stock company in China with the approval of the Shandong Provincial Government on April 16, 2004, and was listed on the Main Board of the Hong Kong Stock Exchange on December 8, 2006. JunHe acted as the overseas legal counsel to the underwriters and assisted with the drafting of the transaction documents, the negotiation and closing. We assisted Zhaojin Mining in completing its H-share placement and earned high recognition from the client. The JunHe team was led by partners TAO, Xudong and ZHANG, Ke. JunHe partners ZHANG, Ke, Yuki Chan and YANG, Yinglei were responsible for the specific work.

On May 27, 2025, PegBio Co., Ltd. ("PegBio", the "Company" or the "Issuer", stock code: 2565.HK) issued 19,283,500 ordinary shares and was listed on the main board of the Hong Kong Stock Exchange. PegBio is the first company to dismantle its red-chip structure and list under the Trial Measures for the Administration of Overseas Issuance and Listing of Securities by Domestic Enterprises (“New Overseas Listing Regulations") since its enactment and it is also the first biopharmaceutical company to be listed in Hong Kong under Chapter 18A. Founded in 2008, PegBio is a biotechnology company specializing in the discovery and development of innovative therapies for chronic diseases, with a particular emphasis on metabolic disorders. PegBio has independently developed a core product and five other candidate products to treat common chronic and metabolic diseases such as type 2 diabetes (T2DM), obesity, non-alcoholic steatohepatitis (NASH), opioid-induced constipation, and congenital hyperinsulinism. PegBio's core product, PB-119, is a long-acting glucagon-like peptide-1 (GLP-1) receptor agonist developed independently. It is used primarily for the first-line treatment of T2DM and obesity, and is nearing commercialization. JunHe acted as PegBio's domestic legal counsel. For more than five years, we provided comprehensive legal services in the red-chip restructuring, the private equity financing, and the issuance and listing. This included: (1) As PegBio's legal counsel, JunHe fully participated in and led the design of the red-chip dismantling plan, drafted documents, communicated with the shareholders and third parties, and delivered comprehensive legal services throughout the entire process; (2) JunHe assisted PegBio in completing multiple rounds of private equity and strategic financing, helped the company with the transaction structuring, drafted and negotiated the transaction documents, and assisted with the signing of such documents and the closing; (3) JunHe assisted PegBio in completing the shareholding system reform, formulated the employee equity incentive plan, issued Chinese legal opinions, and reviewed and amended the prospectus as well as the application and issuance documents. PegBio is the first biopharmaceutical company to dismantle its red-chip structure and list under the New Overseas Listing Regulations that were implemented in 2023. To address the key concerns of the domestic and foreign regulatory authorities regarding the red-chip structuring, financing, and dismantling, as well as the equity structure arrangements, foreign investment, foreign exchange and taxation, JunHe communicated with the authorities and prepared a full set of legal documents. Our rigorous work and pursuit of excellence demonstrated our outstanding legal service standards during the project’s implementation, earning high recognition and trust from all the parties involved. JunHe partners NIU, Yuandong and SHAO, Chunyang led the team in this project, and partner NIU, Yuandong was responsible for the specific work. JunHe partner LI, Zhi provided support for the internal control matters. JunHe Partners ZHENG, Ziwei, ZHANG, Jie, CHANG, Yuhao, HUANG, Zunling (Jennifer) and  also Li, Jing provided important support at different stages of the project.

On December 30, 2024, CM Bermuda Limited ("CM Bermuda") entered into an agreement with NYSE-listed SiriusPoint Ltd. (NYSE: SPNT), under which SiriusPoint would repurchase all ordinary shares and warrants held by CM Bermuda in SPNT for a total consideration of approximately USD 726 million. SiriusPoint would pay the amounts in two installments. The first installment of approximately USD 243 million and the related transaction costs of approximately USD 6.7 million born by SPNT were paid on the signing date. The transaction was expected to close by February 28, 2025, when SPNT would pay the second installment of USD 483 million to CM Bermuda. This followed the preferred stock settlement and partial equity repurchase agreement reached between CM Bermuda and SPNT in August 2024. The total amount of the two transactions was USD 987 million. Upon completion of the transaction, CM Bermuda would fully disinvest from SPNT. CM Bermuda is a wholly-owned subsidiary of CMIG International Holding Pte. Ltd. ("CMIG International"), an overseas investment platform jointly established by China Minsheng Investment Group ("CMIG"), Hana Bank, TBEA and Sun Hung Kai Financial. CM Bermuda is an overseas insurance and financial business and is the largest single shareholder of SPNT. SPNT is a global insurance and reinsurance underwriter headquartered in Bermuda, with offices in New York, London, Stockholm and other locations. It is licensed to write property and casualty insurance and reinsurance worldwide. According to SPNT's 2023 annual report, CM Bermuda held approximately 36.5% of SPNT's ordinary shares, approximately 210,000 ordinary warrants and approximately 110,000 preferred shares. CMIG suffered a liquidity crisis in 2019, which affected its subsidiaries while SPNT's stock price had eased since its merger in 2021, hitting a low of USD 4 per share. As a result of these liquidity issues, in December 2023 CMIG’s shares in CMIG International were taken over by a Singaporean receiver appointed by a syndicate of state-owned banks. This transaction became a crucial part of CMIG International's overseas asset restructuring and it faced complex cross-border and multi-party interest coordination challenges. The specific challenges include: (1) This transaction involved a special arrangement whereby a domestic syndicate appointed an overseas receiver. Since the transaction involved overseas assets, the domestic syndicate appointed an overseas receiver. The debt restructuring required balancing the interests of the stakeholders and maintaining the stability of the management team. (2) It involved complex prior financing and mortgage and pledge arrangements for overseas investment projects. In addition to the usual share sale, the transaction documents had to address special cross-border loan repayments and overseas pledge release arrangements. The parties to the transaction conducted thorough analysis, negotiations and risk assessments regarding the pledge of the target shares and the release thereof, the price payment and loan repayment arrangements, and the escrow of payment and release instructions, to ensure that the rights of CM Bermuda and the syndicate were fully protected during the transition period under the transaction documents. The legal counsel also had to consider the client's business needs and the receiver's professional opinions and ensure that the seller's rights and needs were reflected in the corresponding provisions. The legal counsel issued legal opinions, anticipated risks, and prevented malicious challenges from third parties. (3) The transaction had to comply with domestic and foreign regulatory and listing requirements as it involved regulatory and disclosure requirements for listed companies under U.S. and Bermuda laws. The project team cooperated in the disclosure and announcement of the transaction by the parties in strict accordance with the listing regulations within a short timeframe and met the regulatory requirements for the disposal of pledged assets and the receiver's process in both the domestic and foreign jurisdictions. (4) It involved multiple jurisdictions and different teams in the U.S., Bermuda, Singapore and China and the negotiations and document drafting were conducted in English. The opinions of different intermediaries in each jurisdiction, including top law firms such as Perkins Coie, Harneys and Drew & Napier, had to be reflected in the transaction documents and negotiations. The project team had strong English negotiation and writing skills, as well as excellent cross-cultural communication, understanding, coordination, and integration abilities. (5) There were many different time zones and a tight timeline. The project team  coordinated with different teams in China, Singapore, Bermuda, and the U.S. during the negotiations and working across the different time zones posed significant challenges to the team's endurance and stamina. As the transaction documents were finalized and signed during the Christmas holiday period, the project team faced great difficulties in advancing negotiations with foreign parties (including the buyer and its team) when there were significant disagreements between the parties. JunHe was the exclusive Chinese legal counsel to CM Bermuda and the legal counsel to the party leading the project. They closely collaborated with the receiver and the management team to facilitate the smooth progress of the project. JunHe participated in the transaction structuring, negotiated and revised the transaction documents, coordinated with the overseas lawyers and the various intermediaries, and assisted the syndicate and its advisors in advancing the transaction. JunHe also assisted with the contract signing and integrated legal opinions from overseas lawyers. With its efficient and rigorous legal services and detail-oriented and professional expertise, JunHe’s team was highly recognized and trusted by the client and the other intermediaries. Partner SUN, Jiangang (Roy) led the JunHe team and partner HU, Xiaohong provided great support for resolving potential disputes related to the restructuring.

On October 24, 2024, the reorganization plan of Shanghai Dongying Real Estate Co., Ltd. ("Dongying") was approved by the People's Court of Pudong New Area of Shanghai Municipality. JunHe’s Shanghai office ("JunHe") acted as the reorganization administrator and assisted Dongying in achieving an important milestone in the work of ensuring timely deliveries of presold homes. The JunHe team was led by partner LIU, Zhengdong. Dongying is a real estate development company primarily engaged in the development of the real estate project "Yipin Yayuan" ("Dongying Huayuan" or "Binjiang Yipinyuan" for promotional purposes) located at No. 188 Puyi Road, Pudong New Area, Shanghai. During the construction of the project, Dongying obtained the pre-sale permit for Yipin Yayuan and sold 285 residential units. Then due to insufficient funds, the construction slowed down and even stopped twice, resulting in a failure to deliver the presold homes on time. As this project concerned the basic housing needs of numerous homebuyers, the People's Government of Pudong New Area of Shanghai Municipality included this project in its list of projects for which "timely deliveries of presold homes should be ensured” and set up a special task force to promote the work. On February 28, 2024, the People's Court of Pudong New Area of Shanghai Municipality ruled to hear the case of Dongying’s bankruptcy reorganization and appointed JunHe as the reorganization administrator. JunHe adopted a two-pronged approach to promote the continued construction of the project and Dongying’s reorganization simultaneously. Within 40 days from entering the reorganization proceedings, the debtor received a loan of RMB 130 million in the form of a debt for the common benefit. The proceeds of the loan were used for the continued construction and as a result, the project resumed construction as soon as possible. Meanwhile, the administrator publicly selected reorganization investors, promoted the negotiation and conclusion of the reorganization investment agreement, and drafted the reorganization plan. The draft reorganization plan was approved by an overwhelming majority in each voting group of investors and creditors. On October 24, 2024, the People's Court of Pudong New Area of Shanghai Municipality ruled to approve the reorganization plan of Dongying and terminate the reorganization proceedings. According to the audit and valuation conducted as entrusted by the administrator, Dongying had total assets of approximately RMB 4 billion and total liabilities of approximately RMB 10 billion. Its main assets were construction-in-progress, and its debts included financial liabilities, construction project debts, operating liabilities, and claims asserted by homebuyers due to its inability to deliver homes on time. The various claims required the administrator to distinguish and handle them differentially. With the strong support of the special task force, JunHe, as the administrator, adhered to the market- and law-oriented principles in the reorganization proceedings and addressed the reorganization challenges through multiple channels and means. This included fully utilizing the government-court coordination mechanism and actively communicating with governmental departments to ensure the safety and stability of the continued construction and comfort the homebuyers; introducing common-benefit debt investors to provide funds for the continued construction, thereby maximizing the value of the bankruptcy estate; fully negotiating with mortgagees to release part of the continued construction value of the collaterals, thus offering higher repayment possibilities for relevant creditors; holding regular communication meetings with homebuyers to update them on the progress of the continued construction, thus alleviating their concerns and misunderstandings and gaining their understanding and recognition of the administrator's work. JunHe was highly recognized by the court, the creditors and other stakeholders in this case. We will actively promote the effective implementation of the reorganization plan and keep the schedule of continued construction, the project quality and safety under control, so as to deliver the presold homes to their buyers for use by March 31, 2025. Partner LIU, Zhengdong led the JunHe team, and partner LI, Chenghao and counsel LIU, Xin were responsible for the specific work of the project. Partner DONG, Ming, counsel WU, Ling and partner CHENG, Hong (Julie) also provided great support for the project.

On October 22, 2025, Shenzhen Fibocom Wireless Inc. (Fibocom, stock code: 0638.HK) issued 135,080,200 H shares (before exercising the over-allotment option) and was listed on the Main Board of the Hong Kong Stock Exchange. The issue price was HKD 21.50 per share, and the fundraising scale was approximately HKD 2.904 billion (before exercising the over-allotment option). Fibocom was already listed on the ChiNext Board of the Shenzhen Stock Exchange (stock code: 300638) and it has now achieved dual primary listings in both the A-share and H-share markets. Founded in November 1999, Fibocom is the world's second-largest provider of wireless communication modules (based on 2024 revenue) and its products include data transmission modules, smart modules, and AI modules. Fibocom provides customized solutions that encompass cellular communication, AI, automotive and GNSS modules. The lead partners for this project were Mr. HE, Tingcai (Lawrence HO) , Mr. WANG, Yi, and Mr. SHANG, Shiming (George). Mr. HE, Tingcai (Lawrence HO) was the handling partner and Mr. Joe Wan was the internal review partner.

On May 16, 2025, the reorganization plan of Xinjiang La Chapelle Fashion Co., Ltd. (‘La Chapelle’) was approved by the Shanghai Third Intermediate People's Court (‘Shanghai Third Intermediate Court’). JunHe acted as the administrator, and partner Li Chenghao led JunHe’s team and acted as the principal. La Chapelle was established on March 14, 2001, and was formerly known as Shanghai La Chapelle Fashion Co., Ltd. On October 9, 2014, with approval from the China Securities Regulatory Commission, La Chapelle was listed on the Hong Kong Stock Exchange (La Chapelle, stock code 06116). On September 25, 2017, La Chapelle was listed on the Shanghai Stock Exchange (La Chapelle, stock code 603157). Due to incorrect judgments regarding the external environment and internal factors such as strategic misalignment, rapid expansion and imbalanced cost structures, La Chapelle began to incur operating losses in 2018. The situation worsened in 2020 with the impact of the COVID-19 pandemic, leading to multiple operational challenges. On May 24, 2022, due to negative net assets attributable to shareholders for two consecutive years (2020 and 2021), the company was officially delisted from the A-share market, and its A shares were transferred to the delisted company segment for trading. As the company entered bankruptcy proceedings and an administrator was appointed, trading of its domestic shares and H shares was suspended. On November 14, 2024, due to a suspension period exceeding 18 months, La Chapelle's H shares were delisted from the Hong Kong Stock Exchange. On February 2, 2023, the Shanghai Third Intermediate Court rendered a civil ruling ((2023) Hu 03 Po No. 64), accepting La Chapelle's bankruptcy and liquidation application. On September 12, 2023, the court ruled for La Chapelle's reorganization. On May 22, 2024, the Shanghai Third Intermediate Court issued a decision ((2023) Hu 03 Po No. 64-2), removing the original administrator and appointing JunHe’s Shanghai office as La Chapelle's administrator. After being appointed by the court, JunHe completed various tasks as the administrator. These included completing the creditor’s claim filings and verifications, asset auditing and valuation, signing reorganization investment agreements, drafting the reorganization plan, handling the substantive merger and reorganization applications and reviews, organizing creditor meetings, applying for a review of the H-share delisting decision, and making prompt information disclosures in mainland China and Hong Kong. Despite the delisting of La Chapelle's H-shares and being recognized as a public company by the Securities and Futures Commission of Hong Kong (SFC) , La Chapelle obtained from the SFC a conditional whitewash waiver letter (now an unconditional waiver letter). This exempted investors from their obligation to make a general offer before the convening of the investor group meeting. On April 1, 2025, La Chapelle's creditor meeting voted to approve the draft reorganization plan, with 100% affirmative votes in the employee creditor group and tax creditor group, and approximately 80% affirmative votes in the ordinary creditor group. On April 30, La Chapelle's investor group overwhelmingly approved the matters related to the investor’s interest adjustments in the draft reorganization plan, with the affirmative votes exceeding 99%. JunHe demonstrated outstanding professional expertise and collaborative capabilities in this case, earning recognition from the court, creditors, La Chapelle, investors, and various stakeholders. The administrator will continue to promote the implementation of the reorganization plan and assist La Chapelle with its rebirth and revitalization in the women's fashion retail market. Partner LI, Chenghao led the JunHe team and acted as the principal of the administrator. ZHU, Chong and counsel LIU, Xiaosen were responsible for the specific work. Partners WANG, Yi, LIU, Zhengdong, DONG, Ming and CHEN, Yuwei, and counsel WU, Ling provided great support in this project.  

In November 2025, Meituan successfully completed a dual-currency bond issuance in US dollars and offshore RMB notes. The total issuance was USD 3 billion, including USD 600 million in 5.5-year bonds, USD 600 million in 7-year bonds, USD 800 million in 10-year bonds, RMB 2.08 billion in 5-year bonds and RMB 5 billion in 10-year offshore RMB bonds. This marked the company's largest offshore fundraising to date and its first ever offshore RMB bond issuance. Meituan was listed on the Hong Kong Stock Exchange in 2018. It has a business strategy of 'retail + technology' and Meituan's corporate mission is 'Eat Better, Live Better'. JunHe served as the domestic legal counsel to the underwriters in this project and participated throughout the bond issuance phase and the National Development and Reform Commission's foreign debt application stage. JunHe provided legal opinions for the foreign debt application to the National Development and Reform Commission, participated in due diligence interviews, conducted domestic legal due diligence on the issuer's main domestic subsidiaries and issued Chinese legal opinions. JunHe's team assisted with the internal and external approval processes and reviewed the transaction documents. Ultimately, JunHe helped Meituan successfully issue the bonds and our rigorous and efficient work style, along with our meticulous and dedicated service attitude, earned the recognition and trust of the company and the other intermediaries. YU, Yongqiang (YY) was the lead partner for this project and the internal review partner was Joe Wan.

On June 16, 2025, Simcere Zaiming, an innovative oncology-focused subsidiary of Simcere Pharmaceutical Group (HKEX: 2096), announced a strategic partnership with the U.S. biopharmaceutical company NextCure, Inc. (Nasdaq: NXTC). The partnership aims to jointly develop a novel antibody-drug conjugate (ADC) targeting CDH6, named SIM0505. The collaboration includes licensing NextCure to use Simcere Zaiming's proprietary linker and TOPOi payload from its ADC technology platform for the development of a preclinical stage novel target ADC. Simcere Zaiming will hold the rights to this novel target ADC in the Greater China region. Additionally, a subsidiary of Simcere Zaiming has acquired a portion of NextCure's equity. According to the terms, Simcere Zaiming will receive up to USD 745 million in payments related to the potential development stages of the SIM0505 project. This includes upfront payments, development and sales milestone payments, and additional tiered royalties based on net sales of the product outside the Greater China region, reaching up to double digits. JunHe was entrusted by Simcere Zaiming to review, revise and negotiate the project agreement. Demonstrating its integrated advantages, JunHe's New York and Hong Kong offices assisted in the issuance of the shares by the listed company and the related SEC filing work. JunHe's data compliance team also assisted in completing the data compliance work. Throughout this engagement, JunHe earned the client's trust and recognition with its consistently efficient, rigorous work style and meticulous, dedicated service attitude. The lead partner for this transaction was Mr. ZHAO, Hao (Gerry) , and Ms. LOU, Lan was the main lawyer handling the listed company's equity portion. Ms. Qi (Olivia) Lin was the lead lawyer for the SEC-related filing work, and Ms. DONG, Xiao (Marissa) and Ms. GUO, Jinghe lead the data compliance work.

JunHe recently served as the legal counsel to TOP TOY International Group Limited (TOP TOY) and assisted it in completing a strategic financing round led by Temasek. The post-money valuation of this financing stands at approximately HKD 10 billion, showcasing the market recognition of TOP TOY's business model, brand equity and global expansion roadmap amidst the rapid growth of the pop-culture toy business. TOP TOY is a dedicated pop-culture toy brand under MINISO and was established in December 2020. It aims to build a toy experience and consumption hub for young people that has both artistic and commercial value. Since opening its first store in Guangzhou's Grandview Mall in December 2020, TOP TOY has rapidly expanded to over 80 cities nationwide, including Beijing, Shanghai, Shenzhen and Chengdu, covering more than 100 major core business districts. MINISO is a dual-listed company on the Hong Kong Stock Exchange and the New York Stock Exchange. JunHe provided comprehensive legal services to TOP TOY in this transaction. These services included seller due diligence, the design and validation of the transaction structure, the formulation of employee incentive plans, the drafting of transaction documents and negotiation, as well as signing and closing. The project was led by JunHe partner Mr. ZHANG, Ping (Pete). JunHe partners Ms. JIN, Hong (Cathryn), Mr. LAO, Chengzhe and Mr. Joe Wan were the primary handling partners.