Recommended law firms for China practice 2025
Which Chinese and international law firms have earned client trust through exceptional expertise?
In the past year, China’s legal market has navigated a complex and shifting economic landscape with remarkable resilience. Like skilled captains sailing through unpredictable waters, law firms – both domestic and international – have balanced risks and opportunities, relying on deep expertise and innovative approaches to thrive in an increasingly competitive environment.
The market presents a paradox of pressures and possibilities. While global economic slowdowns and geopolitical tensions have strained traditional practice areas, emerging sectors such as digital economy, green energy, and biopharmaceuticals, alongside Chinese companies’ accelerating overseas expansions, have created fresh demand for legal services.
This duality has forced firms to adapt, with differentiation becoming the key to success. In the arena of antitrust and competition law, some firms with global networks now offer multinational clients seamless cross-border compliance solutions, while specialised boutiques dominate niche fields like intellectual property and international arbitration.
Dispute resolution remains a bright spot, with restructuring teams at leading firms handling dozens of high-profile insolvency cases annually, proving the enduring value of countercyclical legal services.
Recent years have seen a striking trend: major US firms are scaling back their China presence, creating an unexpected opening for domestic players. Chinese firms, with their leaner structures and deeper local insights, have stepped into the breach – expanding overseas, taking the lead in cross-border transactions, international disputes and data governance, and shifting the narrative from being secondary to foreign expertise to homegrown global competitiveness.
Underlying these changes is technology’s transformative role. Artificial intelligence and digital tools are no longer mere conveniences but fundamental components of modern legal practice, reshaping everything from document review to client consultations. Advanced computing capabilities and sophisticated algorithms are driving legal services toward greater efficiency, precision and accessibility. This silent but intense technological arms race is testing firms’ strategic capabilities while reshaping China’s legal market.
This raises the pivotal question: Which firms have truly distinguished themselves in this dynamic landscape?
To answer this, China Business Law Journal undertook a rigorous, months-long evaluation process, reviewing hundreds of firm submissions and thousands of client assessments from corporate executives, in-house counsel and legal professionals. adhering to the principles of independence, objectivity and fairness. The whole process was entirely fee-free.
Throughout the evaluation process, and leveraging years of in-depth reporting and analysis of China’s legal market, we assessed candidate firms based primarily on three sources of information: the firms’ own submissions; feedback from client referees; and credible nominations from within the industry. Internal nominations were not considered. In addition to peer recommendations, we also received input from government bodies, the judiciary and academic institutions.
This year, we’ve refined our award categories to better reflect market trends: the original domestic and cross-border dispute resolution awards now separate into four distinct specialties – domestic litigation; domestic arbitration; cross-border litigation; and cross-border arbitration. Responding to evolving IP protection needs in today’s competitive landscape, we’ve also introduced a new intellectual property (trade secret) award.
The China Business Law Awards maintain their three-tier structure: general awards recognising overall excellence; practice area awards spanning 26 legal specialties; and industry awards covering 14 key sectors.
The general awards include: Golden league; Best international law firms; Best offshore law firms; Notable achievers; Firms to watch; Legaltech pioneers; and Pro bono achievers.
The 26 practice areas are: Anti-bribery and anti-corruption; Asset management; Banking and finance; Capital markets (domestic); Capital markets (Hong Kong and overseas); Competition and antitrust; Corporate compliance; Data protection and data privacy; Domestic litigation; Domestic arbitration; Cross-border litigation; Cross-border arbitration; Employment and labour; ESG; Government and public affairs; IP (copyright); IP (patent); IP (trademark); IP (trade secret); International trade; Mergers and acquisitions (inbound and domestic); Mergers and acquisitions (outbound); Private equity and venture capital; Restructuring and insolvency; Structured finance and securitisation; and Taxation.
The 15 industry sectors are: AI, technology and telecoms; Automotive, industrials and manufacturing; Aviation; Construction and infrastructure; Consumer and retail; Education; Energy and natural resources; Family wealth management; Fintech and blockchain; Healthcare, pharma and life sciences; Insurance and reinsurance; Internet and e-commerce; Media, entertainment and sports; Real estate and REIT; and Shipping.
It should be noted that these awards primarily recognise law firms with comprehensive service offerings and strong national reputations. To better reflect the dynamic growth of China’s legal market, a separate initiative, “China Business Law Awards (Regional Awards)”, will spotlight the accomplishments of regional offices and local firms in greater detail, with results to be announced in September.
Due to space limitations, this report includes the achievements of only some award-winning law firms and market recommendations. We must emphasise that each of the winning law firms under each category is equally outstanding, and we applaud the excellent achievements of all the winning law firms.
GENERAL AWARDS
GOLDEN LEAGUE
The Golden League is our most prestigious award for Chinese law firms. The winners are (in alphabetical order): AllBright Law Offices; Commerce & Finance Law Offices; Fangda Partners; Haiwen & Partners; Han Kun Law Offices; Jingtian & Gongcheng; JunHe; King & Wood Mallesons; Tian Yuan Law Firm; and Zhong Lun Law Firm.
Commerce & Finance Law Offices has consolidated its strengths in traditional practice areas amid a challenging economic climate in the past year, while achieving breakthrough developments in areas such as international commercial dispute resolution and cross-border compliance.
The firm has recruited or internally promoted more than 50 partners across its nine nationwide offices spanning capital markets, cross-border dispute resolution, domestic and overseas investment M&A, asset securitisation, intellectual property, bankruptcy restructuring, financial compliance, criminal compliance, and maritime.
The firm’s services left an “extremely profound and positive impression” on He Xinghua, COO of laser imaging, detection and ranging (Lidar) company Benewake. “They consistently maintain high professionalism and a strong sense of responsibility,” he says. “They provide timely and accurate legal advice for our daily operational decisions, efficiently handle contract reviews and compliance management matters, effectively prevent numerous potential legal risks, and ensure our daily operations remain fully compliant, allowing us to focus wholeheartedly on core business development.”
Han Kun Law Offices has introduced heavyweight partners from leading domestic and international firms to join its overseas offices in Hong Kong, Singapore and New York, enhancing cross-border capabilities. These include seasoned capital markets lawyers Steve Lin, Wang Yu and Allen Zhang, as well as corporate specialists Leong Chuo Ming and Bonnie Yung. The firm also brought in criminal law expert Liu Xin to strengthen dispute resolution services.
The firm has executed many standout deals and cases in private equity, investment financing and complex commercial disputes. These include: representing Sky9 Capital in its investment in AI large model company Moonshot AI; advising series B investors on pre-IPO variable interest entity structuring and restructuring for ride-hailing leader CaoCao Mobility; and representing investors and shareholders of a former Nasdaq-listed company in recognition and enforcement of a US judgment.
Jingtian & Gongcheng has enhanced its governance framework and management regimes, reforming its partner tiering structure to ensure management committee members are democratically elected, while optimising promotion mechanisms for younger partners. These efforts have cultivated star lawyers in the market and rationalised the partner age structure. The firm achieved significant revenue growth last year, demonstrating strong market competitiveness and vitality.
Wu Qian, a general manager of Gome Capital, commends Jingtian & Gongcheng’s “commercially driven legal strategy” approach. “The legal team proposed innovative solutions that ultimately balanced regulatory compliance with business efficiency, ensuring the project’s timely completion,” she says. “They possess not only profound legal expertise but also precise mastery of industry trends and commercial logic.”
JunHe has actively expanded its business footprint and optimised its global network, successfully launching offices in Seattle and Xi’an, while strategically restructuring its Hong Kong office and practice groups, including bankruptcy restructuring, capital markets and dispute resolution. New teams specialising in overseas capital markets and international arbitration were formed to better meet market demand for cross-border disputes and arbitration services.
The general counsel of a leading global multinational bank, which has used JunHe’s services for about 20 years, expresses high satisfaction, noting the firm “has a strong grasp of regulatory changes and historical practices in relevant fields, understands our internal banking requirements thoroughly, and remains one of our most frequently engaged law firms”.
Tian Yuan Law Firm has deepened expertise across more than 20 core practice areas, advancing steadily amid China’s industry transformation. The firm has been deeply involved in capital markets listings, financing and M&A for advanced manufacturing, new materials, new energy, biopharma and healthcare, and AI companies, helping them overcome growth bottlenecks and achieve high-quality development.
Nicole Zhang, a legal manager at single-cell big data company Analytical Biosciences, expresses strong satisfaction with Tian Yuan’s longstanding services, “particularly outstanding in biopharma cross-border licensing, private financing and healthcare compliance”. She praises the team’s “strong expertise and rapid responsiveness, repeatedly solving urgent issues to help us complete transactions safely and efficiently”.
BEST INTERNATIONAL LAW FIRMS
| Baker Mckenzie |
| Clifford Chance |
| CMS |
| DLA Piper |
| Dorsey |
| Kirkland & Ellis |
| Latham & Watkins |
| Skadden |
| Slaughter and May |
| White & Case |
The Best international law firm winners are (in alphabetical order): Baker McKenzie; Clifford Chance; CMS; DLA Piper; Dorsey; Kirkland & Ellis; Latham & Watkins; Skadden; Slaughter and May; and White & Case.
CMS has strengthened its presence across Greater China with several high-profile additions to its offices in Beijing, Shanghai and Hong Kong, including multiple partners joining the private equity and investment funds practice in Hong Kong. The firm’s capabilities have earned strong endorsement from Florian Niewöhner, the senior vice president of legal and compliance at German automotive supplier, Brose Group.
Praising CMS for being “always good value for money”, he highlights the team’s extensive experience, strong understanding of the communication and documentation needs of German multinational clients, and its ability to work seamlessly across German, English and Mandarin. Niewöhner particularly recommends Shanghai managing partner Ulrike Glück, commending her as “highly experienced, very business minded, responsive”.
Dorsey has expanded its China operations against the bearish market trend. While many international law firms scaled back their China presence, Dorsey strengthened its practice through strategic hires. The firm bolstered its Beijing and Hong Kong offices with new commercial litigation and arbitration talent, while its corporate group welcomed two seasoned corporate partners to its Hong Kong and New York offices, enhancing its international capital markets expertise to support Chinese companies’ global expansion.
Leveraging its global network, Dorsey provides cross-border, multi-disciplinary legal services, maintaining a leading position in cutting-edge sectors such as AI and smart manufacturing – particularly in data compliance, cybersecurity and intellectual property protection.
Latham & Watkins recently became only the second law firm to achieve USD7 billion in revenue worldwide, partly as a result of its reorganisations of operations in Asia to align with clients’ regional perspectives and aspirations. The firm, with offices in Beijing and Hong Kong, participated in many heavyweight deals last year, such as the overseas IPOs of WeRide, Amer Sports and RoboSense, Trustar Capital’s acquisition of all McDonald’s China equity from CITIC, and the USD7.1 billion take-private of ESR Group.
Skadden demonstrated exceptional performance in delivering milestone transactions and handling cross-border disputes in the past year. It led groundbreaking deals including Midea’s USD4.6 billion H-share IPO, the largest at the time in Hong Kong since 2022, and WeRide’s Nasdaq debut as the first autonomous driving public company. The firm also advised JD.com and Baidu on landmark debt offerings.
With litigation practice, Skadden handled ultra-high-value disputes such as a USD30 billion Bermuda trust case, and achieved a 71% dismissal rate in securities class actions, securing wins for Baidu, iQIYI and MINISO. The arrival of its Asia international litigation head, Friven Yeoh, also further strengthened its dispute resolution team.
BEST OFFSHORE LAW FIRMS
In any cross-border deal that involves jurisdictions such as Bermuda, the British Virgin Islands or the Cayman Islands lie the footprints of offshore legal counsel, without whom such transactions simply cannot proceed.
Carey Olsen is the only offshore law firm employing PRC-qualified lawyers based in the Hong Kong and Singapore offices. The firm advised NIP Group, a Wuhan-headquartered digital entertainment group, on the Cayman Islands legal aspects of its Nasdaq IPO, raising about USD20.3 million. The firm acted for Babel Finance, a crypto financial services provider, in its restructuring of debts exceeding USD1.5 billion, a result of market volatility affecting the entire crypto industry.
Harneys, the first offshore firm to establish a litigation desk in Asia, continues to leverage its offshore legal expertise in corporate matters, banking and finance, and dispute resolution. The firm acted as BVI counsel to Sinochem Group in the first euro commercial paper issuance, a dual-tranche transaction totalling USD500 million.
Cai Tongbo, the head of listing compliance at KE Holdings, reserves high praise for Harneys’ expertise in serving the internet sector and its experience in US-Hong Kong dual-primary listings. “Beyond providing Cayman and BVI compliance services, Harneys offers additional capabilities spanning fund formation, trust structuring and other domains, delivering value-added insights to clients,” she says.
Maples Group is frequently involved in major offshore debt restructurings across China’s struggling real estate industry, representing Evergrande, Sunac China and Kaisa in their respective dealings. It also supported Meituan as Cayman Islands counsel in its USD2.5 billion offshore bonds issuance and Trip.com in its issuance of USD1.5 billion convertible bonds.
NOTABLE ACHIEVERS
Dacheng Law Offices expanded its presence in the Greater Bay Area and Yangtze River Delta in 2024, establishing new offices in Foshan, Zhenjiang, Dongguan and Taizhou. The firm demonstrated robust capabilities across dispute resolution, international trade and bankruptcy reorganisation, notably acting as the debtor’s special legal counsel for GAC Mitsubishi’s RMB8 billion (USD1.1 billion) debt restructuring that averted liquidation.
In the Gulf Co-operation Council anti-dumping investigations against Chinese and Indian ceramic sanitary products, Dacheng represented 39 enterprises, reducing the alleged dumping margin from 106% to 55%.
Global Law Office welcomed 15 new partners across its four offices last year. The firm advised on US-Hong Kong listings for clients including YXT.com, Laopu Gold and Yibin City Commercial Bank, while handling landmark cross-border M&A deals such as Luxshare’s RMB4.4 billion acquisition of Wingtech’s ODM business. It also represented Hewlett Packard Enterprise in Unisplendour’s USD2.1 billion purchase of a 30% stake in New H3C Technologies.
Cheng Jin, the head of legal and compliance at Carl Zeiss, commended Global’s transactional expertise. “Their profound healthcare sector knowledge enabled swift contextual understanding of deal rationales and commercial imperatives, delivering tailor-made legal solutions precisely befitting our needs,” he says.
Jincheng Tongda & Neal launched its Chongqing office while strengthening core practices in dispute resolution, international trade and M&A. The firm represented third-party ATA in Alpha Advantage and Dynamic Fame v ATA, and advised 1955 Capital on its multi-jurisdictional investment disputes against China Fortune Land Development, providing PRC litigation and arbitration services.
Additionally, it assisted China Huaneng Group with a RMB15 billion capital increase – 2024’s largest new energy private placement – involving five investors including China Post and China Southern Power Grid.
Kangda Law Firm recruited 13 senior partners and 32 partners in 2024, opening its Kunming office in February 2025, boasting a 500-lawyer-strong dispute team that includes more than 140 partners.
The firm secured victory for Yubei Coal Industry in its shareholder capital contribution dispute, establishing judicial precedent regarding the frustration of contract due to policy changes. Beyond litigation, Kangda advised Hubei International Trade Group’s RMB740 million acquisition of Yashi Investment and assisted Hin Leong and BioMind with bankruptcy reorganisations.
FIRMS TO WATCH
| Grandwin Law Firm |
| Jin Partners |
| Jinghe Law Firm |
| Kingland Partners |
| Lifeng Partners |
| Think Law Firm |
| X-Star Legal |
| YaoWang Law Office |
| Yong Sun Law Offices |
| Zai Sheng Law Firm |
Grandwin Law Firm was established in September 2024 by a group of senior partners including managing partner Guan Jian, specialising in international trade, international investment, cross-border dispute resolution, and intellectual property law. Within its first year, the firm was successfully listed in all four domestic law firm sub-libraries of the Ministry of Commerce, including WTO and regional trade agreement dispute resolution, trade remedy response, trade barriers response, and international investment legal affairs. The firm’s members have long represented the central government, industry associations and enterprises in handling legal matters related to international trade and investment.
Jinghe Law Firm was founded by three former AllBright Law Offices senior partners, Sun Lin, Wen Congjun and Zhao Yanchun, adhering to a corporate management approach and focusing on sectors such as healthcare, smart manufacturing and new consumer industries.
The legal director of a consumer fintech company notes that although Jinghe is a newly established firm, she is satisfied with its lawyers’ service and expertise. “Jinghe’s lawyers possess an in-depth understanding and precise grasp of banking-related laws, regulations and regulatory policies, enabling them to provide professional and forward-looking advice,” she says. “At the same time, in the emerging fintech sector, they demonstrate strong adaptability and professional competence, offering comprehensive and practical legal services tailored to fintech companies’ needs.”
Kingland Partners was founded in April 2024 by Lin Huawei, a former Global Law Office partner and seasoned corporate and M&A expert. Its legal team comprises graduates from top law schools in China, the US and Europe, with their diverse professional backgrounds attracting high-profile clients including institutional investors ranked among Wall Street’s top 10.
In the Chinese market, Kingland serves major insurance companies and other key institutional investors while providing specialised legal services to enterprises across multiple industries. The firm’s core team maintains longstanding, stable collaborations with Wall Street’s top 10 investment institutions, some of which span more than 25 years.
Lifeng Partners was officially launched in January 2024 by former Commerce & Finance Law Offices senior partners Dai Lingyun and Liu Tao, along with a team of nearly 100 lawyers including more than a dozen partners from leading domestic and international firms. The firm focuses on M&A, investment and financing, capital markets, funds, labour and employment, intellectual property, dispute resolution, tax and criminal law. The same year, it was appointed by the Shanghai Angel Capital Guiding Fund as an incubation partner for technology transfer projects.
Video profile: Yong Sun Law Offices
LEGALTECH PIONEERS
Guanghe Law Firm has independently developed an AI intelligent hub system integrating nine functional modules that increased its case process digitalisation rate to 92%. It has also established a comprehensive client management model that elevates services from handling individual cases to providing strategic support. This model features a client profiling system incorporating 12 data sources including business registries, judicial records and public sentiment, to dynamically track client development stages and predict needs.
It also has an intelligent marketing platform that automatically generates tailored content and delivers it precisely through WeCom, marketing emails and offline events. Through this system, the firm has successfully identified nearly 100 high-potential existing clients with an impressive 80% conversion rate.
Guozun Cathay Associates has pioneered an innovative Global Legal Call Centre initiative that connects worldwide legal resources through a 24/7 zero-time-zone response mechanism, supported by a network of more than 2,000 legal professionals. It achieves comprehensive coverage across 106 countries and regions while guaranteeing client demand resolution within one hour. The firm says that, since its launch, this groundbreaking project has handled tens of thousands of legal inquiries from more than 100 countries, involving cases with cumulative values reaching into the billions of renminbi.
Long An Law Firm has entered into a strategic partnership with Alibaba Assets, leveraging its advanced digital platform to focus on diverse dispute resolution mechanisms including pre-litigation mediation and pre-enforcement settlement, as well as specialised scenarios such as bankruptcy restructuring and state-owned asset transfers.
By employing intelligent big-data analytics to precisely match investors with suitable assets, the firm has achieved comprehensive optimisation of disposal processes, notably enhancing bankruptcy asset auction efficiency and significantly shortening disposal cycles through Alibaba Assets’ sophisticated user profiling and substantial traffic advantages.
Bird & Bird consistently implements innovative solutions to enhance legal efficiency and elevate client experience through its deep understanding of client requirements. The firm has introduced Legora, an AI legal assistant accessible to all staff members that automates routine tasks, streamlines document review processes and enables rapid access to relevant legal information. Through its collaboration with legal technology company Luminance, Bird & Bird has successfully integrated AI’s computational power with practical document review applications, achieving measurable improvements in operational efficiency and service delivery quality.
Hogan Lovells has strengthened its legal tech leadership through ELTEMATE’s AI solutions. The firm’s AI-powered tool, CRAIG platform, now handles document drafting and contract analysis, while new modules deliver 80% efficiency gains in investigations. Customised tools for pharma and tech clients reduced document review costs by 42% and streamlined patent challenges. The Regulatory Pilot processes 10,000 monthly regulatory updates for BMW with more than 90% accuracy.
PRO-BONO
Boss & Young Attorneys at Law established an RMB1 million (USD139,560) special fund under the Shanghai Charity Foundation, providing donations and supporting facilities to underprivileged schools in Jiangxi, Qinghai, Yunnan and other regions. The firm launched multiple legal awareness initiatives targeting rural communities and persons with disabilities. The family law team assisted an elderly disabled couple who tragically lost their child by notarising their voluntary guardianship agreement, securing legal protection for their later life.
ETR Law Firm’s legal aid volunteer group organised more than 60 public welfare sessions during the year, engaging in pro bono services including legal assistance, protection of women and minors, and legal education seminars. The cumulative annual service hours exceeded 25,000. Lawyers and staff also initiated multiple charitable donations, contributing RMB130,000 to support families affected by natural disasters in Tibet and Qinghai as well as post-disaster reconstruction efforts.
Joius Law Firm has participated in legal services for the Shanghai government’s Taiwan Affairs Office, dispatching lawyers to provide weekly on-site consultation at the Taiwan Compatriots Service Centre every Wednesday. They address inquiries ranging from complex legal issues to everyday civil matters. The firm also conducts pro bono legal sessions in locations including Meilong Town, Pengpu Subdistrict and Xiayang Subdistrict.
CMS is committed to various charity activities across all three offices in China. The Shanghai office supported the Shanghai Yishe Public Welfare and Cultural Development Centre as part of the JP Morgan Corporate Challenge. The Beijing office donated 68kg of clothes, accessories and more to White Whale, a supporter of causes such as poverty relief, carbon dioxide emission reduction and pet rescue. The Hong Kong team participated in the Hong Kong Legal Walk, with donations going to charities such as Helping Hand and Feeding Hong Kong.
In 2024, O’Melveny saw the long-awaited completion of the O’Melveny Hope School located in a remote village in Yunnan province where the average monthly income of residents was below RMB1,000. The project, which originated in 2018, was built on funds of about RMB450,000, raised by lawyers and staff across the firm’s Shanghai, Beijing and Hong Kong offices through events, campaigns and donations.
PRACTICE AWARDS
ANTI-BRIBERY & ANTI CORRUPTION
Global Law Office’s anti-bribery and anti-corruption practice is led by Shanghai-based partners Gu Weiwei and Alan Zhou. In the past year, the firm has bolstered its compliance services by recruiting dozens of former judges, prosecutors and in-house counsel from famous companies.
Lawyers have assisted Shanghai-listed Trina to attain ISO 37001 certification on its anti-bribery management system. The firm has also assisted German pharmaceutical giant Boehringer Ingelheim on multiple internal investigations into potential criminal acts involving bribery and embezzlement.
Hiways Law Firm’s corporate investigation and anti-corruption practice is led by managing partner Jenny Ma. The firm recorded a revenue increase of 20% in 2024 by assisting clients, including Chinese tech giant Huawei and state-owned aerospace manufacturer Commercial Aircraft Corporation of China.
The law firm has been assisting corporate giants in complex fraud investigations and proceedings against top executives. One of them involves an executive issuing fake invoices for illicit gain, Hiways’ lawyers had to trace the fake transactions with limited evidence. In the end, three executives were prosecuted after the firm submitted a criminal complaint to authorities, clearly outlining elements of VAT fraud.
Hui Ye Law Firm’s 50-member anti-bribery and anti-corruption practice was led by Shanghai-based senior partner Li Tianhang. Their clients include Shanghai retail giant Bailian Group and Germany-headquartered elevator maker TK Elevator as well as companies within the finance, logistics, automotive and chemical sectors.
In the past year, Hui Ye has helped a renowned luxury retail brand resolve an embezzlement case. Having settled the case through a criminal and civil approach, the employee who misappropriated sales revenue had been sentenced to imprisonment, and the company was able to secure compensation.
Haldanes’ team was praised for its efficiency and expertise in criminal law. Bernacchi Chambers’ barrister Michael Chai says: “I worked with them on an ICAC [Independent Commission Against Corruption] trial, which lasted 83 days and involved complex legal arguments on the admissibility of evidence … the collaboration was seamless. All materials were meticulously organised and made easily accessible through advanced technological systems.”
Partner Felix Ng, the head of antitrust and competition law practice, was recommended by several referees for demonstrating remarkable knowledge in ICAC investigations and proceedings.
Pinsent Mason’s client base extended from traditional energy and infrastructure contractors in China to multinational corporations in manufacturing and automotive sectors. A referee, who wished to stay anonymous, praised partner Zheng Feifei for her thorough understanding in corporations’ struggles and needs, as well as for her knowledge in the regulatory requirements of China and international government agencies and financial institutions.
A Pinsent Mason’s spokesman said that in the past 12 months, aside from assisting Chinese companies on internal investigations, the firm had seen a new type of client seeking advice on compliance issues related to ESG and the European Union’s corporate sustainability reporting directive.
ASSET MANAGEMENT
Hai Run Law Firm has advised dozens of trust companies, insurance asset management companies and securities firms on hundreds of investment projects. The firm assisted Taiping Capital, a subsidiary of China Taiping, in a real estate debt investment of RMB4.3 billion, which was used for supporting a tourism construction project in Zhujiajian Island in Zhejiang province. The firm also participated in two railway infrastructure debt investments, each valued at RMB2.5 billion.
Haiwen & Partners counselled China’s leading corporate clients in asset investments and assisted companies in establishing various types of funds. The firm’s Hong Kong-based partner Wang Qingjian was praised by clients for his expertise in cross-border asset management.
Karen Chen, Zorro Capital’s head of compliance, said Haiwen’s team had been efficient and their services were reasonably priced. “The Haiwen team, with extensive experience in setting up overseas fund frameworks, provided end-to-end service from compliance review to complex document management. Their legal documents are professional and commercially adaptable,” she said.
Dentons’s asset management practice in Hong Kong is led by partner Charles Yim, and the firm’s clients include CNCB Capital and COFCO Asset Management, among other financial institutions. The legal team assists clients in establishing both onshore and offshore public and private funds. In 2024, Dentons assisted SDICS International, as fund manager, in launching a public fund product, making it one of the first institutions approved by both the Securities and Futures Commission of Hong Kong and mainland regulators to participate in the Cross-boundary Wealth Management Connect 2.0 scheme.
ER Law’s principal Everton Robertson is a veteran in the asset management field. Gaven Cheong, partner at Charles Russell Speechlys, said: “He is technically excellent, but is also a commercially minded and practical lawyer. His advice is always on point, timely, and above all, practically useful.”
David Wang, Hong Kong-based partner at JunHe, praises Robertson’s legal services, saying that its legal team is “very responsive, professional and solution-oriented”.
BANKING & FINANCE
Commerce & Finance Law Offices has advised mainland-based banks on bond issuance, financing and the granting of loans. It has also counselled leasing companies, such as CIMC Capital on its RMB1 billion financing project.
Fu Xiaojuan, CIMC Capital’s legal director, praised the firm: “Despite regulatory requirements for financial institutions being increasingly stringent, banks’ internal compliance complex and our funding needs urgent, Commerce & Finance Law Offices demonstrated outstanding financial legal expertise and communication skills throughout our co-operation.”
Global Law Office’s clients include ABN AMRO Bank, DBS Bank and Asian Development Bank. In 2024, its team counselled Huaxia Financial Leasing on its RMB6 billion financial bonds issuance and assisted with the RMB9 billion refinancing project associated with the Beijing New Airport Rail Line.
Cici Kang from DBS Bank recommended Global Law’s Shanghai-based partner Ben Zhong: “Global Law Office is highly professional and efficient in providing banking and finance legal services; lawyers can respond to our queries quickly and promptly.”
JunHe participated in large-scale transactions, including assisting Pudong Development Bank in providing a syndicated loan of up to RMB28.5 billion for Wanda’s asset-light acquisition deal.
A general counsel of an international bank recommended Shanghai-based partner Joey Lu, with whom he has worked for many years, saying: “[Lu] has extensive experience in the banking and finance practice area and is familiar with relevant laws and regulations’ changes.”
Deacons has bolstered its banking and finance practice by hiring seasoned practitioners Michael Sinn and Crystal Li from Reed Smith as partners. They both joined partner Erica Wong to serve international and Hong Kong banks and financial institutions, large corporates and asset managers to fintech startups.
The firm has advised the buyer in a high-profile transaction in Hong Kong – Chow Tai Fook Enterprises’ acquisition of 75% in Kai Tak Sports Park from New World Development Company.
Ince’s banking and finance practice is led by managing partner Eric Lui, with the firm’s team having advised commercial institutions such as Bank of China, Ping An Bank, China Construction Bank in granting banking facilities. The Hong Kong-based law firm has acted as Bank of Communications’ legal counsel on offeringa loan of more than HKD1.2 billion to a Hong Kong real estate investment company.
CAPITAL MARKETS (DOMESTIC)
AllBright Law Offices acted as legal counsel in 13 A-share listings in 2024, ranking first among law firms in terms of the number of IPOs it participated in. The firm assisted on the RMB1.4 billion Star Market IPO of Fine Motion Robot Joint Technology, an industrial robot components maker as well as industrial vehicle maker E-P Equipment’s SSE main board listing, raising RMB1.2 billion.
Senior partner Wang Rui, based in Shanghai, counselled Kanghua Healthcare Group on its debut on the National Equities Exchange and Quotations, making it one of the first companies to be listed after the NEEQ implemented stricter standards in 2024.
DeHeng Law Offices guided IPOs, including the listing of Longcheer Technology on the SSE main board. Company chairman Du Junhong said: “ Li Yuan, the overall lead partner for our project, was the key decision-maker and leading figure guiding the project’s success. I am very satisfied with Li’s professional services.” The firm has also assisted 200 companies in issuing 694 bonds and completing asset-backed securitisation projects.
Jia Yuan Law Offices assisted companies such as Snowky, Air China Cargo and Alnera Aluminium on their SSE listings. The firm also assisted CCCG Real Estate Corporation, AVIC Heavy Machinery and Air China in issuing A shares to specific investors. Xiao Bing, director of Haitong Unitrust International Financial Leasing’s board office, recommended Shanghai-based senior partner Fu Yangyuan, saying: “[Jia Yuan Law Offices’ lawyers] respond efficiently, think thoroughly and can propose solutions for the company from multiple perspectives.”
Kangda Law Firm guided China State Construction Engineering Corporation on issuing RMB2 billion worth of corporate bonds to investors, with a 2.7% coupon rate. The firm also acted as legal counsel for Ongoal Technology’s IPO. He Xiaoming, the company’s CFO and board secretary, recommended Beijing-based senior partner Kang Xiaoyang, saying: “During the IPO process, Kang helped the company to sort out and avoid certain legal issues, and provided professional guidance and advice in general legal matters.”
CAPITAL MARKETS (HONG KONG & OVERSEAS)
Commerce & Finance Law Offices assisted companies, including Chenqi Technology and WeRide, on their HKEX, Nasdaq and SGX debuts. For Concord Healthcare Group’s Hong Kong IPO, Commerce & Finance’s mainland branches as well as the Hong Kong office (Eric Chow & Co) acted as their onshore and offshore legal counsel. The medical group’s joint company secretary and board secretary Pan Lichen recommended the firm’s Beijing managing partner Wu Gang as well as partners Yang Min and Bo Siyuan.
Jingtian & Gongcheng participated in large-scale overseas IPOs, including the listings of CR Beverage (raising HKD5 billion), Mixue Group (raising RMB3.5 billion) and ChaPanda (raising RMB2.6 billion), in which the firm acted as PRC legal counsel for the underwriters or issuers. In Pony.ai’s Nasdaq IPO, the firm advised the underwriters on PRC law. The tech company was among the first batch of companies to debut in the US after China’s new CSRC filing rules came into effect. The firm swiftly provided legal analysis and interpretation for major US investment banks after the new rules took effect.
Haiwen & Partners assisted Pony.ai on its Nasdaq listing, advising the issuer on PRC law and data compliance. The firm also participated in Chengqi Technology’s Hong Kong IPO as the issuer’s legal counsel, the robotaxi provider’s legal team is highly satisfied with Haiwen’s services. A Chengqi Technology spokesperson said: “Haiwen’s team proposed innovative solutions to complex issues such as ESOP restructuring, VIE structure arguments and compliance review in the mainland.”
Davis Polk has been involved in three of the largest Chinese concept stock listings in the US in 2024, including Amer Sports, Zeekr Intelligent Technology and Pony.ai. As well as Horizon Robotics and Baicha Baidao’s Hong Kong listings, which raised HKD5 billion and HKD2.6 billion, respectively. The firm also had a good year in the debt capital markets, advising CK Hutchison on multiple note offerings with an aggregate amount exceeding USD3 billion.
Skadden’s partners Jonathan Stone, Li Haiping and Paloma Wong are the leading figures of the firm’s capital market practice in China. Midea Group appointed the firm as its Hong Kong and US legal counsel for its USD4.6 billion debut on the HKEX, the largest IPO in the city since 2022. Skadden has advised on the Nasdaq listings of WeRide, BingEX and NIP Group, and has also counselled its longstanding client, JD.com, on its USD2 billion convertible senior notes offering, as well as tech giant Baidu on its USD2 billion bonds issuance on the Frankfurt Stock Exchange.
COMPETITION AND ANTITRUST
Haiwen & Partners acted as PRC counsel to Fujitsu and Shinko Electric Industries in JIC Capital’s USD4.7 billion takeover, advising on the merger filing with China’s State Administration for Market Regulation. The firm navigated complex antitrust issues arising from the semiconductor sector’s high market concentration and geopolitical sensitivities, providing full-scope legal support including market definition analysis and regulatory submissions.
Tian Tianyang, an investment director at Baiyin International Investment, particularly endorsed Haiwen partner Liu Jianzhong’s client-focused approach: “He demonstrates exceptional understanding of client needs while ensuring risk-controlled deal execution.”
Tian Yuan Law Firm represented JD.com in its high-profile antitrust lawsuit against Alibaba over exclusive dealing practices (“pick one from two”), securing a favourable ruling from the Beijing High Court in the first instance. The RMB1 billion (USD1.39 billion) awarded in damages marked a record penalty in China’s antitrust litigation history. The landmark case is now under appeal at the Supreme People’s Court.
Skadden advised TikTok on international law for its USD1.5 billion acquisition of a 75.01% stake in Tokopedia from Indonesian tech giant GoTo, enabling the social media platform to relaunch its e-commerce operations in Indonesia by merging TikTok Shop with Tokopedia’s local business. The firm also facilitated Mars’ landmark USD36 billion takeover of Kellanova, the largest transaction yet in the packaged food sector.
Slaughter and May advised Korean Air on the UK merger control aspects of its proposed acquisition of a 66% stake in Asiana, a cross-border transaction spanning more than 10 jurisdictions including the EU, UK and South Korea. The firm also advised Meituan (operating as KeeTa in Hong Kong) regarding commitments proposed by Deliveroo and Foodpanda to address Hong Kong Competition Commission concerns over exclusivity clauses in restaurant contracts. The case held particular significance for Meituan as a new market entrant.
CORPORATE COMPLIANCE
JunHe facilitated China Machinery Industry Construction Group in developing a multilateral development bank-compliant governance framework, culminating in its selection as one of the only 10 inaugural members of the World Bank’s Compliance Knowledge Sharing Platform. The firm also assisted Sungrow, a global leader in renewable energy technology, in obtaining dual ISO 37301:2021 and GB/T 35770-2022 compliance certifications from the British Standards Institution, a landmark recognition under both international and domestic standards.
Lantai Partners enabled China Coal Xinji Energy to achieve operational integration of internal controls and compliance management, marking a key milestone. The firm also provides labour compliance services to major employers such as Cainiao and Luckin Coffee, mitigating risks associated with the gig economy. Additionally, Lantai acted as Xiaomi’s long-term labour law adviser to address forced labour risks in the tech giant’s global supply chains in response to EU regulatory requirements.
Dorsey acted as the US and overseas general legal counsel for Juneway Electronics on its Shenzhen Stock Exchange Star Market IPO, conducting due diligence on the company’s overseas affiliated entities located in jurisdictions including the US, Samoa and Brunei, with critical legal opinions issued on the legality and operation of the overseas affiliates. Juneway Electronics, a key fuse supplier for Gree, became the first public company in the Guangdong-Macao (Jiangmen) Industrial Co-operation Demonstration Zone.
Paul Hastings represented a clinical-stage biopharmaceutical company in a high-profile US International Trade Commission investigation against China-based defendants accused of misappropriating trade secrets, securing a favourable ruling that affirmed the misappropriation of the client’s proprietary drug technology. The firm also strengthened its corporate compliance practice with the addition of regulatory compliance expert Simon Hui, formerly of Baker McKenzie, enhancing the firm’s robust bench strength.
DATA PROTECTION AND DATA PRIVACY
Han Kun Law Offices acted as PRC data security counsel to Zeekr on its USD441 million NYSE listing. The firm also advised WuXi Biologics on PRC data compliance in building its global data compliance system in light of the Personal Information Protection and the Data Security Law, conducting compliance gap analysis and rectification.
Co-Effort Law Firm facilitated Xinlian Technology’s listing of its data product Enterprise Big Data Risk Management Platform on the Shanghai Data Exchange. The deal established Xinlian Technology, a subsidiary of CBD International Group, as the first state-owned enterprise in Chaoyang district to implement the Interim Accounting Standards for Enterprise Data Resources by the Ministry of Finance.
The firm further demonstrated its data compliance expertise through its advisory work on national and ministerial-level research projects, spanning cutting-edge areas including data governance, AI legislation and data intellectual property rights.
Fieldfisher provided comprehensive data protection compliance services to HBX Group, a global leader in the travel industry, for its Beijing and Shanghai operations. The firm also acted as data compliance counsel to Alibaba-affiliated Aicheng Technology, advising on data retention periods and cross-border transfers to the EU, US and Singapore.
Additionally, Fieldfisher assisted chemical specialist NHU with multinational data transfer compliance programmes spanning Germany, Denmark, Brazil, Mexico and Japan.
Freshfields advised BASF on a comprehensive review of its external and internal data privacy documentation across the APAC region, as well as on local law requirements with respect to impact assessment for cross-border data transfers and data localisation in 17 jurisdictions. The firm also counselled Shein on data privacy issues in relation to a major IP infringement claim against Temu in the English High Court.
DOMESTIC LITIGATION
Commerce & Finance Law Offices represented Jiangsu Suzhou Steel Group in China’s highest-value civil litigation since 1949, the Suzhou toxic land case involving RMB10 billion (USD1.4 billion) in claims. Lujiazui Corporation accused Suzhou Steel of concealing land pollution during a 2016 transaction. After taking instruction, Commerce & Finance systematically analysed evolving pollution control regulations, successfully demonstrating how updated standards caused the dispute. The team facilitated government-led remediation and cost-sharing arrangements, limiting Suzhou Steel’s expenditure to RMB300 million. Through professional services and negotiation strategies combining judicial and administrative co-ordination mechanisms, the firm effectively mitigated the client’s massive liability risk, setting an important precedent for environmental dispute resolution.
Jay Leung, a legal department manager at GoHigh Capital, expresses great satisfaction with Commerce & Finance’s services, noting that throughout the engagement, their team helped GoHigh’s management clearly understand litigation progress while proactively extracting risk prevention insights from cases. “They voluntarily provided compliance training and system optimisation solutions, truly upgrading from ‘litigation representation’ to ‘legal guardianship’.”
Lantai Partners represented CITIC Bank’s Dalian branch in a RMB5 billion financial loan dispute involving RMB4.5 billion in shareholder loans to a project company, with more than RMB4.1 billion principal remaining after default. Facing complex transaction structures, trust mortgage arrangements and challenging cross-jurisdictional asset preservation, Lantai successfully preserved more than 400 properties and secured more than RMB20 million in litigation fee refunds. After three years of meticulous effort drawing on extensive experience, the team achieved near-total victory for the client.
Tian Yuan Law Firm has achieved counter-cyclical growth in dispute resolution, handling multiple landmark cases including: Guangdong High People’s Court’s first recognition of a Hong Kong arbitral award; a signature RMB9 billion construction dispute; complete victory for a financial asset company in a RMB2.5 billion asset management risk resolution case; and China’s first civil litigation arising from revoked insurance company licence administrative approval. Tian Yuan also secured full exoneration for an A-share listed company and its executives in a securities misrepresentation class action, demonstrating exceptional capability in major complex cases.
Eric Liu, a director at CMB Wing Lung Asset Management, mentions that in cases where he has instructed Tian Yuan, the firm demonstrates outstanding capabilities across procedural advancement, asset preservation, substantive analysis, court performance, documentation preparation and enforcement. “Their practitioners possess both rich practical experience and profound theoretical knowledge, identifying case details for breakthrough insights with unexpectedly effective results.” He particularly recommends Beijing-based partner Wang Ze, praising his team’s “exceptional service awareness that anticipates client needs and stays ahead of judicial thinking”.
Zhong Lun Law Firm demonstrated exceptional expertise in the Essence Information Technology securities special representative action settlement. As legal counsel to Dongxing Securities, a team led by partner Zhang Baosheng leveraged in-depth research into the new Securities Law’s administrative settlement mechanism. They secured among the first China Securities Regulatory Commission acceptances under this regime. The team facilitated judicial mediation, negotiating Dongxing’s payment of about RMB100 million, far below the RMB468 million claim, and exceeding client expectations. As the first securities firm-involved special representative action settled through mediation, this case established a new model for class securities dispute resolution with significant exemplary value.
Qi Xiao, a member of Huatai Securities’ compliance and risk management department, expresses great satisfaction with Zhong Lun’s services, particularly in high-profile securities misrepresentation litigation. He recommends Beijing-based partner Li Ruixuan for possessing “profound specialist knowledge and rich practical experience, excelling particularly in addressing novel, complex legal issues while delivering commercially astute legal solutions”.
DOMESTIC ARBITRATION
East & Concord Partners has innovatively handled multiple complex arbitration cases under Chinese arbitration institutions in the past year. The firm represented an international energy giant in a RMB150 million (USD20.91 million) gas turbine quality dispute, setting a precedent for the China International Economic and Trade Arbitration Commission’s (CIETAC) application of International Chamber of Commerce (ICC) arbitration rules. It successfully assisted a state-owned investment institution in lifting a HKD37 million (USD 4.71 million) asset freezing order from Hong Kong courts, creating a rare case under the Arrangement Concerning Mutual Assistance in Court-ordered Interim Measures in Aid of Arbitral Proceedings. The firm also designed a discreet financial investigation scheme for an investment firm to successfully prove the target company’s breach and assisted an international property group in defending against a 10-year information disclosure arbitration initiated by a limited partner of one of its funds.
These cases demonstrate the firm’s professional advantages in cross-border dispute co-ordination, complex evidence organisation and innovative solution design. They particularly showcase accumulated expertise in specialised fields such as energy equipment, financial investment and commercial real estate.
JunHe has successfully represented several high-impact arbitration cases across industries. In a construction engineering dispute, the firm secured a complete victory for an international engineering company in a RMB128 million liquefied natural gas project arbitration, including idle work losses within the priority repayment scope, and achieving more than 90% debt recovery. When it comes to equity investment disputes, JunHe’s team successfully handled multiple complex repurchase cases, creatively resolving conflicts between target company repurchases and capital maintenance principles while achieving cross-border award enforcement co-ordination. In an energy sector product sales contract dispute, JunHe’s team reduced the counterparty’s 24-month minimum take-or-pay clause claim to just 2.5 months, setting a new industry standard.
Kangda Law Firm has handled a series of significant cases in financial investment. The firm represented a fund manager against a RMB6 million compensation claim from a government guidance fund. By analysing more than 400 pages of evidentiary material, they successfully proved the manager’s fulfilment of the duty of diligence, resulting in the tribunal dismissing all claims and avoiding potential chain arbitration risks for the RMB30 million fund.
Zhao Yan, a general manager of the legal and compliance department at CS Capital Co, says Kangda’s team “excels at solving difficult problems and can provide multiple solution approaches”. He specifically recommends three partners: Zhang Baojun, who specialises in complex cases; Huo Jincheng, who is “diligent and responsible”; and Xia Yu, who demonstrates outstanding communication skills.
Zhenghan Law Firm showcases leading capabilities in handling high-value cases efficiently, co-ordinating cross-border procedures and applying specialised industry rules. The team represented a financial asset trading company in a RMB3 billion arbitration and restructuring case, completing all procedures within just 20 days. In cross-border equity transactions, the firm handled a RMB3.2 billion arbitration case – the highest-value case accepted by the arbitration institution to date. The Zhenghan team represented China’s first arbitration case applying International Cotton Association rules, providing a model for specialised industry dispute resolution.
CROSS-BORDER LITIGATION
Fangda Partners handles multiple high-profile cases with international impact, demonstrating its professional capabilities in co-ordinating cross-border parallel proceedings and resolving complex corporate governance disputes. In the Lunan Pharmaceutical equity dispute case, Fangda represented Zhao Long, the daughter of late entrepreneur Zhao Zhiquan. The team successfully petitioned the Shandong High People’s Court to overturn an erroneous judgment by the Linyi Intermediate People’s Court.
They achieved this through a systematic review of more than 20 years of historical evidence, laying the foundation for establishing rights to overseas equity worth billions. The case involved complex legal issues including parallel proceedings in the British Virgin Islands and China, and trust structure disputes, with the team employing foreign law ascertainment mechanisms and engaging experts from East China University of Political Science and Law’s Foreign Law Research Centre to provide supporting opinions.
Jincheng Tongda & Neal demonstrates professional strengths in organising complex evidence and international negotiations across multiple major cross-border disputes. In the ATA Creativity Global shareholder rights dispute, the firm represented a Cayman Islands-listed company against shareholder claims brought by a British Virgin Islands company. Elevated to the Second International Commercial Court of the Supreme People’s Court, this case became a landmark precedent for accurately applying China’s Law on the Application of Law to Foreign-related Civil Relations to determine the validity of overseas company resolutions.
This case occurred against the backdrop of red-chip structured enterprises returning to domestic capital markets. It holds practical reference value for entrepreneurs examining asset restructuring of domestic and overseas business entities from a dispute resolution perspective, while standardising internal decision-making procedures and preventing legal risks.
Pillsbury achieved outstanding results in the Jet Midwest international contract dispute case. After five years of sustained effort, by proving the defendant’s fraudulent transfer of UDS42 million in assets, the firm secured enforceable compensation totalling USD42 million, including USD13 million in attorneys’ fees for the client, achieving recovery of 3.5 times the original loss amount.
In the record-breaking case, the team secured recognition and enforcement of a USD470 million arbitration award from the CIETAC. They successfully persuaded the US District Court for the Southern District of New York to confirm the award against a Chinese billionaire, setting the highest amount for a Chinese arbitration award recognised in the US to date. The team also obtained three successful motions compelling post-judgment discovery, forcing the defendant to co-operate with investigations to avoid incarceration.
Simpson Thacher represented Alibaba Group in three putative securities class actions filed in the US District Court for the Southern District of New York. Through successful motions to dismiss claims that narrowed the case scope, the firm facilitated a favourable settlement, addressing investor claims arising from Ant Group’s suspended USD34 billion IPO.
Iris Li, the head of Alibaba Group’s litigation and regulatory investigation, comments on Simpson Thacher’s Asia litigation team with whom she has worked for many years: “They always deliver,” she says. “The lead partners consistently provide significant time commitments on each matter and draw on the full resources of other practice areas as necessary. They have a strong base of legal knowledge and provide very professional and business-savvy advice to best represent our interests.”
Li recommends Stephen Blake, the co-head of Simpson Thacher’s Asia litigation practice, also praising partner Bryan Jin for always providing wise strategies and solutions: “He is one of the few litigators who is not only experienced in handling complex US litigation, but also has a deep understanding of Chinese corporate culture and needs.”
CROSS-BORDER ARBITRATION
Commerce & Finance Law Offices demonstrates exceptional capabilities in handling high-value, multi-jurisdictional complex disputes. A representative case involved acting for a global leader in new energy technology in a cross-border arbitration exceeding USD500 million, arising from a foreign automaker’s bankruptcy. The matter required navigating the intersection between CIETAC arbitration procedures and overseas insolvency proceedings while addressing complex conflicts between Chinese, US and Austrian law.
Confronting opposition from multiple top-tier international law firms and procedural challenges posed by cross-border bankruptcy, the firm successfully safeguarded the client’s core interests. This case not only set a new industry record for dispute value but also established important reference points for companies managing transnational supply chain disputes and overseas debtor insolvency risks.
Li Cheng, assistant general counsel at Hillhouse Investment, commends Commerce & Finance’s partners Li Hongji and Cui Qiang’s team for achieving exceptional results in a CIETAC-administered arbitration case. The team overcame obstacles, including share repurchase capital reduction requirements and priority conflicts between different investor tranches. “Their service exceeded our expectation, having compelled the counterparty to proactively seek settlement, achieving both outstanding legal and commercial outcomes,” says Li.
Haiwen & Partners exhibits robust capabilities in resolving intra-corporate disputes, international financial conflicts and emerging industry controversies. The firm successfully opposed a USD400 million consolidation application in related company loan and guarantee arbitrations. By forcing separate proceedings, it demonstrated its expertise in complex financial transactions and group structure disputes. The Haiwen team successfully co-ordinated multi-jurisdictional procedures across the Cayman Islands and Hong Kong in an anti-suit injunction case, providing innovative solutions for cross-border financial disputes.
Connie Lee, a barrister-at-law of Des Voeux Chambers, commends Liu Yang, a partner at the firm’s Hong Kong office: “The partner and head of the team is qualified in three jurisdictions and an experienced and commercial litigator. He is practical and understands clients’ needs and works well with counsel.”
Hui Zhong Law Firm showcases exemplary strategic management in international investment arbitration and high-value commercial disputes. The firm represented Chinese investors in the first arbitration case, valued at USD70 million, against the Cambodian government under the China-Asean Investment Agreement, addressing core issues including telecom licence expropriation and fair and equitable treatment, establishing a landmark precedent for Asean regional investment dispute resolution.
The team spearheaded co-ordination between US and Cambodian counsel, alongside industry experts. They resolved cross-border legal and factual disputes, demonstrating leading expertise at the intersection of public international law and traditional arbitration.
Separately, Hui Zhong successfully represented a hotel chain founder in a HKD20 million (USD2.5 million) share repurchase dispute through the Hong Kong International Arbitration Centre’s expedited procedures, achieving victory within six months from case filing while successfully recovering legal costs.
Yue Jinfeng, the head of the legal and compliance department at China Energy Engineering Group Tianjin Electric Power Construction Company, says that the Hui Zhong team demonstrates “professionalism, rigour, pragmatism and efficiency”. He recommends partner Yang Xueyu, praising her as “exceptionally experienced in cross-border dispute resolution with solid expertise, sharp working style and meticulous approach”.
Pinsent Masons stands out in energy infrastructure and engineering dispute resolution. The firm represented an Asian engineering group in a series of arbitrations concerning a major Middle Eastern energy project, successfully handling complex disputes totalling more than USD180 million.
The case involved cross-claims between main contracts and multi-tier subcontracts, where the team adopted a “dispute isolation + co-ordinated defence” strategy, countering subcontractor claims while initiating substantial counterclaims, securing optimal solutions through multi-procedural co-ordination.
Rajah & Tann represented a Chinese state-owned enterprise in complex disputes concerning a USD500 million coal-fired power project in Indonesia. The firm successfully obtained an emergency arbitration award from the SIAC to restrain ongoing litigation in Indonesia.
At the same time, it led enforcement proceedings in Singapore courts and mounted defences in Indonesian litigation, demonstrating strategic advantages in cross-border procedural conflict management. This case, involving co-ordinated legal teams across China, Singapore and Indonesia, has become a model case for handling shareholder disputes in “Belt and Road” energy projects.
Chen Chen, the head of the legal risk department at PowerChina Resources, sees Rajah & Tann as “masters” of case strategy. “What’s most impressive is their exceptional execution capability. To date, nearly all their case advancement strategies have been completed on schedule with high quality, fully demonstrating their rich experience in cross-border arbitration and precise execution capabilities,” he says.
EMPLOYMENT & LABOUR
Hansheng Law Offices provided comprehensive labour law counsel to multiple Shanghai-based companies, advising on matters ranging from staff redeployment to termination disputes.
In the dissolution and liquidation proceedings for Döehler Food & Beverage Ingredients, the firm’s senior partner, Song Puwen, who chairs its labour law committee, balanced corporate realities with the welfare interests of more than 60 employees. His proposed settlement package incorporated vocational retraining and re-employment support measures, culminating in an orderly winding down of operations.
Hansheng was also engaged by CEJN Shanghai Fluid Systems to conduct strategic intervention in the severance negotiations of two senior executives. On securing documented evidence of corporate misconduct by the individuals, Song facilitated their swift departure, effectively pre-empting potential labour disputes.
Hui Ye Law Firm operates a dedicated labour law and human resources committee, deploying more than 150 specialist practitioners across 41 domestic and international offices. The firm handled more than 1,000 labour disputes and over 120 non-contentious labour projects last year, while also engaging new clients including Alstom, East Money Information and Yamaha for labour law advisory services. In high-stakes employment disputes involving Shanghai Electric-Kangda Medical Group, Herbalife and Vanke, Hui Ye successfully secured favourable court judgments and averted large-sum exposures for these clients.
Long An Law Firm handled more than 3,000 labour dispute cases in 2024, a 30% increase on the previous year. Against the backdrop of China’s recent delayed retirement policy, the firm secured favourable outcomes for corporate clients in multiple retirement age litigation matters. In a high-profile dispute where an employee sought more than RMB23 million (USD3.2 million) in bonus payments from a securities firm, Long An’s lawyers successfully leveraged the lawful bonus allocation framework to achieve a settlement of RMB150,000. This resolution not only prevented substantial financial exposure but also established a critical precedent deterring future unsubstantiated bonus claims.
Vincent Qiu, a senior partner at Long An’s Shanghai office, acts as a longtime employment law adviser and litigation counsel for General Mills China. “Across multiple complex disputes with former employees, Qiu consistently upheld the company’s lawful position through precise case analysis, meticulous evidence-chain reconstruction and exceptional courtroom advocacy,” says Grace Huang, senior legal counsel at the multinational corporation.
Dentons is retained by China Post to advise on a wide array of corporate and employment issues including salary structures and legal implications, and data privacy matters. Dentons is also the preferred external counsel of Hong Kong Metropolitan University, advising on HR policies and labour disputes, among other issues.
In addition, Dentons acted as an independent investigator for a global professional services firm concerning allegations against a senior member of its Hong Kong office for facilitating a crime in handling a client’s matters. More allegations were made against senior members regarding workplace misconduct. Dentons is responsible for identifying and reviewing evidence, conducting employee interviews and assisting the firm in responding to regulators’ questions.
Pinsent Masons provides legal advice on employment documentation, international workforce management, personal data protection and employment litigation, as well as employment issues throughout transactions. Last year, the firm advised a UK university in a joint education programme with a Chinese university, helping the former assess recruitment and employment options, design hiring arrangements and work through requirements for foreigners to work in China.
A Chinese SOE (state-owned enterprise) in the construction sector also relied on Pinsent Masons to navigate legal complexities in sending their managers and employees to overseas projects in various jurisdictions. The firm advised on issues such as mandatory social insurance contributions, workplace injuries and employee management under a secondment arrangement.
ENVIRONMENTAL, SOCIAL AND GOVERNANCE
Global Law Office’s ESG (environmental, social and governance) team assisted Trina Solar in obtaining ISO 37001 anti-bribery management system certification last year, provided legal services for the privatisation of Canvest Environmental Protection Group, and served as the issuer’s counsel for China Communications Construction Company’s issuance of RMB7.1 billion (USD1 billion) in offshore green bonds and New Development Bank’s RMB6 billion panda bond offering.
Tian Yuan Law Firm advised Dajia Investment Holding in its joint investment with Cathay Capital and French energy giant TotalEnergies to develop industrial and commercial distributed photovoltaic asset packages, marking the first time that Chinese insurance funds entered this field. The project coincided with the 60th anniversary of diplomatic relations between China and France.
The firm also assisted China Pacific Property Insurance in its investment in Anpeng Green (Beijing) Energy Industry Investment Fund, which focuses on investing in the new energy smart vehicle sector, a vision shared by the insurance firm to advance green finance.
Guantao Law Firm, acting as special legal counsel for the issuer, participated in Xianyang City Development Group’s private placement of low-carbon transition-linked corporate bonds on the Shanghai Stock Exchange. The offering had a total size not exceeding RMB2.5 billion with a 12-month validity period, completing its first tranche of RMB500 million in January this year.
Additionally, Guantao assisted Decent Holding, a technology enterprise specialising in solid, liquid, gas and hazardous waste treatment and resource utilisation, in completing its Nasdaq listing, raising about USD5 million.
Tahota Law Firm assisted Jiangsu Zangqing New Energy Industry Development Fund in acquiring a 34% equity stake in Tibet National Energy Mining Development for RMB4 billion, enabling the acquirer to secure development rights to the Kyetsé and Longmu salt lakes. This transaction is projected to advance lithium extraction technologies, bolstering development in new energy vehicles and green energy sectors.
GOVERNMENT AND PUBLIC POLICY
DeHeng Law Offices established a nationwide government and public affairs committee in 2024, with 211 lawyers from across the country joining. The firm serves as perennial counsel for both routine and special matters to the State Administration for Market Regulation, the National Health Commission, the Civil Aviation Administration of China, Peking Union Medical College Hospital, Beijing Tiantan Hospital and Tsinghua University, providing legal advisory services on legislative affairs, administrative reconsideration and administrative litigation.
Multiple senior partners and their teams have participated in major legislative work, including drafting the Energy Law and amending the Electric Power Law and the Coal Industry Law.
Gaopeng & Partners provides specialised legal services to multiple government departments and represents enterprises in investigations conducted by tax authorities and other regulatory bodies. This includes assisting a toy import-export enterprise facing allegations of fraudulent export tax refund claims. The case involved complex procedural issues such as the legitimacy of tax audit procedures and duplicate tax recovery attempts.
The firm submitted evidence including expense reimbursement vouchers for business travel and purchase-sale contracts, proving the company’s genuine engagement in export operations, ultimately achieving resolution at the administrative stage.
Dorsey represented many outbound Chinese companies with official reviews or investigations in the US. In one case, it acted for a Taiwan-based conglomerate and its mainland China-based subsidiary with the Committee on Foreign Investment in the US and product export control analysis. The favourable results paved the way for a major reorganisation and its IPO on the Shenzhen Stock Exchange.
James Yuan, the executive director and managing counsel of investigations at the office of general counsel of Merck Sharp & Dohme, lauds the firm’s services and expertise in this area: “Their team, particularly led by partner Ray Liu, demonstrates a strong command of regulatory frameworks and public affairs strategy, especially in matters involving cross-border government investigations and US-China regulatory engagement.
“What I value most is Dorsey’s ability to anticipate policy and enforcement trends, and to offer practical, tailored advice grounded in both legal and political realities.”
IP (COPYRIGHT)
Co-effort Law Firm serves as perennial legal counsel for the Publicity Department of the Shanghai CPC Committee, the Shanghai Press and Publication Bureau, Tencent, HP and other government agencies and enterprises. Last year, the firm represented Shengqu Games, the authorised agent of MapleStory, in filing copyright infringement and unfair competition claims against the developer of Rainbow Story for unauthorised use of substantial game assets. After two trial sessions, the court ordered the defendant to pay Shengqu RMB1.2 million (USD170,000) in economic losses and litigation costs.
Co-effort further represented plaintiffs Lansha Information Technology (Shanghai) and Shulong Technology in a copyright case concerning The Legend of Mir game versus unauthorised jubensha (a live-action role-playing murder mystery script game) adaptation, the first case of this nature in China. Co-effort not only conducted detailed infringing material comparisons but also established the legal basis for holding the jubensha venue jointly liable, ultimately securing court support of this argument.
Fangda Partners helps many leaders in the entertainment industry ward off copyright infringements, especially heavy hitters in the video game sector such as Epic Games and Hypergryph. The firm defended Shanghai-based Moonton in the copyright infringement and anti-unfair competition lawsuit filed by Riot Games and its parent, Tencent. Fangda acts as the global lead counsel for Moonton in parallel actions across the US, Thailand, Indonesia, South Korea and Japan.
In another matter closely monitored by the gaming community, Fangda represented Blizzard in its dispute with NetEase, which erupted following the expiry of the 14-year co-operation between the companies, during which NetEase acted as the licensed operator of World of Warcraft in mainland China. The parties have since settled the disputes and renewed their partnership.
TransAsia Lawyers provides licensing legal services for many highly anticipated film projects such as The Decisive Moment of Storycom, Decoded for Yitong Films, and A Tapestry of a Legendary Land for China Film Group. For Storycom, the firm also advised on a licensing deal for Liu Cixin’s novel, The Supernova Era. TransAsia also advised Usborne, a UK children’s book publishing house, on various IP protection matters in China.
Gallant represented a Chinese R&D company focused on smart cards and automatic fare collection systems in a Hong Kong litigation against certain former senior executives, along with a Hong Kong company controlled by them, for copyright infringement as well as breach of contractual and fiduciary duties. The Hong Kong independent firm also advised a famous stage director and a local production company on legal matters involved in the production of an art auction, innovative for its acceptance of non-monetary, non-traditional forms of consideration.
Mayer Brown, which split with Johnson Stokes & Master last year, advised TVB in a cross-border dispute involving unauthorised streaming of its content and a copyright dispute regarding the assignment of certain programmes from another public broadcaster. It also advised Li & Fung in a trademark and copyright dispute involving the Toys “R” Us brand and a well-known European toy company.
IP (PATENT)
GEN Law Firm provides dispute resolution services to companies embroiled in cross-border patent conflicts. The firm represented Honeywell in successful enforcement actions against manufacturers and distributors infringing its automotive refrigerant patents across Guangzhou and Shenyang.
GEN also defended fitness technology brand Speediance against patent infringement claims filed by smart gym equipment company Tonal in the US District Court for the Eastern District of Texas. The case concluded with the voluntary dismissal of Tonal’s claims, achieving the client’s objective of resolving the dispute with minimal economic and time costs. This was to prevent any negative impact on its ongoing financing round.Haiwen & Partners
Zhilin Law Firm successfully assisted Posco in filing an invalidation request against multinational steel producer ArcelorMittal before the China National Intellectual Property Administration (CNIPA). Following the CNIPA’s invalidation decision, both the Beijing Intellectual Property Court and the Supreme People’s Court upheld the ruling in subsequent proceedings. Zhilin represented Shokz Technology in utility model patent infringement lawsuits against Soul Electronics Technology and Hojawa (both based in Suzhou), securing judicial affirmation of its RMB4 million (USD558,000) damages claim across two trial instances.
Zhong Lun Law Firm played a pivotal role in multiple complex patent disputes. In a patent infringement case brought by Youhui Investment Consulting against Align Technology, a dominant player in orthodontic solutions, Zhong Lun represented Align and successfully invalidated all contested invention patents. In patent infringement and invalidation proceedings against Netgear (Beijing) Network Technology with an aggregate value of RMB18 million, Zhong Lun defended the company against 18 patent infringement lawsuits initiated across multiple courts, achieving favourable outcomes in 17 cases through voluntary withdrawals, terminations and dismissals.
“Zhong Lun has represented my company in a patent enforcement litigation in China,” says an IP manager at a chemical manufacturer in the Middle East. “The results have been overwhelmingly positive so far, so the team has been very effective.”
Ropes & Gray is among the first choices for IP legal counsel in the life sciences sector. Last year, the firm acted for Bain Capital Life Sciences in the creation of Kailera Therapeutics with a USD400 million initial investment, as well as the concurrent in-licensing of incretin drugs from Hengrui Pharmaceutical.
The firm also advised on prominent cross-border licensing agreements between pharmaceutical leaders, such as the USD1 billion agreement between Allorion and Avenzo, the USD571.5 million agreement between SK Biopharmaceuticals and Full-Life Technologies (China) and the USD279 million agreement between Tenacia Biotechnology and Praxis Precision Medicines.
Taylor Wessing showcased last year its expertise in handling complex infringement and revocation proceedings across Europe. The firm represented Realme, an OPPO subsidiary, in standard essential patent (SEP)-related litigation against Ox (Longhorn IP) in Munich, while addressing parallel revocation claims before the Federal Patent Court.
The firm also defended Hanshow Technology against SES-imagotag concerning electronic shelf labels, successfully rebutting SES’ motion at the local division of the Unified Patent Court, with appeals pending.
IP (TRADEMARK)
Hengdu Law Offices’ IP practice comprises 24 partners and more than 400 qualified practitioners. Last year, the firm represented Jiusan Food in a trademark infringement action against unauthorised users of its “农垦沃土” mark. After a two-year trial, the court of first instance upheld all claims, ordering the defendant to cease infringement and pay more than RMB5 million (USD697,100) in damages, applying triple punitive damages for wilful infringement.
Hengdu represented cosmetics brand Physicians Formula in filing a protest petition with the Beijing People’s Procuratorate against a trademark invalidation ruling, successfully arguing the international mark’s non-deceptive nature. This led to the procuratorate’s endorsement and initiation of protest proceedings before the Supreme People’s Procuratorate.
JunZeJun Law Offices represented Huawei in claims against Tengyu Digital and manufacturer Jintaiyi Electronic for trademark infringement and unfair competition. The defendants operated multiple “HUAV” flagship stores on JD.com, selling products bearing marks confusingly similar to Huawei’s. With infringing sales exceeding RMB200 million, JunZeJun secured a behaviour preservation order to prevent further damages, particularly during e-commerce festivals. In April 2025, the court ordered Tengyu Digital to cease infringing activities and pay Huawei RMB9.85 million in damages and litigation costs.
Wanhuida Intellectual Property featured frequently in last year’s “top 10 IP cases” lists. The firm secured Xiaomi’s victory against infringers using its trademark on sex toys, trade name and business tagline, being awarded RMB30.2 million in damages. With a proven track record of supporting international brands in China, Wanhuida also assisted in the trademark defence of Yeti, Rémy Martin, Hermès and Decathlon, among others.
Bethany Tan, the IP manager at Nestlé China, attests to Wanhuida’s ability to navigate complex legal challenges, having witnessed the firm in action. “Their dedication to achieving justice for clients is evident in every case they undertake,” she says.
DLA Piper advised Hang Seng Bank and McDonald’s on trademark and brand protection issues. For Hang Seng, the firm assisted with trademark clearance and registration, as well as IP matters relating to advertising campaigns and commercial activities. For McDonald’s, DLA, acting as IP counsel across Greater China, was entrusted with trademark filing, prosecution, portfolio management and enforcement for new and heritage brands.
Vivien Chan & Co acted for a Fortune 500 automotive components original equipment manufacturer on its co-operation with a leading Chinese digital platform for auto aftermarket services, which involved various licensing issues and trademark strategising to expand its valuable historical marks. The firm also advised a world-leading retail automotive services company on filing requirements in China and responding to office actions raised by the China National Intellectual Property Administration.
Jeff Porter, the president of SF Investments in Delaware, commends the firm for its trademark and licensing services in Greater China. “The firm is always prompt and thorough in their responses, providing detailed analysis and recommended action plans,” he says, highlighting partner Martin Lo as “particularly helpful”.
IP (TRADE SECRET)
Hiways Law Firm handled a groundbreaking trade secrets criminal case for a Shandong-based new materials company, pioneering the conviction for “theft without use”. An employee stole core technical formulas and manufacturing processes, achieving successful production with only one formula, generating merely RMB30,000 (USD4,182) in sales. The court assessed the company’s losses at more than RMB20 million and sentenced the perpetrators to 1.5 to 3.5 years’ imprisonment.
Jincheng Tongda & Neal assisted leading tech companies in safeguarding their trade secrets. Last year, the firm secured a victory for Shengu Group in a landmark trade secrets and software copyright case against Liangsite and others. The Supreme People’s Court ordered all defendants to cease infringement and imposed double damages, awarding total compensation of about RMB166 million for economic losses and litigation costs. The firm defended Inspur Information against patent infringement claims brought by Hewlett Packard Enterprise (HPE) in the US, developing a multi-layered counteroffensive strategy involving patent and trade secret claims that compelled HPE to enter settlement negotiations.
King & Wood Mallesons (KWM) saw multiple cases handled last year selected for the annual “top 10 cases” and “exemplary IP cases” lists. The firm represented Golden Elephant Sincerity in a series of lawsuits against Hualu Hengsheng for patent infringement and trade secret misappropriation, which concluded with a RMB658 million settlement.
KWM also represented Zhiling Biopharmaceutical in the first trade secret case within China’s cell immunotherapy sector, filing claims against its former chief scientific officer and Aeonvital. The litigation resulted in a favourable judgment for the plaintiff. The firm also secured a victory for Sennics in its trade secret misappropriation suit against Chen Yonggang and Xiangyu Refining Chemical, which he de facto controlled. The RMB200 million stands as the highest damages awarded in a Chinese trade secret case to date.
Tian Yuan Law Firm provides legal services to leading enterprises in sensitive technology industries such as software, chips and medical devices, handling administrative complaints and civil infringement litigation related to employee trade secret infringement.
In addition to assisting corporate clients in rights protection, Tian Yuan’s lawyers authored the Guangdong Provincial Local Standard Specification for Construction and Operation of Trade Secret Protection Bases and Shenzhen’s Guidelines for Prevention and Protection of Overseas Trade Secret Risks for Enterprises. The former constitutes China’s first local standard regulating the construction and operation of trade secret protection bases.
INTERNATIONAL TRADE
Chance & Bridge Law Firm advises Chinese government bodies, industry associations and enterprises on WTO dispute resolution, trade compliance, import-export controls and economic sanctions. Last year, the firm represented BYD in the EU’s anti-subsidy probe into China’s electric vehicle sector, securing a 17% duty rate – the lowest among sampled businesses.
The firm also defended Shougang Group in South Africa’s anti-dumping investigation concerning hot-rolled steel products and represented eight companies including Lions King Hi-Tech in the EU’s anti-circumvention probe on biodiesel, achieving favourable outcomes including non-imposition of provisional duties and case termination, respectively.
Commerce & Finance Law Firm assisted many manufacturers in navigating foreign anti-dumping and countervailing investigations amid escalating trade tensions. The firm represented an affiliate of Changfeng Wire & Cable in US product scope inquiries and anti-circumvention probes concerning Chinese-origin aluminium wire cables, securing a preliminary ruling permitting duty-free exportation on submission of non-circumvention certificates.
Beyond defending Chinese enterprises, the firm represented Vietnamese manufacturer VN Fasteners in an anti-circumvention investigation triggered by US anti-dumping duties on Chinese collated nails, likewise achieving favourable preliminary findings involving certification submissions without cash deposit requirements.
JunZeJun Law Firm secured a nationwide lowest anti-dumping duty rate of 6.6% for Sanfame Group in the EU’s polyester chips investigation. The practice also achieved favourable outcomes for Thai clients in US steel shelving probes, with Siam Metal Tech receiving zero duties while Bangkok Sheet Metal obtained a low 2.75% tariff.
Last year marked the firm’s fifth appointment to China’s Ministry of Commerce legal services roster since 2013, winning places on both the trade remedies and WTO and regional trade agreement dispute resolution sub-panels.
Pillsbury mobilises its export control and sanctions practitioners across its Washington DC, London, Beijing and Shanghai offices to provide comprehensive services. The firm assisted several companies in China included in the US entity list and obtained the Bureau of Industry and Security licences for companies doing business with them. The firm also advised Valmet, NZXT and KONE on the China tariff exclusion process under section 301, resulting in many exclusions and saved tariffs.
White & Case advises companies on matters including WTO, sanctions and export control, the Committee on Foreign Investment in the US and foreign direct investment, trade remedies, and trade policy and customs. The firm successfully defended CIMC Intermodal Equipment in an Enforce and Protect Act investigation conducted by the US Customs and Border Protection. It also advised Amazon Joyo in multiple China Customs audits and inquiries.
M&A (INBOUND AND DOMESTIC)
Fangda Partners represented China Mobile in acquiring the minority equity of Honor Device at the purchase price of about USD1.2 billion. It further acted for China Integrated Circuit Industry Investment Fund in its RMB5 billion (USD703 million) sale of 9.74% shares in JCET to a wholly owned subsidiary of China Resources. Earlier in the year, Fangda represented China Baowu Steel Group Corporation in its RMB10.7 billion strategic investment in Shandong Iron & Steel Group Rizhao.
Haiwen & Partners provided pivotal legal support across numerous landmark M&A transactions. The firm serves as perennial counsel to Guotai Junan Securities, most recently advising on its scheme of arrangement for the share swap and merger with Haitong Securities, coupled with concurrent capital raising and connected transactions. This deal constitutes the largest ever “A+H” dual-market absorption merger in China’s capital market history, simultaneously setting the record for the biggest M&A transaction between listed securities firms.
On other fronts, Haiwen represented Yinwang Intelligent Technology, Huawei’s intelligent automotive arm, in accepting a combined RMB23 billion investment from Avatr Technology (Chongqing) and Seres Group, bumping Yinwang’s valuation to RMB115 billion.
Jingtian & Gongcheng advised Avicopter on its acquisition of 100% equity in Changhe Aircraft Industries Corporation and Harbin Aircraft Industry Group by way of a share issuance, coupled with concurrent RMB3 billion work capital financing. This transaction, with a total consideration of RMB5 billion, secured unqualified Shanghai Stock Exchange regulatory approval. Separately, the firm assisted Lingang Technology Innovation Centre in closing its RMB6.7 billion investment in Shanghai Spacecom Satellite Technology.
Cleary Gottlieb represented PAG who, together with other high-profile investors, acquired a 60% stake in Zhuhai Wanda Commercial Management Group for about USD8.3 billion.
Latham & Watkins boasted 80 M&A-focused corporate lawyers across its Hong Kong and Beijing offices. The firm advised Trustar Capital in the acquisition of all of CITIC’s equity interests in McDonald’s China for USD430 million.
Latham and Haiwen also assisted LG Display in its RMB10.8 billion disposal of LCD business in China to TCL China Star Optoelectronics Technology, who was advised by Fangda. Cleary counselled LG Display on antitrust matters.
Earlier this year, Haiwen, Cleary and Latham participated in Alat’s USD2 billion investment in Lenovo Group by way of Lenovo issuing three-year zero-coupon convertible bonds to Alat. Haiwen and Cleary acted as Lenovo’s counsel, while Latham advised Alat.
M&A (OUTBOUND)
FenXun Partners advised Hongshan Capital Group (formerly known as Sequoia China) in its largest investment in Europe to date – the acquisition of a majority stake in Marshall Group at EUR1.1 billion (USD1.2 billion). The firm also counselled Tinci Materials Technology on the establishment of two joint ventures with Honeywell, which involved complex arrangements that ended with each party controlling one of the JVs, as well as responding to US regulatory inquiries.
Merits & Tree Law Offices advised PE/VC firms, startups and multinational corporations on more than 100 domestic and cross-border M&A transactions last year. The firm contributed to Guinea’s Simandou Iron Ore project with a total investment of about USD20 billion, counselling Aluminum Corporation of China on its USD5.4 billion investment. As special counsel, Merits & Tree facilitated Unisplendour’s wholly owned subsidiary’s acquisition of a 30% stake in New H3C Technologies for USD2.1 billion in cash.
Tahota Law Firm provided legal support for major Belt and Road Initiative projects. The firm advised Shanxi Construction Investment Group on Pakistan’s Ravi urban development project, one of the largest government-led urban developments in the country. For the cross-border syndicated loan financing of Laos’ Vientiane Highway, Tahota delivered end-to-end legal services to the lender consortium comprising Yunnan branches of China Development Bank, Export-Import Bank of China and Postal Savings Bank of China. This project represented Yunnan province’s largest overseas investment to date.
Davis Polk recently advised Tencent on its EUR1.2 billion investment in a new subsidiary of Ubisoft Entertainment focused on the development of its flagship video game franchises. The firm further advised Hollysys Automation in its USD1.7 billion all-cash acquisition by Ascendent Capital Partners. Davis Polk acted as one of the counsel for AnHeart Therapeutics in its all-stock disposal to NYSE-listed Nuvation Bio, while Haiwen & Partners and Cooley advised the buyer.
Skadden advised TikTok on the USD1.5 billion strategic partnership with GoTo, Indonesia’s largest digital ecosystem. It also acted for Baidu on its USD2.1 billion acquisition of JOYY’s livestreaming business in China. Skadden assisted Lotus Technology in its business combination with L Catterton Asia Acquisition, a
Nasdaq-listed special purpose acquisition company, and MINISO in its USD900 million acquisition of a 29.4% stake of Yonghui Superstores.
PRIVATE EQUITY AND VENTURE CAPITAL
Commerce & Finance Law Offices played a key role in several high-profile deals including ROKAE’s strategic investment round financing totalling more than RMB500 million (USD70 million), Zhejiang Innovation Centre for Humanoid Robotics’ RMB610 million angel funding, and ShengShu Technology’s angel+, pre-A and series A financing totalling more than RMB690 million. The firm also acted as company counsel for Benewake’s series C+ funding, which exceeded RMB100 million.
He Xinghua, the chief operating officer of Benewake, recommends Commerce & Finance’s managing partner, Andrew Zhang, praising his client-centric approach. He says Zhang consistently prioritises clients’ strategic objectives and commercial interests, striking an effective balance between legal compliance and deal viability – from structuring transactions to negotiating terms – to maximise their business value.
Fangda Partners advised PAG on its joint investment with a syndicate in Dalian Newland Commercial Management for the acquisition of a stake in Zhuhai Wanda Commercial Management Group in a deal worth RMB60 billion, setting a record for syndicated financing in China’s real estate sector.
The firm also represented Alibaba in Chaitin Technology’s financing of more than RMB10 billion and partial equity sale, facilitated XPeng’s USD705.6 million strategic investment deal with Volkswagen Group for joint EV (electric vehicle) development, and advised AVATR on its series C funding of more than RMB11 billion – the largest single financing round for a Chinese new energy vehicle maker in 2024. Fangda also acted for Mindray in its RMB6.7 billion acquisition of APT Medical, marking the first Star Market case to date of an A-share listed company acquiring another A-share listed company, along with the transfer of control.
Jingtian & Gongcheng advised CCB Investment, BOC Assets and CITIC Financial AMC on a RMB2.4 billion market-oriented debt-to-equity swap for Sierbang Petrochemical. The firm also assisted investors including Kegai Ceyuan in a RMB1.6 billion capital injection into Zhongdian Fangwu.
In a Gome Capital-led equity transfer deal, Jingtian & Gongcheng played a key role in transaction structuring and closing negotiations, devising an innovative solution for debt offsetting between four parties and an offshore debt-to-equity conversion. Wu Qian, the general manager of Gome Capital, praised the firm’s “business-driven legal strategy”.
Goodwin advised FountainVest on the USD1.4 billion IPO of its portfolio company, Amer Sports, the fourth-largest US IPO in 2024. The firm also acted as counsel to Tamarind Health, a Templewater portfolio company, on the proposed acquisition and privatisation of TalkMed Group, a Singapore-listed pan-Asian oncology-focused group.
White & Case represented Deutsche Bank, the financial adviser to Hollysys in its delisting from the Nasdaq following Ascendent Capital Partners’ USD1.7 billion acquisition of Hollysys. The firm also acted for DigitalLand (GDSI), a wholly owned subsidiary of GDS Holdings responsible for international data centre assets and operations, in a USD587 million series A financing and a USD1 billion series B financing.
RESTRUCTURING & INSOLVENCY
Dacheng Law Offices counselled GAC Mitsubishi on a debt restructuring exceeding RMB8 billion (USD1.1 billion), avoiding bankruptcy and liquidation. To address the complex debt structure, the firm developed a dual approach of out-of-court negotiations and business exchange that resolved the majority of the substantial liabilities, pioneering a market-oriented and legally compliant restructuring model. The restructuring facilitated an industrial model transformation through revitalising GAC Mitsubishi’s core assets and aligning with the broader trend of developing so-called “new quality productive forces” Chinese President Xi Jinping coined this term in 2023, emphasizing a shift from traditional economic growth models to innovation and high-quality development.
King & Wood Mallesons co-ordinated the reorganisation of Better Life Commercial Chain and its 14 subsidiaries, securing four strategic investors and 13 financial investors for a RMB2.5 billion investment package. Based on this, a reorganisation plan focused on protecting creditors’ interests was developed. The firm also acted as the administrator member in the reorganisation of Zhongtian Financial Group and 12 other companies, settling RMB78 billion in debt among more than 1,000 creditors. The firm also facilitated the establishment of China Salt Lake Group through a partnership between the Qinghai provincial government and China Minmetals.
Maples Group counselled China Evergrande Group on its debt restructuring case. The property giant defaulted on about USD300 billion in liabilities in 2021, including USD20 billion in offshore debt. In January 2024, a Hong Kong court issued a winding-up order for Evergrande’s Hong Kong subsidiary assets, formally commencing judicial liquidation proceedings for the group’s offshore debt restructuring.
Sidley Austin facilitated a series of significant restructuring and insolvency deals in 2024, including Shimao Group’s USD13.3 billion offshore debt restructuring, Kaisa Group’s restructuring of about USD12 billion in offshore debt, Sunac China’s restructuring of its USD10.2 billion offshore debt, and Sino-Ocean Group’s USD6 billion offshore debt restructuring.
Grace Chan, a legal director at Sino-Ocean Group, recommends two of Sidley Austin’s partners, Olivia Ngan and Christopher Cheng. “Their ability to anticipate challenges, provide clear yet commercially sound advice, and craft innovative solutions has been essential in achieving successful outcomes,” she says.
STRUCTURED FINANCE & SECURITISATION
AllBright Law Offices provided comprehensive legal services for Guotai Junan’s Jinan Energy Heating Closed-End Infrastructure Securities Investment Fund, raising RMB1.5 billion (USD208.97 million) as China’s first municipal infrastructure real estate investment trust (REIT) and inaugural heating-focused REIT offering. The firm also advised on Shandong Energy Group’s first phase of an asset-backed notes issuance, totalling RMB1.7 billion.
Jia Yuan Law Offices in 2024 facilitated 96 securitisation and five quasi-REIT/public REIT offerings totalling RMB122 billion and RMB12.5 billion, respectively. These included the RMB1 billion Harvest Power China Clean Energy REIT, which marked China’s first hydropower public REIT. The firm also acted for China Communications Construction Company on its pioneering RMB4.9 billion Anjiang Expressway ABS, the largest holding-type real estate ABS by issuance size in the market.
Ogier advised Cinda International Asset Management on the issuance of the short-term asset-backed liquidity notes (STBLs) with native tokens recording or otherwise representing ownership of STBLs on the Ethereum blockchain. This deal marks a historic first for Hong Kong’s financial sector to achieve the inaugural transferable repackaging a notes issuance using blockchain tokens, merging traditional debt securities with the transparency of blockchain technology.
Walkers acted as Cayman Islands legal counsel to Yankuang Group (Cayman), China’s fourth-largest state-owned coal miner, on its USD500 million exchangeable blue bond issuance and USD250 million green bond offering, both guaranteed by Shandong Energy Group. The firm also advised Hong Kong fintech company FundPark on its USD250 million asset-backed securitisation facility, with HSBC providing USD200 million in financing. FundPark specialises in trade finance solutions for cross-border e-commerce SMEs.
TAXATION
Hwuason Law Firm demonstrated exceptional performance in high-stakes tax litigation, securing favourable outcomes for clients including reduced sentences, probation and non-prosecution agreements in multiple major VAT fraud cases. In an exemplary case in Hebei, prosecutors accepted the firm’s defence arguments, reducing alleged fraudulent amounts from RMB2.4 billion (USD334.84 million) to just over RMB100 million. Several high-value cases involving hundreds of millions of renminbi remain before the courts, with all proceedings expected to yield positive resolutions.
M&T Lawyers represented clients in multiple landmark tax dispute cases, each involving complex administrative reconsideration and litigation procedures. Zulmutikez Wubuli, from Sina, noted the firm’s distinctive approach: “They integrate tax planning with business operations from a strategic perspective, developing compliant solutions that effectively reduce tax liabilities while helping clients maximise economic benefits within legal boundaries.”
Zhong Lun Law Firm advised Henniges Automotive, a leading global supplier of automotive sealing solutions, on restructuring its China subsidiary via a RMB149 million (USD20.7 million) asset swap with its JV partner involving land and building transfers. The tax analysis covered corporate income tax, VAT, land appreciation tax and stamp duty, designing the most tax-efficient structure that minimised tax exposure while ensuring compliance.
Dorsey acted as legal counsel to VRB Energy, a subsidiary of Ivanhoe Electric, in restructuring its vanadium redox flow battery business in China through a USD53 million strategic transaction. The deal involved cross-border equity restructuring, partial divestment and joint venture establishment, requiring sophisticated multi-jurisdictional compliance across China, the US and the Cayman Islands. The firm enabled optimal tax efficiency while maintaining rigorous regulatory adherence, establishing a benchmark for cross-border investment in the renewable energy storage sector.
Morrison Foerster’s Hong Kong tax practice stands among the select few in the Asia-Pacific region capable of handling multi-jurisdictional tax matters across the US, Greater China, Japan, Singapore and India, delivering integrated cross-border tax advisory with exceptional efficiency. In 2024, the team advised on landmark deals including the USD800 million merger between HKEX-listed NetDragon and NYSE-traded Mynd.ai, alongside the USD1.7 billion privatisation of Nasdaq-listed Hollysys Automation Technologies.
SECTOR AWARDS
AI, TECHNOLOGY & TELECOMS
Boss & Young Attorneys at Law advised Digital Communication Group on the first data product intellectual property registration and pledge financing in Shanghai. The firm leveraged the Shanghai Data Exchange’s data asset management system, integrating valuation, asset trading and pledge registration into a seamless service model.
This marks China’s first fully integrated process for data IP, spanning rights verification to financing. It overcomes the restrictions of formality-based reviews common in other pilot zones, thereby boosting Shanghai’s establishment of China’s first substantive examination framework for data IP, which enhances market credibility.
Yingke Law Firm provided data compliance services for Sinopec’s e-commerce platform. Recognised as a benchmark case in data security and personal information protection compliance, the project was listed in the First Legal Service Innovation Case Awards.
Gao Ling, the director of in-house counsel at Sinosoft, praised Yingke’s services: “The firm delivers exceptional expertise in privacy protection, data security and technology-related legal consultation, providing comprehensive solutions to our regulatory challenges.”
Cleary Gottlieb advised the underwriters on Hong Kong and US law in Horizon Robotics’ HKD5.4 billion (USD696 million) Hong Kong IPO. The deal represented the largest tech IPO on the HKEX in 2024 and the largest overseas listing of a Chinese tech company since 2021. The firm also acted as US counsel to the joint bookrunners in JD.com’s USD2 billion senior notes offering, which marked the second-largest convertible bond issuance to date by a US-listed Chinese company.
YYC Legal has established strong credentials in privacy protection, data security, AI, information technology and telecommunications, earning industry recognition. In 2024, the firm collaborated with a leading PRC law firm on a multi-jurisdictional restructuring project for an AI technology service company, navigating complex regulatory areas including fintech compliance, data protection, cybersecurity and IP.
The partner firm particularly commended YYC’s partner Sam Wu for delivering “exceptional strategic guidance and robust support” on corporate restructuring financing, business expansion and the legal framework for Hong Kong data centre development.
AUTOMOTIVE, INDUSTRIALS & MANUFACTURING
CM Law Firm advised Xunfei Healthcare on PRC law and data compliance services in its Hong Kong IPO, which marked the first medical AI large language model stock listed on the HKEX.
The transaction presented notable complexity as it involved the spin-off of an A-listed parent company, requiring strict compliance with independence regulations while navigating multiple foreign investment restrictions in sensitive sectors. Additional challenges arose from stringent data security and privacy protection requirements under China’s evolving regulatory framework. The deal also marked 2024’s only successful A-to-H share spin-off listing.
Hui Ye Law Firm has established itself as a reliable legal service provider for more than 1,000 clients in the automotive and smart manufacturing sectors, with recognition for its data compliance expertise. The firm specialises in addressing the complex, high-volume data processing requirements that permeate every stage of the automotive industry’s supply chain.
Zhu Zhichuan, a legal manager at GAC Toyota, commended the firm’s ability to identify client needs accurately and develop practical, implementable compliance solutions. He specifically recommended Shi Yuhang, a partner at Hui Ye, for providing comprehensive and satisfactory counsel that combines both technical and legal perspectives.
Jincheng Tongda & Neal advised Shenyang Automobile on PRC law in its RMB16.4 billion (USD2.3 billion) buyout of Huachen Automotive Group, including control of A-share listed Jinbei Automotive and Liaoning Shenhua, as well as a 29.99% stake in Hong Kong-listed Brilliance China Automotive. The deal marks the largest restructuring investment in China’s auto sector to date, taking nearly four years to finalise.
Slaughter and May also facilitated the Huachen restructuring by advising Shenyang Automobile on Hong Kong law. In addition, the firm counselled HKT and PCCW on their USD870 million divestment of a 40% stake in Fiber Link Global to China Merchants Capital. The deal involved the disposal of passive network business supplying copper and fibre connection access services, including Hong Kong’s entire local fibre infrastructure and in-building cabling systems, marking the territory’s largest passive network infrastructure transaction in recent years.
Sullivan & Cromwell advised China Oriental Group on setting up two joint ventures in China with ArcelorMittal, the world’s second-largest steelmaker, in a deal worth USD2.7 billion – the largest foreign direct investment in China’s steel industry in recent years. The firm also represented Foxconn’s subsidiary Voltaira Group in its EUR72.5 million (USD84.95 million) acquisition of Germany-based Auto-Kabel Group, strengthening the Taiwanese company’s electrification portfolio.
AVIATION
DHH Law Firm provides legal services to multiple enterprises in aviation financing, aircraft leasing and sales, and aviation compliance. Sun Yu, a senior legal manager at Hengqin Financial Investment International Financing and Leasing, commended the firm for their rigorous logic in legal opinions and strong support in corporate decision-making. He particularly recommended senior equity partner Huang Zhenda, saying: “His extensive expertise in aviation leasing enables him to swiftly clarify rights and obligations within complex, evolving transaction structures.”
Grandall Law Firm has established notable expertise in aircraft leasing and sales, aviation dispute resolution, aviation M&A restructuring and aviation insurance. Partner Jin Zhe, the sole legal professional at the Family Assistance Expert Group of the Civil Aviation Administration of China, played a key role in 2024 in multiple rounds of internal discussions revising the Regulations on Family Assistance for Public Air Transport Aircraft Accidents. He also contributed to consultations on draft amendments to civil aviation legislation. Wu Zhiheng from the Aviation Department at CCB Financial Leasing described Jin as “one of China’s rare lawyers with substantial aviation insurance expertise”.
Jingtian & Gongcheng advised China Southern Airlines on its landmark purchase of 100 C919 planes from the Commercial Aircraft Corporation of China, marking the first formal airline order for the domestically produced jet since its certification. The transaction addressed numerous novel commercial, technical and legal challenges across manufacturing, operations and maintenance, as well as after-sales support, data management, intellectual property and export controls, establishing an important industry milestone.
The firm also represented Donghai Airlines in the leasing of two aircraft engines. Xiong Yuhui, a manager at the Strategic Planning and Management Department of Donghai Airlines, commended partner Shen Cheng for his prompt, professional service and in-depth understanding of legal issues in the sector, which helped the client effectively mitigate transaction risks.
Maples Group acted as Cayman Islands counsel to Cirrus Aircraft in its HKD1.5 billion (USD192.9 million) IPO on the HKEX. As one of the world’s leading manufacturers in the general aviation sector, Cirrus Aircraft was the first private jet stock to debut. The deal also marked the seventh-largest listing on the HKEX in 2024.
Watson Farley & Williams launched in 2024 the new and expanded Global Aviation Resource Index, an online interactive legal analytics tool that allows users to compare data and scores for aviation restructuring procedures, aircraft repossession rights and aircraft deregistration rights in more than 100 jurisdictions. The tool has shown growing significance in aviation finance and leasing transactions.
CONSTRUCTION AND INFRASTRUCTURE
Guantao Law Firm counselled China Harbour Engineering Company on its investment in the Malaysia-China Kuantan International Logistics Park. The project, totalling more than USD1 billion, involves multiple corporate entities with a complex transaction structure, requiring compliance with Malaysian regulatory requirements across investment, guarantees, taxation and environmental protection. On completion, the development is set to become a flagship project for industrial capacity co-operation between China and Malaysia.
Boss & Young Attorneys at Law represented Shanghai Electric Group in an independent guarantee dispute. When the project owner attempted to maliciously draw down a substantial guarantee, the firm swiftly navigated legal challenges to secure an urgent court ruling within 48 hours that halted bank payment proceedings.
The case was notably intricate, characterised by its brevity, limited precedential guidance and substantial financial implications. Obtaining such a restrictive judicial order presented significant legal challenges. Yu Yuhao from the legal department of Shanghai Electric Environmental Group, a member corporate of Shanghai Electric Group, commended the professional expertise of Lu Guofei and Qin Rui, both partners at Boss & Young, in managing this legal intervention.
Pinsent Masons was appointed by Hong Kong’s three professional construction institutes to draft standard forms of building works contracts for Hong Kong (HK standard form), the most widely used in the private sector. The revision, the first in 20 years, aimed to modernise terms, address market developments and align with the mandatory Security of Payment Ordinance effective August 2025.
Rajah & Tann facilitated Xindi Energy’s signing of the Northern Vietnam LNG Terminal EPC contract worth more than RMB600 million (USD83.74 million). The project represented the first oil and gas venture undertaken by a Chinese contractor in Vietnam, marking a significant breakthrough in China’s overseas energy engineering sector. Xindi Energy is a subsidiary of ENN Natural Gas.
Video profile: Wang Jing & GH Law Firm
CONSUMER AND RETAIL
Chang Tsi & Partners represented the Oreo brand in a trademark and design patent infringement case against a Fujian food manufacturer, successfully invalidating the counterfeit design patent and setting a precedent for future cases.
The firm also counselled the renowned American apparel brand Champion in a trademark infringement and unfair competition lawsuit against an enterprise in Fujian. Through a combined strategy of investigation and evidence collection, trademark invalidation and civil litigation, Chang Tsi secured a favourable judgment that included full compensation for economic losses and punitive damages totalling RMB10.5 million (USD1.5 million), establishing a new benchmark for foreign brand protection in China.
DOCVIT Law Firm provided comprehensive legal services spanning employment law, commercial compliance, intellectual property protection, contract review and dispute resolution. The firm notably represents a global catering giant in labour arbitration and litigation matters, while also serving as labour law compliance counsel for VF Corporation.
Shihui Partners advised home appliance giant Midea Group on data compliance matters for its HKD31 billion (USD4.6 billion) Hong Kong IPO, the territory’s largest listing in 2024. The firm also acted as PRC counsel for tea chain Goodme’s corporate restructuring and subsequent Hong Kong listing. Goodme’s legal head Jin Shuangshuang singled out Shihui’s partner Zhang Jian for recognition, commending his efficient, pragmatic and responsive professional service throughout the transaction.
Chiu & Partners facilitated the only successful privatisation of a Hong Kong company by way of a scheme of arrangement under section 673 of the Companies Ordinance in 2024, acting for both the offeree company and the offeror in the HKD400 million deal.
Skadden advised MINISO Group, a global value retailer, on its RMB6.3 billion acquisition of a 29.4% stake in Yonghui Superstores, making MINISO the largest shareholder of the leading retail chain in China. The firm also advised the offeror Reinold Geiger, chairman of L’Occitane Group, on the EUR6 billion (USD6.4 billion) take-private of L’Occitane from the HKEX to acquire 23% of L’Occitane International’s shares.
ENERGY AND NATURAL RESOURCES
Jincheng Tongda & Neal advised the Aluminum Corporation of China on international legal matters for Guinea’s Simandou iron ore project, the largest greenfield mining infrastructure investment in Africa to date. The development totalled almost USD20 billion, encompassing the world’s largest untapped high-grade iron ore deposit, a 600km railway and a port with a capacity of 120 million tonnes.
The firm also acted as the sponsor and underwriter of China Merchants Securities in Solax Power’s RMB2.2 billion (USD303.8 million) listing on the Star Market, the third-largest IPO on the A-share market in 2024.
Tian Yuan Law Firm advised China Yangtze Power International (CYPI) on its acquisition of PEM and PE3H wind farms in Peru through its Peruvian subsidiary, while successfully guiding the project through Peru’s rigorous antitrust review process. The project involved the second-largest wind farm in Peru.
Lin He, senior counsel at CYPI, described Tian Yuan as the company’s “longest-standing and most trusted legal partner”, praising equity partner Chai Jie’s expertise in cross-border M&A, antitrust compliance, the US Foreign Corrupt Practices Act and long-arm jurisdiction matters.
Zhong Lun Law Firm advised China National Nuclear Power (CNNP) on its RMB14 billion private A-share placement and represented CNNP Rich Energy in an RMB7.8 billion capital increase. The firm also served as lead counsel for a major Chinese aluminium manufacturer’s USD650 million direct investment in an Indonesian joint venture. Evy Wu, the manufacturer’s legal director, commended Zhong Lun’s “particularly valuable understanding of legal and regulatory requirements”.
A&O Shearman advised China Southern Power Grid International (CSGI) on the acquisition of a 35% stake in the Bash and Dzhankeldy wind farm in Uzbekistan. The project marked the largest under-construction wind project in Central Asia, representing a combined capacity of 1GW and more than USD1.3 billion of investment. The firm also facilitated the company’s USD3.1 billion acquisition of Italian utility Enel’s Peruvian transmission and distribution assets.
In addition, A&O Shearman represented China Three Gorges Corporation in acquiring the flagship 494MW NCP Mula Solar PV plant, which generates 750GWh annually and powers 450,000 households.
GRATA International counselled China National Nuclear Corporation (CNNC) on its 100% acquisition of two wind power plants in Kazakhstan – Abai 1 (100MW) and Abai 2 (50MW). The USD47.7 million deal marks CNNC’s first investment in Kazakhstan’s wind power sector, diversifying its energy portfolio and expanding into renewable energy.
The firm also advised SANY Renewable Energy on the construction of a smart wind turbine components manufacturing plant in Kazakhstan. The USD114 million development was jointly invested by SANY Renewable Energy and Sovereign Wealth Fund Samruk-Kazyna JSC, marking one of Kazakhstan’s first large-scale renewable energy manufacturing projects.
FAMILY WEALTH MANAGEMENT
Dacheng Law Offices has designed “will trust + offshore structure” solutions for special families involved in cross-border listed company control and inheritance rights of non-marital children, efficiently facilitating the targeted succession of assets valued at RMB5 billion (USD694 million). The firm has clarified French tax regulations for a European-Chinese family, enabling cross-border preservation of family assets. Dacheng has also led global wealth management projects for internationally renowned institutions. It developed a multi-jurisdictional solution library covering offshore trusts and tax compliance, with clients spanning three continents. Bao Dong, head of the life insurance division at Huatai Insurance Brokerage, says: “We are very satisfied with Dacheng’s professionalism, systematic approach, responsiveness and attention to detail in family wealth management.”
East & Concord Partners has innovatively designed a multi-trust layered management structure for controlling shareholders of Hong Kong-listed companies. It separately holds listed and non-listed assets, achieving compliant integration of cross-border assets worth billions and effectively resolving foreign exchange compliance challenges. The firm assisted a pharmaceutical entrepreneur’s family in completing a cross-border tax restructuring of RMB500 million, optimising immigration tax burdens through Canadian tax residency planning and offshore trust structures. For the controlling family of a private university, East & Concord tailored an educational asset isolation trust. This effectively addressed the dual challenges of foreign investment access and profit regulation, setting an innovative example for wealth succession in the education sector.
SGLA Law Firm has tailored a “cross-border trust + spousal consent letter” structure for the founder of a technology company planning to go public. This efficiently unfroze equity worth RMB10.8 billion, safeguarding the listing process. It also isolated marital risks and secured company control, ensuring both family and business security. The team also developed an innovative, three-dimensional succession plan combining charity, insurance trusts and advanced guardianship for an ultra-high-net-worth family in Guangdong. This solution systematically addressed the risks of marital asset division, incapacity and asset outflow, and provided significant innovative reference value for the industry.
Stephenson Harwood, leveraging a global team of 50 professionals across seven jurisdictions, including Hong Kong, Singapore and Dubai, has designed “offshore governance structure + family charter” solutions for ultra-high-net-worth families in Asia. These solutions successfully resolved asset allocation challenges among children from multiple marriages. The firm led a cross-border asset protection plan for the founder of a Hong Kong-listed company, safeguarding family control and cross-border compliance through a combination of Canadian tax compliance structures and family trusts. In family wealth planning, Stephenson Harwood integrates experience in philanthropy, ESG (environmental, social and governance) and digital assets, assisting clients in achieving wealth succession, continuity of family values and diverse philanthropic objectives.
Vivien Chan & Co has led the restructuring of a billion-level charitable foundation governance structure for the founder of a listed group, ensuring the continuity of its charitable mission through compliant asset restructuring and governance innovation. The firm advised a prominent mainland family in disputes over the validity of cross-border trusts. It formulated asset preservation strategies and resolved challenges related to the recognition of documents across multiple jurisdictions and conflicts of jurisdiction. Vivien Chan & Co also assisted an Asian business leader in resolving a crisis involving a Hong Kong offshore trust SPV (special purpose vehicle) agent, maintaining trust ownership and structural stability through legal proceedings when the agent refused to co-operate. The firm represented ultra-high-net-worth clients in cross-border divorce asset recovery between Australia and Hong Kong. It achieved division and recovery of related Hong Kong assets, and provided integrated solutions for complex family disputes.
FINTECH AND BLOCKCHAIN
Boss & Young Attorneys at Law assisted Wuhan Polytechnic Digital Communication Engineering Company in successfully launching Shanghai’s first project for the registration and pledge financing of data product intellectual property. This made the financialisation of data assets and secured funding worth hundreds of millions of renminbi. This case established a comprehensive compliance system covering the entire process of rights confirmation, evaluation and pledge, and was deeply involved in building a substantive review framework. It opened a key pathway connecting data asset transactions with financial capital, effectively addressing the common industry challenges of rights confirmation, valuation and circulation.
At the same time, the firm provided comprehensive legal advisory support to major data infrastructure and blockchain platforms, including Shanghai Data Group and Shanghai Pujiang Digital Chain Technology. Its services extensively covered core aspects such as the assetisation of data elements, compliance for cross-border flows, and on-chain governance. In particular, the firm delivered industry-relevant compliance solutions in interdisciplinary areas. These include aligning smart contract terms with legal enforceability, designing circuit breaker mechanisms for risk mitigation and providing blockchain-based copyright confirmation and evidence chain preservation for infringement cases.
Co-Effort Law Firm provided specialised legal services such as data assetisation, cross-border data compliance and privacy computing to leading platforms and financial institutions. As one of the first data merchants at the Shanghai Data Exchange, Co-Effort issued data compliance assessments for six out of the first 20 data products listed. In fintech, the firm has led regulatory sandbox projects, including digital wealth management precision services based on privacy computing and blockchain, and distributed identity digital credentials. These projects supported financial institutions in achieving compliant data portability and on-chain verification of client information. The team has also assisted blockchain enterprises in clarifying compliance boundaries for credit reporting businesses and improving compliance procedures for data co-operation.
Howse Williams assisted Sinohope Asset Management in obtaining Hong Kong’s first regulatory approval for the distribution of structured virtual asset products under its type 1 licence. It also obtained one of the first approvals for virtual asset advisory services under its type 4 licence. This milestone promotes the integration of traditional finance and the virtual asset market. The firm supported RedotPay Group in a comprehensive compliance system overhaul covering crypto cards, custody and cross-border payments. It successfully advised clients in major virtual asset fraud cases, achieving one of Hong Kong’s first on-chain asset freeze orders through blockchain technology, setting a benchmark for industry risk management. The team also helped establish tokenised funds and upgrade virtual asset management licences, supporting Hong Kong’s role as a global virtual asset hub.
Simpson Thacher advised Amber DWM Holding, the parent company of digital wealth management firm Amber Premium, in completing a USD360 million merger with data marketing company iClick. Amber DWM shareholders became the controlling party, advancing the deep integration of digital wealth management and the crypto economy. The firm also assisted Ant Group in completing a USD6 billion share buyback and a business restructuring of about USD7 billion. These facilitated the independent operation of Ant International, OceanBase and AntChain. Both transactions aligned with Ant’s “AI first” and “globalisation acceleration” strategies, providing a new paradigm for fintech enterprises to optimise their structures and capital operations.
HEALTHCARE, PHARMA AND LIFE SCIENCES
Global Law Office assisted Boehringer Ingelheim and Sino Biopharmaceutical in reaching a strategic co-operation on oncology pipelines. This pioneered a new model of in-depth joint research between multinational pharmaceutical companies and leading Chinese pharmaceutical enterprises. The firm facilitated a USD615.5 million global ADC technology collaboration between Alphamab Oncology and ArriVent, setting a new example of innovative co-operation between Hong Kong and US-listed pharmaceutical companies and advancing the internationalisation of Chinese innovative drug enterprises. Global Law Office also supported YolTech Therapeutics in licensing gene-editing drugs to Salubris Pharmaceuticals, accelerating the transformation of cutting-edge therapeutic technologies. The firm assisted TenNor Therapeutics and Grand Life Sciences in reaching an exclusive commercialisation agreement for a new helicobacter pylori drug, addressing clinical challenges related to drug resistance. The firm also facilitated a three-party strategic integration for China Resources Sanjiu Medical & Pharmaceutical’s Mei Neng project, restructuring the full-channel local ecosystem for multinational pharmaceutical companies.
Haiwen & Partners assisted China Resources Pharmaceutical Commercial Group in completing the largest equity financing project in the pharmaceutical distribution industry in the past three years, with a total financing amount of RMB6.3 billion (USD863.45 million). The firm served as legal counsel to Hong Kong-listed Genor Biopharma, leading the first reverse takeover transaction by an 18A biotech company. It successfully navigated stringent regulatory reviews by the Stock Exchange of Hong Kong and the Securities and Futures Commission. Haiwen & Partners also assisted NYSE-listed Nuvation Bio in acquiring AnHeart Therapeutics through an all-stock transaction. This secured its potentially best-in-class ROS1 inhibitor, Taletrectinib, currently in a pivotal clinical stage. The firm also efficiently resolved complex cross-sector regulatory and transaction structure issues in projects such as Qingdao Guoxin’s strategic controlling investment in a well-known pharmaceutical company and major financing for Zhiyuan Baimai Technology.
King & Wood Mallesons assisted its client in achieving a final victory in the first trade secret case in the field of cell immunotherapy, safeguarding the core assets of tumour-infiltrating lymphocyte technology. The firm secured a win for Astellas Pharma in the administrative litigation over the invalidation of the enzalutamide patent, protecting the intellectual property rights of an anti-cancer drug with annual global sales exceeding USD5 billion. King & Wood advised AstraZeneca in responding to 31 patent invalidation challenges, fully maintaining the validity of the dapagliflozin patent series and securing annual sales of more than RMB5.8 billion in the Chinese market. The firm led the series C financing for Jitai Pharma, supporting the development of AI-driven drug delivery technologies. It also assisted Tianjin Pharmaceutical Group in completing the equity transfer of Sino-American Tianjin SmithKline for about RMB4.5 billion at a premium. This set a record for the largest non-listed company transaction in the OTC (over-the-counter) sector for the year.
Cooley assisted Jiangsu Hengrui Pharmaceuticals in licensing global rights to its GLP-1 drug to Hercules NewCo for USD6 billion and acquiring a 19.9% equity stake in Hercules. Both parties jointly established a management committee, pioneering a new “risk sharing” model for Chinese pharmaceutical companies expanding overseas. The firm advised ProfoundBio in its USD1.8 billion cash acquisition by Genmab, setting a record for cash M&A transactions involving unlisted Chinese biotech companies. Cooley also facilitated Angitia’s USD120 million series C financing, accelerating the development of innovative therapies for musculoskeletal diseases. It also assisted AusperBio in completing a USD73 million series B financing to advance breakthroughs in functional cures for chronic hepatitis B. The firm led Chimagen Biosciences’ USD850 million dual-target TCE therapy licensing to GSK, demonstrating the global competitiveness of China’s tumour immunotherapy R&D.
Goodwin assisted Duality Biologics in reaching a nearly USD1 billion next-generation ADC drug licensing agreement with GSK, promoting the global reach of Chinese innovative therapies. The firm advised Biotheus in its acquisition by BioNTech for up to USD950 million, highlighting the international recognition of Chinese innovative pharmaceutical companies. Goodwin also assisted Curon Biopharmaceutical in licensing its new oncology drug CN201 to Merck for an upfront payment of USD700 million and up to USD600 million in milestone payments, totalling USD1.3 billion. The firm participated in the USD850 million acquisition of Proteologix by Johnson & Johnson, facilitating the clinical translation of bispecific antibody technology. It also supported Templewater in integrating oncology assets in the Asia-Pacific region, including the acquisition of core oncology centres in Singapore and the Philippines.
INSURANCE AND REINSURANCE
Huang & Huang Co Law Firm advised Guangdong Energy Property Insurance Self-Insurance in handling a claim exceeding RMB250 million (USD34.48 million) arising from the collision of the Fujing 001 vessel with offshore wind power equipment. The firm successfully argued that the typhoon did not constitute force majeure and addressed issues related to liability limitation, marking a milestone for the industry. The firm also acted for Ping An Property & Casualty Insurance Company in responding to cross-border parallel litigation stemming from the grounding of the Ou Ya Leng 6 vessel, which involved claims of RMB3.5 million in China and SDR2.28 million (USD3.27 million) in the Marshall Islands. The firm resolved challenges in the enforcement of international conventions. It also advised Donghai Marine Insurance Shanghai branch in the first-instance trial of the Tian Long vessel’s RMB17.94 million hull insurance total loss claim, achieving a complete victory and firmly establishing the validity of exclusion clauses.
Jincheng Tongda & Neal assisted AXA Group in completing the restructuring of its reinsurance business in China, achieving the cross-border transfer of subsidiary equity and obtaining regulatory approval. The firm represented Chubb Insurance in the acquisition of a more than 85% controlling interest in Huatai Insurance Group, addressing issues related to the freezing of target equity and the co-ordination of multiple creditors. It completed the delivery of a major insurance company’s controlling interest valued at about RMB17 billion. The firm also assisted Groupama in restructuring the governance structure of its property insurance joint venture with Shudao Group. This safeguarded the rights and interests of foreign shareholders under state-owned asset transaction rules and facilitated the approval of an RMB885 million joint venture restructuring project.
King & Wood Mallesons assisted New China Life in issuing RMB10 billion in capital supplementary bonds, significantly enhancing the insurer’s solvency. The firm represented CNPC Capital in the cross-border transfer of a 51% equity interest in Generali China Insurance, restructuring state-owned insurance company controlling rights and achieving deep strategic co-ordination with foreign investment. It also assisted CITIC Prudential Life Insurance in a proportional capital increase by both Chinese and foreign shareholders, consolidating the capital strength of the joint venture insurer. The firm further assisted Iyunbao Technology in securing tens of millions of US dollars in a series C investment from Sunlife Assurance Company of Canada, balancing the interests of new and existing shareholders while efficiently handling complex matters such as M&A, business integration and antitrust compliance.
DLA Piper represented Ping An Group, China’s largest listed insurer, in issuing USD3.5 billion in convertible bonds, setting records for the world’s largest regulation S convertible bond and the largest convertible bond issued by an insurance company globally. This also marked the first overseas convertible bond issuance by a Chinese insurance company. Funds raised will support new strategic areas such as healthcare and elderly care. The project was jointly completed by the firm’s Singapore and China teams, demonstrating DLA Piper’s cross-border collaboration capabilities and expertise in complex financial transactions. The firm also assisted Ping An’s Yun Chen Capital Cayman in acquiring a 41.91% stake in Autohome for about USD1.8 billion from Haier Group’s Cartech Holding. This efficiently completed a strategic investment exit for insurance capital.
Slaughter and May represented Prudential Group in completing a USD2 billion share repurchase plan, optimising its capital structure. The firm assisted Prudential in the full acquisition of the remaining equity in its Nigerian joint venture, Prudential Zenith Life Insurance, while simultaneously expanding its insurance co-operation with Zenith Bank and deepening its presence in the African market. Slaughter and May also led the preparation for FWD Group’s initial public offering in Hong Kong, supporting the Asia-Pacific insurance giant in expanding into international capital markets.
INTERNET AND E-COMMERCE
Commerce & Finance Law Offices provided comprehensive legal support for Shengshu Technology in securing more than RMB690 million (USD95.17 million) across multiple financing rounds, ensuring the global launch of Vidu, China’s first video large model benchmarked against Sora. The firm also delivered full-process legal services for landmark new economy transactions, including Ant Group’s acquisition of healthcare platform Haodf, cross-border e-commerce company Math Magic’s nearly RMB100 million angel round and Chaitin Tech’s cybersecurity financing exceeding RMB1 billion. Additionally, Commerce & Finance supported key outbound and fintech transactions for Chinese internet and e-commerce leaders, such as Big Tree Cloud Group’s de-SPAC listing on the Nasdaq, the Hong Kong IPO of SaaS marketing platform Marketingforce, and Trip.com Group’s USD1.5 billion convertible bond issuance.
Kin Ding Law Firm represented the Rednote platform in an unfair competition lawsuit against a data analysis platform, successfully securing compensation of RMB4.9 million, setting a record for the highest damages awarded in a data competition dispute in Zhejiang province. The firm also acted for Chinese consumers in an antitrust case against Apple regarding the “Apple tax”, prompting the court to recognise for the first time that Apple holds a dominant position in the relevant market. In addition, the Kin Ding team handled landmark cases such as the world’s first AIGC platform liability case and the nation’s first unfair competition case involving “fake grass-planting” marketing, providing leading internet platform companies with specialised legal services in data security, content ecosystem governance, and anti-commercial disparagement.
Saelink Law represented major internet companies, including Douyin, Alibaba and Xiaomi, in multiple lawsuits concerning personal information protection and data compliance, creating demonstrative cases within the industry.
“In recent years, the Saelink team has demonstrated strong foresight and professionalism in tackling new and complex issues in the internet sector. They have a deep and thorough understanding of new business models, the internet industry, and emerging technologies. We are pleased to entrust Saelink with challenging and cutting-edge legal matters in the internet field, as we always receive efficient and satisfactory feedback,” said Shen Chong, legal director of the Xiaomi Group.
Simpson Thacher advised Alibaba Group on several major transactions in the internet and e-commerce sector, including a USD5 billion convertible bond offering, a USD5 billion senior notes issuance in multiple currencies, and Alibaba’s proposal to acquire outstanding shares of its logistics affiliate Cainiao for up to USD3.75 billion. The firm also represented Alibaba in related capped call transactions.
Skadden advised on several high-profile fintech and blockchain matters since 2024, including BingEx’s USD66 million Nasdaq IPO and Dmall’s USD100 million Hong Kong listing. The firm represented underwriters in the Nasdaq IPO of NIP Group, the first China-based e-sports company to go public, and supported major convertible bond offerings for leading digital platforms. Skadden also advised on strategic M&A and tender offers, demonstrating strong capabilities in advancing sector innovation.
MEDIA, ENTERTAINMENT AND SPORTS
Boss & Young Attorneys at Law – in cases involving the protection of the “Huayi Brothers Media Corporation” brand and related intellectual property rights – developed detailed litigation strategies targeting complex infringements of film and entertainment brands in new media and offline scenarios. These strategies effectively safeguarded brand interests, with the courts awarding substantial compensation in these cases.
“In the past year, Rong Chao’s legal team at Boss & Young Attorneys at Law achieved impressive results in intellectual property litigation, securing key victories in several rights protection cases for our company. Additionally, the team provided specialised training and consultation to our legal department on the copyrightability of AI-generated content and related legal issues, offering significant support for our exploration of the integration of AI and film content creation,” says Li Jingjue, legal director at Huayi Brothers Media Corporation.
Globe-law Law Firm successfully claimed punitive damages in new media infringement disputes involving sports events, with the case selected as an exemplary case by Beijing courts. The firm also provided in-depth services to leading short video platforms and international film companies, efficiently handling more than 100 core industry disputes involving copyright and unfair competition. Of these, 80% focused on the media, entertainment and sports industries, covering cutting-edge areas such as live event broadcasting, film and television IP, and digital rights.
Jessie Huang, director of copyright compliance at Tencent Music’s legal management department, expressed satisfaction with the firm’s performance, stating: “Globe-law Law Firm provides professional and efficient daily legal support services, possesses extensive experience in the media and entertainment sector, and is able to accurately identify client needs and propose solutions tailored to business requirements.”
Watson & Band Law Offices provided comprehensive legal services for the national-level dance drama Li Qingzhao and the acclaimed dance drama film Eternal Waves, supporting the former’s successful debut as the opening performance of the Shanghai International Arts Festival and the latter as the opener of the Shanghai International Film Festival. The firm also hosted a legal salon on AI + culture and performing arts, promoting industry innovation. Tang Li, legal director of the Shanghai Performing Arts Company, highly praised the firm: “We are very satisfied with the long-term legal advisory services provided by Watson & Band Law Offices in the entertainment sector. Its overall strength is widely recognised.” She further commended the responsible attitude and risk awareness of the firm’s lawyers, who helped the company avoid risks at the earliest opportunity, adding, “This further confirms the correctness of our choice of Watson & Band Law Offices.”
Skadden assisted NIP Group in completing its listing of American depositary shares on the Nasdaq, making it the first listed Chinese e-sports company; provided legal support for Zhihu’s first tender offer under its dual listing in the US and Hong Kong; assisted TikTok in reaching a USD1.5 billion strategic co-operation with Indonesia’s largest digital ecosystem GoTo; and provided full legal services for Baidu’s acquisition of a leading domestic live streaming platform. The firm also offered professional advice on a global entertainment media group’s M&A project, demonstrating its outstanding capabilities in the industry.
Vivien Chan & Co successfully represented a renowned Hollywood film company, advancing cross-border trademark invalidation proceedings for the James Bond series, helping the client remove infringing trademarks in China and several Asian jurisdictions, effectively protecting core brand rights. The firm also assisted an international media group in the application and authorisation of invention patents in the field of digital technology; helped an international sports event brand recover a key domain name through arbitration after malicious registration; and successfully registered core game trademarks, including Fortnite, for a well-known game developer in China, securing a rare favourable court ruling permitting the coexistence of highly similar trademarks for class 9 goods (such as software products).
REAL ESTATE AND REIT
China Commercial Law Firm successfully provided core legal services for the large-scale semiconductor intelligent manufacturing park project in Longgang district. In response to the high transaction value of nearly RMB8 billion (USD1.1 billion), the firm innovatively designed and implemented a composite transaction structure of “customisation + leasing + acquisition”, effectively balancing state-owned enterprise compliance, tax optimisation and risk control. At the same time, the firm was deeply involved in a landmark urban renewal project in Nanshan district, serving as legal adviser for the first administrative expropriation case under Shenzhen’s new regulations. The firm overcame complex ownership issues involving more than 1,000 households, facilitating key progress in the project. In addition, for the first expropriation project by the Education, Science, Culture, Health and Sports Committee in Longhua district, China Commercial Law Firm employed professional negotiation and precise legal strategies to efficiently resolve the signing challenges of private homeowners with high compensation demands, safeguarding the progress of a major public interest project.
Global Law Office successfully assisted China Merchants Fund in the listing of the China Merchants Expressway REIT, marking further progress in the normalisation, quality and capacity expansion of China’s public REITs market. The firm also assisted Huafa Group in securing a HKD4 billion (USD509.6 million) syndicated loan, setting a record for the largest overseas syndicated loan by a local state-owned enterprise in 2024. Global Law Office participated in several high-end hotel projects in the Greater China region, including the signing and opening of the first coastal resort W Hotel and the Hangzhou W Hotel, and represented large groups such as CMOC Group and Huineng Holdings in various hotel and real estate projects.
JunHe provided legal services for the RMB4.4 billion onshore and offshore syndicated refinancing project of Beijing Zhongguancun Dinghao Building, one of the largest foreign acquisitions of commercial real estate in Beijing. The firm assisted Shanghai Bailian Group in issuing the Huaan Bailian Consumer REIT, with its shopping centre as the underlying asset, one of the first consumer infrastructure public REITs following the introduction of new regulations. JunHe also provided legal services for the issuance and dual listing in Hong Kong and Shenzhen of Shenzhen Futian Investment Holdings’ RMB3 billion green sustainable offshore bonds, which carried a coupon rate of 2.7%, setting a new low for offshore RMB bonds issued by local state-owned enterprises.
Kirkland & Ellis provided legal counsel to a consortium led by Starwood Capital Group in connection with the planned privatisation of ESR Group, a transaction worth HKD55.2 billion and the largest of its kind on the Hong Kong Stock Exchange since 2021. The firm also supported Bain Capital in launching a USD250 million joint venture with DNE to deliver advanced manufacturing infrastructure across the Yangtze River Delta. Additionally, Kirkland & Ellis advised Chow Tai Fook Enterprises on a strategic investment in Azure Capital, facilitating the platform’s growth in China’s hospitality and multifamily property markets.
Sidley Austin has advised on landmark Greater China real estate debt restructurings since 2024, including Sino-Ocean Group’s precedent-setting USD6 billion offshore debt restructuring – the first of its kind implemented via an English restructuring plan in tandem with a Hong Kong scheme of arrangement. The firm also advised on Shimao Group’s USD13.3 billion offshore debt restructuring, sanctioned by the Hong Kong court with 98.75% creditor approval. In addition, Sidley Austin delivered complex, multi-jurisdictional solutions for the offshore debt restructurings of Zhongliang (USD1.2 billion) and Powerlong (USD3 billion), both completed in 2024.
SHIPPING
Sloma & Co successfully represented CCCC Third Harbour Engineering in defending against a nearly RMB700 million (USD97.22 million) ship collision claim, ultimately prevailing in the final appeal before the Shanghai High People’s Court. The firm also represented Singaporean shipowner Transfar Shipping in efficiently resolving a multi-million-dollar salvage fee dispute and vessel arrest arising from a grounding incident in Russia, ultimately reaching a settlement at a figure significantly lower than the claimed amount. In addition, the firm successfully advised a Singaporean company on the sale of four container vessels valued at more than USD100 million, providing comprehensive legal risk management during the transaction.
“They possess commercial acumen, are results-oriented and always aim to achieve the best overall interests for their clients,” says Rita Petropanayiotaki, legal director of Greek shipping company Laskaridis Shipping.
Huang & Huang Co Law Firm continues to deepen its expertise in maritime and admiralty law, representing the Suzhou branch of PICC Property and Casualty Company in a subrogation claim related to an offshore platform insurance case. The final judgment had a broad impact and effectively promoted the application of law within the industry. The firm also advised CULines on a high-precision instrument cargo damages case, accurately identifying key issues such as the actual carrier and liability limitations, and provided robust legal support to help optimise judicial practice in the sector. Additionally, Huang & Huang represented Guangzhou Port Xinsha Terminal in a cargo damage dispute, achieving comprehensive victories in both the first and second instance trials through precise defence strategies, safeguarding the client’s core interests.
Zhong Lun Law Firm represented Hui Da Shipping in a claim arising from a fire during cargo operations on the MV Aries Confidence, assisting PICC Property and Casualty Company in fully participating in London arbitration. The case involved multiple disputes, including USD9.3 million in charter losses, hull repairs, general average contributions and cargo damage. Zhong Lun ultimately secured a complete victory, with all losses and liabilities borne by the charterers, Cargill Ocean Transportation and Chinaland Shipping. In a dispute over the leasing of offshore wind power equipment at the Xuwen offshore wind farm, the firm represented SPIC Shanghai Energy Technology Development in arbitration and related litigation involving multi-tiered hydraulic hammer equipment valued at RMB363 million, effectively safeguarding the client’s interests.
Reed Smith advised CMES LNG Shipping Company on the USD2.7 billion QatarEnergy LNG Shipping Project (Phase 2), supporting tender, charterparties, and shipbuilding contracts across multiple jurisdictions. The firm also represents China Merchants Port Holdings in ongoing cross-border port concession litigation in Djibouti involving more than USD485 million. Additionally, Reed Smith acts for the owners and insurers of Lamma IV in complex proceedings following Hong Kong’s most serious marine casualty in 2012.
Watson Farley & Williams advised on the USD1.1 billion sale and leaseback of five LNG carriers for CMB Financial Leasing, acted for an Asian institution on a USD201.9 million sustainability-linked Japanese operating lease with call option container box financing for Ocean Network Express, and represented Bank of Communications Financial Leasing in LNG carrier leasing and long-term charter arrangements with Middle East counterparties, demonstrating market-leading cross-border capabilities.
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