《錢伯斯：2024大中華區法律指南（英文版）（137頁）.pdf》由會員分享，可在線閱讀，更多相關《錢伯斯：2024大中華區法律指南（英文版）（137頁）.pdf（137頁珍藏版）》請在三個皮匠報告上搜索。

1、CHAMBERS.COMRESEARCH|INSIGHT|PLANNING|LEADERSHIPCHAMBERS GREATER CHINA REGION 2024 The Leading Lawyers and Law Firms in the Greater China Region China(International Firms)2China(International Firms)ABand 1Baker McKenzieWhat the team is known for The highly respected finance team at Baker McKenzie is

2、 an established bench based in Hong Kong and Shanghai.It houses specialists for matters involving the PRC,and also regularly handles work elsewhere in the Asia-Pacific region and beyond.The firm draws upon its international presence to assist clients with multi-jurisdictional matters.Its impressive

3、client roster includes major lessors,airlines and banks.It continues to offer expertise on a number of leasing and financing transactions.It is well placed to advise clients on restructuring and insolvency matters.Strengths“The Baker McKenzie team is very professional and experienced.They take a pra

4、gmatic approach to help solving complex and sophisticated matters.”“We have several new and complicated structures due to the regulatory frameworks in China.The team worked very efficiently and professionally under extreme time pressure.”“The team has very in-depth knowledge and experi-ence in the a

5、viation industry and also in China regu-latory requirements.”“They are well-trained teams and can deal with complex tasks within a short period of time.”Notable practitionersAndrew Lockhart chairs the finance depart-ment at Baker McKenzie in Hong Kong and has a healthy reputation in the market.He en

6、joys long-standing expertise assisting a range of clients in the Asia-Pacific region with a variety of aviation finance transactions.Strengths:“Andrew knows the norm and boundaries so he is relatively easy to work with.”“He is one of the godfathers of this market.”Allen Ng is highly adept at handlin

7、g a range of leasing transactions,assisting in rela-tion to both aircraft and engine components.He remains a popular choice among financial leasing groups,banks and airlines.He is also well placed to handle restructuring mandates.Strengths:“Allen is the true leader of the team and a well-ex-perience

8、d lawyer.”“Allen is a great lawyer who is highly reputable in the industry.He is very profes-sional and gives good advice to help me with my deals.”Grace Li is a senior counsel who is based in Baker McKenzies Shanghai office.She possesses particular knowledge in handling acquisitions,as well as comp

9、lex leasing arrangements,and is often sought by Chinese airlines and financial leasing companies.Strengths:“Grace is very pragmatic and client-oriented.”Clifford ChanceWhat the team is known for Clifford Chances asset finance group is highly recommended for its ability to handle cross-border aviatio

10、n financings,with considerable depth of expertise for matters involving the PRC,Japan,Taiwan,Australia,Indo-nesia and the USA,thus highlighting its strong regional presence.Its full spectrum of services attracts many lessors and lenders,ranging from JOLCO structures and lease restructuring to air-li

11、ne insolvency-related issues and joint venture matters.It is also well placed to advise on asset-based securitisations and other capital market financing structures.Key clients include CK Asset Holdings,CDB Aviation and Goshawk Aviation.Strengths“Their team has particular strength in handling comple

12、x and sophisticated matters,especially for innovative structures.”“They are very responsive and can provide speedy feedback to clients.”“Clifford Chances aviation finance team is very stable and has gained extensive experience in assisting foreign lessor clients in their leasing and financing busine

13、ss in the Chinese market.”Work highlights Clifford Chance advised CK Asset Holdings on the sale of AMCK Aviations Band 1Chow Jackson Watson Farley&WilliamsGreenwell Paul Clifford ChanceNg Allen Baker McKenzieStock Richard J I Mayer Brown*Wong Ashley King&Wood MallesonsBand 2Ho Yvonne Allen&Overy LLP

14、*Jebely Paul Withers(ORL)Nimmagadda Tejaswi Tiang&PartnersWong Simon Stephenson HarwoodBand 3Bisley Matthew Allen&Overy LLP*Ke Katherine King&Wood MallesonsLi Grace Baker McKenzieMiller Stuart Clyde&Co(ORL)Sun Justin HFWUp-and-coming individualsKwok Nai Tiang&PartnersLam Hetty Clifford ChanceLok Eve

15、lyn Mayer Brown International LLP*Associates to watchChan Whitney HFWLeading IndividualsEminent PractitionersHo William HKKW Law Office(ORL)Lockhart Andrew Baker McKenzieEminent PractitionersAviation:Finance*Indicates individual with profile.(ORL)=Other Ranked Lawyer.Alphabetical order within each b

16、and.Band 1 is highest.Band 1Baker McKenzieClifford ChanceMayer BrownBand 2King&Wood MallesonsWatson Farley&WilliamsBand 3Allen&OveryHFWStephenson HarwoodBand 4Tiang&PartnersLeading FirmsAviation:FinanceAviation FinanceContents:Aviation Finance p.2Banking&Finance p.5Capital Markets p.12Capital Market

17、s Derivatives&Structured Products p.21Clinical Negligence p.24Competition/Antitrust p.27Construction p.30Corporate/M&A p.33Corporate Investigations/Anti-Corruption p.44Dispute Resolution Litigation p.48Dispute Resolution Arbitration p.57Employment p.61Energy&Natural Resources p.66Family/Matrimonial

18、p.67Financial Services p.70Insurance p.74Intellectual Property p.78International Trade/WTO p.83Investment Funds p.85Life Sciences p.89Most in Demand Arbitrators Hong Kong-seated and Internation-al Arbitrations p.92Private Equity Buyouts&Venture Capital Investment p.94Projects&Infrastructure p.99Real

19、 Estate p.101Restructuring/Insolvency p.104Shipping p.108Tax p.112Technology,Media,Telecoms(TMT)p.114Leaders Profiles in China AviationChina(International Firms)aircraft leasing platform to an investment fund.The over USD4 billion-worth transaction involved the sale of 125 aircraft and an order book

20、 of 20 committed aircraft.Notable practitionersPaul Greenwell is a leading lawyer who is highly recognised in the aviation space,particularly for his knowledge of complex sale and leaseback transactions.He has notable experience handling Asia-Pacific wide deals,with specific expertise in the China a

21、nd Japan markets.Strengths:“Paul has the lions share of the market in terms of the financial institutional side.”“He has great expe-rience and skills.”“Paul has a strong client base on the foreign lessor side.He is very professional,hard-working and trusted by clients.”Hetty Lam has a busy aviation

22、finance practice,supporting on a variety of leasing transactions.She rou-tinely assists PRC and international clients on debt financings as well as joint venture matters.Strengths:“Hetty is responsive and professional,and can understand both legal and commercial issues,especially in sophisticated de

23、als.”“She is pleasant to deal with.”Mayer BrownWhat the team is known for Mayer Brown fields an eminent aviation practice offering a diverse range of expertise in commercial and private jet financing,and all aspects of aircraft leasing,purchases and disposals.It remains a counsel of choice for an im

24、pressive roster of major air-lines,lessors and banks and has a strong track record on cross-border mandates throughout the Asia-Pacific region,with experience advising on matters relating to Singapore.Its clients further benefit from its high levels of experience in cor-porate and dispute resolution

25、 in the sector.Mayer Brown regularly assists on large sale and lease-back transactions,as well as contractual agree-ments for various aircraft components.Strengths“They are always available while we work on several time zones.The level of service and the responsive-ness are above our expectations.”“

26、We almost always deal with time-sensitive com-mercial arrangements and in my experience Mayer Brown has always met our timelines,including over public holidays,weekends and non-working hours.”“Mayer Browns aviation finance team in Hong Kong is a safe pair of hands,especially for more complex transac

27、tions.”“Personable,efficient and effective.”Notable practitionersRichard Stock(see p.132)leads Mayer Browns finance practice in Asia and has longstanding experience advising on the full spectrum of avi-ation finance matters across the Asia-Pacific region.He remains a counsel of choice for many airli

28、nes,banks and lessors.Strengths:“Richard is one of the best in the world at his craft.He is highly customer-focused and very focused on delivering quality services.”“Richard has a broad depth of experience that is reflected in him being one of the go-to lawyers.”“He is able to quickly understand the

29、 commercial drivers behind transactions and provide considered advice,balancing the risk pri-orities.”“Richard has built a strong team to handle all the various legal documentation needs that we may have with aircraft financing.”Evelyn Lok(see p.129)has an active aviation finance practice with notab

30、le experience on cross-border man-dates.She frequently represents international banks,among other financiers,on jet financings.Strengths:“Evelyn is highly experienced,solu-tion-oriented,with a high level of empathy.”“Evelyn has good knowledge of the industry and the people.She always finds solutions

31、,and has excellent com-munication skills.”“Evelyn is responsive and very efficient in managing the transactions we work together on.No task is too big and we can always rely on her for comprehensive advice.”Band 2King&Wood MallesonsWhat the team is known for King&Wood Mallesons is a full-service fir

32、m that fields an aviation team that provides wide expertise in structured asset financing and leasing,involving commercial and corporate aircraft.It regularly acts on behalf of manufacturers,arrangers,les-sors,financiers and airlines.The team is adept at leading finance and leasing matters as well a

33、s refinancing mandates.It also draws strength from its international capabilities to assist with large cross-border finance transactions.Strengths“We have encountered really aggressive clients,though their requirements seems unusual and dif-ficult to cope with,King&Wood Mallesons always provides pro

34、fessional advice and constructive solu-tions.”“KWMs team acted in a really efficient way and helped us resolve the outstanding issues.Their service is of high quality and their responses are always prompt and efficient.”“The team is very efficient in dealing with elements of the matter.It is very de

35、tail-oriented.”Notable practitionersAshley Wong is widely known for her expertise and frequently receives mandates across the full gamut of aviation finance work.She is particularly active on sale and leaseback transactions and lease novations.Strengths:“She has commercial sense and excellent legal

36、skills.When we encounter difficulties in the transaction,we always seek for her advice and her analysis on each outstanding issue.”“Ashley is thorough,diligent and pleasant to deal with.”Katherine Ke is well placed to advise on complex cross-border financing transactions within the aviation sphere.S

37、he has plentiful expe-rience in matters involving structured finance,receivables,and syndicated loans.Strengths:“She is client-oriented and knows how to coordi-nate the parties.She knows where to compromise but understands where to stand her grounds,and closes the deal in getting the best interest.”

38、“She is an excellent lawyer with really professional skills,and we can rely on her on the transactions.”Watson Farley&WilliamsWhat the team is known for The robust assets and structured finance team at Watson Farley&Williams brings a strong track record advising on a wide range of transactions,inclu

39、ding aircraft portfolio financing and leasing.It maintains a strong focus on the PRC market,with an impres-sive roster of lessor and airline clients.The team provides significant expertise in restructuring and bankruptcy matters.It also acts for multina-tional clients throughout the Asia-Pacific reg

40、ion,with recent deal experience in Singapore and Indonesia.Key clients include The Export Import Bank of China,Bank of Communications Financial Leasing and CALC.Strengths“They are very dedicated to the project and very professional.”“Highly efficient.We receive quick responses from Watson Farley&Wil

41、liams in each case.”Notable practitionersJackson Chow rises in the rankings after receiving compliments from market sources.He has a busy aviation finance practice,offering expert advice on airline restructurings and tax leases as part of his broad aviation finance practice.Strengths:“He helps clien

42、ts to reach a consensus in an effi-cient way,while taking care of both parties con-cerns.Its a very pleasant experience working with him.”“Jackson is very commercially aware and a great guy to deal with.”“Very quick response to each email and he provides very professional advice.”“One of the best tr

43、ansactional lawyers I have dealt with.”Band 3Allen&OveryWhat the team is known for Allen&Overy LLP is well reputed for advising on matters in the PRC aviation market from its Beijing and Shanghai offices.It continues to attract mandates from a number of banks,financiers,leasing companies and airline

44、s due to its expertise in handling com-plex and high-value transactions,such as port-folio financings.Allen&Overy is a strong choice for cross-border financing mandates,bolstered by its international footprint.The practice offers additional expertise assisting clients with acquisi-tion financing.Its

45、 key clients include Asian Devel-opment Bank,CMB Leasing and Cathay Pacific Airways.Work highlights Allen&Overy assisted Hong Kong Express Airways with a JOLCO financing arranged by Crdit Agricole CIB concerning one Airbus A321-251NX aircraft.Notable practitionersYvonne Ho(see p.124)is highly visibl

46、e in aircraft financing transactions in the Greater China region.Based in Beijing,she is frequently sought after by financial institutions and airlines.Matthew Bisley(see p.118)draws upon his broad banking and finance experience to bolster his aviation finance offering.He is based in Allen Overy LLP

47、s Shanghai office and speaks Mandarin Chinese.HFWWhat the team is known for The noted aerospace practice at HFW is experienced in acting for Chi-nese leasing companies on financing and leasing mandates,as well as repossession issues.The team demonstrates multi-jurisdictional capabili-ties in pan-Asi

48、an matters involving the PRC,Singa-pore and Japan.It is particularly active advising on 4China(International Firms)Aviation JOLCO financing deals as well as lease novations and restructuring.It is additionally renowned for its ability in handling aviation disputes.Strengths“As a client,we can reach

49、to their people not only through emails,but via other instant message tools.Very swift and responsive.”Notable practitionersJustin Sun is highly visible in the market,with notable expertise in asset finance and aircraft repossession matters,as well as leasing matters,including JOLCO transactions.His

50、 expertise is regularly sought by lessors.Strengths:“Justin is frequently my first choice to work with in aviation.”“Justin is very professional in aviation law,helping us with a variety of questions and responding quickly to our questions.”Whitney Chan is a senior associate with notable experience

51、in aviation finance matters.She ably assists clients with financing and leasing transactions.Strengths:“Good delivery and client service.”Stephenson HarwoodWhat the team is known for Stephenson Har-wood possesses an on-the-ground finance team which is well recognised for its focus on the PRC market,

52、representing major banks,leasing com-panies and airlines.It also handles deals else-where in Asia,with recent experience advising on matters relating to Korea,India and Japan.The team is highlighted for its expertise on financing mandates as well as receiving instructions from financiers and airline

53、s on commercial and busi-ness jet transactions.It is additionally competent at providing advice on a wide range of financing transactions within the aviation sector,including Islamic financing and JOLCO arrangements.It is adept at advising on the refinancing of aircraft fleets.Strengths“They are qui

54、ck to give construction solutions and advice.”“We are very impressed with their ability to handle complex legal issues.”“It has greater strength and client service in the PRC,with strong relationship in the China market.Many times Ive got a deal with China elements,they are the go-to team in asset f

55、inancing.”Notable practitionersSimon Wongs practice spans the full range of aviation finance transactions,regularly receiving mandates to handle sale and leaseback transac-tions and acquisitions.He is also recommended for his expertise in Islamic and ECA financings.Strengths:“He comes across very pr

56、ofessional,very knowledgeable,and experienced in aviation.He gives very practical advice and is very experi-enced in aviation finance,as well as customs.”“We found him to be very knowledgeable and result-ori-ented.”“We can rely on him to have the relevant advice,good and creative solutions on variou

57、s mat-ters in aircraft financing.He is also open to share industry news and contacts.”Band 4Tiang&PartnersWhat the team is known for Tiang&Partners fields an established banking and finance prac-tice which is regularly sought after by well-known domestic and international clients,including banks and

58、 leasing companies.It is noted for its specialist advice on portfolio sales and acquisi-tions,financing and leasing as well as restructur-ings in the aviation space.It provides a one-stop service to clients by leveraging its global network and working with teams based in other jurisdic-tions,includi

59、ng Singapore,Japan,Australia and the UK.Strengths“They know the elements of transactions and know how to work to expedite the desired commercial outcome.”“The Tiang&Partners team are very commercial in their approach to my issues and do not propose solutions that may theoretically work but which are

60、 completely impractical commercially.”“The aviation finance team is both deeply experi-enced and also very sophisticated in its approach to its work,so it has had no difficulty dealing with complex issues and structures.”Notable practitionersTejaswi Nimmagadda is recognised for handling complex deal

61、s in the Asia-Pacific region.He remains a popular choice of counsel among Chi-nese and foreign clients on aircraft financing and leasing transactions.Strengths:“Tejaswi is con-sistently excellent and his advice and legal support are critical to the success of my business.”Kwok Nai is an up-and-comin

62、g lawyer who is actively building his reputation in the aviation area.He ably advises on multi-jurisdictional financing mat-ters,including JOLCO deals.Other Ranked LawyersWilliam Ho is a senior consultant who regularly handles aircraft portfolio sale and leaseback transactions,especially for domesti

63、c Chinese cli-ents.Strengths:“William is definitely the most experienced and professional among legal counsels we have worked with.He provided many helpful insights and sug-gestions.”“He is a very senior figure in the industry.”Paul Jebely leads the asset finance team at Withers.He has a robust inte

64、rnational aviation practice,with particular expertise advising on private jet financing.He is also adept at assisting with complex restructuring work in the aviation sphere.Strengths:“He knows how to explain complex deal structures and get them across the finish-line.He is always able to find a uniq

65、ue but workable deal structure that navigates the challenges.”“I consider Paul to be among the top three practi-tioners for aviation.He is able to defer,listen and understand.He likes to take guidance,expand his knowledge and ask good questions.”Stuart Miller leads the aviation finance team at Clyde

66、&Co and is well versed in handling com-plex aviation finance transactions involving cross-border elements.He acts for airlines,financiers and lessors.Strengths:“Stuart is really good at distilling the essence of the complex matters and making it very accessible.” Banking&FinanceChina(International F

67、irms)The editorial is in alphabetical order by firm name.Allen&OveryWhat the team is known for Allen&Overy main-tains a market-leading reputation for advising major lenders and borrowers on a diverse range of high-value and complex transactions.It rep-resents a growing roster of Chinese banks and al

68、ternative credit providers.The law firms expe-rience spans structured finance,syndicated loans and leveraged and acquisition finance,and it is active on project financing as well as on lending to the real estate,automotive and TMT sectors.Cli-ents such as Ant Group and Gaw Capital benefit from the f

69、irms impressive bench strength,with leading practitioners based in Hong Kong,Beijing and Shanghai,as well as access to a formidable global network of regional experts.Strengths“Allen&Overy is our go-to law firm because the level of service they provide is second to none.They provide high-quality adv

70、ice and have a deep under-standing of the commercial dynamics.”“They are excellent and very well established in the region.They know the regulatory regimes in the different jurisdictions really well and have a deep bench of good people at the senior level.”Work highlights Allen&Overy advised Sumitom

71、o Mitsui Banking Corporation on a dual-currency sustainability-linked term loan facility for China Gas Capital Management.Allen&Overy acted for Gaw Capital as borrowers counsel on a syndicated acquisition loan facility.Notable practitionersYvonne Ho(see p.124)is based in Beijing and is managing part

72、ner of Allen&Overys Beijing and Shanghai offices.She is held in high regard for her expertise in all manner of financing matters,especially in cross-border transactions.She is sought after by international and Chinese finan-cial institutions.Strengths:“Yvonne is a strong all-rounder within the Allen

73、&Overy team with great expertise in China.I am happy to see her on my deals.”“Yvonne Ho is very commercial,responsive and trustworthy on China-related matters.”Roger Lui(see p.129)is well respected for his depth of expertise in the banking and finance sphere.He has a solid track record advising lend

74、ers and bor-rowers on corporate loans as well as real estate financing.Strengths:“I rely on Roger for most complex and structured products because of his exceptional technical skills and his ability to bring in the right experts to support the deal when needed.”“Roger is the sort of partner who look

75、s after you and sees things in the market which might affect you.He goes out of his way to alert you to particular issues and market information.”Matthew Bisley(see p.118)has vast experience advising international and regional clients on high-value transactions,especially acquisition and project fin

76、ancing.He is fluent in both English and Mandarin,being active in handling PRC-related financings.Strengths:“Matthew Bisley is technically good and very good to work with.”Vicki Liu(see p.129)remains active in advising both borrowers and lenders on a variety of transactions.Aside from structured fina

77、nce matters,she is also experienced in dealing with private credit transactions,including pre-IPO financings.Strengths:“Vicky is well respected in this area.”Cindy Lo(see p.129)routinely advises on acquisition financing and structured finance matters,and is also noteworthy for her specialism in cros

78、s-border transactions and PRC matters.She is well regarded for her expertise in mul-ti-currency credit facilities.Strengths:“Cindy Lo is very good commercially and technically good.”“Cindy is very capable operator.”Patrick Wong(see p.135)acts for banks and credit providers in a range of transactions

79、,covering cross-border lending and refinancing matters.His presence in fund financing is also acknowledged by market commentators.Strengths:“Patrick is technically strong with great ties to the PRC market.Hes a solid pair of hands and always accessible and responsive.”“Patrick turns up with very sop

80、histi-cated work and makes adjustment in a way to make sure things are smooth.”Daniel Tan(see p.133)enters the table with a growing reputation for his work in leveraged and acquisition finance.He is frequently mandated by international banks and institutional lenders as lender counsel.AshurstWhat th

81、e team is known for The banking group of Ashurst is adept at handling a range of cross-border transactions,particularly structured and project finance deals.It is regularly engaged by commercial and investment banks to advise on financing of infrastructure and energy projects.The law firm has partic

82、ular expertise in outbound matters involving African and South-East Asian countries and maintains a strong following among Chinese state-owned businesses.Key clients include HSBC,Shuifa International Holdings and BNP Paribas.Strengths“They are pragmatic and have a good under-standing of the Chinese

83、market.They are also prompt in responding and have quick turnaround times when it comes to sticky issues.”“Ashurst has a good relationship with lenders and understands the nuisances in this space.”Work highlights Ashurst advised the Agricultural Bank of China and Bank of China on a sustainabil-ity-l

84、inked loan valued at USD420 million for CDB Leasing.Notable practitionersEric Tan is recognised for his strong rapport with financial institutions and corporations on Band 1Cheng Baldwin White&Case LLPLui Roger Allen&Overy*Wang Anthony Clifford ChanceBand 2Man Eugene White&Case LLPNg Maggie Linklate

85、rs*Band 3Aitken Alexander Herbert Smith FreehillsFrench Daniel Freshfields Bruckhaus Deringer*Hung Sally Baker McKenzieLiu Vicki Allen&Overy*Lo Cindy Allen&Overy*Malik Dauwood Clifford ChanceSchemuth Matthias DLA Piper Hong Kong*Band 4Chain Bernard LinklatersChan Owen Hogan Lovells International LLP

86、Chung Lisa Slaughter and May*Lam David King&Wood MallesonsLam Howard Latham&WatkinsLo Maggie Clifford ChanceNg Thomas Freshfields Bruckhaus Deringer*Ngan Olivia Sidley Austin*Tan Eric AshurstWong Patrick Allen&Overy*Yung Antony Howse Williams(ORL)*Up-and-coming individualsLau Daniel AshurstSinn Mich

87、ael Reed Smith Richards ButlerZhou Celia Freshfields Bruckhaus Deringer*Zhou Jessica King&Wood MallesonsLeading IndividualsSenior Statespeople:distinguished older partnersHaslam Peter Norton Rose FulbrightSenior StatespeopleBanking&Finance:Hong Kong-basedBand 1Ho Yvonne Allen&Overy LLP*Band 2Bisley

88、Matthew Allen&Overy LLP*Li David White&Case LLPLui Kanyi Pinsent Masons(ORL)Leading IndividualsBanking&Finance:Mainland China-based*Indicates individual with profile.(ORL)=Other Ranked Lawyer.Alphabetical order within each band.Band 1 is highest.Band 1Allen&OveryClifford ChanceLinklatersWhite&Case L

89、LPBand 2Baker McKenzieFreshfields Bruckhaus DeringerLatham&WatkinsNorton Rose FulbrightBand 3AshurstHerbert Smith FreehillsKing&Wood MallesonsMayer BrownBand 4DLA Piper LLPHogan Lovells International LLPReed Smith Richards ButlerSidley AustinSlaughter and MayStephenson HarwoodLeading FirmsBanking&Fi

90、nanceBanking&Finance6China(International Firms)Banking&Finance both sides of the lending relationship.His recent work includes advising regional and international banks on offshore syndicated loans.Strengths:“Eric Tan delivers exceptional quality of service,is very personable and really understands

91、us as an institution.”“He is very good,pragmatic and solu-tion-driven as well as friendly and level-headed.”Daniel Lau is gaining a reputation in the finance sphere by offering a broad practice,covering real estate and project finance as well as syndicated loan transactions.He is particularly active

92、 on behalf of Chinese financial institutions and corpo-rates.Strengths:“Daniel understands the needs of the company and provides useful recommen-dations.”“Daniel is very understanding of what we need and what the hurdles are,and is always calm in tense situations.”Baker McKenzieWhat the team is know

93、n for Baker McKenzies finance group is highlighted for its breadth of experience in outbound lending work for PRC clients,especially on real estate and project financing matters.The law firm handles leveraged finance issues for key PRC banks and interna-tional financial institutions and represents c

94、lients in all aspects of financing transactions,from origination and negotiation to documentation and closing.It additionally offers sound knowledge of financial regulatory compliance issues and is active advising on mandates involving offshore loans.The firms key clients include the Bank of China,M

95、izuho Bank and Standard Chartered Bank.Strengths“Baker McKenzie is able to guide us in handling sophisticated matters.They advise us on the poten-tial legal risks as well as taking the lead to resolve such legal risks.”“They are second to none in terms of responsive-ness and the efforts they put int

96、o their work to make not only the clients happy,but also the coun-terparties happy.”Work highlights Baker McKenzie advised Deutsche Bank in the refinancing of a Sino-sure-guaranteed syndicated loan facility valued at USD415.7 million for the development of the North-South Expressway in Jamaica.Notab

97、le practitionersSally Hung has considerable expertise in struc-tured finance and syndicated loan matters.Her cli-entele includes both commercial and investment banks.Strengths:“Shes a very reliable and trust-worthy partner.Shes highly capable of working on highly complicated situations and is able t

98、o deliver.”“She is a very efficient person,especially for those urgent transactions.She is very proactive in solving the problems encountered in banking transactions.”Kenneth Ching is recognised for his growing practice,drawing praise from market sources.He has noteworthy experience in leveraged fin

99、ancing and refinancing transactions,and is regular man-dated by banks and alternative credit providers.Strengths:“Kenneth is a great all-round lawyer.Hes very hands-on and detailed and Im happy to see him on my deals.”“Kenneth has strong inter-personal skills and is commercially minded.He also demon

100、strates a good understanding of our require-ments.It has always been a pleasant experience to work with Kenneth.”Clifford ChanceWhat the team is known for Clifford Chances finance team remains a popular choice for major international and PRC lenders for a diverse range of transactions.The team has d

101、eep experience in bilateral and syndicated loans,equity and project finance and leveraged finance transactions.It is increasingly active in handling green finance deals and has been heavily involved in advising on recent reforms of banking and loan regulations.Clifford Chance provides assistance to

102、an impres-sive clientele including state-owned enterprises and major foreign banks,and it is well versed in advising on cross-border transactions across Asia and the EMEA region.Its key clients include PAG Asia Capital,CVC Capital Partners and Wynn Resorts.Strengths“They will go the extra mile to fi

103、nd solutions.In the process,they exhibit lateral thinking and are com-mercially minded but also very reasonable.”“Clifford Chance is a first-class law firm.They are very client-friendly,very responsive when time is of the essence.”Work highlights Clifford Chance advised the London branch of China Co

104、nstruction Bank and Industrial and Commercial Bank of China as lenders on a EUR600 million term loan facility for INEOS to acquire a 50%stake in Shanghai SECCO Petrochemical Company.Clifford Chance represented CVC Capital Part-ners in issuing MYR690 million worth of debt to finance the acquisition o

105、f a controlling stake in Affin Hwang Asset Management.Notable practitionersAnthony Wang leads Clifford Chances banking and finance team as a highly respected lawyer in the field.His multifaceted practice encompasses acquisition and syndicated financing as well as an impressive range of leveraged fin

106、ancing arrange-ments.Strengths:“Anthony is the clients guiding light.He can always provide brilliant advice and clear direction on what needs to be done in order to protect the clients best interests in a transac-tion.”“He is technically strong and commercially minded,and his commitment to deliverin

107、g quality service to his clients is unparalleled in the market.”Edith Leung possesses noteworthy expertise in acquisition and equity finance as well as sus-tainable finance deals.She serves a range of clients,including private equity firms,commer-cial and investment banks.Strengths:“Edith is very we

108、ll-versed in transaction structuring and has been extremely helpful on complex matters.”“She is commercial and responsive.”Dauwood Maliks specialism lies in syndicated finance,with notable expertise in acquisition finance.He also receives attention from the market for his contributions to the regula

109、tory landscape of syndicated loan markets in Asia.Strengths:“His work is always top quality.”Maggie Lo is well versed in dealing with cross-border acquisition financing,project financing and pre-IPO financing mandates.She is frequently sought after by banks and corpora-tions for her expertise in the

110、se areas.Strengths:“Maggies technical abilities are very high.She has worked in the China market for a long time and knows the latest rules.”“Maggies technical skills are unquestionable.Her calm demeanour is another attribute which helps us get deals closed on tight schedules.”DLA Piper LLPWhat the

111、team is known for DLA Pipers finance group holds notable expertise in a range of cross-border deals,including acquisition finance,pro-ject finance and syndicated lending.The law firm regularly advises on outbound and inbound investments related to Mainland China,with par-ticular activity in the hosp

112、itality,energy,TMT and insurance sectors.Its client base includes major Chinese and international institutional banks as well as large investors,notably Sunlife Insurance,DBS Bank and DZ Bank.Strengths*Indicates individual with profile.Alphabetical order within each band.Band 1 is highest.Band 1Menc

113、acci Davide Milbank LLPWang Anthony Clifford ChanceBand 2Cheng Baldwin White&Case LLPCui Zhe Frank Linklaters*Nicklin Michael Gibson,Dunn&Crutcher LLP*Band 3Bishop Andrew Latham&WatkinsChandrashekar Manas Kirkland&Ellis*French Daniel Freshfields Bruckhaus Deringer*Harunari Makiko Simpson Thacher&Bar

114、tlett*Leung Edith Clifford ChanceZheng Jacqueline Kirkland&Ellis*Band 4Abercromby Daniel White&Case LLPBona John Milbank LLPKahng Jackie Ropes&Gray LLPLo Cindy Allen&Overy*Lo Maggie Clifford ChanceMan Eugene White&Case LLPNolet Alessandro LinklatersUp-and-coming individualsChing Kenneth Baker McKenz

115、ieHo Karen Kirkland&Ellis*Sim Victor Norton Rose FulbrightTan Daniel Allen&Overy*Leading IndividualsBand 1Clifford ChanceKirkland&EllisLinklatersWhite&Case LLPBand 2Freshfields Bruckhaus DeringerLatham&WatkinsMilbank LLPBand 3Allen&OveryGibson,Dunn&Crutcher LLPRopes&Gray LLPSimpson Thacher&BartlettB

116、and 4Baker McKenzieHogan Lovells International LLPLeading FirmsBanking&FinanceLeveraged&Acquisition F Banking&FinanceChina(International Firms)“They are quite uniquely able to bring together a strong understanding of English law with the knowledge and understanding of working in the Greater China re

117、gion.”“They have exceeded our expectations on multiple transactions in distilling highly technical legal con-cepts to meet complex risk allocation requirements through difficult negotiations.”Work highlights DLA Piper advised Socit Gnrale on a USD100 million low-carbon sus-tainability-linked prepaym

118、ent financing for alu-minium producer Shandong Hongqiao.Notable practitionersMatthias Schemuth(see p.132)is frequently instructed by international and regional com-mercial banks on project finance as well as trade finance matters.He has particular exper-tise in financing in connection with the renew

119、-able energy and commodity finance spaces.Strengths:“Matthias is always on hand,ready to dig into any matters we bring to him.He is respon-sive,knowledgeable about the market,and provides practical commercial and legal advice.”“Matthias has always been very helpful in structuring trans-actions and e

120、xplaining the nitty-gritty to our clients.His work is highly appreciated.”Freshfields Bruckhaus DeringerWhat the team is known for Freshfields Bruck-haus Deringer maintains an impressive roster of clients,including banks,private equity firms and corporations from the technology sector.It is renowned

121、 for its advice to both borrowers and lenders.The law firm is well reputed for its experi-ence advising on leveraged financing matters and continues to advise on cross-border transactions,especially Chinese outbound acquisition finance.The firms key clients include Affinity Equity Part-ners,Sumitomo

122、 Mitsui Banking Corporation and the Canada Pension Plan Investment Board.Strengths“Freshfields is very good at working on a short time-table and can adapt their depth quite rapidly and independently.”“We can always get their full support to dig out the underlying questions and get them resolved.”Wor

123、k highlights Freshfields advised a subsid-iary of Zhejiang Geely as borrower regarding a EUR450 million term loan facility from a syndi-cate including Bank of America.Freshfields represented Advent International on a USD206 million loan to finance the acquisition of a 60%stake in Wagas Group.Notable

124、 practitionersDaniel French(see p.122)is experienced in han-dling a large range of transactions,including fund and leveraged finance matters,on behalf of both borrowers and sponsors.His clientele includes leading PE houses as well as Chinese corporates.Strengths:“Daniel is knowledgeable,humble and h

125、ighly aware of commercial and market develop-ments with valuable recommendations.”“Daniel is the brains.His style of documentation drafting is very clear and technically proficient.”Thomas Ng(see p.130)is Freshfields Asia managing partner.He frequently acts for banks,institutional inves-tors and cor

126、porations on project finances as well as leveraged and acquisition finance matters.Strengths:“Thomas is super qualified.I have no complaints about his service at all.”Celia Zhou(see p.137)is a counsel in Freshfields finance department.She focuses on assisting borrowers,including corporates and priva

127、te equity firms,with leveraged financing and investment-grade loan transactions.Strengths:“She responds quickly,always thinks of the group,has a high awareness of commercial and market trends and provides val-uable suggestions.”“She is fluent in Mandarin and technically proficient.”Gibson,Dunn&Crutc

128、her LLPWhat the team is known for Gibson Dunns finance team features considerable experience in the leveraged finance market,advising on notable acquisition finance transactions.The team pri-marily acts for international private equity firms and investment managers.It also assists Chinese and intern

129、ational companies across a range of sectors with corporate finance transactions.It also possesses further expertise in loan restruc-turings.The firms key clients include Gulf Energy Maritime,Melco Resorts&Entertainment and Lumileds.Strengths“Their partners and senior associates are capable of handli

130、ng complex structured finance deals.”Work highlights Gibson Dunn advised Melco Resorts&Entertainment on a revolving loan facility to its subsidiary valued at USD250 million.Notable practitionersMichael Nicklin(see p.130)is a partner of Gibson Dunns Hong Kong and Dubai offices and has a wealth of exp

131、erience in debt financing trans-actions for private equity providers.Strengths:“Michael is an excellent banking lawyer.”Herbert Smith FreehillsWhat the team is known for The established banking and finance practice of Herbert Smith Freehills maintains strong relationships with Chinese banks and fina

132、ncial institutions for out-bound financing work.The law firm regularly acts for the Hong Kong subsidiaries of Chinese banks on lending into the wider region,including the Pacific area and South America,and is an estab-lished choice of counsel among international and regional lenders.The practice mai

133、ntains a flow of work on term loan facilities and loan restructuring and is also experienced in handling syndicated lending,project and trade finance.The firms key clients include the Greater Bay Area Development Fund Management,NH-Amundi Asset Manage-ment and Kemexon.Strengths“Herbert Smith Freehil

134、ls is very professional and knowledgeable on banking and finance matters.We feel very secure engaging them.”“I found the team to be very sound and they were able to manage the complexities well.”Work highlights Herbert Smith Freehills advised NH-Amundi on a senior mezzanine loan worth GBP50 million

135、to prevent the insolvency of a sub-sidiary.Notable practitionersAlexander Aitken is an established lawyer who leads Herbert Smith Freehills Asian finance team and is active in both Chinese and Indian financial markets.He has significant expertise in outbound matters relating to trade and project fin

136、ancing.Strengths:“It is always a pleasant experience working with him.His acumen is not only legal,but his overall understanding of the business and finan-cial terminology is unbelievable.”Hogan Lovells International LLPWhat the team is known for The finance team of Hogan Lovells covers a wide range

137、 of financing work,ranging from leveraged and acquisition finance to real estate and pre-IPO finance.It is especially active in onshore and offshore financ-ings involving PRC banks and borrowers,and its client list includes a range of major PRC and inter-national banks.The team benefits from its str

138、ong presence in China and its international network,covering the USA and Europe,also assisting Chi-nese and international companies with corporate finance mandates.Strengths“They maintain a high standard of work.There are excellent partners who come from Hogan Lovells.”Notable practitionersOwen Chan

139、 leads Hogan Lovells finance practice.He acts for international lenders,private equity funds and companies on property finance and structured finance matters.King&Wood MallesonsWhat the team is known for King&Wood Mallesons banking and finance team provides comprehensive advice on Greater China-focu

140、sed transactions,advising on Hong Kong and PRC law as well as English law.The team draws on exper-tise from teams based in Hong Kong,Shanghai and Beijing,and it is especially active on corporate financing in the aviation and technology sectors.Active across a broad range of work spanning from refina

141、ncing and bridge lending to acquisi-tion finance,it handles matters for both domestic and international banks and corporate borrowers,with a client base consisting of large China-based enterprises and corporations.The firms key cli-ents include China CITIC Bank,China Merchants Bank and MUFG Bank.Str

142、engths“We feel like valued customers.We get the right amount of attention in view of the complexity and volume of the work.”“They are a very knowledgeable and professional team with very good language skills in English and Chinese.”Work highlights King&Wood Mallesons acted for HSBC on a USD25 millio

143、n asset-backed loan facility for Micro Connect.Notable practitionersDavid Lam is a partner of KWMs Hong Kong and Sydney offices.His practice primarily focuses on cross-border finance and is a preferred choice for banks and corporate lenders to advise on trans-actions with PRC and international eleme

144、nts.Strengths:“David is a superb individual with good technical skills and knowledge.”“David is a strong commercial lawyer who understands and is sup-portive of our needs.He is willing to go above and beyond to help us.”Jessica Zhou is considered an up-and-coming lawyer in the banking and finance sp

145、here.She has experience in term loan facility transactions,often acting for Chinese lenders and 8China(International Firms)Banking&Finance borrowers.Strengths:“She is a pleasant person to work with and has good technical abilities.”Kirkland&EllisWhat the team is known for Kirkland&Ellis is a go-to f

146、irm for leveraged and acquisition finance,regularly acting for sponsors as well as corporate borrower clients.It is known for handling com-plex distressed finance matters with refinancing aspects,including debt restructuring and recap-italisation.The law firm capitalises on its rich history of actin

147、g in the private equity space world-wide,and its resources are strengthened by its expertise in London and the USA on cross-border financing.It handles a wide geographic spread of deals for clients including Baring Private Equity Asia,New Frontier Public Holding and Blackstone.Strengths“They are def

148、initely at the top end of the spectrum,good at execution and trusted by the parties.As a client,I can trust them to drive and coordinate the process.”“They have a sophisticated and stable team which is experienced,commercial and innovative.”Work highlights Kirkland&Ellis advised Baring Private Equit

149、y Asia on USD and TWD-denomi-nated facilities for the acquisition and privatisa-tion of Ginko International.Notable practitionersManas Chandrashekar(see p.119)possesses notable expertise in advising on acquisition finance and corporate finance.He frequently represents leading financial institutions

150、and private equity houses on complex leveraged finance matters.Strengths:“Manas is experi-enced in a lot of major deals.He knows what the market standard is,and is able to coordinate a lot of things for Indian-facing matters.”Jacqueline Zheng(see p.137)draws praise for her expertise in acquisition f

151、inancing and structured financing deals,and continues to be backed by strong market endorsements.She is sought after by private equity sponsors and has a steady stream of high-profile clients.Strengths:“Jacqueline is always calm and composed on calls when she needs to negotiate with the various part

152、ies.”“Jac-queline Zheng is very active in the market.”Karen Ho(see p.123)is recognised as an up-and-coming partner in the leveraged and acquisition finance space,gaining praise from clients and peers alike.She is frequently mandated by private equity houses and other institutional investors.Strength

153、s:“Karen is responsible,experienced and hard-working.She delivered good-quality work and exceptional outcomes for our transactions.”“Karen is good at thinking on behalf of the client and fighting for the best terms.”Latham&WatkinsWhat the team is known for Latham&Watkins offers robust expertise rega

154、rding syndicated loans,leveraged and acquisition finance and refinancing transactions.It also has considerable expertise in large-scale margin lending and is a popular choice of counsel among major interna-tional banks,private equity sponsors and corpora-tions.The law firm offers demonstrable expert

155、ise in cross-border matters related to Europe,the USA and the wider Asia-Pacific region.The teams key clients include Warburg Pincus,Ontario Teachers Pension Plan Board and Carlyle.Strengths“They are a brilliant firm that delivers worthy work results.”“They are very on top of things,responsive and a

156、ble to grasp complex issues quickly and find solutions.”Work highlights Latham&Watkins advised Global Infrastructure Partners and KKR on their strategic co-control partnership with Vodafone to invest in Vantage Towers.Latham&Watkins acted for Searchlight Capital Partners on its leveraged investment

157、into Synergy Marine Group.Notable practitionersAndrew Bishop acts on a range of transactions including bridge finance,margin loans and capital call financing.He advises an equally wide range of financial services clients,including invest-ment banks,private equity and venture capital funds.Strengths:

158、“Andrew knows our process very well and has a great understanding of our needs.”Howard Lam advises credit providers and banks on margin financing and private equity trans-actions as well as restructuring existing debt financing agreements.Strengths:“Howard Lam is an old-timer in sophisticated struct

159、ured finance.”LinklatersWhat the team is known for Linklaters com-pact and highly regarded team advises on mar-ket-leading transactions.Its work spans a range of complex structured financings,the firm maintaining an especially strong reputation for leveraged and acquisition finance as well as syn-di

160、cated loans.Linklaters acts for a prestigious list of international banks and financial institutions and offers experience covering a wide variety of markets including advising on matters related to the UK and the USA in addition to catering to cli-ents across the Greater China region.The firms key

161、clients include JD Property and Nomura Inter-national.Strengths“Linklaters demonstrates strong business acumen and its collaboration across regions helps their ability to advise on complex matters.”“Linklaters have a deep understanding of complex commercial issues and are good at offering con-struct

162、ive solutions.”Work highlights Linklaters advised JD Property on a syndicated loan valued at HKD9 billion and arranged by HSBC,DBS,Bank of China and China Minsheng Bank.Linklaters represented Ares Management in its capacity as arranger and senior lender on a USD287 million revolving credit facility

163、to finance a minority investment by Searchlight Capital into Synergy Group.Notable practitionersFrank Cui(see p.121)heads the China banking practice from Linklaters office in Hong Kong.He is building a strong practice advising on acqui-sition and leveraged finance.His expertise is highly sought afte

164、r by Chinese and international banks.Strengths:“Frank is very commercial and pragmatic.He can offer constructive and innovative solutions.”“Frank is a very experienced counsel and has great commercial awareness which helps move the process forward efficiently and smoothly.”Maggie Ng(see p.130)is not

165、ed for dealing with cross-border transactions involving China,par-ticularly syndicated and unsecured loans.Her client base includes financial institutions and credit funds as well as major corporate borrowers.Strengths:“Maggie has a great depth of knowl-edge and leads a great team in supporting us.S

166、he combines great technical and commercial advice to advance our interests.”“Maggie is responsive and commercially sensible.She is also very meticulous.”Bernard Chains recent practice involves advising PRC-based and international financial institutions and corporates on high-profile equity and mezza

167、-nine finance.He also leads the firms structured finance practice.Strengths:“Hes best in class for the region and my go-to lawyer.”“Bernard is technically strong and driven.”Alessandro Nolet is qualified in England and Wales,Italy and Hong Kong.He has particular experience advising inter-national ba

168、nks and other financial institutions on sponsor-backed leveraged financings.Strengths:“Alex is a very strong,technical lawyer who we like to work with.Hes knowledgeable,responsive and an excellent operator.”Mayer BrownWhat the team is known for The banking and finance team of Mayer Brown is an estab

169、lished player in the market with a well-rounded prac-tice,especially noted for asset finance and real estate finance work.It also advises companies on real estate acquisition finance.Its client roster consists of major financial institutions,domestic and international banks,regional development bank

170、s and Chinese corporates.The team offers capability in Hong Kong,English,Australian,Sin-gaporean and US law,and widespread fluency in Mandarin,Cantonese and English.Strengths“They have deep banking and finance legal knowl-edge and provide us with value-added insights.”“The team is very helpful,proac

171、tive and respon-sive.”Work highlights Mayer Brown acted as borrow-ers counsel to West Kowloon Cultural District Authority regarding a HKD4 billion syndicated sustainability-linked loan.Notable practitionersRichard Stock and Francis Chen are key client contacts.Milbank LLPWhat the team is known for T

172、he leveraged finance group of Milbank is renowned for dealing with high-profile transactions involving acqui-sition,debt and mezzanine finance,as well as sophisticated refinance and recapitalisation.Its client roster is composed of international banks,asset management firms and private equity houses

173、,with mandates spanning a variety of regions across Asia,Europe and the US.The firms key clients include Goldman Sachs,CVC and HSBC.Strengths“They get things done in a sensible and pragmatic way.They are great to work with and really advo-cate for us.”“They are creative,professional and thoughtful i

174、n providing ideas and solutions to help address com- Banking&FinanceChina(International Firms)plex issues.”Work highlights Milbank advised a syndicate of lenders including HSBC,Goldman Sachs and CITIC Bank on the USD605 million financing for Carlyles acquisition of HCP Pack-aging.Notable practitione

175、rsDavide Mencacci is best known for assisting a wide range of international banks in leveraged finance transactions,and also acts for private equity investment houses.He also possesses significant expertise in acquisition finance deals.Strengths:“Davide is a veteran in this space and has always deli

176、vered insightful solutions to com-plex transactions.”“Davide is on point and will go through the issues thoroughly.”John Bona is experienced in advising the full spectrum of lev-eraged and acquisition finance scenarios.He is preferred by leading banks,private equity houses and corporates on a variet

177、y of transactions across Asia.Strengths:“John offers good counsel and is tactically aware of both borrowers and sponsors issues.”“John has been extremely helpful in helping us navigate through complex situations.”Norton Rose FulbrightWhat the team is known for Norton Rose Ful-brights banking and fin

178、ance team is skilled at handling syndicated loans as well as structured,commodity and trade finance.It regularly acts on financing for the infrastructure,hospitality,healthcare and retail sectors.The team also offers advice on acquisition finance transactions.The law firm offers strong coverage in G

179、reater China through its offices in Hong Kong,Shanghai and Beijing.It is particularly active on large outbound financing and refinancing.Norton Rose Fulbright skilfully represents major Chinese and interna-tional banks as well as borrowers and alternative financiers,and it frequently advises on cros

180、s-border mandates across the Asia-Pacific region.The firms key clients include Agricultural Bank of China,Standard Chartered Bank and Bank of Communications.Work highlights Norton Rose Fulbright advised a syndicate of banks led by HSBC and Standard Chartered on a sustainability-linked loan to West K

181、owloon Cultural District Authority valued at HKD4 billion.Notable practitionersPeter Haslam heads Norton Rose Fulbrights Hong Kong banking and finance practice.He is a longstanding figure in the market who has notable expertise in banking transactions,including green finance and bilateral and syndic

182、ated lending.Victor Sim has a growing reputation,and shows particular strength in leveraged and acquisition finance.He represents both Chinese and interna-tional banks and financial institutions.Strengths:“I like Victor.He is technically strong and practical.”Reed Smith Richards ButlerWhat the team

183、is known for Reed Smiths banking and finance department has been an established choice of counsel for both borrowers and lenders,regularly advising on cross-border transactions.It offers a broad range of financing knowledge,with notable activity on syndicated loans and is well known for its asset fi

184、nance,leveraged finance and property finance capabilities.The team is also active in financing transactions relating to the shipping and energy sectors.Reed Smith reg-ularly represents an array of financial institutions and corporates.Offices in Hong Kong,Beijing and Shanghai illustrate the law firm

185、s capabilities in Greater China.Its key clients include Standard Chartered Bank,Goldman Sachs and Minmetals Land.Strengths“They are very professional and detailed and are able to handle and solve various issues raised by many parties in a time-efficient manner.”“Reed Smith knows us well and always a

186、cts in our best interests.Their deliverables are punctual and they go the extra mile to make sure that were happy.”Work highlights Reed Smith advised CNGR Advanced Material on its first green syndicated loan valued at USD300 million and arranged by HSBC,Crdit Agricole and China Construction Bank.Not

187、able practitionersMichael Sinn is deemed a rising star in the banking and finance space.He is sought after by both lenders and borrowers,including banks and listed companies,to act for them on syndi-cated and bilateral loan transactions.Strengths:“Michael is sensible,intelligent,pragmatic and also e

188、fficient and professional in getting the job done.”“Michael is a problem solver who provides compre-hensive solutions.He is very responsive and reliable in ensuring the transaction is closed without out-standing issues.”Ropes&Gray LLPWhat the team is known for Ropes&Grays finance department possesse

189、s a renowned lev-eraged and acquisition finance practice advising on significant refinancing matters.It specialises in assisting with funding for corporate trans-actions and is sought out for special situations financing.The practice has a strong focus on work for domestic and international private

190、equity funds,asset management groups and corporates.Key clients include Bain Capital and Nexus Point Advisors.Strengths“The team is very well-versed in leveraged financing and able to help clients navigate through tough negotiations.”“They are great at handling complex and creative structures but al

191、so simple ones that need speed.”Work highlights Ropes&Gray advised Bain Cap-ital regarding financing for its co-investment alongside Glenwood Credit in Hanwha Solutions.Notable practitionersJackie Kahng regularly acts for world-leading private equity firms and corporates,being par-ticularly experien

192、ced in acquisition finance and mezzanine loan transactions.She has a distin-guished reputation for her South Korea-related work.Strengths:“Jackie is one of the best people to work with,she is technically good and knows the Korean market well.Furthermore,she is incred-ibly hard-working and responsive

193、.”“Jackie is able to lead the team with high efficiency and provides clear instructions to her team.”Sidley AustinWhat the team is known for The banking and finance team at Sidley Austin is well-versed in covering a diverse range of finance work including royalty-backed financing,hybrid fund financi

194、ng,syndicated loans and direct lending.The team is frequently mandated to advise regional financial institutions on transactions involving offshore centres including the British Virgin Islands.They have become the preferred choice of borrower counsel as they have a strong rapport among Mainland Chin

195、a-based real estate developers and investment trusts as well as clients from the life sciences sector.The firms notable clients includes Country Garden,Agile Group and China Minsheng Bank.Strengths“The team is very responsive and provides high-quality service.They also have solid technical skills an

196、d worked seamlessly across different offices.”“Sidley has a good understanding of the Mainland China real estate landscape and is experienced in working on high-yield products and syndicated loans.”Work highlightsSidley Austin advised R-Bridge Healthcare Fund on a USD40 million royalty-backed financ

197、ing for Yisheng Biopharma.Notable practitionersOlivia Ngan(see p.130)is experienced in handling cross-border transactions,particularly credit finance and real estate finance transactions.She focuses on representing borrowers,and is often instructed by Chinese corporate borrowers.Strengths:“Olivia is

198、 very knowledgeable in the financing area.She is detail-oriented,proactive and responsive.Its a great pleasure working with Olivia and her team.”“Olivia is an extremely reliable and trustworthy lawyer who handles all situations well.”Simpson Thacher&BartlettWhat the team is known for The banking tea

199、m of Simpson Thacher&Bartlett offers comprehensive advice on leveraged and acquisition finance man-dates.It is noted for its expertise in handling high-value margin loan financing,and is frequently sought out for its strong knowledge in the field by private equity firms as borrowers.The team maintai

200、ns impressive expertise in transactions involving the pharmaceutical,hospitality and real estate sectors.Strengths“They work extremely hard and produce high-quality work.”“Its valuable to use them in large,high-profile deals with a high-quality team to assist us.”Work highlights Simpson Thacher&Bart

201、letts Hong Kong team acted for Blackstone on its USD6.3 billion acquisition of Crown Resorts.Notable practitionersMakiko Harunari(see p.123)is building a healthy reputation in the market for advising borrowers on acquisition finance,leveraged finance and real estate finance matters.She is based in H

202、ong Kong and chairs the Asia banking and credit practice of the firm.Strengths:“Makiko Harunari is very strong.She knows the institution very well,and its always very efficient to work with her.”“Makiko did a really great job coming up with the right terms 10China(International Firms)Banking&Finance

203、 and she was really good at negotiating with lenders and our internal stakeholders.”Slaughter and MayWhat the team is known for The financing prac-tice of Slaughter and May is well placed to advise major multinational corporates as borrowers,and also works with Chinese banks.It leverages off a stron

204、g M&A team to provide comprehen-sive advice on acquisition finance.The law firm also regularly advises on syndicated loan trans-actions and is adept in handling complex debt restructuring matters.Slaughter and May han-dles lending matters in the energy and natural resources sector both within the PR

205、C and on outbound deals,also being active in the logistics sector.The firms key clients include Link Asset Management Limited,Xiamen Port Holdings and China Power International Development.Strengths“The firm has strong knowledge and understanding of the borrowers and lenders requirements,both legall

206、y and commercially,which facilitated the smooth closing of the transaction.”“I am extremely impressed with their in-depth knowledge and expertise.They were able to provide us not only legal advice but also solutions to many business issues.”Work highlightsSlaughter and May advised Link Asset Manage-

207、ment on a sustainability-linked loan facility with 16 leading international,regional and local banks valued at HKD12 billion.Notable practitionersLisa Chung(see p.121)heads Slaughter and Mays financing practice.She is experienced in advising on a variety of banking transactions,including green and s

208、ustainability-linked loan facilities as well as project financing mandates.Strengths:“Lisa is incredibly responsive,practical and thoughtful.”“Lisa is highly knowledgeable and an expert on the subject matter.She is always willing to assist us and provides us with very sound advice,in a very timely a

209、nd comprehensive manner.”Stephenson HarwoodWhat the team is known for Stephenson Har-woods banking and finance team maintains a strong regional practice with a focus on receiv-ables financing and is active on behalf of both lenders and borrowers.It is recognised for its expertise in fintech and inve

210、stment products,and demonstrates significant knowledge in trade finance and compliance matters.The team also undertakes noteworthy financing work for mar-ket-leading Chinese and international banks.Strengths“They quickly comprehend the key points of a problem and suggest the most effective solutions

211、.”“Stephenson Harwood demonstrates a keen com-mercial awareness and stays abreast of market trends in addition to their work.”Work highlights Stephenson Harwood advised United Overseas Bank on the refinancing of a Kowloon Tong residential development valued at HKD12.1 billion.Notable practitionersKa

212、therine Liu and Elton Chan are key contacts for the practice.White&Case LLPWhat the team is known for White&Cases banking and finance practice is highlighted for its outstanding handling of syndicated loans,secured and unsecured credit facilities,and acquisition financing.It demonstrates particular

213、strength in handling complex leveraged financing matters,with additional areas of expertise including real estate,project and asset finance.The law firm maintains an enviable list of cli-ents including leading Chinese and international banks,investment firms and private equity clients,and offers exp

214、ertise handling deals involving var-ious jurisdictions,including Singapore,Japan,the USA and the UK.The firms key clients include Citicorp International,Citigroup and RRJ Capital.Strengths“The White&Case team is strong both in terms of depth and breadth of expertise.The firm has pro-vided us with so

215、und and timely advice across a broad range of complex matters in different prac-tice areas.”“They have people who are very good technically and produce good-quality documents.The key rea-sons are that they understand client service,are proactive and know what the client wants.”Work highlights White&

216、Case advised Barclays and Deutsche Bank as facility agents of a USD110 million debt financing for Ontario Teachers Pen-sion Plan to acquire a controlling stake in Sahy-adri Hospitals Group.White&Case acted for Brookfield Asset manage-ment on the USD327 million acquisition financing required to purch

217、ase Trimco Group.Notable practitionersBaldwin Cheng is recognised to be a mar-ket-leading practitioner in credit finance.He advises banks,private equity firms and alternative credit providers on a variety of outbound transac-tions in the Asia region.He is also highly regarded for his expertise in le

218、veraged and acquisition financing arrangements.Strengths:“Baldwin is very experienced in M&A and structured finance deals.He and his team are very easy to access,quick to respond and provide good service.”David Li has vast experience handling inbound and outbound transactions,and is often entrusted

219、to advise on a range of equity and debt financings,including leveraged,mezzanine and syndicated financing deals.He serves a host of financial institutions and corporate clients from White&Cases base in Beijing.Strengths:“I highly com-pliment David,hes very client-friendly and com-mercial.He stands o

220、ut because he understands the in-house perspective and always approaches issues from the clients perspective.”Eugene Man leads White&Cases Asia-Pacific banking team with noteworthy expertise in handling high-profile and complex deals,including corporate finance,lever-aged finance and real estate fin

221、ance mandates.Strengths:“Eugene is a detail-oriented lawyer with very strong technical skills who consistently strikes a balance between his legal expertise and the need to be commercial in transactions.”“He has an exceptional grasp of the intricacies of our matters and an outstanding commercial awa

222、reness.”Daniel Abercromby co-heads White&Cases sponsor finance practice in Asia.He has notable experi-ence advising private equity houses on leveraged and acquisition finance transactions.Strengths:“Hes pragmatic and has his finger on the pulse of the market.He has good relationships with lenders,qu

223、ick turnaround times and provides sensible advice.”“He is good technically and is working very hard to develop his own clients.”Other Ranked LawyersLui Kanyi heads the finance practice of Pinsent Masons.He regularly handles cross-border infra-structure and project financing mandates as well as finan

224、cial restructuring matters.Strengths:“He provided smooth communication,and good cooperation,support and legal advice.”“He has been a very good channel for our organi-sation to build market awareness and develop the client base.”Antony Yung(see p.137)heads Howse Williams banking and finance practice.

225、He frequently acts for both sides of the lending relationship,advising regional banks as well as corporates on asset-backed finance,pre-IPO finance,bilateral and syndicated lending.Strengths:“Antony was willing to spend time to understand our needs and proposed helpful advice.”“Antony is an excellen

226、t partner.He is very hands-on and responsive,and has great commercial aware-ness.” Banking&FinanceChina(International Firms)CHINA:An Introduction to Capital Markets:Debt(International Firms)Contributed by Fangda PartnersA General Overview of Debt Capital Markets in ChinaIssuance of offshore debt by

227、Chinese issuers has been signif-icantly affected by the macroeconomic policies in China and changes in the interest rates on USD and CNY-denominated as-sets since 2022.Impacted by US interest rate hikes,the cost for Chinese issuers to raise offshore USD funding surged,which re-sulted in a significan

228、t decrease in the number and size of USD bond issues by Chinese issuers.This was accompanied by weak market sentiment in the high-yield market attributable to regu-latory restrictions on debt financing to property developers,in-creasing defaults in high-yield bonds since late 2021,and rising concern

229、 over the large amount of debt of the real estate sector to be re-financed.As a result,the total offshore debt issuances by Chinese issuers dropped by 62.1%to approximately USD111.4 bil-lion in 2022 from USD294 billion in 2021.For the first half of 2023,the total offshore debt issuances by Chinese i

230、ssuers amounted to USD88.2 billion,a 7.4%drop compared to the same period in 2022.In the meantime,CNY-denominated debt issuances in the Shanghai Free Trade Zone(FTZ)thrived in 2022 as a result of the rising USD interest rates,but reduced significantly after the sec-ond quarter of 2023 due to tighten

231、ed regulatory scrutiny.Under the current regulatory regime,developed on the basis of the Administrative Measures for the Review and Registration of Mid-to Long-Term Foreign Debts of Enterprises(the“2023 NDRC Measures”)issued by the National Development and Re-form Commission(NDRC),which became effec

232、tive on 10 February 2023,Chinese issuers(including offshore vehicles controlled by Chinese corporates or financial institutions and“red chip”compa-nies with their primary business operations in China)are required to go through a“review and registration”process with the NDRC for their foreign debt is

233、suances with an original maturity of one year or more.The 2023 NDRC Measures set out the substantive requirements on the eligibility of issuers and use of proceeds from foreign debt issuances(listing certain prohibited areas for use of proceeds).Compared to the previous NDRC rule on foreign debt iss

234、uance,the 2023 NDRC Measures removed the eligibility requirement for foreign debt registration that an issuer must not have defaulted on any outstanding debt.This relaxation could po-tentially allow issuers that have defaulted on debts to borrow new foreign debt.The 2023 NDRC Measures also expressly

235、 empower the NDRC to manage the total size and mix of foreign debt issued by Chinese enterprises.In addition to the pre-issuance NDRC re-view and registration,issuers are also required to register their foreign debt with the State Administration of Foreign Exchange(SAFE)and submit certain foreign-de

236、bt related information to the NDRC after the issuance(where applicable).Investment Grade BondsIssuers of investment grade bonds primarily include financial in-stitutions,major state-owned enterprises and public companies.Approximately 15%of USD bonds issued by Chinese issuers in 2022 and 39%of the o

237、utstanding USD bonds of Chinese issuers as of the end of 2022 were investment grade bonds.As USD inter-est rates rise,the offshore financing costs for Chinese investment grade issuers have spiked to a historic high since the second half of 2022,dampening their desire to issue USD debt securities.Hig

238、h-Yield BondsThe real estate sector has traditionally dominated the high-yield market for Chinese issuers.Since 2020,regulators(including the Ministry of Housing and Urban-Rural Development and the Peo-ples Bank of China)have tightened up the restrictions on debt financing for the real estate sector

239、,including setting“three red lines”for property developers,namely total liabilities(net of pre-payments received)to total assets(net of prepayments received)at no more than 70%,net debt to equity ratio at no more than 100%,and cash to current debt ratio of no less than 100%.Prop-erty developers that

240、 breach all three of these red lines are not allowed to raise new debt.In addition,defaults by property developers on high-yield bonds have become more frequent than ever since 2022,given the in-creasing difficulties in their re-financing due to the above-men-tioned regulatory restrictions,as well a

241、s the decline in sales of real properties during the economic slowdown.In 2022,63 bonds issued by property developers defaulted,with an aggregate principal amount of USD22.6 billion,a significant increase from USD4.2 billion in 2021.This has further chilled market sentiment for high-yield bonds.Only

242、 a few issuers completed high-yield debt issuances with credit enhancement through standby letters of credit in 2022,and the high-yield market for Chinese issuers remained in a slump in 2023 as defaults in the real property sec-tor continued.Government BondsCentral and local Chinese governments have

243、 been active in the offshore debt markets in recent years.The Ministry of Finance of the Peoples Republic of China and the Peoples Bank of China have been actively issuing USD,EUR and CNY-denominated debt secu-rities in Hong Kong and Macau since 2020.In addition,certain lo-cal governments,such as th

244、e Guangdong Provincial Government,the Hainan Provincial Government and the Shenzhen Municipal Government have also issued a number of CNY-denominated off-shore debt securities in Hong Kong and Macau since 2021,further diversifying the market for Chinese government bonds.Local Government Financing Ve

245、hicles(LGFVs)Financing vehicles owned by Chinese local governments have contributed a lions share of offshore debt issuances by Chinese issuers.Offshore debt issuances by LGFVs have increased signif-icantly since 2019,as regulatory restrictions over onshore debt financing for these vehicles tightene

246、d.In 2022,LGFVs were one of the very few sectors in the offshore debt market that saw an increase in total issue size.As LGFVs typically do not have inherently profitable business models and rely on local government spending to repay their debt,their creditworthiness is usually assessed by investors

247、 to a certain extent based on,but not necessarily correlated to,the fiscal strength of the local government and local economic de-velopment.This remains the case,although the Chinese govern-ment has repeatedly emphasised that local governments may not 12China(International Firms)Capital Markets The

248、editorial is in alphabetical order by firm name.Allen&OveryWhat the team is known for A highly experienced Hong Kong-based debt team working on com-plex cross-border investment-grade matters and panda bond issuances,Allen&Overy additionally advises on social bond offerings and large MTN issuances.It

249、s solid equity practice advises issuers and underwriters on cross-border IPOs and sec-ondary issuances.The firm represents an enviable roster of international banks,Chinese financial entities and sovereign issuers.Key clients include Bank of Communications,Bank of China and Zhe-jiang HangKe Technolo

250、gy.Strengths“The team I encountered possesses a broad and in-depth knowledge of bond products,especially those relevant to Greater China clients.I would say their service quality is best in class in this market.”“Allen&Overy are always able to provide profes-sional advice to the issuer,as well as ot

251、her parties,in a Hong Kong IPO transaction.They have exten-sive experience in Hong Kong capital markets and Band 1Liu William LinklatersNg Michael Linklaters*Band 2Lee John Allen&Overy*Tsang Agnes Allen&Overy*Band 3Chan Angela Clifford ChanceGuan Bing Freshfields Bruckhaus Deringer*Ku William Herber

252、t Smith FreehillsLau Terence LinklatersLiu Ji Latham&WatkinsZhou Hao King&Wood MallesonsBand 4Chan Mark Clifford ChanceChen Christine Fangda PartnersGrandolfo James Milbank LLPLeading IndividualsEminent PractitionersHeng Connie Clifford ChanceEminent PractitionersCapital Markets:Debt*Indicates indiv

253、idual with profile.Alphabetical order within each band.Band 1 is highest.Band 1LinklatersBand 2Allen&OveryClifford ChanceDavis Polk&Wardwell LLPKing&Wood MallesonsBand 3Freshfields Bruckhaus DeringerHerbert Smith FreehillsLatham&WatkinsSidley AustinBand 4AshurstDeaconsFangda PartnersMayer BrownLeadi

254、ng FirmsCapital Markets:Debtprovide any kind of guarantee or assurance as to the repayment of debt by these financing vehicles.Therefore,in light of the un-certainties in the Chinese economy,most offshore debt issuances by LGFVs in 2022 and 2023 were conducted by issuers in the re-gions with strong

255、economies.In addition,standby letters of credit issued by commercial banks became a popular credit enhance-ment for this type of issuer,helping them to secure investors and manage financing costs.However,commercial banks have also faced regulatory scrutiny since the second half of 2022 with re-spect

256、 to standby letters of credit issued for the benefit of LGFVs.As such,certain commercial banks have cut back these types of standby letters of credit,which may result in refinancing difficul-ties for certain LGFVs.On the other hand,China has continued its efforts to manage the“hidden debt”of local g

257、overnments.It was reported during the first half of 2022 that offshore debt issuances by LGFVs became subject to additional scrutiny by the NDRC,including certain eli-gibility requirements based on the issuers income,profit and the use of proceeds.As such,LGFV issuances saw a significant de-cline in

258、 the first half of 2023,with only 175 new issuances and a total issuance size of USD15.4 billion(41%down from the first half of 2022),among which,63%were FTZ issuances.Shanghai FTZ Offshore BondsThe Shanghai FTZ has been a newly developed offshore debt-fi-nancing market for Chinese issuers since 201

259、9,and saw signifi-cant growth from the first FTZ offshore bond offering by an LGFV in December 2019.In particular,as the interest rates on CNY-de-nominated debt reached a level lower than that for USD-denom-inated debt,CNY-denominated offshore FTZ bond issuances became a popular option for Chinese i

260、ssuers.The total size of offshore FTZ debt issued in 2022 amounted to USD5.5 billion,of which approximately 96.3%was CNY-denominated and 89.3%was issued by LGFVs.SAFE registration is usually not required for certain issuances of such offshore FTZ bonds,removing hurdles for the relevant issuers to is

261、sue offshore debt.However,the FTZ offshore bond market shrank quickly towards the end of the second quarter of 2023,as Chinese issuers outside the FTZ were restricted from raising FTZ offshore bonds.This re-striction almost brought this newly developed market to a halt,as a significant number of FTZ

262、 issuers were Chinese LGFVs.As a result,FTZ issuances have become scarce since mid-2023.Capital MarketsSim Hwang Hwa Linklaters Kollar Thomas Mayer Brown*Lee Jini AshurstLi Carrie Sidley Austin*Radtke Gerhard Davis Polk&Wardwell LLPStone Jonathan B Skadden,Arps,Slate,Meagher&FlomTong Kevin DeaconsTs

263、ai David Clifford Chance LLPXiong Renee Sidley Austin*Up-and-coming individualsCheung Gloria LinklatersCui Sherry LinklatersKi Taiki LinklatersLiao David Morgan,Lewis&Bockius LLPLu Michael King&Wood MallesonsYu Hanwen LinklatersYue Song King&Wood Mallesons Capital MarketsChina(International Firms)ar

264、e able to apply their experience to solving dif-ferent novel issues.”Work highlights Allen&Overy advised the lead managers on Hong Kong Mortgage Corporations issuance of HKD8 billion 5.00%notes due 2024.Allen&Overy advised Shandong Boan Biotech-nology on its spin-off from Luye Pharma Group and a sep

265、arate listing of the H-shares of Boan Biotech on the Main Board of the SEHK.Notable practitionersJohn Lee(see p.126)is head of Allen&Overys debt capital markets practice in Hong Kong and frequently acts on the bond issuances of banks and property companies,often advising the lead managers and underw

266、riters.Strengths:“John is sophisticated and possesses a sound under-standing of legal knowledge while balancing com-mercial needs.”Agnes Tsang(see p.133)of Allen&Overys Hong Kong office continues to handle a broad spectrum of debt capital markets man-dates,lately advising on issuances of social,pand

267、a and sovereign bonds.Strengths:“Agnes is the go-to person for all technical questions.She never gets tired servicing her clients.”“I appreciate Agness practical approach to transactions and her responsiveness.”Gilbert Li(see p.127)has a broad ECM practice which,though not limited by sector,is stron

268、g in biotech.Jonathan Hsui(see p.124)advises issuers,placing agents,sponsors and underwriters on share issuances and placements.Lina Lee(see p.126)primarily advises sponsors and lenders on SEHK listings,as well as advising on share placements and secondary block trades.She frequently acts for banks,

269、investment vehi-cles and securities firms.Strengths:“Lina is not only equipped with extensive Hong Kong capital markets expertise but is also very hands-on and always able to provide valuable insights.”“I trust her professional advice and truly believe having her on the transactions,regardless of be

270、ing the issuer counsel or sponsor counsel,is always a big plus.”AshurstWhat the team is known for Ashurst boasts a well-balanced offering with an established repu-tation for providing DCM advice to major under-writers and issuers on bond offerings,EMTN issues,private placements and cross-border conv

271、ertible bonds,while providing Hong Kong,English and US law advice for international and Chinese banks and businesses.The team is also well equipped to handle bond restructuring.Key clients include Hong Kong Xiangyu Investment,CITIC Securities and Goldman Sachs.Strengths“The team promptly addresses o

272、ur queries or con-cerns and stays up to date with the latest regulatory changes,providing sound advice on complex issues with practical solutions.”“The Ashurst team work effectively and efficiently to stay on top of issues and flag potential issues for our attention quickly.They are also proactive i

273、n sug-gesting solutions.”Work highlights Ashurst advised the joint lead managers,such as Bank of China,on Hong Kong law in relation to the issuance of CNY500 mil-lion 4.5%bonds due 2026 by Huafa Investment,unconditionally and irrevocably guaranteed by Zhuhai Huafa Group.Notable practitionersJini Lee

274、 regularly represents a diverse clientele of banks and financial institutions,as well as PRC corporates and SOEs,in debt issuances and pri-vate placements.Strengths:“Jini is highly respon-sive and provides sound legal advice consistent with the latest market practices and regulatory changes.”“Jini i

275、s very knowledgeable and managed every conversation with the client with ease,reas-Band 1Li Carrie Sidley Austin*Radtke Gerhard Davis Polk&Wardwell LLPXiong Renee Sidley Austin*Yeung Alan Clifford ChanceBand 2Liu William LinklatersBand 3Lee Kyungwon Shearman&Sterling LLP(ORL)*Tao Liang(Alex)Milbank

276、LLPZhou Hao King&Wood MallesonsUp-and-coming individualsJiang Shan LinklatersPan Bingqing Davis Polk&Wardwell LLPZhou Jessica White&Case LLP(ORL)Leading IndividualsBand 1Davis Polk&Wardwell LLPSidley AustinBand 2LinklatersSkadden,Arps,Slate,Meagher&FlomBand 3King&Wood MallesonsLatham&WatkinsMilbank

277、LLPLeading FirmsCapital Markets:High-Yield ProductsBand 1He Li Davis Polk&Wardwell LLPHuang Grace Freshfields Bruckhaus Deringer*Band 2Emsley Matt Herbert Smith FreehillsLin James C Davis Polk&Wardwell LLPNg Kay Ian Sullivan&Cromwell LLPWong Christopher Simpson Thacher&Bartlett*Band 3Chan Freeman Cl

278、eary Gottlieb Steen&Hamilton LLPChow Ronny DeaconsChoy Constance Sidley Austin*Geng Ke OMelveny&Myers LLPLai Calvin Freshfields Bruckhaus Deringer*Li Haiping Skadden,Arps,Slate,Meagher&Flom LLPLu Mengyu Kirkland&Ellis*Wang Paloma Skadden,Arps,Slate,Meagher&FlomWong Gwen Sullivan&CromwellYeung Cathy

279、Latham&WatkinsYu Benita Slaughter and May*Band 4Chu Yang Davis Polk&Wardwell LLPFang Liu Clifford ChanceKwok Edwin OMelveny&MyersLau Sherlyn Sidley Austin*Lee Virginia Clifford ChanceLi Gilbert Allen&Overy*Luk Edwin Morgan,Lewis&Bockius LLPMoore John Slaughter and May*Ouyang Dan Wilson Sonsini Goodr

280、ich&RosatiSu Benjamin Latham&WatkinsThio Jean Clifford Chance LLPWang Richard Freshfields Bruckhaus Deringer*Zhao Shuang Cleary Gottlieb Steen&Hamilton LLPBand 5Ding Meng Sidley Austin*Grandolfo James Milbank LLPHsui Jonathan Allen&Overy*Jong Denise Reed Smith Richards Butler(ORL)Law Colin Fangda Pa

281、rtnersLee Lina Allen&Overy*Lin Ching-Yang Sullivan&Cromwell LLPPery Paul Anthony C Milbank LLPSung Jason Herbert Smith FreehillsTai Psyche Norton Rose Fulbright(ORL)Tang Nelson Hogan Lovells International LLP(ORL)Wang Allen Latham&Watkins LLPXu Jason Davis Polk&Wardwell LLPUp-and-coming individualsG

282、ao Yi Simpson Thacher&Bartlett*Li Lipton LinklatersTang Terris Latham&WatkinsWang Xuelin Davis Polk&Wardwell LLPWu Yuting Skadden,Arps,Slate,Meagher&FlomXiang Tianning Clifford Chance LLPZhu Ke OMelveny&MyersLeading IndividualsEminent PractitionersKo Teresa Freshfields Bruckhaus Deringer*Wang Tim Cl

283、ifford Chance LLPZhang David Kirkland&Ellis*Eminent PractitionersCapital Markets:Equity*Indicates individual with profile.(ORL)=Other Ranked Lawyer.Alphabetical order within each band.Band 1 is highest.Band 1Clifford ChanceDavis Polk&Wardwell LLPFreshfields Bruckhaus DeringerSkadden,Arps,Slate,Meagh

284、er&FlomBand 2Herbert Smith FreehillsKirkland&EllisLatham&WatkinsBand 3OMelveny&MyersSidley AustinSimpson Thacher&BartlettSullivan&Cromwell LLPBand 4Allen&OveryCleary Gottlieb Steen&Hamilton LLPDeaconsLinklatersPaul HastingsSlaughter and MayWilson Sonsini Goodrich&RosatiBand 5Baker McKenzieFangda Par

285、tnersKing&Wood MallesonsMilbank LLPMorgan,Lewis&Bockius LLPTian Yuan Law FirmLeading FirmsCapital Markets:Equity14China(International Firms)Capital Markets suring them and pushing for the most effective and meaningful resolution.”Baker McKenzieWhat the team is known for Baker McKenzie fields a robus

286、t team in Hong Kong that frequently collaborates with the firms offices across the globe to offer clients coordinated advice on cross-border equity transactions.The team is frequently mandated to act for foreign and domestic clients on their Hong Kong IPOs,with additional capa-bilities in Swiss GDR

287、offerings,privatisations by scheme of arrangement and rights issues.Key cli-ents of the firm include CLSA,Horizon Construc-tion Development and China United Lines.Strengths“Baker McKenzie has a remarkable ability to deal with complex issues in equity transactions.The team has both global perspective

288、s and localised experience,so as to provide professional and work-able advices.”“The Baker team has a strong ability to explore new products,offering excellent services and timely responsiveness.”Work highlights Baker McKenzie acted as Hong Kong and US counsel to Ferretti on its HKD1.9 bil-lion glob

289、al offering and listing of its shares on the Main Board of the Hong Kong Stock Exchange.Notable practitionersChristina Lee and Wang Hang are based in Hong Kong and Beijing respectively and are key con-tacts.Cleary Gottlieb Steen&Hamilton LLPWhat the team is known for Cleary Gottlieb Steen&Hamilton p

290、rovides UK,US and Hong Kong law advice to PRC and Hong Kong clients.Best known for its work in the ECM space,advising on IPOs and secondary offerings,the team regularly advises on public offerings in both Hong Kong and the USA,with further expertise in advising on ADS issuances and convertible offer

291、ings.It acts across the TMT,biotech and hospitality sectors,for both issuers and underwriters.Key clients include Burning Rock Biotech,Goldman Sachs and H World.Strengths“Cleary are very calm under stressful circum-stances and provide well thought out advice.They put clients interests first and are

292、willing to go the extra mile.”“They are extremely responsive and help navigate complex issues in the face of new regulatory devel-opments.Theyre a very capable team on the US listing side.”Work highlights Cleary Gottlieb Steen&Hamilton acted as US and Hong Kong counsel to Goldman Sachs and CSCI,as j

293、oint sponsors,and Goldman Sachs,CSCI and CICC,as the overall coordina-tors,joint global coordinators,joint bookrunners and joint lead managers,on the HKD5.3 billion offering of ordinary shares and primary listing of ZJLD Group.Notable practitionersFreeman Chan co-leads Cleary Gottlieb Steen&Hamilton

294、s equity capital markets team,offering clients three decades experience advising on Hong Kong IPOs.Zhao Shuang acts for both issuers and underwriters on IPOs as well as sec-ondary offerings in her role as co-head of Cleary Gottliebs ECM team.Her clientele includes bio-tech,fintech and hospitality co

295、mpanies,as well as banks and financial institutions.Strengths:“Shuang offers an excellent level of attentiveness and responsiveness.”“Shuang puts the clients first.Shes very good at mobilising internal resources and delivering.”Clifford ChanceWhat the team is known for Clifford Chance boasts an exce

296、llent track record of taking on large and complex IPOs on behalf of issuers,sponsors and underwriters,as well as handling a range of high-value secondary share offerings.One of the standout ECM teams in the region,it regularly advises on major transactions and also has an enviable DCM practice,assis

297、ting on the issuance of a range of products,including hybrid,panda and dim sum bonds.The firm is able to offer Hong Kong and US legal advice on cross-border offerings and consistently represents leading international and Chinese banks and invest-ment corporations,with key clients including ICBC Inte

298、rnational,China Minsheng Bank and JP Morgan.Strengths“We have established a positive and collaborative working relationship with the team and they have consistently provided sound advice as needed.Clif-ford Chances constructive suggestions have been helpful in navigating complex legal matters relate

299、d to bond issuance.”“Their level of service has been exceptional,with the team members displaying a deep understanding of the business and industry.They have been proac-tive in anticipating our needs and providing timely guidance and advice.Their attention to detail and thoroughness have instilled c

300、onfidence.”Work highlights Clifford Chance advised Bank of China(Hong Kong)and HSBC as joint lead man-agers on the issuance of Hong Kong SAR Gov-ernments inaugural retail green bonds under the Government Green Bond Programme.Clifford Chance advised the joint sponsors Credit Suisse,JP Morgan,CICC and

301、 CMB International,and the underwriters on the USD106 million IPO and dual primary listing of Zhihu on the Main Board of the SEHK.Notable practitionersConnie Heng is head of Clifford Chances DCM team in Hong Kong and advises domestic and international banks as underwriters,as well as assisting Chine

302、se clients with a range of invest-ment-grade issuances.Strengths:“I have deep respect for Connie.Her expertise is really out-standing and she has deep knowledge in both the investment-grade and high-yield spaces.Shes very commercial and tries to find solutions.”“She is a trusted and experienced lega

303、l adviser,and well liked by banks and issuers.”Tim Wang is co-man-aging partner for Clifford Chance in China and the head of its equity capital markets practice.He is best known for acting for domestic issuers on their SEHK IPOs.He has a wealth of experience representing corporations and financial i

304、nstitu-tions.Strengths:“Tim is a very seasoned lawyer with extensive exposure in dealing with large-cap SOE and private corporates in capital market fund-raising projects.”Alan Yeung in Clifford Chances Hong Kong office remains a recognised top-tier high-yield debt practitioner.He is counsel of choi

305、ce among financial institutions and corpo-rates.Strengths:“Alan has a good understanding of clients in the PRC.Hes very nice,close to the client and very client-oriented;hes always con-sidering the client and is very cost-conscious.”“Alan is always my go-to person for Hong Kong.”Angela Chan regularl

306、y advises on the issuance of exchangeable bonds,offshore offerings and MTN programmes,as well as sustainability-linked offerings.She is well placed to assist issuers and underwriters.Strengths:“We have a longstanding relationship with Angela Chan;shes a very good lawyer.”Mark Chan is well regarded f

307、or advising on a range of bond issuances,including sustaina-bility-linked bonds and dim sum bonds.Strengths:“Mark is very knowledgeable and understands clients needs and constraints.He is able to pre-pare clients well to ensure smooth execution of transactions.”“Mark has been very resourceful and de

308、monstrates good commercial awareness.”Fang Liu frequently advises issuers on their Hong Kong IPOs.His clientele includes banks,pharmaceu-tical companies,entertainment companies and investment holding groups.Strengths:“Fang Liu is dedicated and professional.”“He excels in client service,displaying a

309、high level of sophistication in his legal expertise and demonstrating exceptional commercial awareness and vision.His commitment to client satisfaction,strategic thinking,and ability to navigate complex legal and commercial land-scapes make him a highly valuable asset.”Virginia Lee is a rising ECM p

310、artner who advises a number of prominent clients on Hong Kong IPOs,including Chapter 18A listings.She is equipped to advise both issuers and sponsors.Strengths:“She is very responsive and can give in-depth advice.”Jean Thio continues to advise both underwriters and issuers on SEHK listings,as well a

311、s London GDR listings.She splits her time between Clifford Chances Shanghai and Singapore offices.David Tsai offers Clifford Chances clients nearly 15 years experi-ence advising on a range of transactions associ-ated with investment-grade issuances,including Reg S,dim sum and green bonds.Strengths:“

312、We have worked with David on a number of debt cap-ital markets transactions and he has consistently delivered great support.He is very hands-on and accessible,and possesses good expertise in debt capital markets in the Greater China region.”Xiang Tianning is based in Clifford Chances Beijing office

313、and is increasingly in demand for his advice on Hong Kong IPOs,often advising sponsors and PRC issuers.Strengths:“He is very experienced in Hong Kong IPOs and helpful in dealing with issues.He also has good communication skills to advise cli-ents on listing rules and related matters,and works well w

314、ith other professional parties.”Davis Polk&Wardwell LLPWhat the team is known for Davis Polk&Ward-well is a capital markets powerhouse with a superb reputation in high-value,cross-border equity matters,including some of the top IPOs and follow-on offerings in the region.An experi-enced adviser on in

315、ternational ADS offerings in the USA,the firm is also well known for its debt Capital MarketsChina(International Firms)work,representing issuers and underwriters in major note and equity-linked bond offerings.It is additionally highly respected for its work in the high-yield space,with a steady flow

316、 of repeat and debut issuances from clients in the real estate,education,oil and gas,and automotive sectors.A robust bench of Hong Kong-based partners advises clients on matters involving US,English and Hong Kong law.Familiar with US regulatory bodies and the requirements of jurisdictions around the

317、 region,the team regularly advises on transactions relating to infrastructure,real estate and key commodity markets.Key clients of the firm include New Horizon Health,MedSci Health-care and Tianfeng Securities.Strengths“Davis Polk has a very strong team that we have worked with for a long time.Partn

318、er and senior levels are attentive,with strong support from the junior levels.The team are extremely responsive,with very clear and comprehensive advice given.”“Their global partners are very keen to help the Asia team on cross-border matters.They produce top-quality associates too,so its not just t

319、he partners that are high quality.”Work highlights Davis Polk&Wardwell advised iQIYI on a series of debt restructuring and corpo-rate finance transactions,consisting of a USD550 million private placement of convertible senior notes to PAGAC IV-1(Cayman),a USD600 million convertible senior notes offe

320、ring and concurrent privately negotiated repurchases of a portion of its existing convertible senior notes due 2026,and a USD442 million SEC-registered equity offering of 76.5 million American depositary shares.Davis Polk advised ZJLD Group on its HKD5.3 billion IPO and listing on the SEHK and an in

321、ter-national offering in reliance on Rule 144A/Reg S.Davis Polk advised the dealer managers on exchange offers of 10.875%guaranteed senior notes due 2022 and 12.00%guaranteed senior notes due 2022 conducted by Haimen Zhongnan Investment Development(International)as offeror and Jiangsu Zhongnan Const

322、ruction Group as guarantor.Notable practitionersHe Li is a linchpin of Davis Polks equity capital markets team in Hong Kong and regularly acts for domestic clients on ADS issuances.He remains a popular choice among issuers.Strengths:“He Li has deep experience guiding companies through their critical

323、 milestones,from pre-IPO financing through listing and beyond.He is particularly noted for his understanding of key verticals,especially in the technology sector.”“He Li is the best lawyer Ive ever worked with.”James Lin is an adept adviser on IPOs and follow-on offerings on the SEHK,NYSE and Nasdaq

324、.He has experience advising on SPAC and ADS IPOs for a range of issuers.Strengths:“James keeps abreast of legal and regulatory devel-opments and explains complex issues thoroughly and succinctly.His breadth of legal knowledge and awareness of developments in our industry,together with his commitment

325、 to his clients,make him a very strong advocate.”Chu Yang is primarily focused on handling SEHK listings for both underwriters and issuers,with noted strength in the biotech and healthcare sectors.Strengths:“He demonstrated excellent professionalism to us by providing great legal and commercial opin

326、ions,and also liaised with different regulators and stake-holders to provide the best and most optimal sug-gestions.”Gerhard Radtke co-leads Davis Polks China DCM practice and an expert on a range of debt mandates,with particular emphasis on high-yield issuances.Strengths:“Gerhard offers great atten

327、tion to detail and is able to balance the commercial aspects and risk.”“His expertise and his ability to explain complex ideas are so strong.”Jason Xu is a partner based in Davis Polks Beijing office.His practice focuses on Hong Kong IPOs,most frequently acting for issuers.Strengths:“Jason Xu is rep

328、utable and active.”Pan Bingqing is an increasingly prominent piece of the Davis Polk debt practice,with a notable focus on high-yield debt.She is equipped to advise issuers and under-writers.Strengths:“Bingqing is very creative and able to come up with solutions during difficult situations.”“I knew

329、nothing about high-yield cove-nants and shes the one that taught me everything.Shes highly recommended and has the patience to explain issues.”Wang Xuelin has a noteworthy practice in the capital markets sphere.He is increasingly visible handling a range of Hong Kong and US IPOs,particularly for cli

330、ents in the healthcare,pharmaceutical and biotechnology sectors.Strengths:“Ive done a number of deals with him and hes a very sensible lawyer who is very good on healthcare.”“Hes a problem solver with a great attitude who is really great to work with.”DeaconsWhat the team is known for Deacons has a

331、solid practice with extensive local expertise and a long history of acting on equity matters.The team regularly advises sponsors and underwriters on IPOs and listings on the SEHK,as well as on share placement transactions.The firm also demon-strates experience handling cross-border debt issuances an

332、d is active on issuances ranging from MTN programmes to sovereign and silver bonds.Deacons has an established record acting for cli-ents in the energy and natural resources,tech,construction and finance industries,with key cli-ents including Bank of East Asia,BOCOM Interna-tional and Yoho Group.Stre

333、ngths“Deacons are very down to earth,professional and helpful.The team,including the partners,are very accessible,friendly and responsive.”“They are always available when we need them and are responsive and helpful.They have good com-mercial and financial sense and can always provide constructive advice.”Work highlights Deacons acted for Bank of Com-munications,the issuing and lodging agent,in rel