Asialaw Profiles
The Guide to the legal markets of the Asia-Pacific

Commerce & Finance Law Office was highly visible on many of this year’s headlining M&A deals, such as the US$23.8 billion merger between China Netcom and China Unicom, and the US$15.8 billion sale of China Unicom’s CDMA business to China Telecom. The firm acted as counsel to China Unicom.

In a US$1 billion real estate transaction, the firm represented GIC Real Estate on the acquisition of warehousing distribution and logistics assets from ProLogis. China Construction Bank also instructed the firm on its RMb3.4 billion (US$498 million) acquisition of Hefei Xingtai Trust Company.

Other deal highlights included advice to Warburg Pincus Asia on the US$250 million stake acquisition of Chinese furniture seller Red Star Macalline, to Morgan Stanley on the US$70 million equity investment in China Flooring Holding.

Liu Gang heads up the firm, supported by Han Xiaojing and Wu Gang.

Fangda Partners has been growing steadily, with its deal list containing some of the country’s most sought-after transactions. This year, Morgan Stanley offered roles to the Shanghai-based firm on the acquisition of Jutian Fund Investment and Huangzhou Industrial and Commerce Trust.

It also acted for MBK Partners on the US$252 million tender offer to purchase 100% of AsiaPharm Group and delist the target. Goldman Sachs retained the firm for its acquisition of 25% of shares in Anhui Kouzi Wine Industry. And the firm acted on Blackstone Group’s US$600 million acquisition of China Bluestar Cooperation, representing the purchaser.

Jonathan Zhou and Jeffery Ding are clients’ favourites at the firm.

Haiwen & Partners is one of the leading firms for corporate and M&A transactions. This year, it advised Best Buy on the acquisition of its remaining 25% shares in Five Star Appliance, valued at US$185 million.

Sina Corporation sought the firm’s advice on its acquisition of the outdoor media advertising business of Focus Media. The firm has also worked on stock purchases, restructurings and joint ventures.

Lead lawyers include Zhang Jiping, Liu Su and Tao Jie.

One of the largest firms in China, Jun He Law Offices has enjoyed a successful year and landed roles on numerous high profile cross-border transactions.

For example, on China Merchants Bank’s takeover of Wing Lung Bank it advised the Chinese bank on its purchase of 53.12% of the shares and the further takeover of 100% interests. In the pharmaceutical industry, Jun He acted for TPG on its US$50 million investment in NT Pharam Company.

Other examples saw it represent Chinese companies, including Xi’an Aero-Engine Group on its US$254.7 million acquisition of Jilin Huarun Biochemical Stock. The deal included the purchase of Jilin Huarun’s shares, the subscription of non-public issued shares, and participation in the reform of non-tradable shares. The assets acquired were worth Rmb1.74 billion while consideration for the transferred shares was Rmb430 million.

Leading team members include Sang Binxue, Wu Xiaoji, Xiao Wei and Zhao Yanshi.

King & Wood enjoys one of the leading positions in the corporate M&A space, with a broad practice across a number of industry sectors.

Recent work includes advising the purchaser ICBC on its US$5.5 billion acquisition of 20% of shares in Standard Bank Group, a listed company on the Johannesburg stock exchange.

HSBC Insurance also instructed the firm on the Rmb1 billion (US$146.4 million) formation of a life insurance joint venture with National Trust.

Jin Qingjun and Yang Xiaolei stand out as leading individuals in the team.

AllBright Law Offices houses a strong private equity practice and advised Nineyou International and its founding shareholders on a US$100 million back-to-back share transfer.

DT Capital and LightSpeed Venture Partners turned to the firm for several transactions including: a US$25 million Series A funding in an energy equipment company; a US$22 million investment in Sino-ed, a company with interests in colleges; and a US$19.5 million Series A funding in a vocational training company. Other active private equity clients include CB Richard Ellis Investors, Draper Fisher Jurvetson, HBM Partners and CITI Real Estate Fund.

Victor Wang heads up the firm’s private equity team of 25 lawyers. The firm promoted to partner Zeng Linyan, who has represented clients from the US and Western Europe on FDI, real estate and venture capital investments.

Llinks Law Offices has worked on a number of complex deals. Red Star Macalline engaged the firm in its subscription of increased capital in a joint venture with Warburg Pincus for US$200 million. It also assisted Sinochem International Holding on its acquisition of 51% of the shares in GMG Global through an extension of a tender offer on the Singapore Stock Exchange.

Representation for international clients include its advice to La Compagnie Financière Edmond de Rothschild Banque on its Rmb150 million (US$21.9 million) acquisition of 15% equity interests in Zhonghai Rund Management, owned by Xinyun Investment Joint Stock Company. The transaction involved the bidding and auction of Chongqing United Assets and Equity Exchange.

Christophe Han and David Yu co-head the team.

Zhong Lun has taken key roles on many of this year’s high value property deals. For example, Morgan Stanley engaged the firm to advise on the Rmb5.3 billion (US$775.9 million) investment in the construction of the Clear Water Bay, a resort in southern China owned by Agile Property Holdings.

Citi Trust sought the firm’s counsel on one of the largest REIT deals, the Rmb6.9 billion investment in Citi Shen Jin ShiYao REIT. The firm also represented China Central Properties on the purchase of 49% equity of Chengdu Oriental Homes, valued at Rmb600 million.

Other examples also saw the firm counsel Gores Group on the US$100 million purchase of the power system division of Tyco Electronic Group. AIG Global instructed the firm on its US$90 million acquisition of 13.5% equity interest in Lifan Group.

Anthony Qiao has been active this year. Other leading lawyers include Li Borong and Zhao Jing.

Boss & Young advised Sekely Industries on its US$12.6 million acquisition of equity interest in China with SAIC HK. In a real estate transaction, the firm acted for an international company on its Rmb2 billion acquisition in China. Other examples include its representation of Kemira on the Rmb130 million asset acquisition of a chemical company in China, as well as its advice to Assuarnce & Conseils Saint Honore Group in the takeover of several Chinese insurance intermediary companies. Philip Zhang is lead partner at the firm.

Global Law Offices acted on the US$1.37 billion acquisition of Focus Media’s advertising business divisions by Sina Corporation, with the firm representing the seller. It also advised Treasury Holdings Group on its acquisition of a majority equity interest in a real estate company in Qingdao. Treasury also turned to the firm on its takeover of a Beijing property company. Other samplings saw it acting for TRM and Mineral Insulated Cable on the formation of a joint venture, and it counselled Visteon International Holdings on the restructuring of a joint venture with its Chinese partner.

Ben Zhong, Liu Jinrong and Zhang Yu have been active this year.

Grandall Legal Group advised Beijing Linda Real Estate Development on the Rmb 430 million sale of Ocean Express Apartment to two foreign real estate trust funds operated by the CB Richard Ellis. In a Rmb10 billion project, the firm acted for Tianjin COFCO on the formation of a joint venture to develop COFCO Business Centre. And it also worked for COFCO on the Rmb 560 million acquisition of 45% interest in a wind power project. Leading lawyers include Dong Yusong and Wang Weidong.

The Shanghai-based Jin Mao PRC Lawyers has worked on several real estate projects in the city. These include representation for a commercial investment company on its Rmb100 million stake acquisition of Shanghai Yibang Development Company. Shanghai Sogo shopping mall also consulted the firm on an equity transfer of around Rmb4.2 million. Liu Dong is one of the leading partners of the firm.

Jingtian & Gongcheng has been highly visible in one of the most high profile telecom transactions, advising China Telecom on its acquisition of the CDMA business from China Unicom. It also acted for Zoomlion Heavy Industry Science & Technology Development in its acquisition of Italian company Compagnia Italiana Forme Acciaio. Zhang Hongjiu is a highly experienced lawyer and heads up the practice.

Yuan Tai PRC Attorneys boasts expertise in the formation and acquisition of fund management companies (FMC) in China. This year it worked on the launch of the US$505 million QDII fund by Credit Suisse Asset Management, Yinhua Fund Management and Bocom Schroder Fund. The firm acted for the three FMCs.

China Minsheng Banking Corporation also turned to the firm for the establishment of a US$30 million joint venture with RBC in Shenzhen. Other fund formation deals saw its advice to Singaporean bank UOB on the FMC joint venture established with Ping An Securities in China, as well as the creation of CSOP Asset Management by China Southern Fund Management (CSFM) and Oriental Patron – where the firm advised CSFM. Shanghai-based Hubert Tse led a number of deals this year.