KEY POINTS: Hangzhou-based global clinical-stage biotechnology company Adlai Nortye listed on the Nasdaq in 2023, becoming the first Chinese company to list in the US after completing the then recently promulgated filing procedures under the China Securities Regulatory Commission (CSRC).
In view of this new obstacle, coupled with harsher US scrutiny for China concept stocks, the Adlai Nortye legal team included in the prospectus special sections designed to balance disclosure differences and satisfy regulatory demands on both sides. Filing with the CSRC took only 38 days. With gross proceeds of USD57.5 million in the public offering and a concurrent USD40 million private placement, Adlai Nortye emerged as the year’s biggest biotech debut among China-related stocks.
Lu Yang, the chairman and CEO, describes the listing as “no ordinary IPO”, as “it broke the ice of US-bound Chinese listings”. He praises the legal team for “re-engineering the very possibility of a US-listing for Chinese companies through legal ingenuity” while “demonstrating that outstanding counsel are, at their core, strategic architects – the ones who draw new maps when everyone else is lost in the regulatory maze”.
KEY POINTS: CBC Group, Asia’s largest healthcare-dedicated asset management firm, supported its Hong Kong-listed biopharmaceutical company, Everest Medicines, in successfully completing a share placement on the Hong Kong Stock Exchange. About 22.6 million shares were issued, raising HKD1.6 billion (USD205.1 million).
Led by the controlling shareholder, CBC Group, the transaction not only achieved efficient fundraising but also attracted several top-tier international long-term investment funds and was oversubscribed. The proceeds were used to accelerate the company’s global R&D pipeline, support the development of its AI + mRNA innovation platform and provide funding for key oncology vaccine candidates EVM14 and EVM16, thereby strengthening its global competitiveness in the biopharmaceutical sector.
LEGAL TEAM: Legal team of Foxconn Industrial Internet
TEAM LEADER: Xie Chenyang, vice president and chief legal officer
KEY POINTS: In view of the evolving global supply chain landscape, Foxconn Industrial Internet launched a large-scale greenfield investment project in North America, with a total investment exceeding RMB2 billion (USD280 million). The project aims to establish a modern manufacturing base integrating production and R&D.
The legal team played a leading role throughout the project, designing the legal framework and navigating key regulatory procedures, including the Committee on Foreign Investment in the US national security review and Mexico’s foreign investment approval. Through proactive risk identification, the team developed standardised operational models for site selection and land acquisition, construction permits, environmental compliance and cross-border financing.
Acting CEO Liu Zongchang describes the initiative as “a core project of the company’s global strategy”. He commends the legal team for its “outstanding professional competence and efficiency in completing complex international legal and regulatory tasks to a high standard”, noting that the project not only achieved effective cost and time control, but also “significantly enhanced the company’s competitiveness in the global industrial chain and laid a solid foundation for the steady advancement of its globalisation strategy”.
KEY POINTS: In October 2020, global retailer and variety store chain Miniso successfully listed on the New York Stock Exchange, becoming the first Chinese brick-and-mortar retailer to go public in the US. The company issued 30.4 million American depositary shares at an offer price of USD20 per share, raising more than USD600 million.
Faced with complex multi-jurisdictional regulatory requirements, the legal team efficiently co-ordinated domestic and international counsel to complete legal due diligence covering five countries and regions within a short period. Simultaneously, the team established a comprehensive compliance framework encompassing key areas such as corporate governance and data security, laying a solid foundation for approval by the US Securities and Exchange Commission.
Chief financial officer Zhang Jingjing notes that the legal team not only “secured valuable time for the overall listing process through efficient co-ordination”, but also “provided essential assurance for ongoing post-listing compliance through the enhancement of the company’s compliance framework”, demonstrating exceptional cross-border co-ordination and risk management capabilities.
KEY POINTS: Miniso completed a dual primary listing on the Hong Kong Stock Exchange to mitigate the delisting risks faced by Chinese concept stocks under the US Holding Foreign Companies Accountable Act. The company issued 41.1 million shares at an offer price of HKD13.8 (USD1.8) per share, raising net proceeds of about HKD476 million.
The move was designed to widen Miniso’s financing channels, improve liquidity and counter the uncertainties of geopolitical conflicts.
Chief financial officer Zhang Jingjing commends the legal team for its “outstanding professionalism and efficiency, which provided crucial support for the smooth progress of the project”.
WINNER REMARKS: The dual primary listing on the HKEX stands as a highly significant milestone in the group’s development journey. The legal team provided crucial support for the successful completion of the project with outstanding professional competence and efficient execution.
The legal team effectively co-ordinated with domestic and overseas legal lawyers, completing legal due diligence across six countries and regions within two months. Throughout this process, the legal team promptly addressed issues identified during the due diligence, enabling lawyers to issue due diligence reports and legal opinions without material legal issues, thereby securing valuable time for the overall listing process.
Additionally, the legal team enhanced the compliance system required for the listing, covering critical areas such as corporate governance, data security and economic sanctions compliance. This not only provided great support for successfully listing on the HKEX but also provided essential safeguards for compliant operations after listing.
LEGAL TEAM: Refire legal and compliance department
TEAM LEADER: Ray Zhong, vice president and board secretary
KEY POINTS: Leading hydrogen energy technology company Refire Group successfully listed on the main board of the Hong Kong Stock Exchange on 6 December 2024. The company issued 4.8 million H-shares through a global offering, raising net proceeds of about HKD629 million (USD80.7 million).
With prior issues such as legacy matters from a previous Star Market application and shareholder disagreements, the legal team designed an innovative stock option incentive plan, one with few precedents to draw upon and requiring smooth co-ordination among various sets of legal counsel. When shareholders proposed last-minute adjustments to the full circulation ratio, the team responded swiftly to ensure that the review process remained uninterrupted. Anticipating regulatory focus areas such as data compliance, the team identified and mitigated potential risks beforehand, enabling the company to seize the window of the recovery of Hong Kong’s capital markets.
Chairman and CEO Lin Qi says that “every breakthrough in this listing was made possible by the legal team’s professional guidance”. He praises the team for “ensuring compliant implementation of the innovative stock option plan, responding efficiently to shareholder demands and resolving historical issues thoroughly. Their solid professional expertise has built a strong capital defence and set a benchmark for cross-border compliance in the industry.”
Cao Yu, the managing director of sole sponsor CICC, also commends the Refire team for “their deep understanding of the business, proactive integration into the process and ability to translate regulations into practical guidance, fortifying the compliance framework and effectively balancing innovation with risk”.
WINNER REMARKS: Refire is a leading market-oriented hydrogen-energy tech enterprise with a global perspective, providing end-to-end products and services from upstream hydrogen production to downstream application. Its legal and compliance team was the core support for its December 2024 Main Board listing on the HKEX.
Led by Ray Zheng (vice president and board secretary) amid market volatility, the team built internal-external execution groups, oversaw document preparation, regulatory responses and roadshows, hitting milestones like China Securities Regulatory Commission filing and a HKEX hearing as planned. It addressed the option incentive compliance gap, resolved cornerstone investment and capital outflow issues, enabled precedent-breaking investments, secured 2024 funding, and laid a solid foundation for global financing and enhanced competitiveness.
LEGAL TEAM: Alternative investment project legal team of Taikang Asset Management
TEAM LEADER: Li Jingjing, leader of the alternative investment project legal team
KEY POINTS: Taikang Asset Management participated in the issuance of the Taikang Asset – Caitong – Envision New Energy Holding Real Estate Asset Support Special Plan on the Shanghai Stock Exchange. This transaction marked the market’s first renewable energy hold-to-maturity real estate asset-backed securities (ABS) issuance, with a total size of RMB285 million (USD40.1 million). The project incorporated wind power and other renewable energy infrastructure assets into the securitisation framework, a notable step forward in green finance innovation.
During the pilot phase of hold-to-maturity ABS, with no specific regulatory guidelines available at the time, the legal team navigated multiple regulatory frameworks – including the exchange’s ABS rules, renewable energy infrastructure regulations, and insurance fund investment supervision – to design an innovative equity-based product structure that relied entirely on asset credit without traditional credit enhancement measures.
The team also assisted in establishing a long-term post-investment management mechanism. The entire process, from project initiation to successful issuance, was completed in less than three months.
LEGAL TEAM: Legal and compliance office of XTC New Energy Materials (Xiamen)
TEAM LEADER: Wang Chao, legal and compliance officer
KEY POINTS: XTC New Energy Materials, a lithium-ion battery materials company spun off from Xiamen Tungsten, was successfully listed on the Star Market on 5 August 2021. The company raised RMB1.5 billion (USD230 million) to fund its industrialisation project with an annual capacity of 40,000 tonnes of lithium-ion battery materials. It became the fifth company in China and the first in Fujian province to achieve a domestic spin-off listing.
Amid uncertainty surrounding the policy window for spin-off listings, the legal team seized the opportunity presented by capital market reforms and, within a short timeframe, co-ordinated key processes including mixed-ownership reform, employee shareholding plans and corporate restructuring. Their efforts ensured the smooth progress of the spin-off listing, enabling XTC New Energy to operate as an independent entity focused on its core lithium battery materials business.
Board secretary Chen Kangsheng notes that the company “accurately positioned itself for the Star Market and leveraged the opportunities brought by capital market reform and the spin-off listing”. He says that the successful listing “enables the capital market to conduct a more professional assessment of XTC New Energy’s lithium battery materials business, which unlocked its intrinsic value and laid a solid foundation for sustainable growth”.
KEY POINTS: French industrial gases company Air Liquide acquired and integrated a well-established company with multiple subsidiaries. This was Air Liquide’s largest acquisition to date in China and laid a solid foundation for the long-term development of its wholly owned subsidiary, Air Liquide China.
The project was characterised by a tight timeline and a complex transaction structure. Rui Coelho, the CEO of Air Liquide China, commends the legal team’s professional expertise and business acumen, saying: “They not only safeguarded Air Liquide’s legal interests but also drove the project forward efficiently and collaboratively … setting a benchmark for handling complex M&A transactions and proving indispensable to the success of this acquisition.”
LEGAL TEAM: China legal and compliance team of Astemo
TEAM LEADER: Li Yaxuan, head of China legal and compliance
KEY POINTS: The global automotive parts manufacturer Astemo advanced its initiative to establish a self-reliant operational structure in China. Under this initiative the Chinese entity, Astemo China, acquired equity in 12 Chinese subsidiaries from its Japanese headquarters through a non-monetary capital contribution, in a transaction valued at about USD1 billion.
This deal was a strategic first step for Astemo in adapting to the Chinese market. It granted Astemo China greater autonomy in capital decision making and enhanced the operational independence of Astemo’s business in China.
Hirayama Kimiyuki, Astemo China’s vice president, commends the China compliance and legal team for its pivotal contribution to the project. He highlights the team’s legal competence and forward-looking approach as crucial to the successful and timely completion of the transaction.
WINNER REMARKS: Astemo Group is an automotive manufacturer focused on core technologies such as electrification and powertrain, advanced driver assistance systems, and smart chassis systems. Astemo (China) actively aligns with Chinese market trends, leveraging more than 20 local production and R&D sites while maintaining close collaboration with its global business network to deliver competitive system solutions.
The legal and compliance team supports the group’s business objectives in China through multi-dimensional expertise in commercial practices and regulatory requirements. By implementing data-driven tools, the team has established efficient legal and compliance risk management processes. It spearheads legal management in major commercial transactions and systematically advances compliance concerning personal information and data security. Through deep integration of legal and compliance management into business operations, the team provides professional, efficient and forward-looking support across all business domains, consistently empowering the group’s steady business growth and value enhancement.
KEY POINTS: CBC Group, Asia’s largest dedicated healthcare asset management firm, partnered with Mubadala, an Abu Dhabi-based global investment institution, to acquire the entire stake in the established products business of global biopharmaceutical company UCB in China. The transaction included UCB’s neuroscience and allergy product portfolios on the Chinese mainland, as well as a manufacturing facility in Zhuhai. Valued at USD680 million, the deal remained subject to certain closing conditions, including antitrust approvals.
This acquisition was set to enhance CBC Group’s existing healthcare ecosystem and serve as an anchor asset in building a leading integrated central nervous system biopharmaceutical platform in China.
KEY POINTS: CBC Group’s portfolio company, Hasten Biopharmaceutical, acquired the asset rights of 14 branded products from the South Korean biopharmaceutical firm, Celltrion, across multiple Asia-Pacific markets. The deal granted Hasten marketing authorisation holder rights for these products in eight jurisdictions including South Korea (with certain exceptions), Singapore, Thailand, Australia and Hong Kong.
Hasten is an innovative biopharmaceutical company focused on chronic diseases and critical care. This transaction enhances Hasten’s product pipeline, including treatments for hypertension and diabetes, strengthens its influence within the chronic disease ecosystem, and supports broader commercial expansion across the Asia-Pacific region.
TEAM LEADER: Ai Sisi, supervisor of the legal and compliance team
KEY POINTS: China Yangtze International (CYPI), a wholly owned subsidiary of China Yangtze Power (CYPC), announced in 2019 its acquisition of an 83.6% stake in Luz del Sur, Peru’s largest electricity distribution company, for USD3.59 billion. The transaction included a mandatory tender offer amounting to USD560 million.
The deal represented the then-largest overseas acquisition by a Chinese enterprise and ranked among the largest M&A transactions globally in the power sector in recent years. It also marked the first entry of a Chinese company into Peru’s major public utilities market.
“The transaction was highly complex, involving Peru’s anti-monopoly review, a mandatory tender offer, and multiple listed companies across jurisdictions,” says Xue Ning, the board secretary of CYPC and the president of CYPI. “Coupled with the impact of the covid-19 pandemic, the deal encountered numerous unprecedented challenges. Its successful execution offers a valuable reference for future cross-border acquisitions by Chinese enterprises.”
KEY POINTS: Haier Smart Home, a listed home appliance subsidiary of the home appliance giant Haier Group, completed its acquisition of 100% stakes in Carrier Commercial Refrigeration from Carrier Global for about USD640 million. Carrier Commercial Refrigeration is a leading global provider of commercial refrigeration solutions, with proprietary natural refrigerant-based CO₂ cooling technology. The deal marked Haier’s strategic expansion from home refrigeration into the commercial segment and reflected broader environment, social and governance (ESG) trends in the industrial market.
The transaction was complex, involving antitrust analysis in 25 countries, foreign investment reviews in 31 countries, assessment under the EU Foreign Subsidies Regulation (FSR) and cross-border data transfer analysis. It represented the first FSR merger filing submitted by a Chinese company to the European Commission, and received unconditional approval in all relevant jurisdictions.
“The acquisition further enriches Haier’s diversified product portfolio, enabling the company to deliver more comprehensive and innovative solutions to an increasingly diverse client base,” says Liu Xiaoming, Haier’s overseas strategy and operations director.
KEY POINTS: Haier Group, through its wholly owned subsidiary Haiyingkang, acquired a 20% stake in blood products manufacturer Shanghai RAAS from global healthcare company Grifols for RMB12.5 billion (USD1.76 billion), making Haier the actual controller of RAAS.
The transaction required approvals from eight government authorities across seven different jurisdictions, involving compliance oversight for listed company disclosures and the complex transaction structure of the foreign shareholders. The team adopted a “sign before due diligence” approach, enabling both parties to reach rapid agreement on key terms while safeguarding Haier’s interests. This was followed by comprehensive due diligence and the execution of ancillary agreements before completion.
LEGAL TEAM: Group legal and compliance department of J&T Express
TEAM LEADER: Shang Quanxi, head of group legal and compliance department
KEY POINTS: J&T Express acquired the China operations of Best Express for RMB6.8 billion (USD957 million) in an all-cash transaction. The deal excluded Best’s supply chain management, freight, Ucargo and global businesses.
This acquisition substantially increased J&T’s market share and competitive position, reshaping China’s express delivery industry and marking a milestone in its development.
During the process, the group legal and compliance department accurately anticipated market share thresholds, enabling the transaction to secure antitrust clearance via a simplified procedure. This facilitated the integration of both networks ahead of that year’s “618” shopping festival, allowing the company to manage conflicts at local outlets, ensure business continuity, and handle customer transitions.
LEGAL TEAM: Group legal and compliance department of J&T Express
TEAM LEADER: Shang Quanxi, head of the group legal and compliance department
KEY POINTS: Shenzhen J&T Supply Chain, a subsidiary of J&T Express, acquired a 100% equity stake in Shenzhen Fengwang Information from Fengwang Holdings, a subsidiary of SF Express, for RMB1.18 billion (USD165.8 million). Fengwang Information operated SF’s economy express delivery business, with a network spanning 27 provinces across China. This landmark transaction marked a new phase of consolidation in China’s express delivery industry.
During the transaction, J&T’s legal team established antitrust clearance as a core condition for completion, introduced a dynamic loss allocation mechanism, and structured a “capital increase + divestiture” plan. This approach ensured regulatory compliance while reducing J&T’s post-acquisition integration burden.
LEGAL TEAM: Legal department of Joyson Electronics
TEAM LEADER: Gary Wang, chief legal officer and global general counsel
KEY POINTS: Joyson Electronics, a global intelligent automotive technology solution provider, acquired overseas company shares from a major international investment institution in a transaction valued at nearly USD300 million.
The deal, which took over a year to complete, involved navigating multijurisdictional regulations across the Chinese mainland, Hong Kong, Luxembourg and the British Virgin Islands. It faced stringent regulatory challenges including outbound direct investment approvals, EU antitrust review, foreign investment security screening, overseas acquisition financing, medium to long-term external debt supervision, and compliance requirements for listed companies, making it a representative example of complex cross-border M&A.
Vice president Zhou Xingyou commends the legal team’s expertise and experience. “With utmost professionalism, efficient collaboration, extensive international transaction experience and strong execution capability, the team turned a seemingly impossible timeline into a series of definitive milestones,” says Zhou.
WINNER REMARKS: Joyson Electronics is China’s second-largest independent automotive parts supplier and the world’s second-largest provider of automotive passive-safety products. With production bases in more than 25 countries globally, it has ranked first in the China Enterprise Transnational Index for four consecutive years.
Joyson Electronics’ legal team members are graduates of top-tier university law schools with extensive professional backgrounds. They hold legal qualifications spanning China, the US, Germany, Romania, Mexico, Brazil, Japan and other regions, and are proficient in English, German, Spanish, Japanese and other languages. Chief legal officer and global general counsel Gary Wang possesses more than 20 years of experience working within diverse organisations, including large state-owned enterprises, listed companies in China, the US and Hong Kong, and large investment institutions. He leads Joyson Electronics’ legal department and manages a legal and compliance team of nearly 50 professionals across global subsidiary divisions, effectively handling legal matters across nearly 25 jurisdictions. The legal team provides comprehensive legal support for the company’s business development in capital markets, equity and debt financing, cross-border M&A, project investments, fund establishment and operations, corporate compliance, dispute resolution and global corporate governance, enabling the company to create greater value and maximise shareholder value.
KEY POINTS: The retailer and variety store chain, Miniso, acquired 100% ownership of its former French brand agency and a joint venture. The move transitioned Miniso’s operational model in France from brand licensing to direct management, marking a key step in its overseas expansion and globalisation strategy.
The acquisition involved a complex shareholder structure and numerous stakeholders, making negotiations challenging. The legal team applied a drag-along right to resolve issues arising from the fragmented equity ownership, enabling the entire process, from project launch to agreement signing, to be completed within five months.
Chen Cong, a senior European regional manager, praises the legal department for demonstrating “outstanding expertise and strategic thinking”, adding the team has “evolved from a conventional risk controller into a driver of strategic initiatives”.
WINNER REMARKS: During the process of the France acquisition project, the Miniso legal department demonstrated outstanding professional competence and project management capabilities. Faced with the decentralised and complex equity structure of the target companies, the legal department fully took advantage of the clauses in the shareholders’ agreement to design an efficient acquisition strategy. The project spanned the Spring Festival holiday, and the legal department developed a project execution schedule and reporting mechanism, effectively co-ordinating close collaboration among business, finance team and local lawyers.
The legal department completed due diligence work on two target companies within one month and signed the share purchase agreement within two months. The efficient project execution secured valuable time for business expansion in the local market. The success of the project marks the transformation of the legal team from traditional “risk controllers” to “strategic enablers”. The capabilities of “legal expertise + business thinking + project management” demonstrated by the legal team represent a core competitiveness that is highly essential for Miniso’s globalisation process.
LEGAL TEAM: PE legal and compliance team of Ping An
TEAM LEADER: Betty Xiang, general manager of PE legal and compliance
KEY POINTS: Ping An’s subsidiary, Yun Chen Capital, sold a 41.91% stake in Autohome to Cartech, Haier’s car service platform, for about USD1.8 billion. Autohome is one of China’s largest online automobile sales and information service platforms. With Yun Chen Capital’s holdings diluted to about 5% of total shares after the transaction, Cartech became the controlling shareholder.
According to Ping An’s legal team, the transaction represented the largest M&A deal in the automotive-related sector in 2025. It featured a complex structure and involved stringent outbound direct investment approvals and cross-border regulatory oversight, making the project challenging.
Ping An Capital’s chair, Liu Dong, commends the team’s performance in driving the transaction to completion, praising their excellence in “upholding compliance boundaries and resolving critical challenges”.
LEGAL TEAM: Legal and compliance department at RAAS
TEAM LEADER: Lilian Lee, head of group legal compliance department
KEY POINTS: Shanghai RAAS, a member of Haier’s One Health Ecosystem, acquired 100% stakes in Nanyue Biopharming for RMB4.2 billion (USD590.9 million) in an all-cash transaction. The acquisition includes a good manufacturing practice (GMP) certified manufacturing facility and nine plasma collection stations. Nanyue Biopharming is the only blood product manufacturer in Hunan province with GMP accreditation. The deal substantially enhanced RAAS’s production scale and competitive position in the sector.
The transaction was characterised by its substantial value, complex structure and demanding timeline. Xu Jun, the vice chairman and general manager at RAAS, commends the legal and compliance department for “addressing both compliance and commercial objectives from a broader, more holistic perspective”, noting that the team “exemplified the strategic value of integrating legal expertise with business acumen”.
WINNER REMARKS: RAAS is a manufacturer of blood products established in 1988 and listed on the Shenzhen Stock Exchange in 2008. It is a leading enterprise in the domestic blood products industry with a highly comprehensive utilisation rate of plasma, complete product portfolio and wide variety, and superior quality. It has six blood-products production bases and 53 single plasma collection stations in China. Its main products include three categories: albumin, immunoglobulin and coagulation factors, with a total of 12 varieties. The products have been registered in many countries.
Under the leadership of Li Jiangli, the head of the legal and compliance department of RAAS, the team adheres to the principle of integrating law and business to create value. With systematic thinking and innovative measures, it bases its foundation on risk prevention and control, and orients its work towards business empowerment, providing comprehensive legal support for RAAS’s compliance management, investment and M&A, corporate governance, business support, contract management and dispute resolution. In the past two years, it has assisted the company in completing multiple investment and M&A projects, built and optimised RAAS’s compliance system, and achieved outstanding results in several dispute resolution cases, providing strong support for the company’s continued high-quality development.
TEAM LEADER: Leslie Zhang, vice president and chief legal officer
KEY POINTS: United Energy Group (UEG) acquired Apex, a major independent oil and gas producer in Egypt’s Western Desert, in a USD200 million transaction financed through syndicated loans, trade financing and reserve-based lending.
The deal ranked among the most significant cross-border oil and gas acquisitions by a Chinese energy enterprise in the Middle East and North Africa region in recent years. It expanded China’s resource footprint in Belt and Road Initiative countries, and held strategic importance for safeguarding China’s energy supply security and enhancing Chinese companies’ influence in global energy markets. Following the acquisition, UEG became one of Egypt’s leading independent oil and gas producers.
“The team executed a complex cross-border acquisition and financing arrangement within an extremely tight timeframe, demonstrating the company’s professional capabilities in global energy investment,” says UEG chair Song Yu.
LEGAL TEAM: Legal and compliance team of Zhejiang International Business Group and Zhejiang Orient
TEAM LEADER: Tong Yinfu, general manager of the audit department (legal and compliance department, comprehensive supervision department)
KEY POINTS: Zhejiang Orient entered into an agreement with its controlling shareholder, Zhejiang International Business Group, to acquire up to 6.76% of shares in Hangzhou United Bank. As of 30 August 2025, Zhejiang Orient completed the acquisition of a 3.94% stake.
As a non-listed joint-stock company, Hangzhou United Bank’s share transfers differ from standardised secondary market transactions, requiring a tailored solution for each transaction based on the specific counterparty and shares involved. Throughout the process, the acquirers’ legal and compliance team played a critical role, leveraging professional expertise and innovative thinking.
The transaction supported Zhejiang Orient’s strategy to become a licensed financial holding company, promoted the development of a more integrated financial services ecosystem and enhanced synergies among financial resources.
LEGAL TEAM: Compliance and legal department at Baheal Pharma Group
TEAM LEADER: Li Shilei, director
KEY POINTS: Chinese healthcare firm Baheal Pharma Group completed a USD70 million equity investment in ZAP Medical System, a Silicon Valley-based radiosurgery robotics company, in 2023. The transaction involved multiple pathways, including direct domestic investment, overseas convertible bonds and private fund investment, spanning multiple jurisdictions such as China, the US and the Cayman Islands. The project was completed efficiently within six months, encompassing legal due diligence, transaction structure design, document signing, overseas direct investment (ODI) filing and equity settlement, marking Baheal Pharma’s official entry into the field of precision radiotherapy.
During the process, the legal team innovatively engaged different law firms for different stages. This approach managed risks while advancing both the investment and commercial co-operation, meeting the complex challenges of multiple jurisdictions and structures. It not only saved nearly RMB1 million (USD140,592) in legal fees but also concluded transaction document negotiations within 15 days and secured all ODI filings within one month.
Li Zhen, the director and vice president of Baheal Pharma Group, says that Li Shilei “efficiently oversaw the completion of legal due diligence, transaction negotiations and ODI filings” and “saved the company millions in investment costs, making a significant and outstanding contribution to the smooth and timely settlement of this project”.
LEGAL TEAM: Legal and compliance department at Beijing Science and Technology Innovation
TEAM LEADER: Tu Tong, head of legal and compliance
KEY POINTS: Beijing Science and Technology Innovation, an investment branch under CICC Capital, manages the Beijing Science and Technology Innovation Fund(BSTIF), the nation’s first government-guided fund-of-funds focused on hard tech. In December 2024, the fund introduced an S-share investment from China Life Asset Management’s RMB5 billion (USD703 million) equity investment plan. Using an index-like investment strategy to target the hard tech sector, it provides long-term capital support for early-stage technology innovation companies.
The project innovatively employed an S-share structure, which met the insurance capital’s requirements for risk control and stable returns while indirectly achieving the goal of “investment in early-stage, small and hard-tech companies” through the fund-of-funds, successfully bridging insurance capital and venture investment.
Wang Miaomiao, the executive general manager of Beijing Science and Technology Innovation, says that through continuous efforts, the project teams of two companies “jointly explored a co-operation model that not only meets regulatory requirements such as capital adequacy and investment return risk control but also aligns with the characteristics of insurance capital as patient, long-term capital being directed towards dispersed, early-stage and small hard-tech companies”. She says this collaboration represents an innovative breakthrough nationally, being the first to realise insurance capital supporting a government-guided fund.
Cai Xiliang, the chairman of China Life, has also publicly commended this project, saying it “provides a new path to solve the challenges of fundraising and exit in the equity market”.
KEY POINTS: CBC Group, an investment firm focused on the healthcare sector, in co-operation with E-Town Bio, a state-owned biopharmaceutical company within the Beijing Economic-Technological Development Area (BDA), formally established the Beijing E-Town CBC Industrial Investment Fund on 31 March 2025. With a total size of about RMB7 billion (USD984.1 million), it is currently the largest specialised healthcare M&A fund in China. The project focuses on bringing in mature products while fostering small and mid-sized innovators to attract high-quality biopharmaceutical projects and support the BDA in developing a global hub for smart drug manufacturing.
The fund operates on a “hold controlling stakes + active management” model, focusing on M&A integration within the healthcare industry to channel high-quality, derisked project resources into the region. This effectively drives industrial chain refinement and upgrading, significantly enhancing the BDA’s global competitiveness in biopharmaceuticals.
Zhang Bo, the managing director of CBC Group, says that Ma Jianming “fully demonstrated exceptional legal expertise and strategic thinking” in the project, overseeing legal structure design, contract negotiations, and risk control to “ensure the high-quality establishment of the fund within a tight timeframe”. He praises Ma for being “skilled at balancing commercial objectives with compliance requirements in complex transactions”, providing high-level legal assurance for all parties involved and earning widespread trust and recognition.
LEGAL TEAM: Legal and compliance department at Cigna & CMB Asset Management
TEAM LEADER: Mi Sen, head of department
KEY POINTS: Cigna & CMB Asset Management, a professional insurance asset manager under China Merchants Bank, completed an investment in Hutchmed, a commercial-stage biopharmaceutical company, in April 2025 via an “equity investment plan + private equity fund” model, totalling RMB450 million (USD63.3 million). This investment specifically supports the inheritance, innovative R&D and internationalisation of its traditional Chinese medicine (TCM).
The legal team overcame challenges, including multi-party term negotiations, regulatory compliance and technology finance due diligence, to shepherd this complex transaction. As the industry’s first equity plan focused specifically on the modernisation and internationalisation of TCM, the project innovatively adopted a model linking insurance capital with industrial M&A, creating a synergistic effect between the primary and secondary markets. It precisely empowers the R&D of Hutchmed’s core products, paving a new path for insurance capital to serve the real economy.
Liu Xiaoxiao, Cigna & CMB’s deputy general manager, chief risk management officer, head of compliance and board secretary, says that the “insurance capital + industrial M&A” linkage model pioneered by this project offers a replicable blueprint for long-term investment in the insurance capital sector – ultimately creating a win-win outcome for both capital deployment and industrial upgrading.
LEGAL TEAM: Legal and compliance department at EnjoyGo Technology
TEAM LEADER: Cai Chenlin, general counsel
KEY POINTS: EnjoyGo Technology, the ride-hailing platform under SAIC Motor, has secured cumulative financing exceeding RMB2.6 billion (USD365.5 million) across three rounds – A, B and C – since 2020. The series C round completed in 2025 alone raised more than RMB1.3 billion, setting the highest single fundraising record in China’s mobility industry in the past three years. The effort attracted backing from a diverse range of sources, including SAIC Motor, industrial funds and local government.
The three financing rounds introduced strategic investors such as Alibaba, CATL, Momenta, AutoNavi and industrial capital, successfully building a complete ecosystem spanning from data capabilities and travel safety to autonomous driving technology. Against cautious market conditions, the team identified investor priorities and refined the financing approach, building a foundation for the commercial rollout of Robotaxi services.
Xu Yiqun, SAIC Motor’s director of the mobility division, who is stationed at EnjoyGo, says the company’s legal and compliance department “demonstrated strong initiative” by participating deeply across all three funding rounds. He says the team was able to “adapt tactics flexibly and advance the financing process” in line with the specific expectations of different investors, and praises them for “embodying a professionalism that keeps pace with industry developments” – a contribution he describes as instrumental to the company’s fundraising success.
LEGAL TEAM: Risk control and compliance department at FAW Equity Investment (Tianjin)
TEAM LEADER: Gao Feng, director of audit, risk management and legal affairs
KEY POINTS: FAW Equity Investment (Tianjin), the investment management platform of FAW Group, successfully divested its 60% stake in Wuxi Sawane Spring Co through a standardised exchange-based transaction, marking a smooth exit for FAW from the Sino-foreign joint venture.
Throughout the process, the project aligned employee resettlement arrangements with the equity transfer. By having the restructured company bear the resettlement costs, the arrangement resolved funding challenges, safeguarded employee rights and balanced the interests of all parties in a lawful and compliant manner.
At the same time, the legal team leveraged their expertise and strategic approach to ease the foreign shareholder’s concerns, securing their co-operation to amend the business term, assume resettlement expenses and revise the articles of association. This addressed legacy issues, such as the absence of a board of shareholders at Wuxi Sawane Spring before the old Foreign Investment Law expired, clearing the way for the transaction.
LEGAL TEAM: Risk control and compliance department at FAW Equity Investment (Tianjin)
TEAM LEADER: Gao Feng, director of audit, risk management and legal affairs
KEY POINTS: FAW Equity Investment (Tianjin), the investment management platform under FAW Group, acted as a core strategic investor, completing an equity investment in Pony.ai and assisting it throughout its successful listing on the Nasdaq. This achieved a strategic deployment and value multiplication of state-owned capital in the autonomous driving sector.
The project set a precedent as the first investment by a state-owned automobile manufacturer in a technology company. Through an innovative model of “joint R&D + vehicle manufacturing + operational deployment”, it applied the autonomous driving system to FAW products such as the Hongqi electric vehicle.
The legal team successfully navigated compliance challenges of a multi-layered cross-border equity structure, establishing a compliant paradigm for state capital participation in the capitalisation of variable interest entity-structured companies. They completed due diligence, negotiated agreements and closed the deal within a tight timeframe, ensuring the investment was finalised in parallel with Pony.ai’s series C financing. This laid a solid foundation for future technology integration and commercial deployment.
LEGAL TEAM: Legal department at Harvest Investments Management
TEAM LEADER: Cao Shipeng, legal counsel
KEY POINTS: Harvest Investment Management, a cross-border asset management investment firm, recently successfully executed an acquisition with debt assumption of a domestic renminbi fund share. This was achieved by establishing a US-dollar fund in the Cayman Islands and leveraging a qualified foreign limited partner (QFLP) structure. The move not only created an exit path for existing investors but also efficiently unlocked stranded assets, completing a full cycle for cross-border capital operations.
The project pioneered a two-tier structure – Cayman USD fund + domestic QFLP – and introduced an innovative debt-assumption model, seamlessly bridging offshore US-dollar capital with onshore targets. This approach resolved persistent liquidity constraints for renminbi funds, all within a strict compliance framework, setting a replicable benchmark for cross-border investment and asset resolution in the industry.
Liang Shan, the company’s operations head, particularly emphasises that the innovative structure from Cao Shipeng’s team “solved the long-standing liquidity difficulties faced by our company and its investors”, praising the project’s outcome for “not only bringing direct economic benefits to the company but also promoting innovation in the mechanisms of cross-border capital flow”.
WINNER REMARKS: The legal department of Harvest Investment is a core support unit for the company’s compliant operations and strategic implementation, focusing on fund establishment, cross-border investment, fund management and asset integration to provide end-to-end legal protection. The team consists of professionals with both domestic and international legal qualifications and more than five years of experience, proficient in offshore jurisdiction rules as well as Chinese regulations on foreign investment, QFLP (qualified foreign limited partner) and fund supervision. Operationally, the department leads fund structure design, major transaction design and negotiation, portfolio company management and risk disposal, ensuring the compliant and effective operation of managed funds throughout the entire fundraising, investment, management and exit process.
LEGAL TEAM: Risk management and compliance department at Sinopec Capital
TEAM LEADER: He Yinsheng, managing director of the risk management and compliance department
KEY POINTS: Sinopec Capital, the dedicated investment arm of Sinopec Group, took part as a member of the investor consortium that completed the privatisation of Nasdaq-listed Chinese company HollySys Automation Technologies in September 2024. The deal valued the acquisition at about RMB11.8 billion (USD1.66 billion), with Sinopec Capital contributing an investment of USD40 million.
HollySys is a leader in China’s industrial automation field, whose independently developed distributed control system broke longstanding foreign technological monopolies. After intense competition from several bidders, the three-year acquisition process concluded at USD26.5 per share, making it a landmark case in 2024 for the return of Chinese companies listed overseas in capital markets. The transaction also advances Sinopec Group’s strategic push towards greater technological self-reliance and control in industrial automation.
Jiang Zheng, the head of risk control at Sinopec Capital, notably commends the risk and legal team for having “leveraged their solid professional capabilities and rapid response capacity” to efficiently complete risk assessment and transaction agreement negotiations. This, he says, “not only provided strong support for the front-office investment team to advance the transaction but also offered valuable reference for the company’s major decision-making”.
KEY POINTS: Beijing XSKY, a technology company specialising in the R&D and delivery of software-defined storage (SDS) systems, successfully closed a series E equity financing round worth RMB710 million (USD99.8 million) in September 2021. The round was led by Boyu Capital, with follow-on participation from several renowned institutions, including Legend Capital and CICC Alpha. It set a record as the largest single fundraising round in China’s SDS sector at the time.
Executed alongside this financing, the company also completed an intricate equity restructuring, dismantling its variable interest entity architecture and onshoring the corporate structure into mainland China, all within a three-month timeframe. The process involved multiple stages, including cross-border capital movements and overseas direct investment procedures. The investor base comprised state-owned capital, industrial investors and market-driven funds, reflecting broad market confidence in XSKY’s technical capabilities and growth trajectory.
Xu Xin, the company’s chairman, says this financing round “laid the cornerstone for the company’s subsequent business development and capitalisation operations”.
LEGAL TEAM: Legal and compliance department of Aeon Insurance Asset Management
TEAM LEADER: Pan Rongjuan, head of legal and compliance department
KEY POINTS: In 2022, three real estate projects managed by Aeon Insurance Asset Management went into complete default, with RMB4.2 billion (USD590 million) in principal unpaid and total overdue principal, interest and penalties reaching RMB5.3 billion. With no physical collateral and unsecured creditor claims, the legal and compliance team took charge of recovery efforts since 2023.
The team implemented a multi-pronged strategy of pre-litigation credit enhancement, applying pressure during litigation, and negotiation through legal leverage. By year-end, commitments had been secured from core debtors to increase guarantees and pledge high-quality assets. The following year, targeted litigation enabled the freezing of key assets, leading to a debt-for-asset restructuring that resolved the risk in full. Through lawsuits totalling only RMB700 million, the team unlocked a RMB5.3 billion restructuring and saved about RMB23 million in legal expenses.
Deputy general manager Xie Hui described the recovery as “a landmark battle in the company’s history of distressed asset resolution”. She praises the legal and compliance team for “turning the impossible into a textbook case”, and proving that the team functions “not only as a risk firewall but as a true engine of value creation”.
LEGAL TEAM: Power legal, Du-Power (Suzhou) New Energy Technology
TEAM LEADER: Zou Pan, legal vice president
KEY POINTS: In 2020, Du-Power (Suzhou) New Energy Technology formed a strategic partnership with Volkswagen (China) Investment to create a joint venture with a 50:50 shareholding structure ̶ the first instance of Volkswagen establishing an equal-equity joint venture with a private Chinese company.
Du-Power’s legal team employed a hybrid equity-and-debt model, ensuring equal board representation for both shareholders and breaking new ground in IP ownership and usage arrangements. Their efforts also facilitated certification for Du-Power’s technology exports to a Fortune 500 multinational. The entire transaction was completed in just under eight months, with efficient online collaboration keeping costs under control during the pandemic.
Deputy general manager Zhou Yan praises Zou Pan’s pivotal role, noting her “precision in drafting legal terms, rigor in business negotiations, and sharp risk awareness in internal deliberations”. She adds that Zou’s expertise “was instrumental to the joint venture’s successful launch”, highlighting both her professionalism and business acumen.
WINNER REMARKS: The company is a domestic leader and pioneer in integrated equipment solutions that combine energy storage with charging. This product solution proactively integrates grid-friendly, flexible distribution and high-power charging capabilities, providing an excellent solution for overseas markets with weak power grid infrastructure that still need to develop electric vehicles. It is conducive to achieving global carbon emission reduction goals and the diversified use of clean energy. The legal team provides comprehensive legal protection for the overseas expansion of products, offering efficient and professional domestic and international support by combining the regulatory requirements of various regions and countries with local commercial needs.
TEAM LEADER: Wei Hua, vice president and general counsel, Asia-Pacific
KEY POINTS: In October 2024, Honeywell (China) launched a plan to spin off its advanced materials division, valued at more than USD10 billion, with the goal of completing an independent listing between late 2025 and early 2026. The separation covered more than 30 legal entities across over 10 countries and regions in the Asia-Pacific portfolio.
The legal team designed differentiated strategies, including a legal separation in China and a reverse spin-off structure in Japan to ensure business continuity while optimising costs. Within tight timelines, the team completed cross-regional equity restructuring, asset transfers, and new entity registrations.
Yu Feng, president of Honeywell China, commended the Asia-Pacific legal team for its “strong sense of responsibility and professionalism”, highlighting its ability to “lead effectively while managing details with precision”. He says the team was a decisive force in the project’s success.
LEGAL TEAM: Legal department of Huayi Brothers Media
TEAM LEADER: Li Jingjue, general counsel
KEY POINTS: A combination of pandemic and slowdown in China’s real estate market brought for Huayi Brothers Movie World in Suzhou a debt crisis exceeding RMB2.5 billion (USD350 million). Acting on behalf of the controlling shareholder, the legal team explored multiple restructuring paths including financial leasing, equity sales and pre-reorganisation plans, and ultimately secured court approval for the restructuring in January 2025.
At the movie world’s inception, assets from the theme park and surrounding real estates were not clearly separated, which came back to haunt the restructuring in areas such as debt valuation, asset appraisal, sales, and tax estimation. The legal team proposed a restructuring plan that aimed to protect the interests of original IP rights holders while preserving the park’s market competitiveness. The entire process, from court acceptance to approval, was completed within 12 months.
Hu Junyi, vice president of Huayi Group, praises the legal department for providing “highly professional and commercially grounded legal solutions that maximised the company’s interests”, noting the team’s expertise in intellectual property and corporate law.
WINNER REMARKS: The legal department of Huayi Brothers Media is renowned for its comprehensive legal services covering the entire film and television project lifecycles. It has innovatively established an “Early-Stage Risk Assessment System for Film and Television Projects”, providing multi-dimensional and precise support for major projects and effectively mitigating legal risks in core business operations. Simultaneously, the department has proactively optimised internal control mechanisms to robustly address evolving regulatory requirements, while leading and deeply engaging in multiple complex, high-stakes litigations to successfully safeguard the company’s critical interests.
Operating in close alignment with corporate strategy, the legal department has consistently provided professional operational support, forward-looking risk management, and efficient cross-functional collaboration, offering robust protection for the company’s principal businesses and making outstanding contributions to navigating the enterprise through challenges.
LEGAL TEAM: Legal & compliance team (Asia-Pacific North) of SIG Group
TEAM LEADER: Kenneth Zhou, head of legal & compliance, Asia-Pacific North
KEY POINTS: Multinational packaging solutions provider SIG Group’s Asia-Pacific North legal team led the integration of legal policies and contract templates following acquisitions on the Chinese mainland, in Taiwan and South Korea, while managing the complex cross-provincial relocation of the Shanghai plant workforce.
Amid economic challenges, the team successfully navigated sensitive labour issues including work-related injuries, occupational diseases and labour dispatching, achieving mutual separation agreements with more than 99% of employees. Beyond traditional legal support, the team spearheaded the land sale project, which included selecting buyers, designing transaction structures, and negotiating agreements.
Angela Lu, president & general manager Asia-Pacific, commended the team for their immense support throughout the chilled factory migration and land sales, consistently providing “thorough assessment and recommendations in a very timely manner”.
WINNER REMARKS: Founded in 1853, SIG is listed on the SIX Swiss Exchange with its headquarters in Switzerland. SIG is a leading solutions provider of packaging for better – better for our customers, for consumers, and for the world.
SIG Group’s legal and compliance team for Asia-Pacific North Region supports all legal and compliance matters in the Chinese mainland, Taiwan, Hong Kong, South Korea and Mongolia. Under the leadership of Kenneth Zhou, head of legal and compliance, the team of lawyers all have more than 10 years of legal and compliance experience with expertise in antitrust, competition law, data privacy, personal information protection, contract management, corporate governance, intellectual property protection, overseas M&A, and anti-fraud and investigation. SIG is committed to creating perfect packaging for global customers and consumers, and its legal and compliance teams strive to become a model for the industry’s elite legal and compliance teams.
LEGAL TEAM: Department of legal compliance & risk management, China Three Gorges Finance
TEAM LEADER: Kang Shuai, leader of legal team
KEY POINTS: Aligning with the Measures for the Administration of Finance Companies of Enterprise Groups issued by the China Banking and Insurance Regulatory Commission in 2022, China Three Gorges Finance proactively launched a cleanup of non-compliant financial assets, including equity investments and trust beneficiary rights totalling about RMB1.4 billion (USD200 million).
Facing complex oversight from multiple regulators including the National Financial Regulatory Administration, the State-owned Assets Supervision and Administration Commission, and the China Securities Regulatory Commission, the legal team swiftly managed counterpart selection, asset valuation, and cross-market transfers. All disposals were completed one year ahead of schedule. Through careful negotiation, the team also secured RMB14 million in additional transition-period income for the company.
Chair Liu Zhongqing commends the project members for driving the initiative “with a strong sense of responsibility and efficiency across their respective roles”, and specifically praises Kang Shuai of the legal team for exceptional performance in “practical legal expertise, theoretical knowledge, and adaptive negotiation skills”.
LEGAL TEAM: Legal department of United Energy Group
TEAM LEADER: Leslie Zhang, vice president and chief legal officer
KEY POINTS: United Energy Group’s multibillion-US-dollar oil and gas project in Uzbekistan represents one of China’s largest energy investments in the country, covering exploration, development and the construction of supporting infrastructure across multiple blocks.
Given the involvement of diverse stakeholders ranging from the local government and state-owned petroleum companies to labour unions and international partners, the legal team integrated Uzbekistan’s domestic law with international energy contract standards to establish a comprehensive contractual framework encompassing production enhancement agreements, gas sales contracts, and related documents.
By incorporating tax stabilisation provisions and joint negotiation mechanisms, the team is expected to save massive project costs while mitigating tax, foreign exchange, and other regulatory risks.
Chair Song Yu praises the legal team for its “professional and efficient work that saved time, reduced costs and maximised investment value”, adding that the project “strengthens the company’s strategic position in Belt and Road energy co-operation and offers a valuable reference for the industry”.
TEAM LEADER: Jasmine Chen, legal director (China, India, Mongolia)
KEY POINTS: The ESCO division of Weir Group, a global leader in industrial equipment manufacturing, completed a USD47 million capital increase for its operations in Xuzhou, Jiangsu province. A new factory, twice the size of the original site, was completed ahead of schedule in March 2024, and certified as a National Green Factory, becoming one of Xuzhou’s key foreign investment projects.
With new plant construction and old site relocation proceeding simultaneously, the legal team participated throughout government negotiations, investment agreements, and supplier management processes. By conducting proactive risk assessments, the team developed contingency plans before negotiations and helped project managers avoid multiple legal risks during construction. They also facilitated the replacement of several underperforming suppliers and intermediaries.
Zhao Guangkuo, general manager of operations at ESCO China, commends Jasmine Chen and her team for “demonstrating a high level of professionalism and responsibility”, noting that they “supported and guided the business departments with perseverance, diligence, and expertise”.
WINNER REMARKS: Founded in 1871, the Weir Group is a world-leading industrial group listed on the London Stock Exchange since 1947. Its Chinese legal team is an integral part of Weir Group’s legal department especially in the APAC region. All team members have more than 10 years of experience in legal and compliance matters with expertise in data privacy, contract management, labour law, corporate governance, IP protection, dispute resolution, acquisitions and restructuring and construction projects. The team’s responsibilities cover various legal matters related to the group’s business in China. It has been consistently providing strategic and professional legal advice to support compliance and sustainable development of the business. Its team leader, Jasmine Chen, in her capacity as legal director, is also responsible for legal matters in other Asian countries.
The firm is dedicated to providing sufficient and sustainable solutions for customers in the mining and infrastructure sectors. The legal team, in pursuit of this vision, has also been dedicated to developing into an elite in-house legal team.
KEY POINTS: Audi China launched its nationwide charging station initiative at the end of 2022. By December 2024, the network had expanded to 31 cities, comprising 234 stations and more than 580 individual charging points. The legal department was involved throughout the process, from early-stage consultation and contractual structuring to licensing and compliance assessment, ensuring the project met China’s regulatory and policy requirements.
The project required multiple administrative approvals and supplier certifications, with differing local policies across cities. The legal team provided forward-looking risk analysis on key issues such as land use and power connections, securing a sound legal foundation for the network’s efficient rollout.
Miriam Mayer-Ebert, the executive vice president of operations and transformation management at Audi China, says the project’s success “owed much to the legal team’s expertise and strategic vision”, adding that their contribution “turned professional capability into business value and positioned them as an essential force in the company’s strategic transformation”.
TEAM LEADER: Chen Yan, vice president, chief compliance officer and general counsel
KEY POINTS: In November 2023, the legal team of Ke Holdings, which operates an integrated platform for housing transactions, collaborated with the China Consumer magazine and the consumer mediation committee of the China National Interior Decoration Association to release a Consumer Risk‑Prevention Report on the Home Renovation Industry.
Based on a public‑interest review of standard contract terms used in home renovation, the report identified 10 common risk areas in consumer transactions. In particular, the legal team highlighted common lawsuit and contractual risks in the business.
Addressing key industry challenges such as information asymmetry, complex service chains and high costs of dispute resolution, the report was disseminated through both online and offline channels. Within six days of its release, it drew 200,000 online reads and 112,000 video views, with more than 300,000 printed copies distributed nationwide.
WINNER REMARKS: Beike (KE Holdings) is a leading digital service platform in China’s residential industry. Guided by its “one body, three wings” strategy, it has built a service ecosystem covering real estate brokerage, home renovation and furnishing, rental and new home sales. Committed to delivering professional, efficient and trustworthy services, Beike consistently helps users achieve better living experiences.
The company’s legal team closely aligns with business development goals and has established a legal compliance and risk-control network that covers the entire business process. Focusing on the actual needs of the business, it provides multi-dimensional legal services such as support for new business format, dispute resolution, compliance system development, IP management and data privacy protection. The team adheres to its corporate value of “customer first” and has developed an innovative range of legal products such as the Home Decoration Industry Consumer Pitfall-Avoidance Report, offering useful references for home decoration consumption decisions and driving the industry towards a standardised and healthy development.
LEGAL TEAM: Legal compliance department of CMB Wealth Management
TEAM LEADER: Zeng Xueqi, general manager of legal compliance
KEY POINTS: In September 2021, CMB Wealth Management was selected by the China Banking and Insurance Regulatory Commission as one of the first institutions to pilot pension wealth management products. Working under tight deadlines, the legal team completed all preparatory work within a month, enabling the successful launch of a five-year closed-end pension product in December.
With few precedents to draw on, the team introduced innovative design elements such as yield‑smoothing mechanisms and early‑redemption arrangements, while also leading the drafting of industry sales control standards at the regulator’s request. During the pilot phase, CMB Wealth Management issued five products, raising a total of RMB26.6 billion (USD3.7 billion), ranking first in the sector.
Chief product manager Zheng Fuxiang commended the legal team for its proactive work across product design, issuance, compliance management, performance evaluation and investor protection, noting that the team’s approach “embodied innovation, advancement and regulatory integrity”, and provided valuable financial experience in addressing the challenges of an ageing population.
LEGAL TEAM: Policy research team of the Sina Group legal department
TEAM LEADER: Gu Haiyan, general manager of the legal department
KEY POINTS: The rapid rise of generative AI has brought both excitement and uncertainty, particularly for law students witnessing a fundamental shift in entry-level legal work. Recognising this challenge, Sina Group’s legal policy research team launched a structured career development initiative for graduating students from China’s leading law schools.
The project analysed the transformative potential of AI in areas such as legal document processing and compliance assessment, while forecasting changes in the broader legal services ecosystem. Studies have shown that while AI may displace some routine documentation roles, it will also create new opportunities in data analytics and AI compliance management, fostering deeper collaboration between legal professionals and tech companies. The findings provided students with a forward‑looking roadmap for career planning in a rapidly evolving digital environment.
WINNER REMARKS: The Sina Group policy research team is dedicated to conducting research on laws and policies in the domestic and international internet sectors. It analyses and studies various legal and policy issues closely related to the group’s business operations, providing research reports and regular updates. It also offers information and recommendations to support the group’s participation in legislative and policy discussions, as well as in the formulation and deliberation of industry standards. In line with the group’s business needs, the team engages in various major projects, providing support and advice from the perspective of legal and policy research. It has established university–enterprise collaborations with several academic institutions, actively participating in employment guidance programmes for students and contributing to their development.
LEGAL TEAM: Legal and compliance department of WeBank
TEAM LEADER: Zhu Xingdong, head of legal
KEY POINTS: WeBank, China’s first privately owned internet bank, established its wholly owned Hong Kong subsidiary, WeBank Technology Services, in June 2024 with registered capital of USD150 million. It became the first private bank in China to receive approval to set up a technology subsidiary, marking a new stage in the export of Chinese fintech capabilities abroad.
To ensure compliance in cross-border data transfer and technology export, the legal team developed an innovative compliance framework covering key areas such as privacy computing and blockchain-based digital identity. The team also built its own federated-learning platform, FATE, to meet rigorous data-protection standards under the EU’s General Data Protection Regulation. In parallel, it designed mechanisms to balance open-source collaboration with commercial confidentiality, aligning technology deployment with intellectual property protection.
Following its establishment, the subsidiary joined the Hong Kong Monetary Authority’s wholesale central bank digital currency project. Its business has since extended to 15 countries, serving more than 80 financial institutions worldwide.
WINNER REMARKS: WeBank’s in-house legal team is an efficient, professional and capable team responsible for legal affairs, related party transactions, IP and litigation. It strives to promote the development of the banking business, providing legal support for major strategic projects and key business areas. The team disseminates and implements laws, regulations and regulatory provisions for financial products and services. It also ensures robust IP protection for the bank’s development, manages trademarks comprehensively and effectively, and supports the bank’s steady progress.
LEGAL TEAM: Legal and compliance department of Zhonghai Trust
TEAM LEADER: Li Yu, general manager of the legal and compliance department
KEY POINTS: Aligning with China’s national strategy of the “carbon peak 2030, carbon neutrality 2060” strategy, Zhonghai Trust launched the first carbon‑neutral trust in the country to use China Certified Emission Reduction (CCER) credits as its underlying assets. With an initial scale of RMB30 million (USD4.2 million), the trust channels raised funds directly into green and environmental industries through an innovative property rights trust structure.
The project represented a breakthrough in the selection of trust assets and transaction design, successfully integrating carbon assets into the trust framework. It enabled asset holders to unlock the value of their CCERs ahead of maturity, while introducing a profit-sharing mechanism to distribute gains from future carbon-asset appreciation. As a pioneering initiative preceding the launch of China’s national carbon-emissions trading market, the trust created a new model for financial institutions to participate in carbon-asset management.
Gao Jianhui, the president, says the project “laid the groundwork for Zhonghai Trust’s development of green financial services” and praised the legal team for “playing a pivotal role throughout its execution”.
KEY POINTS: Working closely with the technology, business and compliance units, Audi China’s legal team designed a cross-border data transfer framework aligned with the company’s operational needs. The system governs the entire data lifecycle – from collection and storage to transmission, usage and destruction – ensuring each stage meets regulatory and internal control requirements.
The legal department also collaborated with business teams on data classification and tiered management standards, defining sensitivity levels, processing protocols and access permissions.
Miriam Mayer-Ebert, the executive vice president for transformation and operations at Audi China, says the framework “integrates multi-jurisdictional data and AI compliance requirements”, significantly reducing the company’s export control risk and demonstrating “the legal team’s foresight and execution capability in a complex regulatory environment”.
LEGAL TEAM: Legal department of CNPC International (Chad)
TEAM LEADER: Xin Mingkui, acting legal manager
KEY POINTS: CNPC Chad’s legal department led the establishment of the company’s compliance management system, conducting due diligence across multiple departments including senior management, finance, human resources and procurement. The assessments identified legal, regulatory and operational risks associated with the company’s activities in Chad, strengthening its ability to manage uncertainty within the host country’s evolving legal, policy and market environment.
The department also oversaw the company’s successful certification under the GB/T 357702022 and ISO 37301:2021 compliance management standards. The certification covers key compliance processes across oil exploration, development, production and transportation.
Chief financial officer Zhao Xiwu describes the initiative as “a major step forward in CNPC Chad’s overseas compliance management”. He says the project not only enhanced the company’s operational capability and reputation in Chad and international markets, but also “set a new benchmark for Chinese enterprises pursuing sustainable and globally aligned compliance practices in the natural resources sector”.
WINNER REMARKS: The legal department of CNPC International (Chad) comprises three Chinese and one Chadian. The team, led by acting manager Xin Mingkui, provides comprehensive legal and compliance support for CNPC’s oil and gas operations in Chad.
The team spearheaded the company’s compliance management system project, achieving ISO 37301:2021 certification—the first among CNPC’s overseas entities. By integrating international standards with local regulatory requirements, it built a business-embedded compliance mechanism, dynamic risk monitoring, and cross-functional collaboration frameworks. This initiative has significantly strengthened the company’s compliance resilience in a complex operating environment and set a benchmark for sustainable and systematic compliance management for Chinese enterprises in Africa’s energy sector.
LEGAL TEAM: Legal and compliance module of Desay SV
TEAM LEADER: Lin Xianwei, senior director of legal and compliance
KEY POINTS: During the past year, leading mobility technology provider Desay SV built a comprehensive global data protection compliance system from the ground up and achieved certification under the ISO 37301 compliance management standard.
The framework integrates data protection, cybersecurity and project management processes to meet multi-jurisdictional regulatory requirements, including the EU General Data Protection Regulation and China’s Personal Information Protection Law.
Executive vice president Chen Li says that compliance serves as “the cornerstone of the company’s high-quality growth and a core driver of its ongoing globalisation”. She adds that it will enable the company to demonstrate stronger adaptability and innovative capacity in an increasingly complex global market.
WINNER REMARKS: Desay SV’s legal and compliance module is central to its compliance operations. It has helped the company gain ISO 37301 certification, prioritising IP work, and building a protection system covering compliance, legal affairs and IP. With a focus on compliance, the module tracks global export controls/sanctions to provide informed advice, manages the review of foreign-related contracts and litigation to support overseas business, and participates in legal due diligence and IP risk control for overseas M&A. Using a team model, it holds brainstorming sessions for key issues and runs rotation programmes to enhance capabilities, ensuring global compliance and supporting the company’s globalisation strategy.
LEGAL TEAM: Legal and compliance module of Desay SV
TEAM LEADER: Lin Xianwei, senior director of legal and compliance
KEY POINTS: In January 2025, the US Department of Commerce’s Bureau of Industry and Security issued its final rule on connected vehicles, addressing national security risks arising from information and communications technology and services (ICTS).
Against the backdrop of intensifying Sino-US technological competition, the regulation carries significant implications for Chinese carmakers and supply chains. It stipulates that certain software and hardware, such as level 3 and above advanced driver-assistance systems, require government authorisation before entering the US market.
In response, Desay SV’s legal team worked swiftly with external counsel, co-ordinating efforts across more than 1,000 internal and external participants to design a compliance plan that met client requirements and aligned with international regulatory expectations.
LEGAL TEAM: Legal team at Foxconn Industrial Internet
TEAM LEADER: Xie Chenyang, vice president and chief legal officer
KEY POINTS: The legal team at Foxconn Industrial Internet (FII) created an AI-driven tool for Export Control Classification Number (ECCN) coding to address the growing complexity of global export control regimes. Integrating regulations from China, the US and the EU, the system supports real-time multilingual analysis in Chinese, English and Vietnamese, achieving a classification accuracy rate exceeding 98%, while cutting product licence application time from 15 to five working days.
Built on a dual-engine model combining AI and compliance management, the tool synchronises live data with regulators such as the US Bureau of Industry and Security. It also links compliance alerts with the company’s warehousing system, creating an end-to-end governance chain from classification to traceability. The initiative saves the company substantial annual labour costs and replaces a five-person specialised team. It also allows non-legal staff to independently perform compliance checks, extending accountability across the entire business chain.
Zhuang Ziyi, the head of procurement at FII’s Hanoi operations, commends the project for “using technology to empower compliance management, integrating multi-jurisdictional regulatory data with AI to build an intelligent, enterprise-wide compliance framework that significantly reduces export-control risk and showcases the legal team’s foresight and execution in a complex regulatory environment”.
LEGAL TEAM: Legal affairs and intellectual property, Genius Technology
TEAM LEADER: Leo Chen, chief legal officer
KEY POINTS: With increasing legislative efforts across the globe for child protection and online safety, Genius Technology, a provider of smart educational devices such as learning tablets and children’s smartwatches, built a comprehensive compliance system that affects product design.
The programme applies a “privacy by design” approach that balances parental oversight with children’s privacy rights. Addressing multi-jurisdictional compliance requirements across China, the EU and the US, the legal team embedded risk controls into every stage of hardware design, software development and third-party partnerships. This proactive approach mitigated legal and operational risks, preventing potential fines, product withdrawals and user losses.
The team began internal reviews six months before relevant legislation took effect, demonstrating strong foresight. Its cross-departmental collaboration model now ensures compliance across the entire product lifecycle and offers a replicable example for the broader children’s tech industry.
LEGAL TEAM: Ping An Haoyi legal and compliance team
TEAM LEADER: Zeng Ni, director of legal and compliance
KEY POINTS: To strengthen its compliance framework, Ping An Healthcare Diagnostics Centre’s legal and compliance team built from the ground up a company-wide internal self-inspection system. The initiative co-ordinated more than 30 departments to conduct semi-annual reviews across more than 300 risk points, covering all business, functional and operational processes.
The programme replaced fragmented self-checks with a unified structure that integrates departmental reviews under one framework. The team developed a “review-rectify-optimise” cycle, improving coverage, eliminating information gaps and enhancing management efficiency and risk control.
General manager Yang Xiaoyan describes the initiative as “a cornerstone for building compliance and advancing proactive risk management,” adding that it “demonstrates how internal self-inspections can add value and support the company’s long-term, resilient growth”.
WINNER REMARKS: The legal and compliance team at Ping An Healthcare Diagnostics Centre is dedicated to providing comprehensive legal and compliance support to ensure the company’s steady and sustainable growth. The team has successfully delivered several high-impact initiatives, overseeing legal compliance management, enterprise-wide risk control and all legal affairs. By building an internal-control self-inspection framework and realigning the organisational structure, it has achieved full-spectrum, pinpoint oversight of every business line, enabling the company to stay competitively compliant in an increasingly complex regulatory landscape.
These measures have markedly improved the company’s ability to anticipate risks and respond swiftly, averting potential losses. The structural adjustments are tightly aligned with corporate strategic objectives, furnishing a solid safeguard for rapid yet stable business expansion. The team’s professional expertise and innovative management practices have not only elevated the company’s compliance standards but also furnished the industry with a replicable benchmark.
KEY POINTS: In 2024, the Shanghai branch of Third Bridge, a global investment research firm, successfully completed regulatory filing for the Standard Contract for Cross-Border Transfer of Personal Information, becoming the first foreign-invested company in the expert network industry to do so in China.
Handling data involving hundreds of thousands of Chinese experts, the legal team adopted a novel combination of real-time data analysis and predictive modelling to manage the complex transfer process. Responding quickly to new regulatory requirements, they finalised the filing in under two months, setting a replicable compliance model for data-sensitive industries.
Emmanuel Tahar, the London-based CEO, praises the China team’s achievement, saying company leadership was “deeply impressed by their dedication and outstanding contribution to the group’s global compliance efforts”.
LEGAL TEAM: Legal group of the smartphone business department, Xiaomi Corporation
TEAM LEADER: Sun Xiaoyan, legal head of the smartphone business department
KEY POINTS: With Xiaomi advancing its “human, car, home” ecosystem strategy, the company faced growing compliance challenges from user data flowing across phones, tablets, wearables, vehicles and a vast range of IoT (Internet of Things) devices. To meet these challenges, the mobile business legal team created a cross-terminal data governance framework, addressing key industry issues such as functionality definition in multi-device environments, cross-platform user authentication, and application of the data minimisation principle.
By setting top-level data compliance strategies and standardising operating system permission controls, the team built a legally compliant mechanism for data circulation within Xiaomi’s smart ecosystem. The framework underpins compliance for the company’s smart home platform, which serves more than 100 million monthly active users.
Li Haijing, the head of legal and government affairs for the CIS (Commonwealth of Independent States) region at Xiaomi, praises the system for “driving industry standardisation through collaboration with leading enterprises” and calls it “a benchmark for innovation that brings technology and business into true alignment”.
KEY POINTS: In April 2024, Zhaopin successfully obtained dual certification under ISO 37301:2021 and GB/T 35770-2022, becoming one of the industry’s first to establish a compliance framework meeting both international and domestic standards.
The legal team led the creation of a complete compliance system, fostering a company-wide culture of compliance contribution. The certifications strengthened trust among clients and partners, gave Zhaopin a competitive edge in an intense market, and created a solid foundation for sustainable growth.
Chairman Guo Sheng notes that the programme “not only streamlined internal compliance processes but also deepened trust between employees and customers. Every staff member is expected to uphold compliance standards and ensure full legal adherence in recruitment services, user privacy protection and business partnerships.”
KEY POINTS: In April 2024, Baidu launched the “AI IP+” program, which has since implemented hundreds of patents in more than 100 scenarios, including industrial manufacturing and smart devices. These technologies have been deployed across more than 50 enterprises in 13 provinces and cities in China. In April 2025, the initiative was upgraded to version 2.0 to deepen its focus on industrial empowerment.
This project established a new model for connecting AI patents with industrial needs. By setting up intellectual property empowerment centres in locations such as Wuhan and Haidian, this project has achieved technology sharing and industrial collaboration. Unlike traditional IP operational models, the programme focuses on precise empowerment in specific application scenarios, creating a seamless pathway from technological innovation to industrial value conversion.
Baidu’s senior vice president and chairman of the data management committee, Liang Zhixiang, says: “This project tightly integrates AI technology with industrial applications, driving the implementation of hundreds of patents and benefiting numerous enterprises. It highlights the team’s exceptional execution capabilities and keen market insight.”
LEGAL TEAM: Legal and intellectual property department of Casio (China)
TEAM LEADER: Wang Wenping, general manager
KEY POINTS: Using big data monitoring, Casio (China) identified a network of Taobao stores selling counterfeit watches via a “no-stock drop-shipping” model. Its legal team led an investigation, gathered evidence and collaborated with Alibaba and Chongqing police to execute a cross-province operation. This effort dismantled three criminal hubs and seized 3,727 counterfeit watches.
The legal team developed an innovative rights protection model that combines data analysis, online tracking and co-ordinated criminal and civil enforcement. Through multidimensional data analysis, the team accurately identified the concealed counterfeit network. By leading a cross-agency collaboration mechanism, the team targeted the entire supply chain, including upstream suppliers, midstream distributors and downstream retailers. They also secured civil compensation alongside criminal prosecution, creating a replicable enforcement model.
Fumihito Nakamura, the leader of the IP legal and licensing department at Casio Computer, says: “With meticulous analysis of online data and support from Alibaba and Chongqing law enforcement, the project brought down a large counterfeit network. It helped to protect consumer rights, strengthen brand credibility and enhance the overall market landscape.”
LEGAL TEAM: Legal and intellectual property department of Casio (China)
TEAM LEADER: Wang Wenping, general manager
KEY POINTS: The GA-110 series has faced persistent infringement challenges. In response, Casio’s legal team adopted a multifaceted strategy, leveraging trademarks, patents and the Anti-Unfair Competition Law to safeguard the product. During the patent’s validity period, the team filed 40 infringement lawsuits, securing nearly RMB5 million (USD700,000) in compensation. After the patent expired, they transitioned to unfair competition lawsuits, with one case yielding damages of RMB3 million.
Before the design patent expired, the team proactively developed strategies to protect the product using the Anti-Unfair Competition Law, transitioning from patent protection to trade dress protection. By presenting extensive evidence, including long-term sales data and advertising investments, they overcame the challenge of proving the product’s “trade dress with market recognition” and established a sustainable and effective long-term enforcement mechanism.
The CEO of Casio Computer, Shin Takano, says: “This case represents a significant breakthrough in protecting the GA-110 series’ design and has made a notable contribution to enhancing brand value.”
LEGAL TEAM: Legal department of the Chinese Football Association’s Chinese Super League (CSL)
TEAM LEADER: Angela Su, head of legal
KEY POINTS: In response to the growing threats of piracy and copyright infringement across domestic and international markets, as well as the complexities of high-stakes commercial partnerships, the legal team launched a strategic project to protect event copyrights and drive their commercialisation.
The project involved an extensive number of copyright contracts with highly complex terms, covering multiple jurisdictions, various formats such as television and new media, as well as sponsorship collaborations and peripheral product development. Through meticulous contract risk management and dynamic tracking, the legal team systematically reduced the risk of contractual breaches. In rights protection lawsuits, the team overcame the “safe harbour principle” and successfully pushed the courts to adopt punitive damages.
Zhang Yuxin, the head of the strategic legal department of the Chinese Football Association, highly praises the legal team. “They provide timely and effective professional support for operations, deliver swift and multidimensional enforcement against infringement, and, while expanding the market for copyright commercialisation, purify the copyright market. These efforts contribute to the league’s future market licensing and infringement governance,” Zhang says.
LEGAL TEAM: Legal and compliance module of Desay SV
TEAM LEADER: Lin Xianwei, senior director of legal and compliance
KEY POINTS: When facing a claim exceeding USD60 million in licensing fees from US patent holder Xperi, the legal team collaborated with external Hong Kong law firms, intellectual property agencies and internal departments, including finance and R&D, forming a professional team of more than 60 members to defend the case. The arbitration was conducted under Hong Kong law at the Hong Kong International Arbitration Centre, ultimately resulting in a settlement below USD2 million, avoiding significant financial losses for the company.
The case involved complex legal issues, including Hong Kong contract law, arbitration procedures and standard essential patent analysis. After receiving the claim, the team responded quickly by accurately predicting negotiation strategies, conducting professional licensing fee audits and performing invalidity analyses of the patents. The final settlement, at less than 3% of the original claim, showcased the professional capabilities of Chinese enterprises in managing international IP disputes.
KEY POINTS: Hesai Technology’s legal team led the defence against intellectual property lawsuits initiated by US competitor Ouster. They successfully achieved the unconditional dismissal of all claims with no financial settlement and no injunctive relief, safeguarding the company’s core interests.
The case involved lawsuits in the US District Court for the District of Delaware, proceedings at the International Trade Commission, and international arbitration. It encompassed the company’s high-value patent portfolio and global R&D achievements, with potential business impacts estimated in billions of dollars.
“Our legal team’s professional expertise, meticulous work style and rigorous approach have played a critical role in risk prevention, intellectual property protection, compliance oversight, and support for litigation and arbitration, providing essential support for the company’s steady progress,” says Zhang Wei, the vice president of Hesai Technology’s Asia-Pacific business unit.
WINNER REMARKS: Hesai Technology’s legal team is a professional, efficient and globally minded group responsible for the company’s legal, IP and compliance affairs. With deep expertise and extensive industry experience, the team effectively navigates complex legal challenges. They successfully challenged the US Department of Defence’s erroneous 1260H listing, secured decisive victories in IP disputes with competitors, and played a key role in the company’s Hong Kong IPO project. They also actively support overseas supply chain planning, cross-border legal structuring, and export compliance, ensuring Hesai’s global operations remain legally secure.
Hesai Technology’s legal team is a professional, efficient and globally minded group responsible for the company’s legal, IP and compliance affairs. With deep expertise and extensive industry experience, the team effectively navigates complex legal challenges. They successfully challenged the US Department of Defence’s erroneous 1260H listing, secured decisive victories in IP disputes with competitors, and played a key role in the company’s Hong Kong IPO project. They also actively support overseas supply chain planning, cross-border legal structuring, and export compliance, ensuring Hesai’s global operations remain legally secure.
LEGAL TEAM: Legal sharing centre at Midea Real Estate
TEAM LEADER: Shang Dongning, director of legal management
KEY POINTS: To support its diversification strategy and global market expansion, Midea Real Estate’s legal team has led the development of a global trademark strategy in the past five years. A total of 1,538 trademark applications have been filed, covering 17 countries and regions across domestic and international markets. These trademarks span more than 10 series, focusing on core business areas such as real estate and smart home solutions, laying a solid legal foundation for the company’s strategic transformation and market growth.
The project optimised application strategies through upfront search and evaluation and established a multi-layered protection system built around “core trademarks + auxiliary trademarks”. By leveraging digital process monitoring and dynamic tracking mechanisms, the strategy ensured efficient and secure operation, supporting an authorisation rate of more than 90%.
The group’s chairman, Hao Hengle, says: “This project provides pivotal support for the company’s strategic transformation. By developing a global trademark portfolio, it positions the company to gain greater market share in global competition.”
LEGAL TEAM: IP team of Nestlé Zone Greater China legal and compliance department
TEAM LEADER: Dennis Wu, head of intellectual property for GCR
KEY POINTS: Nestlé’s IP team filed an unfair competition lawsuit against Shenzhen Aozi Biotechnology for imitating the trade dress of Gerber organic infant cereal packaging. After both first and second instances of litigation, the court ordered the infringing party to pay damages of RMB1 million (USD140,600). Following the judgment, the legal team actively pursued enforcement, ensuring full payment of the damages and the removal of all infringing products from the market.
This case set a precedent in determining unfair competition on e-commerce platforms and protecting unregistered commercial marks. The court ruled that the confusingly similar packaging constituted trade dress infringement within the e-commerce environment and extended anti-unfair competition law protections to the unregistered but market-recognised Gerber packaging. This expanded the judicial pathway for protecting commercial marks.
LEGAL TEAM: IP team of Nestlé Zone Greater China legal and compliance department
TEAM LEADER: Dennis Wu, head of intellectual property for GCR
KEY POINTS: Nestlé (China) filed lawsuits against several entities, including Shaoxing Taitaile Foods, for long-term infringement of the Chinese trademark “太太乐” (Taitaile) and its use as a trade name on cooking wine and yellow rice wine products. After being heard at all three levels of the Chinese court system, the case concluded with punitive damages. The court ordered the defendants to cease infringement, change their company name and pay more than RMB4.7 million (USD657,000) in compensation.
The legal team built a multidimensional evidence chain encompassing trademark registrations, sales data and infringement records, providing a comprehensive picture of the infringement’s persistence and malicious intent. Taking into account the prolonged duration and wide scope of the infringement, the court applied an innovative fourfold punitive damage ruling, setting an important precedent for the use of punitive damages in IP enforcement.
KEY POINTS: Sohu faced significant financial losses after complying with a directive from the National Radio and Television Administration to remove five TV series featuring controversial celebrities ahead of schedule. To mitigate these losses, Sohu’s legal team initiated a series of civil lawsuits based on copyright procurement contracts. Through four settlements and one court ruling, the team recovered more than RMB91.4 million (USD12.9 million) in economic losses and additionally secured the information network dissemination rights for 10 TV series.
This case represents the most financially significant series of domestic lawsuits in Sohu’s history. The legal team tackled complex issues such as contract interpretation and the recognition of force majeure. By employing an efficient internal-external collaboration model, they swiftly completed case filings and asset preservation measures. Strategic negotiations led to settlements in most cases, culminating in Sohu achieving its highest monetary judgment to date.
Sohu’s CFO, Lv Yanfeng, says: “This series of cases is not only of great significance to Sohu but also sets a precedent for clarifying commercial rules in the licensing of TV series copyrights.”
LEGAL TEAM: Foreign legal affairs department of TAL education group
TEAM LEADER: Luo Ling, general counsel
KEY POINTS: As the authorised distributor of the “Reading A-Z” (RAZ) series in mainland China, TAL faced malicious trademark registration by Shanghai Yingmao Information Technology and unfair competition claims by Beijing Shenma Knight Culture Media, which marketed its products as “authentic”. The legal team simultaneously pursued trademark invalidation and civil litigation, navigating administrative reviews and two judicial trials. The court invalidated the maliciously registered trademark and awarded RMB1 million (USD140,600) in damages for the unfair competition claim, fully safeguarding the company’s legal rights.
The case involved collaboration between Chinese and American entities, multiple procedures and complex legal applications. By combining trademark invalidation with civil infringement litigation, the legal team achieved comprehensive protection. The court’s ruling clarified the standard for “prior use with market recognition” and issued a negative assessment of malicious trademark registration, serving as a benchmark for similar cases.
LEGAL TEAM: Foreign legal affairs department of TAL education group
TEAM LEADER: Luo Ling, general counsel
KEY POINTS: While protecting the copyrights of the “Reading A-Z” series, TAL discovered that a Beijing-based education consulting company had been illegally distributing copyrighted RAZ e-books through its app for years. After reporting the case to the Beijing Cultural Market Comprehensive Law Enforcement Corps, the authorities conducted a detailed investigation and ultimately imposed an administrative penalty, confiscating illegal proceeds and fining the infringing party RMB250,000 (USD35,150). Due to its significance, the case was selected as one of the top 10 national anti-piracy and copyright infringement cases of 2024.
Given the complexity of the infringement, which spanned years and involved nationwide dissemination via an app, the legal team collaborated with enforcement authorities to complete the investigation and evidence collection. The case also pioneered the use of dynamic risk monitoring combined with blockchain-based evidence preservation, enabling efficient remote investigations and evidence collection. This innovative approach has established a replicable standard for managing similar cases.
LEGAL TEAM: Wyeth Nutrition (China) legal and compliance department
TEAM LEADER: Jia Wen, head of legal and compliance
KEY POINTS: Faced with malicious trademark squatting of the “Illuma” trademark on biscuits, cereal products and other goods, Wyeth Nutrition’s legal team in China engaged in a nine-year legal battle. After first-instance, second-instance and retrial proceedings, Wyeth Nutrition successfully invalidated the registered trademark and secured “Illuma” trademark registration for related products, removing a key legal obstacle to market expansion.
The case achieved a significant breakthrough in trademark law. In the retrial, the Supreme People’s Court innovatively considered a series of actions by the trademark squatter before and after the trademark application date, including subsequent trademark sales and perjury in related cases. These findings led the court to conclude that the squatter acted with malicious intent. The legal team built a comprehensive evidence system, submitting multidimensional materials such as trademark registration records, marketing materials, third-party research reports and cross-case legal documents, providing a robust factual foundation for this landmark ruling.
“The successful resolution of this series of cases not only safeguarded the exclusivity of the ‘Illuma’ brand but also set an important precedent for combating malicious trademark registration and regulating market order,” says Qiu Ye, Wyeth Nutrition China’s general manager.
LEGAL TEAM: Legal department of Acon Biotech (Hangzhou)
TEAM LEADER: Wang Weiying, director of the legal department
KEY POINTS: Acon Biotech, known for its covid-19 antigen test kits in the European market, faced a dispute with its German distributor in 2020 over agency rights, leading to unpaid receivables of about EUR20 million (USD23 million). After 13 months of cross-border negotiations and litigation, the Acon legal team successfully resolved the dispute and recovered the full amount.
With complex shareholder backgrounds, ambiguous authorisation letters and multi-jurisdictional issues hanging over the project, the team adopted a multi-track strategy of negotiation and litigation. They acted swiftly during the Chinese New Year holiday to suspend the exclusive authorisation and pre-empt regulatory risks. The case was efficiently settled at a cost of only EUR400,000, restoring cash flow and setting a replicable model for handling similar disputes in Europe.
Chairwoman Jiang Ping commends Wang Weiying for “her courage in navigating foreign legal systems and handling major international cases” and praises the legal team for “safeguarding the company’s overseas expansion”.
WINNER REMARKS: Acon Biotech (Hangzhou), established in 1995, is a company specialising in the R&D, manufacturing of in vitro diagnostic products. Leveraging robust biotechnology R&D capabilities from both China and the US, along with a stringent quality control system, the company has established multiple technological platforms, including biochemical analysis, immunoassay, molecular diagnostics and biological raw materials. With more than 200 rapid diagnostic products, its sales extend to more than 170 countries and regions worldwide.
The company’s legal team demonstrates exceptional professional competence and has made significant contributions, particularly in establishing robust corporate compliance frameworks and resolving complex disputes.
TEAM LEADER: Chen Yan, vice president, chief compliance officer and general counsel
KEY POINTS: Beike, a leading real estate information and transaction service platform, filed an unfair competition lawsuit against Shenying Chengxun Technology and other companies for using technical means to scrape, remove watermarks and disseminate Beike’s property listings on TuiTui 99, a rival housing info platform run by Shenying. The legal team secured the first behavioural injunction in China’s real estate brokerage industry, and ultimately won RMB5.5 million (USD774,000) in compensation in the final judgment.
This case marked the first judicial protection of a new form of data – aggregated property listing data – and clarified the legitimate boundaries for the use of publicly available information. Facing covert large-scale infringement involving the scraping of 100,000 data entries per month, the team meticulously gathered evidence to prove Beike’s lawful rights over its processed and verified property data, effectively curbing the spread of “fake listings” in the industry.
Presiding judge Wang Qiluan, the deputy chief judge of the IP division of the Beijing Haidian District People’s Court, describes the case as “a typical example of data-related competitive behaviour directly harming public interests”, noting that it “effectively curbed the generation and spread of fake property listings and protected the public’s right to know, right to choose and transaction security in real estate dealings”.
WINNER REMARKS: The legal team of Beike Group (KE Holdings) has positioned itself as a strategic co-creator of business operations, deeply integrated with Beike’s development. It provides comprehensive legal support to core businesses under the “one body, three wings” strategy, including brokerage, home renovation and furnishing, Huiju and Beihaojia. The team is committed to advancing synergistically with business units and leading innovation in industry regulations.
To address industry pain points, the team has established a “technology + judiciary” governance model through the “Tuitui 99” project, innovatively utilising technologies such as blockchain-based evidence preservation, and establishing data protection standards for property listings via litigation. The team secured the industry’s first behavioural injunction, with the case being selected as a typical example by the Supreme People’s Court. These efforts not only mitigated losses for the company but also facilitated the development of the industry’s data compliance system.
The team will continue to refine its mechanism for risk prevention, compliance building and legal research, leveraging digital tools to enhance efficiency. By adhering to the principles of balancing business support with innovation, it will continue to contribute its professional expertise to drive Beike’s sustainable development.
KEY POINTS: CMBI (Hong Kong) Investment extended HKD2 billion (USD257 million) in mezzanine financing to Goldin Group entities, controlled by Pan Sutong, to fund the development of a property project above the Ho Man Tin MTR station in Hong Kong. However, in the later stages of the project, Goldin defaulted and transferred the development rights to Hong Kong’s long-established developer, Great Eagle Group. This move completely excluded CMBI Investment and ICBC (Macau) from the project, leaving them with no access to information or influence, and exposing them to significant repayment risks.
According to the CMBI team, Goldin further attempted to obstruct CMBI’s exercise of rights through a series of actions including submitting falsified documents, altering the company’s articles of association, and transferring the project company’s shares to Solar, an entity under its control. The CMBI legal team initiated receivership proceedings in the British Virgin Islands and won the case, but the opposing party fabricated debts to transfer the project company’s shares to a third party. In response, CMBI actively supported ICBC (Macau) in filing a lawsuit in the Hong Kong courts and successfully joined the consolidated shareholding dispute case as a co-plaintiff.
By constructing a solid chain of evidence, the CMBI team overcame the disadvantage of its agreement being titled as an “economic benefit right” rather than a standard debt instrument. In July 2024, the Hong Kong court ruled to revoke the fraudulent transactions, confirmed CMBI’s shareholder status and partial creditor rights, and laid the foundation for subsequent enforcement of project dividends.
Feng Rui, the risk director, describes the series of victories as “a clear demonstration of the practical effectiveness of the cross-border legal risk control system”. He praises the legal team’s dynamic response mechanism, noting that it “not only efficiently regained control of the project company and secured a crucial sales window for the Ho Man Tin project, but also recovered substantial losses for the company and set a benchmark for cross-border debt resolution combining compliance and efficiency”.
LEGAL TEAM: Legal compliance department of Easy Click Worldwide Network Technology
TEAM LEADER: Ivy Yang, legal director
KEY POINTS: Since 2022, advertising and marketing service provider Eclick Technology has faced more than 30 client payment disputes, with overdue amounts exceeding RMB60 million (USD8.4 million), posing a serious threat to the company’s cash flow. Without engaging external counsel, the legal compliance department independently handled all case filings, hearings and enforcement proceedings, achieving favourable judgments and recovering most of the outstanding payments, while also co-ordinating several related criminal cases.
Despite the large number of cases, complex evidence collation and deliberate delays by some clients, the team advanced the work efficiently through standardised procedures and combined civil recovery with criminal enforcement to maximise legal outcomes. This approach saved about RMB3.5 million in legal fees and strengthened the company’s internal control capabilities for managing large-scale disputes.
Vice president He Teng highly commends the team’s performance, praising its ability to “independently and efficiently complete all tasks in the face of substantial arrears and complex cases, not only recovering significant losses but also demonstrating strong professionalism and accountability”. He describes the team as “an indispensable force” that provides solid legal protection for the company’s continued growth.
LEGAL TEAM: Legal team of Foxconn Industrial Internet
TEAM LEADER: Xie Chenyang, vice president and chief legal officer
KEY POINTS: In 2023, US power technology company Vicor initiated a section 337 investigation and patent infringement lawsuit against Foxconn Industrial Internet (FII), alleging that its power conversion modules infringed three US patents. The case posed a direct threat to FII’s server manufacturing orders in North America, valued at more than RMB100 billion (USD14 billion).
Against parallel proceedings before the US International Trade Commission and courts in Texas and Massachusetts, the legal team adopted the strategy of pursuing arbitration over litigation, which successfully led to the suspension of the Texas lawsuit and the filing of an arbitration case before the China International Economic and Trade Arbitration Commission. Although Vicor sought to block the arbitration through an injunction issued by the Massachusetts court, the team’s appeal succeeded in overturning the injunction, thereby removing procedural barriers to resolving the dispute through arbitration.
Acting CEO Liu Zongchang praises the team’s performance, noting that it demonstrated “outstanding” cross-border legal expertise. He says that “From successfully suspending the Texas litigation to securing the appellate court’s reversal of the injunction, every step reflected precise strategy and efficient execution,” he says, adding that the outcome not only safeguarded the company’s core market share but also “proved the value of combining diverse judicial tools, providing a replicable and compliant model for technology enterprises facing transnational patent disputes”.
KEY POINTS: In early 2024, Hesai Technology, a leading developer of lidar technology, was added to the US Department of Defense’s list of “Chinese military companies”. The legal team responded swiftly, filing a proactive lawsuit against the Department of Defence in May, making Hesai the first Chinese company to challenge the list.
Through the litigation process, the team effectively refuted the basis cited by the Department of Defence. According to the Financial Times, even US government counsel expressed concern that the rationale for including Hesai on the list would not hold up to legal scrutiny. The lawsuit successfully compelled a postponement to the hearing and, in October 2024, Hesai was removed from the list. Subsequently, however, the Department of Defence reinstated Hesai.
Zhang Wei, the vice president of the Asia-Pacific business division, commends the legal team for “advancing steadily with professional competence, safeguarding projects and demonstrating a meticulous and conscientious work ethic”. He says that, in this case and others, the team “played a crucial and indispensable role in supporting the company’s operations”.
WINNER REMARKS: Hesai Technology’s legal team is a professional, efficient and globally minded group responsible for the company’s legal, IP and compliance affairs. With deep expertise and extensive industry experience, the team effectively navigates complex legal challenges. They successfully challenged the US Department of Defence’s erroneous 1260H listing, secured decisive victories in IP disputes with competitors, and played a key role in the company’s Hong Kong IPO project. They also actively support overseas supply chain planning, cross-border legal structuring, and export compliance, ensuring Hesai’s global operations remain legally secure.
Hesai Technology’s legal team is a professional, efficient and globally minded group responsible for the company’s legal, IP and compliance affairs. With deep expertise and extensive industry experience, the team effectively navigates complex legal challenges. They successfully challenged the US Department of Defence’s erroneous 1260H listing, secured decisive victories in IP disputes with competitors, and played a key role in the company’s Hong Kong IPO project. They also actively support overseas supply chain planning, cross-border legal structuring, and export compliance, ensuring Hesai’s global operations remain legally secure.
KEY POINTS: In March 2022, the Canada Border Services Agency launched anti-dumping and countervailing investigations into drill pipe products from China, while the Canadian International Trade Tribunal (CITT) simultaneously initiated a parallel injury investigation. Among more than 20 Chinese companies in the same industry, Hilong Petroleum Industry Group was the only enterprise to participate in the injury investigation proceedings.
Through meticulous preparation, the legal team secured a “no injury” determination at the preliminary stage, marking a pivotal moment for China’s drill pipe exports to Canada. The case was one of only three in the CITT’s history to achieve a favourable outcome at the preliminary injury investigation stage, helping Chinese drill tool manufacturers retain a vital foothold in the North American market.
Qiao Xiaotang, the deputy general manager of the group’s oilfield equipment division, says the victory “served as a tremendous source of encouragement and inspiration for the entire industry and even for the country’s broader industrial manufacturing sector”. He says the case demonstrated how, when facing international trade disputes, enterprises should “respond proactively, embrace challenges, plan carefully and strive with full determination to secure success”.
LEGAL TEAM: Legal and compliance department of Satellite Chemical
TEAM LEADER: Jane Jin, vice president and general counsel
KEY POINTS: In 2021, during co-operation on a major project with a well-known company, Satellite Chemical advanced nearly RMB20 million (USD2.8 million) to meet the partner’s urgent delivery requirements, even though no formal contract had been signed. The project was close to completion when the partner unilaterally terminated the partnership due to market changes, causing significant losses to Satellite Chemical.
The legal team invoked article 500 of China’s Civil Code, which took effect recently, concerning pre-contractual liability. After two years of litigation and six court hearings, the team secured a favourable judgment, successfully recovering more than RMB15 million in economic losses.
This case became the first landmark pre-contractual liability dispute in local judicial practice. By establishing a clear path for protecting rights under a “work first, contract later” co-operation model, it also provided valuable guidance for handling similar commercial disputes.
WINNER REMARKS: The legal team of Satellite Chemical upholds the tenet of “professionalism facilitates development; prudence ensures compliance”. The team provides legal support for all the company’s business segments and acts as a critical professional force in ensuring its stable and continuous development.
The team’s responsibilities include legal support for major projects, legal review, dispute resolution, legal consultation and compliance management. For major projects, the team deeply engages in and delivers comprehensive support throughout the project lifecycle for more than a dozen large-scale projects annually. In terms of dispute resolution, it independently handles litigation cases and effectively safeguards the company’s legitimate rights and interests. In legal review, it continuously improves standard contract documents and management processes to raise review efficiency and mitigate transaction risks.
The team endeavours to integrate compliance requirements into business processes, strengthening risk control while supporting business development. It provides solid legal assurance for the company’s steady operation and strategic implementation.
LEGAL TEAM: Audit and legal department of TianYu Bio-Technology
TEAM LEADER: Yang Jingjing, vice president
KEY POINTS: TianYu Biotechnology provided an equity pledge guarantee for a transaction involving its associate company. Subsequently, a listed partner company became embroiled in a dispute with the associate company over the return of a deposit and filed a lawsuit against TianYu, seeking to hold it liable for guarantee obligations exceeding RMB72 million (USD10.1 million). As a result, a substantial amount of TianYu’s funds was frozen.
The audit and legal department acted within three hours of the account freeze, swiftly filing an objection to the preservation order, initiating a counterclaim, making public disclosures, and engaging in direct communication with the opposing party. Through this multi-pronged strategy, the team succeeded in unfreezing all funds on the same day.
In a creative legal manoeuvre, the team used “application for cancellation of equity pledge registration” as a counterclaim request, effectively balancing the litigation dynamics and avoiding potential major guarantee liabilities.
Meng Zhuowei, the company’s board secretary, commends the team for being “calm and clear-headed, able to swiftly identify legal and commercial risks and formulate effective countermeasures”. He says the successful handling of the case “not only safeguarded the company’s interests but also established a replicable model for risk prevention and control”, fully demonstrating the legal team’s core value in managing significant legal matters.
LEGAL TEAM: Legal and compliance department of Zhonghai Trust
TEAM LEADER: Li Yu, general manager of the legal and compliance department
KEY POINTS: CITIC Trust faced a lawsuit, in January 2022, from a settlor of one of its equity income right projects. The settlor alleged a business trust dispute and sought compensation of RMB220 million (USD31 million) in subscription funds and investment losses. The case carried significant implications for the entire trust plan, which had a total scale of RMB900 million.
During the covid-19 outbreak in Shanghai, the legal and compliance department overcame procedural and logistical challenges to co-ordinate multiple resources and successfully overturn the first-instance court’s finding that the company had deficiencies in its pre-loan due diligence. In March 2025, the Supreme People’s Court upheld the second-instance judgment, effectively preventing potential follow-up litigation from causing further financial losses. The case was later selected by the Shanghai Financial Court as one of its annual representative cases due to its exemplary nature.
Gao Jianhui, the president of the company, commends the legal and compliance department for its “proactive response and multi-pronged approach”, which successfully limited “the spillover of off-balance-sheet losses to on-balance-sheet assets”. He says that the outcome “serves as a positive model for similar projects” and provides valuable guidance for the company in handling comparable disputes.
