Capital Markets: Domestic Issuances | Greater China Region

Grandall Law Firm remains a leading player in debt and equity markets matters, especially in relation to domestic listings. The team is favoured as issuer's counsel on large-scale bond issuances. The national practice houses a strong bench of experienced capital markets practitioners, operating from bases in Shanghai and Beijing, as well as Hangzhou and Shenzhen. Grandall regularly handles A-share IPOs and listings on the NEEQ exchange and the STAR market. The firm also offers advice on Hong Kong and Nasdaq listings. It is also equipped to handle the refinancing of listed companies and asset securitisation. Its clients extend across various industries, including technology, investment, construction and healthcare.

King & Wood Mallesons remains top of the market for domestic, Hong Kong and overseas issuances. The team fields a deep bench with top-notch expertise across the securities arena, leveraging its global network to advise clients on complex onshore and offshore listings, refinancings and private equity financings. It is particularly well versed in pre-IPO structuring. Its expertise is in high demand among issuers and underwriters, and extends to bond issuances for both state-owned and privately owned clients. China Southern Airlines, Huatai Securities and Xiamen Port Holding Group are examples of the practice's clients.

Zhong Lun Law Firm remains a market-leading team with a full-service offering across the spectrum of capital markets issuances. The firm maintains a balanced practice onshore and offshore. It provides a well-rounded service in A-share, H-share and red-chip bond issuances and other listings such as CDR issuances. The team is equally accomplished in representing clients in both equity and debt matters and has considerable experience representing domestic entities and financial institutions. Its clients include Haier Smart Home, CITIC Securities and Luso International Banking.

AllBright Law Offices is proficient in handling debt and equity transactions as well as M&A and the restructuring of listed companies. The capital markets team continues to assist domestic clients in industries ranging from banking and financial services to healthcare and energy on domestic listings. It deals with A-share listings on the Shanghai and Shenzhen Stock Exchanges. The team is also developing its practice to cover more overseas markets. Its clients include China National Offshore Oil Corporation, Ningbo Ocean Shipping and Zhongyuan Asset Management.

DeHeng Law Offices assists a range of banks with onshore debt and equity offerings relating to IPOs, corporate bonds, preferred share and guaranteed note issuances, with additional capabilities in major asset restructuring and corporate governance. The team is noted for its additional experience in handling debt-for-equity swaps. It is reputed for its experience in handling listings on the Shanghai, Shenzhen, Hong Kong and Tokyo Stock Exchanges for state-owned enterprises and private corporates. China Three Gorges Corporation, Huatai Securities and State Grid Corporation of China are among its clients.

Global Law Office represents clients in both domestic and international securities offerings, including listings on the Hong Kong, Singapore and New York stock exchanges, and is especially known for variable interest entity (VIE) structures and red-chip-related work. It is regularly sought out for advice on large-scale structured debt issuances. The team has also accumulated substantial expertise in acting on asset securitisation products in capital markets. It is noted for its excellent cross-border capabilities and is a popular choice for novel transactions. The firm combines its expertise in different industries such as healthcare and electronics to enhance its capital markets offering. Its clients include Mercedes-Benz, HSBC and China Construction Bank.

Grandway Law Offices is acknowledged for advising domestic clients on listings and private share issuances, and is equally capable when dealing with major asset restructuring matters. The team handles IPOs and public company issues on both the Shanghai and Shenzhen Stock Exchanges. Its clients benefit from several members of the team having been involved in the drafting and revision of capital markets guidelines and regulations. The team additionally advises clients in the technology, manufacturing and energy sectors on listings in the Hong Kong market. The firm is also well placed to assist clients with various bond issuances. It counts Guotai Junan Securities, Zhejiang Dahua Technology and ENN Natural Gas among its clients.

Jia Yuan Law Offices covers the full range of domestic and overseas transactions, including IPOs, non-public offerings and the restructuring of public companies. The law firm is adept at advising on listings on the New York and Hong Kong Stock Exchanges. The team predominantly acts for state-owned enterprise clients. It is equally capable with regard to A-share and H-share issuances. Jia Yuan assists corporate clients in a wide variety of industries, including technology, financial services and pharmaceuticals, such as Mega Health Technology, CITIC Securities and MGI Tech.

Jingtian & Gongcheng maintains its top spot in the Hong Kong and Overseas Issuances table this year, standing out for its strength in equity and bond issuances in the Hong Kong, Singapore and New York markets, especially in government bond matters. The firm is a popular choice for heavyweight capital markets deals. It also offers expertise in the domestic market, including deals on the STAR and the ChiNext, and regularly assists issuers and underwriters. The team is known for expertise advising on equity listings, placings and trades. The law firm has a deep understanding of the variable interest entity (VIE) structure. Jingtian & Gongcheng is lauded for its industry knowledge in real estate and healthcare, facilitating the IPOs for many companies from those sectors. It also serves clients from financial services, machinery and electronics industries. Merrill Lynch, China Merchants Capital and Sany Heavy Truck are examples of its clients.

JunHe LLP is a prominent practice with a sizeable team of securities and corporate law practitioners, a few of whom are former members of the CSRC Listing Review & Examination Committee. It is best known for its expertise in Hong Kong and US-related offerings while attracting admirable levels of A-share listing work, with a particularly healthy roster of domestic clients in the healthcare sector and construction industry. The team remains a counsel of choice for technology sector IPOs. The firm is sought out by underwriters and issuers in respect of listings, bonds and preferred shares matters. Clients also benefit from its offices in New York and Silicon Valley. Its key clients include CITIC Bank, Hinova Pharmaceuticals and Geovis Technology.

Kangda Law Firm fields an established team with a robust offering, assisting a wide range of state-owned enterprises and private sector firms on bond issuances. The team routinely acts as issuer's counsel to companies listing on the Beijing, Shanghai and Shenzhen Stock Exchanges. Its strong domestic securities practice is complemented by experienced specialists who are deeply familiar with the IPO review process. It also assists clients with debt transactions in Hong Kong. The law firm maintains a strong and national client roster, attracting corporates from Guangdong, Fujian and Hebei.

Tian Yuan Law Firm houses a sizeable securities team and consistently attracts work from SOE clients in relation to the full spectrum of capital markets transactions. It demonstrates a market-leading track record in handling domestic issuances and is active in relation to non-public A-share offerings. Tian Yuan is able to assist with complex equity offerings and alternative listing mechanisms. The firm also advises on private equity matters. It boasts a strong offering for H-share and overseas issuances thanks to a capable bench of capital markets specialists operating out of its Hong Kong office. China Three Gorges Corporation, CTJ Info-Tech and Jinmao Property Services are examples of its clients.

Fangda Partners is a solid corporate practice with extensive experience in overseas equity and debt offerings, including IPOs and H-share convertible issuances. It is known for advising on listings in the USA, Singapore and Hong Kong. The team is equipped to handle corporate bond, perpetual bond and panda bond issuances. Fangda Partners continues to serve a host of leading pharmaceutical, biotech and internet companies, as well as financial institutions. Asian Infrastructure Investment Bank and BMW are examples of its notable clients. The law firm is active in representing both issuers and underwriters in the domestic market, especially with regard to companies delisted from overseas markets returning to the domestic market.

Haiwen & Partners is a well-established practice with considerable experience in a variety of domestic and overseas transactions, including IPOs, bond issuances and debt offerings. The team is active on Hong Kong, Switzerland and US-related capital markets mandates. It remains a counsel of choice for underwriter clients. The law firm maintains offices in Shenzhen and Hong Kong to complement the firm's presence in Shanghai and Beijing. It acts for an impressive array of national banks and investment groups. It is also favoured as legal counsel by issuers for undertaking backdoor listings. The firm is noted for its growing capacity to handle domestic equity and debt offerings. Its enviable clientele includes Credit Suisse, China Securities (International) Corporate Finance Company and Morgan Stanley.

Llinks Law Offices offers experience acting on acquisitions of listed companies, private equity matters, domestic IPOs and restructurings. It advises on a wide range of debt and equity issuances in the domestic market. The firm also ably handles overseas issuances, notably acting on issuances on the Swiss market. The team works with clients from a variety of industries ranging from chemicals and pharmaceuticals to electronics and energy. It is noted for its expertise in handling corporate and convertible bond issuances.

Dacheng Law Offices has a burgeoning practice which regularly represents corporate issuers. The firm is called upon to advise on domestic and overseas equity and debt offerings, including IPOs and corporate bond issuances, particularly on the New York, Hong Kong and Shenzhen Stock Exchanges. It is also able to advise on transactional matters in the capital markets space. The team has additional knowledge in GDR issuance. Its clientele includes the Finance Department of Hubei Province, Guangdong Yuecai Holdings and Golden Sun Education Group.

Guantao Law Firm represents clients from a wide variety of industries such as finance, construction, metals, electronics, pharmaceuticals and transportation. It takes on onshore and offshore transactions, with a focus on cross-border listings and bond issuances in Hong Kong and Singapore. The team is favoured as issuer's counsel by a wide range of trading houses for bond and equity issuances. It has additional capabilities in handling mergers and asset restructurings on behalf of domestic clients. Guantao is also active on A-share listings on the Shanghai and Shenzhen Stock Exchanges and regularly assists with debt financing plans. Bank of Dalian, Haitong Securities and GigaCloud Technology are among its clientele.

Merits & Tree Law Offices gains compliments for its knowledge in domestic issuances. The team is noted for its enviable expertise in listings on the Shenzhen and Shanghai Stock Exchanges, with capability handling public and non-public offerings, as well as bond issuances. The firm also advises on corporate restructurings and spin-offs. It attracts clients operating in the technology, manufacturing and electronics industries.

China Commercial Law Firm fields a deep bench of corporate specialists who form a formidable ECM and DCM practice in Guangdong. The firm concentrates on A-share issuance and red-chip structures, and is adept at handing related restructuring and regulatory matters. The group is popular among clients based in Shenzhen seeking listing advice.

Hai Run Law Firm is considered to have a long-established practice in equity capital markets. The group houses members with rich regulatory knowledge and a frontline IPO practice. Domestic issuers, especially small and medium-sized corporations, frequently seek its advice on listings and bond issuances.