Xu Zhang

Practice Areas

Cross-Border Banking & Finance: Syndicated loans, acquisition finance, project finance (energy, infrastructure and resources), sovereign lending, asset finance, structured finance, and derivatives.

Restructuring & Insolvency: Loan restructuring, enforcement and distressed asset financing.

Outbound Investment: Cross-border M&A, foreign direct investment, and international joint ventures.

Restructuring & Insolvency:

-Loan restructuring and enforcement

-Distressed asset financing

Career

Xu (Jennifer) Zhang is a founding partner and head of the Cross-Border Banking & Finance practice at DeHeng Law Offices (Beijing). She joined DeHeng in 2005 and has since built one of China's premier teams handling cross-border financing across more than 40 jurisdictions. She acts principally as lead counsel for China's major policy banks, commercial lenders, state-owned enterprises and international investment funds in the full spectrum of international banking transactions.

Publications

•Author, Belt and Road Legal Practice Casebook (Tsinghua University Press, 2021)

•Co-editor, FDI and M&A Overviews for RCEP Countries (2022)

•Co-editor, FDI and M&A Overviews for 12 Latin American Countries (2023)

•Co-editor (forthcoming), Legal Overview of 12 African Jurisdictions (for FOCAC 2024)

•Contributor, Butterworths Journal of International Banking and Financial Law — "Briefing on Major New Regulation on Cross-border Lending" (December 2022)

Personal

Lecturer, Renmin University School of Law (Teaching Cross-border Commercial Negotiation)

Lawyer Representative, Beijing Xicheng Bar Association (Providing free legal training for smaller law firms)

Pro bono legal counsel, Forest Angels (Supporting left-behind children in China)

Professional Memberships

•Lecturer, Renmin University School of Law (teaching Cross-Border Commercial Negotiation)

•Lawyer Representative, Beijing Xicheng District Bar Association (providing pro bono legal training for smaller law firms)

•Pro bono Legal Counsel, Forest Angels (supporting left-behind children in rural China)

Clients

•China Development Bank (CDB) – USD 3.5 billion syndicated financing for construction of a world-class semiconductor facility (SK Hynix subsidiary)

•CDB – USD 473 million project financing for the Kpone thermal power plant in Ghana

•CDB – USD 365 million project financing for the San Gaban III hydropower plant (China Three Gorges Corporation, Peru)

•CDB – acquisition facility for the delisting and going-private of a NASDAQ-listed company

•CDB – sovereign credit facility to the Ministry of Finance of an African country

•ICBC – project financing for the Hunutlu thermal coal-fired power plant in Turkey (Shanghai Power)

•CEXIM & BOC – syndicated acquisition financing of Marelli (HK) Holdings Co., Ltd. by Highly International (HK) Ltd.

•BOC – acquisition financing for the delisting and going-private of CMEC from HKEX

•Shandong Gold Mines – USD 1 billion acquisition financing for a 50% stake in the Veladero gold mine in Argentina

•Private equity fund – partial acquisition financing for USD 1.7 billion purchase of an NXP Semiconductor business unit

•SinoGuarantee – project financing for photovoltaic power plants in Punjab, Pakistan (ZTE)

•20-bank international syndication – USD 9.1 billion project financing for a gas project (PRC-side advice)

Industry Sector Expertise

Lawyer Zhang Xu specializes in cross‑border banking and finance, as well as outbound mergers and acquisitions. He provides legal services for policy banks, commercial banks, investment funds and state‑owned enterprises in various cross‑border financing projects across more than 40 countries and regions.

Work Highlights

Cross‑border Banking & Financing

Legal Counsel for China Development Bank in a sovereign credit project with the Ministry of Finance of an African country.

Legal Counsel for China Development Bank in a credit project with an Argentine bank.

Legal Counsel for China Development Bank in an M&A financing project for a Chinese enterprise’s delisting from NASDAQ in the United States.

Chinese Legal Counsel for Bank of China (Hong Kong) Limited in an international M&A loan project.

Legal Counsel for China Eximbank in a financing restructuring project for a Hong Kong‑listed company.

Legal Counsel for China Development Bank in a large‑scale hydropower station construction financing project in Peru.

Legal Counsel for a well‑known domestic guarantee company in a photovoltaic power station financing project in Punjab, Pakistan.

Legal Counsel for China Development Bank in a gas‑fired power plant construction financing project in Ghana.

Chinese Legal Counsel for ICBC (Asia) Limited in an onshore‑offshore linked real estate loan project.

Legal Counsel for a renowned asset management company in the M&A loan project for NXP’s global standard‑products business.

Legal Counsel for Shandong Gold in the financing project for its acquisition of the Veladero Gold Mine owned by Barrick Gold in Argentina.

Legal Counsel for Beijing Yizhuang International Investment & Development Co., Ltd. in a U.S. M&A loan project.

Legal Counsel for Bank of Communications Co., Ltd. in an offshore guarantee project.

Legal Counsel for Bank of China in an offshore guarantee project.

Chinese Legal Counsel for China Eximbank in an A380 aircraft financing project for a financial leasing company.

Overseas Investment

Legal Counsel for Yizhuang International Investment & Development Co., Ltd. in its acquisition of key assets of General Motors, USA.

Legal Counsel for Yizhuang International Investment & Development Co., Ltd. in its acquisition of bankrupt assets of a U.S. aircraft manufacturer.

Legal Counsel for Yizhuang International Investment & Development Co., Ltd. (as one of the investors) in the privatization acquisition of a NASDAQ‑listed U.S. chip and semiconductor company.

Legal Counsel for a large state‑owned listed enterprise in Shandong in its M&A projects in France, the Netherlands and the United States.

Legal Counsel for China‑Africa Investment & Development Co., Ltd. in the preliminary legal assessment of an African mining investment project.

Foreign Direct Investment

Legal Counsel for a well‑known German railway technology company in the high‑speed railway technology import project with the former Ministry of Railways of China.

Legal Counsel for China Life Asset Management Company in a software licensing project with a U.S. software firm.

Legal Counsel for Beijing Automotive Industry Holding Co., Ltd. in a technology licensing and prototype development project with a Bosch affiliate in the Netherlands.

Languages Spoken

Chinese and English

Education

Awards