China Business Law Awards 2026

★ Capital markets (Domestic)

AllBright Law Offices advised on 16 A-share IPOs in 2025, ranking first among law firms by number of completed listings. The firm acted as issuer’s counsel to the debut of domestic graphics processing unit leader MetaX on the SSE’s Star Market, which raised RMB4.2 billion (USD607.7 million). Other IPO mandates included Xihua Technology, Tianfulong, Ruili Kormee, Weigao Blood Purification and Kente Catalysts. In addition, AllBright advised 16 A-share listed companies on follow-on offerings.

★ Capital markets (Hong Kong and Overseas)

AllBright Law Offices helped nine companies list in Hong Kong and eight on US stock markets in the past year. Acting as underwriters’ counsel, it assisted AUX Electric’s main board listing on the Hong Kong Stock Exchange, completing the process from filing to listing in just eight months and raising HKD4.77 billion (USD609 million). The firm also guided digital health platform PomDoctor to a successful Nasdaq listing as underwriters’ counsel at a market capitalisation of USD474 million.

★ Criminal-civil crossover matters

AllBright Law Offices provides many well-known companies and their executives with criminal defence and civil dispute resolution services. In one case concerning a financial institution executive who unlawfully granted loans amounting to RMB158 million (USD22.9 million), AllBright persuaded the authorities not to add further charges such as misappropriation of funds and bribery. The firm also argued for a reduced sentence, with the court ultimately sentencing the executive to nine months’ imprisonment, which at the time meant almost immediate release.

★ International trade

AllBright Law Offices secured the lowest nationwide duty rate of USD248 per tonne for Shenyang Chemical in India’s anti-dumping investigation into Chinese paste PVC resins. The firm also represented China’s chlor-alkali industry throughout an Indian anti-dumping probe into PVC, contributing to a conclusion with no duties imposed. AllBright additionally assisted China’s solar PV sector in navigating India’s fourth anti-dumping investigation, and secured for Rianlon the sole zero-duty rate in an Indian anti-dumping investigation into antioxidants.

★ M&A (Inbound and domestic)

AllBright Law Offices advised on several landmark restructurings. It acted as domestic counsel to China CSSC Holdings in its share-swap absorption of China Shipbuilding Industry Corporation’s RMB115.15 billion (USD16.9 billion) consolidation of military industrial assets. The firm also represented China Resources Sanjiu Medical & Pharmaceutical in its RMB6.2 billion acquisition of a 28% stake in Tianjin multinational pharma Tasly, navigating complex A share control structures and cross jurisdictional due diligence.

★ Private equity and venture capital

AllBright Law Offices handled major transactions in state owned enterprise mixed ownership reform, biotech and hard tech, specialising in complex deal structures, employee incentives and multi party negotiations. It advised Xuzhou XCMG Auto on its RMB6.44 billion (USD947 million) mixed ownership reform, bringing in 30 strategic investors and implementing an employee share plan, the largest financing deal in China’s commercial vehicle sector in five years. It also acted for Shanghai Science & Technology Venture Capital (Group) as legal adviser in its RMB1 billion strategic series A investment in nuclear fusion energy startup Startorus Fusion.

★ Structured finance and securitisation

AllBright Law Offices has a particular strength in innovative structures and “first of its kind” deals, helping clients unlock existing assets and lower funding costs. As legal adviser to the Guotai Junan Jinan Energy Heating REIT, the firm helped launch China’s first municipal and heating infrastructure REIT, raising RMB1.4 billion (USD219.9 million). The public tranche was oversubscribed by more than 813 times, a record for a public REIT in the Chinese mainland. It also worked on the Jiushi Financial Leasing – Qingdao Conson Jiaozhou Bay Tunnel quasi REIT, the country’s first tunnel asset-backed quasi REIT, with an issuance size of RMB1.6 billion, providing an innovative model for securitising state owned illiquid assets.

★ Notable achievers

AnJie Broad continued to optimise its talent pipeline in 2025, adding 13 partners over the year, with practices covering cross-border compliance, private equity and venture capital, cybersecurity and data protection, dispute resolution, private wealth management, and corporate commercial matters. In addition, two Hong Kong lawyers joined the firm as Greater Bay Area specialists, further enhancing the firm’s legal service capabilities in the region. The firm performed exceptionally well in competition and antitrust, achieving successes in merger control filings, supervision of compliance with restrictive conditions, dispute resolution, and responding to domestic and foreign antitrust investigations. In the case of Triton Fund 6 GP SARL’s acquisition of a portion of Cargotec Oyj’s business, the firm successfully helped the client obtain antitrust approval. This case was China’s first involving the intersection of a merger control filing and a procedure for changing the obligor of restrictive conditions.

★ Data protection and data privacy

AnJie Broad Law Firm earned endorsement of the head of legal and compliance at a large Sino-Japanese industrial systems company, who praises partner Yang Hongquan, saying: “He is approachable and efficient in delivering professional services, co-operates proactively and understands our needs precisely. He is well regarded by our legal staff both in China and overseas.”

The firm also gained recognition from an in-house counsel at a well known internet gaming company, who recommends partner Shen Yang, saying: “She has a solid foundation in commercial law and, more importantly, possesses strong business acumen and a broad strategic perspective. She truly puts herself in the client’s shoes, identifies commercial needs accurately and delivers solutions that are both compliant and practical.”

★ Insurance and reinsurance

AnJie Broad has demonstrated outstanding performance in the insurance sector, handling large-scale complex disputes, insurance fund investments and innovative capital instruments, while supporting national strategies and industry compliance. The firm assisted a major life insurer in issuing China’s first listed insurance company perpetual bond, securing regulatory approval for up to RMB20 billion (USD2.9 billion). It designed the core terms, thereby broadening the industry’s capital replenishment channels. AnJie Broad also helped an insurance group participate in the establishment of a RMB28 billion railway infrastructure investment fund, focusing on projects under national regional development strategies. By introducing a pass‑through risk control mechanism, the firm provided a compliance model for using insurance funds to support the real economy.

★ Best offshore law firms

Appleby is one of the few offshore law firms to sustain expansion in Asia, with a particularly notable investment in the China market. The firm established its Shenzhen branch in 2025, becoming the first offshore firm with two offices in the Chinese mainland. It further strengthened its service capabilities for clients in the Guangdong–Hong Kong–Macau Greater Bay Area and southern China, with annual revenue recording significant growth. Appleby advised CaoCao Mobility on its HKD1.85 billion (USD236 million) main board listing on the HKEX, providing Cayman Islands law advice, and acted as Cayman Islands and British Virgin Islands counsel in Sino-Ocean Group’s USD6 billion offshore debt restructuring. The restructuring made Sino-Ocean the first Chinese real estate company to have its plan approved under the UK Restructuring Plan.

★ Construction and infrastructure

Boss & Young Attorneys at Law’s construction and infrastructure team, led by Shanghai-based partner Lu Guofei, provides full-process legal services for various large-scale and complex construction projects. A notable example is the whisky distillery and visitor experience centre in Dali, Yunnan province, an investment development by Diageo, the world’s largest spirits company. Boss & Young cleared legal obstacles concerning issues such as water supply and electricity consumption beyond the designated project plot; assisted in managing relations with the local government and surrounding lands; and advised on disputed issues such as the general contractor’s secondary quotation. Additionally, Boss & Young advised on the Shanghai Lingang international aircraft maintenance service platform project, the Xiamen New Airport oil offloading wharf and the Hefei oil pipeline project developed by China Aviation Oil Logistics.

★ Insurance and reinsurance

Boss & Young Attorneys at Law has built extensive experience in handling complex insurance subrogation disputes, repeatedly breaking through international transport liability limits to secure full compensation for its clients. Acting for a property insurer seeking nearly RMB14 million (USD2 million) in cargo damage recovery from a transport company, the firm made precise arguments on the limited scope of a waiver of subrogation clause, securing victory in the appellate court. In another case involving theft of air cargo, the firm’s lawyers spent six years securing a judgment from the Shanghai Financial Court that upheld full compensation, overcoming the liability cap under the Montreal Convention. A subsequent retrial application was dismissed, making the case a rare benchmark in the international transport sector.

★ IP (Patent)

CCPIT Patent and Trademark Law Office has strong expertise in pharmaceutical patent linkage cases, with a particular skill in clarifying complex rules of evidence. Several cases it handled have been selected as exemplary judicial rulings by the Supreme People’s Court (SPC). In an edoxaban tosilate (blood thinner) tablet patent linkage case, the firm successfully persuaded the SPC to clarify that a generic drug applicant claiming that an originator’s technical solution does not fall within the patent’s scope of protection bears the initial burden of proof, preventing an inappropriate shift of the evidential burden. The case, involving three drug adjudication matters and one patent invalidation proceeding, was one of the first typical cases after the new Patent Law came into effect, in which a generic drug’s technical solution was found to fall within the scope of patent protection.

★ Firms to watch

Celue Law Firm has grown its headcount across headquarters and branches to more than 900 during the past year, an increase of 65%, transforming itself from an early-stage small practice into a national midsized full-service firm. Its practice areas now cover more than a dozen fields, including commercial dispute resolution, intellectual property, blockchain and data compliance, and family wealth succession. In commercial disputes, the firm handled several high-impact cases, such as the first case of a company going public while facing criminal charges, the first case on equity incentives for a listed company in China, and the first case of abuse of shareholder rights by a listed company’s shareholder.

★ IP (Trademark)

Chang Tsi & Partners is a proven trusted adviser in dealing with complicated trademark administrative rights disputes. The firm submitted a substantial body of evidence in the refusal review case regarding non-registration of the time-honoured traditional Chinese medicine brand, Leiyunshang (雷允上), demonstrating its historical evolution and confirming prior rights of Leiyunshang Pharmaceutical Group. In the “Anmous” invalidation case, the firm cross-referenced and obtained key cross-border evidence to substantiate the original applicant’s bad-faith registration, maintaining a favourable judgment for the client. This case demonstrated that even when all cited trademarks have expired, “bad-faith registration” rules can still apply under the Trademark Law.

★ Automotive, industrials and manufacturing

Chiu & Partners provided extensive legal services to clients in the industrial sector, including advising on Hong Kong law for West China Cement’s issuance of USD400 million in senior notes due 2028 with a coupon rate of 9.9%. The law firm also acted as legal counsel to the sole sponsor and underwriters for the main board IPO of Newtrend Group, a well-known sweetener supplier, on the HKEX. In addition, the firm assisted a Hong Kong-listed company primarily engaged in mining and industrial products, as well as another Hong Kong-listed company involved in the production and sale of non-ferrous metal products, with their equity financings.

★ Construction and infrastructure

City Development Law Firm excels in handling complex construction contract disputes. The firm represented Xinyue Construction and Installation Engineering in a dispute with the Jiangyin Health Commission and a third party, Suzhong Construction Group. In this case, Suzhong had entrusted the project to Xinyue via internal contracting. However, creditors from other projects demanded freezing of project funds through the enforcement court, triggering substantial debt. Following an appeal and retrial, the law firm successfully persuaded the court to support Xinyue’s claim for more than RMB130 million (USD18.9 million) in project payments.

In a construction dispute between Qidong Construction Group and Huaian Huaxin Investment Development, the firm represented the former in recovering RMB240 million in unpaid project payments. However, Huaxin said the second phase of the project had not undergone a completion audit, pushing the litigation into a stalemate. Accordingly, the firm requested the court to render an advance judgment regarding the uncontested first phase of the project, based on relevant provisions of the Civil Procedure Law. Ultimately, the court supported the request, ruling that Huaxin should first pay RMB160 million in project payments.

★ Golden league

Commerce & Finance Law Offices has opened a Chongqing branch in 2025, grown its overall revenue by more than 30% compared with the previous year, and brought in 29 partners. During the year it completed 49 IPOs, 45 of which were in its stronghold of Hong Kong’s equity capital markets.

Those deals spanned new technology, healthcare and pharmaceuticals, consumer and e‑commerce, and energy, with particular strength in hot areas such as smart healthcare, artificial intelligence, semiconductors and big data. Representative cases include: the first AI‑drug maker listed in Hong Kong, Insilico Medicine; MiniMax, the fastest‑to‑market large language model company; and Duality Biologics, the largest Hong Kong‑listed 18A financing since 2022 by amount raised.

Arron Jiang, secretary of the board and joint company secretary of Shanghai Zhida Technology Development, a manufacturer of home EV chargers, says that Commerce & Finance, as issuer’s counsel, “demonstrated top‑tier professionalism and extensive hands‑on experience” during the company’s Hong Kong listing and subsequent top‑up placing. “Their expertise and service exceeded our expectations for an issuer’s counsel – they are our most trusted partner in offshore capital markets.”

He particularly recommends Chen Haotian, a partner at the firm, noting: “He has a strong sense of responsibility and efficient execution, always putting the client’s needs first to ensure the project moved forward smoothly … At critical junctures, he often worked extra hours to review legal documents, sort out compliance points and co‑ordinate with relevant parties, making sure everything was completed on time and to a high standard, with no delays.”

★ Banking and finance

Commerce & Finance Law Offices advises leading domestic banks on major onshore and offshore financings and bond issuances. Notably, the firm assisted the Export-Import Bank of China in providing RMB1.9 billion in acquisition financing for Chinese miner Baiyin Nonferrous Group’s purchase of the Serrote copper-gold mine in Brazil. Liu Yi, director at China Construction Bank, commends Commerce & Finance’s Beijing-based partner Hou Qinghai while praising the firm’s overall expertise and service quality. “The project team demonstrated outstanding capability in legal due diligence, drafting transaction documents and issuing legal opinions,” she says. “With their professional support, the due diligence process was comprehensive and in-depth, regulatory approvals progressed in an orderly manner, and the overall timetable was effectively safeguarded.”

★ Capital markets (Hong Kong and Overseas)

Commerce & Finance Law Offices advised Hengrui Medicine on its HKEX listing, which raised HKD9.89 billion, making it the largest pharmaceutical IPO in Hong Kong in the past five years. The firm acted as PRC counsel to the issuer.

Erica Liu, company secretary of Jiaxin International, highly commends the firm’s performance in the company’s Hong Kong listing project: “Commerce & Finance demonstrated deep experience and an efficient, pragmatic approach, helping the company successfully complete its dual listing and follow-on offering, and navigate the complexities of cross-border listing.” She specifically recommends partner Chen Haotian, who led the company’s listing and follow-on transactions.

★ Domestic arbitration

Commerce & Finance Law Offices acted for three funds under Harvest Investments Management in arbitration proceedings before the China International Economic and Trade Arbitration Commission (CIETAC). The claim sought payment of the outstanding RMB150 million (USD21.78 million) repurchase consideration, together with accrued interest and liquidated damages, from the investee company’s founder. In December 2025, CIETAC issued an award granting the vast majority of the claims.

Cao Shipeng, head of legal at Harvest Investments Management, expresses strong satisfaction with the firm’s performance, describing its arbitration team as “leaders in the field”. He says the team is able to “formulate diversified, multi-perspective and multi-channel remedies tailored to the specific characteristics and background of the case, aligning legal strategy with our commercial objectives while preserving flexibility in business negotiations”.

★ Employment and labour

Commerce & Finance Law Offices has developed a particular strength in handling senior executive non-compete cases, large-scale redundancies and complex disciplinary dismissals. In a dispute where a former executive of a leading internet platform moved to a competitor, the firm spent several months conducting open-source investigations to secure key evidence, successfully winning nearly RMB2 million (USD293,000) in damages for its client and protecting the company’s trade secrets and competitive interests.

The legal director of a leading film company in China says the firm delivered “detailed and effective legal services, proposing workable solutions based on our actual organisational structure and employment situation”. He cites a redundancy-related arbitration where Commerce & Finance overcame difficulties including “a longer implementation period than originally notified, the employee’s open-ended employment contract, and the fact that the abolished role was merely reestablished under a different subsidiary”, achieving a complete victory.

★ AI, technology and telecoms

In the past year, Commerce & Finance Law Offices not only participated in the IPOs of well-known technology companies such as MiniMax, WeRide and Cambridge Industries Group (CIG), but also provided a range of legal services to companies in the sector, including M&A, private equity financings, intellectual property protection and responding to international trade investigations.

The law firm has received recommendations from multiple clients. Jin Zeqing, deputy general manager and board secretary of CIG, praises the firm’s team for demonstrating exceptional professionalism and industry acumen. Faced with the complex and volatile international market environment and regulatory policies in 2025, the team not only accurately grasped regulatory dynamics but also provided highly targeted and practical legal support in key areas such as comprehensive due diligence, prospectus verification and responses to regulatory inquiries. Based on their outstanding performance in the IPO project, CIG has engaged the firm as its standing legal counsel on Hong Kong law.

★ Energy and natural resources

Commerce & Finance Law Offices helped SPIC Yuanda Environmental Protection (now called SPIC Hydropower) complete a major asset restructuring worth more than RMB27.6 billion (USD4 billion). It provided support for the injection of hydropower and new-energy assets, the rectification of horizontal competition, and handled pre-restructuring arrangements and approvals from multiple layers of regulators. The firm also advised Jiaxin International Resources Investment on completing the first Hong Kong/Astana dual primary listing under the Belt and Road Initiative.

★ Healthcare, pharma and life sciences

Commerce & Finance Law Offices advised on projects spanning biotech listings, cross-border financing and M&A, as well as innovative drug licensing collaborations, covering sub-sectors including surgical robotics, endocrinology and hospital management. The firm assisted Jiangsu Hengrui Pharmaceuticals on its HKEX listing, helping greatly with due diligence and regulatory Q&A across jurisdictions. It helped the company complete its listing in only four months after submission, raising around HKD9.9 billion (USD1.3 billion), the largest healthcare sector fundraising in the Hong Kong market since 2021.

The director of legal affairs and public relations at a medical company said the firm’s “documentation was detailed and logically structured; in negotiations it showed strong co-ordination skills, safeguarding our core interests while balancing the views of all parties”.

★ Real estate and REIT

Commerce & Finance Law Offices assisted Country Garden in completing its offshore debt restructuring of around USD17.7 billion, notable for involving one of the largest offshore debts by a Chinese issuer, the highest number of creditors and the most diverse composition. The firm also provided legal support for the offshore debt restructurings for CIFI Holdings and Yuzhou Group, amounting to USD6.8 billion and USD6.7 billion, respectively.

Additionally, Commerce & Finance assisted COFCO Group in registering its RMB50 billion (USD7.3 billion) debt financing instruments with the National Association of Financial Market Institutional Investors with more than 10 tranches issued as of October 2025.

★ Domestic arbitration

Dacheng Law Offices has represented a number of state-owned enterprises in large-scale construction arbitration disputes, including Power Construction Corporation of China, Beijing Liujian Construction and Shanghai Electric Power Transmission and Distribution Group. Such cases typically involve multiple claims, significant sums in dispute and extended timelines.

In a photovoltaic engineering construction contract dispute involving Shanghai Electric Power Transmission and Distribution Group, Dacheng secured, within three months, a legally enforceable instrument for its client and successfully recovered payment, bringing a four-year dispute to a close.

★ International trade

Dacheng Law Offices provides trade and holistic compliance advice to market leaders including PetroChina International and Tencent. For the former, Dacheng assisted with its compliance management system upgrade, business compliance and regulatory analysis, creating a compound framework capable of handling multi-pronged sanctions and export control. For Tencent, the firm leveraged its expertise in the Export Control Law to issue a legal opinion regarding compliance risks of its software development kit open-source package export business. Dacheng also provided a comprehensive compliance review for Tencent’s cloud business, covering dimensions such as Chinese and foreign export controls, economic sanctions and facial recognition technology.

★ Restructuring and insolvency

Dacheng Law Offices led the RMB30 billion (USD4.4 billion) risk-debt resolution and judicial bankruptcy proceedings for BaoTa Petrochemical Group. The firm also wore many hats in the RMB600 billion receivership and subsequent risk disposal of Baoshang Bank assets: providing legal opinions on its asset and liability verification report for the bank’s receivership group; advising Mengshang Bank in acquisition and disposal of the assets, businesses and liabilities of 32 Baoshang subsidiaries; and conducting due diligence for Huishang Bank for acquisition of certain assets.

★ Energy and natural resources

Dacheng Law Offices shielded many Chinese enterprises in their new energy ventures overseas, such as YongFu’s 200MWac mountain photovoltaic and 80MW/80MWh energy storage system in Indonesia, a RMB1 billion (USD146.7 million) project. Dacheng also acted for an international syndicate’s USD220 million green financing for CNGR Advance Material’s phase-1 new energy project in Morocco.

★ Notable achievers

DeHeng Law Offices focused on the Belt and Road Initiative, strengthening its presence in the East and Southeast Asian markets. Following the establishment of offices in Tokyo, Singapore, Riyadh and Jakarta in 2024, the firm opened additional branches in Melbourne, Hanoi and Kuala Lumpur during the past year, continuing to advance its internationalisation strategy. Domestically, the firm established an office in Hohhot. In the aviation sector, DeHeng provided legal services for more than 30 transactions in the past year, including representing China Aviation Supplies on the purchase of a Boeing aircraft from Fly Aircraft Holdings Three and leasing it out, and representing ABC Financial Leasing in leasing two aircraft to China Southern Airlines and one plane to China Express Airlines.

★ Asset management

DeHeng Law Offices advised on the establishment of the Shenzhen Science and Technology Innovation Seed Fund, targeting early-stage hard technology sectors. Jointly established by the Shenzhen Science, Technology and Innovation Bureau, district-level authorities and leading investment firms, the fund introduces an innovative “government-guided, scientifically-decided, market-operated” governance structure, setting a new precedent for deploying financial capital to support fundamental innovation.

★ Data protection and data privacy

DeHeng Law Offices advised the Cyberspace Administration of China on regulatory decision‑making in relation to cross‑border data transfers and personal information protection, and acted on data compliance for Eastroc Beverage’s HKEX listing. Deheng also advised Tencent on AI-related matters, including the legal implications of opening WeChat APIs to AI agents and the compliance framework for automated web scraping to train large language models (LLMs).

★ Restructuring and insolvency

DeHeng Law Offices acted as bankruptcy administrator in the restructuring of well-known real estate enterprise Chongqing Sincere YuanChuang and its 29 affiliated companies. The firm guided the debtor in introducing RMB380 million (USD55.06 million) of common benefit debt, facilitated the delivery of nearly 4,000 units of commercial housing last year, and handled the delivery of homes and related procedures for more than 10,000 units in total. During the restructuring period, the firm also achieved the goal of “operating while restructuring”, maintaining good operation of the debtor’s commercial properties. This project concluded after three years, making the debtor the first among national top 100 real estate enterprises to achieve comprehensive restructuring through substantive consolidation proceedings, establishing a core restructuring pathway for large Chinese real estate companies.

★ Government and public policy

DOCVIT Law Firm’s government and public policy practice had deepened its presence under the leadership of Xue Zheng, a senior partner based in Beijing, last year, offering services covering administrative legal matters, legislative consultation, ongoing legal advisory services, representation in administrative reconsideration and litigation, administrative penalty and compliance review, and land and planning management affairs. Its clients include the National Railway Administration, the National Medical Products Administration, the State Administration of Foreign Exchange, China Gas Holdings, the Beijing Chaoyang District People’s Government, and the Beijing Haidian District Bureau of Justice. During six years of serving a local government department, the law firm had represented the department in more than 200 administrative reconsideration and litigation cases, helping it secure court support in many major, difficult or historically complex cases.

★ Structured finance and securitisation

East & Concord Partners acted as the sole legal team participating in the tap issuance of the “CCB Housing Rental Fund Holding-type Real Estate Asset-backed Special Plan”, providing comprehensive legal services covering asset selection, transaction structure design, regulatory filing, investor communication and risk control. This project is the first tap issuance of a holding-type real estate ABS product in the market, with the first tranche raising RMB1.17 billion (USD170 million). The firm also provided end-to-end legal services for the “Fuguo Asset-Shouchuang Water Holding-type Real Estate Asset-backed Special Plan”. With an issuance size of RMB730 million, it was the first holding-type real estate ABS product based on water utility assets in the domestic market.

★ Real estate and REIT

East & Concord Partners has a distinguished track record in revitalising infrastructure assets. The firm assisted the CCB Housing Leasing Fund in completing the debut expansion of its landmark equity real estate asset-backed security (ABS) financial product, which had an initial scale of RMB1.17 billion (USD170 million) and marked the market’s very first equity real estate ABS. The firm also supported Beijing Capital Eco-Environment Protection Group in issuing the nation’s first equity real estate ABS backed by water assets, valued at RMB730 million, providing transaction structuring, due diligence and regulatory filing services.

★ Golden league

Fangda Partners has continued to consolidate its strengths under a highly integrated partnership structure in the past year, earning strong recommendations from both corporates and peers in multiple practice areas and industry sectors. The firm demonstrated comprehensive leading capabilities in complex cross‑border transactions and pharmaceutical licensing, with particular skill in handling novel, multijurisdictional major deals.

Representative cases include advising on the privatisation of Zeekr as a wholly owned subsidiary of Geely, leading the first cross‑border share swap after the 2024 foreign strategic investment rules (ASMPT’s sale of assets to Zhizheng), and assisting Qyuns Therapeutics in entering into a global exclusive licensing agreement with Roche.

Joshua Hardin, general counsel of Haas Automation, the world’s largest machine tool builder, says he was “very satisfied” with Fangda’s service, describing the firm as “fantastic”. “Every partner with whom I worked is knowledgeable, professional, and great to work with,” says Hardin. Wang Xia, deputy general legal counsel of BitDeer Group, also speaks highly of the firm, calling it “highly professional, conscientious and responsive”.

★ Competition and antitrust

Fangda Partners acted as global antitrust counsel to a major technology group in its acquisition of a global display panel business, securing rapid unconditional approvals in seven jurisdictions. The Chinese review took just two months, helping to safeguard the client’s strategic position in a key industrial sector. In response to abuse-of-dominance claims brought by dozens of Chinese sellers against a well-known e-commerce platform, Fangda assisted the client against a backdrop of tighter regulatory scrutiny of foreign companies. The series of cases had become an important benchmark for the interaction between global tech giants and China’s domestic regulatory environment.

★ Domestic arbitration

Ralph Leung, global legal director at architectural firm Aedas, praises Fangda Partners’ dispute resolution team for its “extensive trial experience to develop effective strategies for dispute resolution, whether that be adjudicated or negotiated, that are in our best interests”. Leung says: “With the sound understanding of the legal position, they always focus on the underlying business interests of the parties to execute arbitration or alternative dispute resolution strategies that optimise the benefits to us of any resolution.”

★ Employment and labour

Fangda Partners excels in representing multinational manufacturers in complex labour disputes. The firm assisted Maxion Wheels (Nantong) in winning a RMB1.5 million (USD220,000) claim regarding wrongful termination, despite a relatively weak chain of evidence. It also represented Knorr Commercial Vehicle Systems Management in defending a dismissal dispute arising from changes in objective circumstances, an argument for termination that is rarely supported by tribunals or courts. Zhang Yan, vice president and general counsel of Knorr-Bremse Asia-Pacific, lauds Fangda’s labour law team for their “strong knowledge and professionalism, consistently delivering practical solutions and timely support”. He adds: “They have advised us on complex employment litigation matters and handled them efficiently.”

★ IP (Copyright)

Fangda Partners assisted Apple in defending against mass copyright litigation initiated by “copyright trolls” targeting the App Store, securing a ruling from Beijing Intellectual Property Court that recognised the App Store as a neutral internet service provider. The decision saved Apple around RMB165 million (USD23.97 million) in potential damages and prevented the App Store from being placed at a competitive disadvantage against Android app markets owing to an imbalance in legal liability.

★ M&A (Inbound and domestic)

Fangda Partners facilitated several landmark M&A deals in the semiconductor sector and other key industries. It represented TCL CSOT in its RMB13.4 billion (USD1.95 billion) acquisition of two LG Display stakes, a milestone for China’s panel industry. The firm also assisted VeriSilicon in acquiring control of Pixelworks Semiconductor via an SPV at a RMB950 million valuation and advised Sino Biopharmaceutical on its RMB1.2 billion full acquisition of biotech firm Hygieia.

★ Construction and infrastructure

Among current prominent projects, Fangda Partners is assisting AstraZeneca with the expansion of its pressurised metered dose inhaler (pMDI) plant in Qingdao, ByteDance in building its regional headquarters in Xiamen, Ping An Real Estate in constructing a senior living community project in Hangzhou, and Boyu Capital’s RMB5 million (USD723,000) investment in warehousing facilities across the country. Throughout these projects, Fangda is advising on the bidding and tendering process, contracts, negotiation with local governments and various legal matters.

★ Fintech and blockchain

Fangda Partners has honed deep expertise across payment clearing, personal credit reporting, cross-border data transfer and other scenarios. Among recent projects, the firm advised a leading technology payments company on obligations under new rules governing cyber and data security law, and compliance audits for personal information protection, as well as advancing the design of data localisation, use, transfer and cross-border data transfer arrangements for its co-operation with licensed onshore clearing institutions. The firm also provided PRC law advice to a well-known digital asset trading platform and assisted Chinese mainland clients under a bankruptcy distribution plan worth tens of billions of US dollars.

★ Criminal-civil crossover matters

Gaopeng & Partners provides defence and other legal services in criminal-related disputes, such as complex bribery, occupational embezzlement and contract fraud cases. In a case handled by the firm concerning the bribery of an individual surnamed Fan, complex circumstances were involved where the client committed further bribery around the time a previous judgment on the crime of illegal mining took effect. It also involved complex issues such as whether the new sentencing standards should apply for the crime of bribery under the Criminal Law Amendment (XII). Ultimately, the firm secured an optimistic outcome of one-year fixed-term imprisonment with a one-year suspension.

In another contract dispute with a blurred boundary between civil and criminal procedures, Gaopeng represented a defendant surnamed Huang, persuading police that in the absence of contract fraud elements the matter was a civil dispute. This led to withdrawal of the criminal case, helping the client avoid imprisonment.

★ International trade

Gaopeng & Partners delivers a stellar performance in transnational trade remedy investigations. The firm represented Shandong Tongsheng Composite Materials in defending against South Africa’s anti-dumping investigation into galvanised flat-rolled products, successfully securing the lowest duty rate of 5.61%. The case involved an amount of USD570 million, with other Chinese exporters hit with a duty rate of 53.8%. Additionally, Gaopeng assisted Intco Medical in responding to Brazil’s anti-dumping case against PVC gloves. In this matter, involving USD1 billion, the firm secured the lowest tariff rate in the industry for its client at just USD3.9 per 1,000 pieces.

★ Notable achievers

Global Law Office experienced further business expansion and talent upgrades during the past year. The firm’s fifth domestic office was established in Suzhou, serving clients from high-end manufacturing, capital markets, cross-border investment, digital economy, life sciences and healthcare. Across its five offices in Beijing, Shanghai, Shenzhen, Chengdu, and Suzhou, the firm added 15 new partners, promoted 28 counsel as partners, and elevated 35 associates to counsel.

★ Banking and finance

Global Law Office acted as special legal counsel on a RMB6 billion (USD880 million) syndicated financial leasing transaction for the first set of major technical equipment for a large ultra-supercritical coal-fired power unit, marking the first transaction of its kind in the Chinese mainland. An in-house counsel at a Hong Kong-based Chinese bank describes the team as “professional and responsive”, adding that the partners “are always willing to listen to the needs of the client and can provide practical advice and solution to suit our needs”.

★ Corporate compliance

Global Law Office expanded its compliance practice in 2025 with the addition of more than 10 specialists, including former judges, prosecutors and senior in-house counsel. The team brings extensive experience in compliance and risk control, focusing on cybersecurity, data compliance, ESG and corporate compliance governance. The firm’s compliance clients span industries such as internet, life sciences, healthcare, automotive and technology.

Among the latest projects, Global assisted Trina Solar in obtaining ISO 37001 anti-bribery management system certification, and also advised multinational pharmaceutical and medical device companies such as Johnson & Johnson, Sanofi, Ortho Clinical Diagnostics, Siemens Healthineers and Roche in mitigating potential risks of adverse medical insurance credit assessments. The firm also actively participates in setting industry standards, assisting the State Administration for Market Regulation in drafting the Compliance Guidelines for Healthcare Enterprises to Prevent Commercial Bribery Risks, the first national compliance guideline in China specifically targeting prevention of commercial bribery in the pharmaceutical sector.

★ Data protection and data privacy

Global Law Office advised on the assetisation of commercial health insurance claims data, helping Futian Industrial Investment secure Shenzhen’s first product property rights registration certificate in the authorised operation of public data. The general counsel of Helixlife Technology particularly recommends partner Meng Jie, saying she “not only has a firm grasp of the regulatory framework for AIGC, but can also translate complex rules into ‘technical language’ that our business team can readily understand, setting clear compliance boundaries while offering practical guidance”.

★ Capital markets (Domestic)

Grandall Law Firm acted as issuer’s special counsel to Nanjing Securities in its A-share issuance to specific investors, helping the deal complete smoothly and raise nearly RMB5 billion (USD734 million), with all proceeds used to strengthen the company’s capital base. Li Shuai, head of the board office at Fangda Special Steel Technology, particularly recommends Grandall Feng Fan: “[She] is able to identify our core needs with precision and respond quickly, providing accurate professional analysis in light of Chinese mainland capital markets regulation and listed company compliance requirements, and delivering legal advice that is both compliant and practical.”

★ Domestic litigation

Grandall-law-firm/">Grandall Law Firm acted for CICC Qide, a subsidiary of CICC, and its private equity investment platform CICC Capital, in defending an investment loss claim brought by Guorui New Energy Automobile, involving around RMB450 million. Following comprehensive submissions by the Grandall team, the Shanghai First Intermediate People’s Court dismissed all of the claimant’s claims at first instance, and the Shanghai High People’s Court upheld the decision on appeal. The ruling enabled the clients to avoid substantial financial losses.

★ Aviation

Grandall-law-firm/">Grandall Law Firm has a professional team dedicated to civil aviation affairs, providing legal services in aviation asset leasing, sales and financing, insurance, IP, and dispute resolution for organisations such as the China Air Transport Association, Air China, China Eastern Airlines and Beijing Capital International Airport.

A Shanghai-based aviation insurance broker praises Grandall as a “reliable and trustworthy partner”, adding that “Whether handling daily inquiries, emergency cases or major claims, they are consistently professional, rigorous and efficient, truly looking at issues from the client’s perspective to solve practical problems.” She particularly praises Beijing-based partner Jason Jin for his precise grasp of legal issues related to aviation insurance and his ability to consider all parties’ positions in communication, describing him as a “professional, efficient, empathetic, reliable and pragmatic lawyer who is highly trustworthy and recommended in the aviation insurance sector”.

★ Anti-bribery, anti-corruption and investigation

Grandway Law Firm provides listed companies, prospective listed companies and state-owned enterprises with services such as anti-commercial bribery and compliance risk response, covering areas including data privacy, tax, securities, finance and trade secrets. In a major fraud case involving tens of millions of renminbi, Grandway helped a listed embodied AI robotics company conduct an internal investigation and secure evidence, successfully filing a criminal case against the core suspects for embezzlement and trade secrets infringement.

In this case, senior executives and former employees colluded in a fraudulent scheme. After leaving the company, certain staff established a new entity to produce similar products using the technical information, causing immense losses to their former employer. Given difficulties in gathering evidence and the highly specialised nature of such cases, the successful filing of this criminal complaint is highly representative.

★ Capital markets (Domestic)

Grandway Law Offices has advised dozens of companies on IPOs, follow-on offerings, bond issuances and M&A transactions. Chi Ming, senior manager in the securities investment department of medical technology company Innostic, recommended partner Zang Xin. During the company’s ChiNext IPO the law firm demonstrates “an accurate grasp of regulatory review trends and requirements, and the ability to swiftly identify key risks in complex legal and commercial matters to provide clear and practical solutions”, Chi says. Wang Baoyi, director of investment and financing at Xinbida Microelectronics, praises Grandway partners Jin Jun and Hai Lan, observing that the firm’s services from early-stage through subsequent financings “fully demonstrated Grandway’s deep expertise in the capital markets”.

★ Domestic litigation

Grandway Law Offices represented Everbright Xinglong Trust in a financial loan contract dispute related to Shimao, providing legal services at first instance, on appeal and during enforcement proceedings. The case involved around RMB4 billion. Ying Jingxu of Everbright Xinglong Trust commends Grandway’s service quality and professionalism. The firm’s team demonstrates “rigorous legal analysis, clear strategy, timely and efficient responsiveness, and a high degree of effectiveness in case progression and enforcement” in domestic litigation matters, Ying says. He specifically recommends lead partner Hu Zhiyong.

★ Automotive, industrials and manufacturing

In the past year, Grandway Law Offices provided various legal services to clients in areas such as domestic and overseas listings, or equity financings. These deals included assisting Changyou Environmental Protection Technology with its initial public offering and listing on the ChiNext board of the Shenzhen Stock Exchange; assisting USAS Building System and Conch Material Technology with their listings on the Hong Kong Stock Exchange; and assisting Immorta Bio with its new round of financing. The firm also represented the Zhejiang New Energy Vehicle Industry Fund in providing legal due diligence and agreement review services for its participation in the series B financing of Geespace.

Wang Baoyi, investment and financing director at Immorta Bio, said: “The company’s business involves specialised fields such as integrated circuits and automotive. The lawyers at Grandway Law Offices are able to deeply understand the commercial and technical models, and provide precise legal and compliance advice in daily agreement support and legal work.”

★ Golden league

Haiwen & Partners has focused on its international expansion in 2025, bringing in five partners and senior consultants from leading international firms: Sherry Cui, Leeza Lee, Fan Chaobo, Crystal Liu and Zheng Jianhao.

Zhang Junwei, CEO of Basaltec Incorporated, says that Haiwen provided “very professional and rigorous” service. “They have strict quality control over the work they deliver. Even when a project is urgent, partners and senior associates still review the output, and the quality has remained high.”

He particularly recommends Yang Na, a partner at Haiwen, noting that she “takes charge of every project personally. She always gives me timely feedback. Her advice is not only professional but also very detailed – she tells me what to do and explains why. She always puts herself in our shoes as the client … that makes me feel very reassured.”

★ Domestic arbitration

Haiwen & Partners’ domestic arbitration services receives a strong endorsement from a leading Chinese brokerage. “The team demonstrated solid legal expertise, appropriate strategy, high-quality documentation and rapid responsiveness,” says the company's head of dispute resolution. She particularly recommends partner Sun Huijuan, praising her as “meticulous in case handling and personally committed throughout”.

★ ESG

Haiwen & Partners advised Huaneng Hydropower on its A-share private placement that raised RMB5.8 billion (USD842.7 million). The transaction represents the largest competitive private placement announced after the China Securities Regulatory Commission’s “August 27 New Deal”. It is also the first at-par issuance – priced at 100% of the benchmark rate – in China’s power generation industry in five years. The proceeds will support the West-to-East Power Transmission project and development of integrated wind, solar, hydropower and storage energy bases in southwest China.

★ M&A (Outbound)

Haiwen & Partners assisted the tech company Newborn Town in acquiring NBT Social Networking and advised Graviton on its RMB15 million (USD2.19 million) purchase of SRS Certification and Shanghai Shiying Certification Service, addressing complex legal issues such as phased cross-border closings. Ge Sichen, in-house counsel at Graviton, praises Haiwen as “deal‑oriented” and effective in “resolving potential hurdles in cross‑regional mergers”.

★ Private equity and venture capital

Haiwen & Partners acted as legal counsel in the series D financing of Xiaoma Education, a children’s programming training institution. Gu Yuan, CFO of the company, praises the law firm for demonstrating a high degree of professionalism, commercial insight and responsiveness throughout the transaction: “They provided clear and practical legal advice, helping us efficiently navigate complex legal and commercial issues,” Gu says. Wang Jiaqi, senior in-house counsel at SAIF Partners, also says Haiwen’s lawyers in the private equity and venture capital space have been highly professional and meticulous: “The partners take a hands-on approach, rigorously control document quality, respond very promptly and always give clients professional and actionable legal opinions.”

★ Consumer and retail

Haiwen & Partners not only supported Anjoy Foods in its HKD2.3 billion (USD290 million) IPO on the HKEX and assisted Laopu Gold in its H-share placement raising around HKD2.7 billion in the capital markets, but also provided comprehensive PRC law advice to Restaurant Brands International and CPE regarding their USD350 million strategic collaboration for Burger King’s China operations, covering general corporate matters, M&A, antitrust and tax. The law firm also assisted a well-known Chinese food company in a series of trademark infringement and unfair competition matters.

★ Family wealth management

Haiwen & Partners focuses on cross-border succession planning and governance for high-net-worth and ultra-high-net-worth clients, offering an integrated service that combines expertise in capital markets, tax and company law. In the past year, the firm advised multiple families on matters involving control of listed companies in China and overseas, as well as substantial assets. It designed an offshore trust structure for a company founder with family assets worth several billion US dollars, combining trusts, family constitutions, and marital and inheritance arrangements to secure control and preserve family harmony. The firm also navigated challenges arising from family members spread across multiple jurisdictions, differences in tax and matrimonial regimes, and regulatory requirements on foreign exchange and disclosure.

★ Golden league

Han Kun Law Offices has pursued comprehensive development over the past year, strengthening its capabilities across dispute resolution, capital markets, investment funds, private equity, M&A and criminal law. It has brought in well‑known partners including Sean Chen, Zhang Dong, Eric Zhang, Jerald Foo, Suzie Zhao, Jiang Ruixin, Xiong Yi, Joanna Wang, Christine Kang, Yin Can, David Gu, Peter Pang, Melody He and Tao Liang from leading Chinese and international firms.

A deputy general manager of the investment banking division at a leading domestic securities firm speaks highly of Han Kun’s service. Citing a case involving a listed company’s liability for misrepresentation, he notes that the case involved complex legal issues, large‑scale loss calculations and causation analysis, and that the Han Kun team “demonstrated an extremely high level of professionalism. They not only mastered the most cutting‑edge legal views and typical cases in this field but also built a strong defence logic using transaction data.”

He particularly recommends Deng Xiaoming, a partner at the firm, describing him as “rigorous in his work, efficient in communication, and able to accurately manage case risks and timelines. Choosing Deng means choosing top‑tier professional protection and strategic support. He is the ideal choice for handling difficult litigations.”

★ Asset management

Han Kun Law Offices demonstrated strong credentials in asset management, representing the National Venture Capital Guidance Fund in its RMB20 billion (USD2.9 billion) participation in establishment of the Greater Bay Area Venture Capital Guidance Fund. The firm also advised on: a RMB10 billion second-phase fund launched by Chengtong Science and Technology Innovation Investment Fund; M&A and real estate funds established by CPIC Capital with a combined size of RMB15 billion; and the formation of market-oriented funds including Meituan Dragonball Capital.

★ Data protection and data privacy

Han Kun Law Offices advised on a number of notable data compliance matters. The firm acted as data compliance counsel on the Hong Kong listings of CIDI and Mingming Henmang, and advised Siemens, Bayer, Volvo, Tencent and Geely on data compliance issues. The mandates covered personal information protection, data localisation, cross-border transfers, cybersecurity and AI compliance.

★ Domestic litigation

Han Kun Law Offices has represented CITIC Bank, Guotai Junan, China Securities, L’Oreal China and Frost & Sullivan, among others, in domestic litigation matters. In one notable case, Han Kun assisted China Securities, acting in its capacity as underwriter and trustee, in defending multiple securities misrepresentation claims brought by institutional investors and bondholders, with total claims exceeding RMB200 million.

★ M&A (Outbound)

Han Kun Law Offices handled several significant cross-border transactions, including advising Geely Automobile in Zeekr’s acquisition of Lynk & Co shares held by Geely Automobile and Volvo Cars, followed by Zeekr’s capital injection into Lynk & Co to obtain a controlling stake. The firm also: assisted FountainVest Partners in its joint USD600 million acquisition of SML Group with CEP; acted as legal counsel to China Huaxin Post and Telecom Technologies in its RMB4.1 billion (USD570 million) sale of about 50% in Nokia Shanghai Bell to Nokia; and represented Fortune Precision and its co-investors in the acquisition of semiconductor gas delivery system supplier Kenfa at an equity valuation of RMB3.8 billion.

★ Private equity and venture capital

Han Kun Law Offices remained highly active in private equity and venture capital transactions across frontier sectors including artificial intelligence, robotics and healthcare. This included: LiblibAI’s USD130 million financing; Aiper Intelligent’s nearly RMB1 billion (USD147 million) financing; acting for Tencent in Alebund Pharmaceuticals’ series C and crossover rounds; representing ORINNO Capital in its RMB300 million investment in Zhipu AI; and advising Vivix AI on its several hundred million-dollar series A financing.

★ Aviation

Han Kun Law Offices serves as PRC counsel for many international aviation leasing companies, including Avolon, SMBC Aviation Capital and AerCap in connection with aircraft sale and transfer, engine acquisition and asset disposals involving Chinese parties. Notably, the firm advised Xiamen Aircraft Leasing in the acquisition of a four-aircraft portfolio from Air Charter Service and Agricultural Bank of China Financial Leasing in a series of helicopter leasing transactions with China General Aviation.

★ Family wealth management

Hastings & Co has a solid family wealth management practice, covering multigenerational succession planning, charitable trust governance and wealth protection for elderly clients. The firm advised on the establishment of two living trusts, each capable of managing more than HKD100 million (USD12.8 million), with both estates directed upon death to long-term charitable trusts supporting 10 major Hong Kong charities. Pamy Kuo, a partner at Oldham Li & Nie, says: “Hastings & Co is exceptional in family wealth management cases. They are very straightforward about the possible outcomes and always seem to be one step ahead in planning the case strategy. They are also prompt in their professional responses.”

★ Anti-bribery, anti-corruption and investigation

Hiways Law Firm assists clients with compliance system building, internal fraud investigations and criminal risk diagnosis and defence, with particular expertise in handling complex commercial bribery and internal fraud cases. For example, in a fraud case involving RMB30 million (USD3.4 million) where employees of a large agricultural group colluded with suppliers, Hiways conducted an internal investigation, built an evidentiary chain and facilitated the filing of a criminal case, helping the group recover its core losses during the investigation stage.

★ IP (Copyright)

Hiways Law Firm secured a victory for Tsuburaya Productions and its exclusive licensee in China, Shanghai Character License Administrative Company, in the Ultraman trademark infringement lawsuit series, establishing a legal foundation for the protection of the Ultraman brand in the Chinese market. The firm also represented Universal Studios in a criminal prosecution against a gang counterfeiting its VIP tour guide service, securing a win in the nation’s first criminal case involving a theme park service mark.

★ International trade

Hiways Law Firm defended multiple companies in international anti-dumping investigations, including securing a zero-duty ruling for Trina Solar in India’s anti-dumping probe into Chinese solar products. The operating manager at a world-leading solar module manufacturer praises the firm’s professionalism and service attitude, and specifically recommends senior partner Ye Wenwei, noting his ability to “pinpoint the crux of a case” and “provide advice that is both legally sound and commercially sensible”.

★ Corporate compliance

Hui Ye Law Firm assisted Ningbo Property Exchange Centre in building its compliance management framework, designing a tailored compliance architecture and targeted risk-control measures for critical operations. Drawing on its specialist data compliance capabilities, the firm redesigned the centre’s overarching data governance strategy.

★ ESG

Hui Ye Law Firm provided dedicated environmental, health and safety (EHS) legal services to a leading battery manufacturer on the construction of its Hungarian plant. The firm also assisted Jiangsu Expressway Company in developing an eco-environmental management framework centred on carbon neutrality and ESG compliance, while enhancing its pollution control and prevention compliance.

★ Government and public policy

Hui Ye Law Firm acted in a number of notable government and public affairs cases of significant public interest. The head of legal affairs at a privately owned trust institution expressed satisfaction with administrative law services provided by the firm, with a particular recommendation for senior consultant Chen Zhenyu, commending his “mastery of administrative law and his ability to deliver targeted solutions”.

★ AI, technology and telecoms

Hui Ye Law Firm’s network data and AI team comprises more than 30 lawyers, technical experts, former officials and former in-house counsel, providing diversified legal services including the understanding, design and implementation of complex technology and transaction structures. In an AI trade secret protection case, the firm’s lawyers reframed the key issues in dispute after an unfavourable first-instance loss in a situation with no precedents to follow. By meticulously constructing a chain of evidence, they successfully pierced the “AI black box” and shifted the burden of proof, ultimately securing a full reversal on appeal.

★ Domestic litigation

Yin Sen, head of legal and compliance at the new energy subsidiary of China Power Engineering Group, speaks highly of Hui Zhong Law Firm. He says: “Over the past year, Hui Zhong has worked with us on a series of litigation matters, each involving claims exceeding RMB100 million (USD14.52 million). With its outstanding professional expertise and comprehensive problem-solving capabilities, the firm has delivered highly favourable outcomes for the company.”

He particularly recommends partner Zhu Huafang, describing her as “the team leader for our matters, who approaches each case with great enthusiasm, a well-rounded commercial perspective and strong professional expertise, leading the company from one successful judgment to another”.

★ Cross-border arbitration

★ M&A (Inbound and domestic)

Jia Yuan Law Offices delivered high-level legal planning for multiple complex and milestone deals facilitating the transformation of industrial enterprises, including a record breaking strategic integration for a central state-owned enterprise (SOE) – the first market-driven formation of a new central SOE group – and the privatisation of a large Hong Kong-listed energy company coupled with the introduction listing of its A-share parent.

★ Construction and infrastructure

Jin Mao Law Firm’s service quality and professionalism in the construction and infrastructure sector have won recognition from multiple clients. Sun Hong, an in-house counsel at Shanghai Shisong Real Estate Development, especially praises partner Zhang Yinglin: “She consistently communicates with exceptional efficiency … and always delivers practical, workable solutions tailored to the characteristics of the industry. Her rigorous work ethic and professional capabilities have provided important support for the lawful and compliant execution of our projects.”

★ Banking and finance

Jingtian & Gongcheng advised Bank of China as lead arranger of a syndicated loan exceeding RMB32.9 billion for Units 1 and 2 of the Guangxi Bailong Nuclear Power Project. In Alibaba’s RMB26.2 billion cross-border syndicated financing, the firm acted for Bank of China, Shanghai Pudong Development Bank, China Merchants Bank, Bank of Jiangsu and China Minsheng Bank. On the financial institution side, Jingtian & Gongcheng also assisted CRRC Financial Leasing in completing post-acquisition integration matters following its acquisition by Foreign Trade Financial Leasing.

★ Capital markets (Hong Kong and Overseas)

In 2025, Jingtian & Gongcheng advised on seven of the top 10 HKEX IPOs by funds raised, including Sany Heavy Industry, Hengrui Medicine, Sanhua Intelligent Controls, Haitian Flavouring and Food, Chery Automobile, Pony.ai and Innovation Industries. Among these, Sany Heavy Industry raised more than HKD13.45 billion (USD1.72 billion), ranking as the world’s eighth-largest IPO of the year. Jingtian & Gongcheng acted as PRC counsel to the sole sponsor, CITIC Securities, and other underwriters in the transaction.

★ Domestic arbitration

Jingtian & Gongcheng assisted a project company under United Water in filing arbitration over a wastewater treatment scheme in Togtoh Industrial Park, resolving multiple disputes and recovering investment losses. United Water’s senior vice president, Luo Bin, praises partners Sun Shiqi and Zhang Congcong in particular: “Both lawyers bring exceptional professional commitment and accountability. Their work is thorough, their response times fast, and they consistently turn intricate legal questions into lucid, workable proposals, taking full account of our commercial needs and on the ground practicalities.”

★ M&A (Inbound and domestic)

Jingtian & Gongcheng advised on a deal ranking among the largest real estate transactions in the China mainland market in 2025: the real estate fund of CDH Investments on its acquisition of a warehousing and logistics property portfolio valued at about RMB5 billion (USD740 million). The vice president of the asset manager singles out the firm’s partner, Chris Zhu, for praise: “Zhu is quick to spot hidden problems and risk exposure, and proposes workable solutions and transaction structures. He deftly balances legal risk protection with the momentum of deal making and brings an extremely strong sense of commitment. He is a trusted long-term adviser and partner.”

★ Structured finance and securitisation

Jingtian & Gongcheng assisted Alibaba in completing two issuances: USD3.2 billion worth of zero-coupon convertible senior notes and HKD12.02 billion (USD1.53 billion) in zero-coupon exchangeable bonds. Given the company’s multiple tranche bond issuances, the firm helped newly joined underwriters complete the necessary due diligence and pass internal approvals within an extremely short timeframe. In addition, the law firm assisted iQiyi in completing the issuance of USD350 million in convertible bonds due 2030; assisted Zhen Ding Holding in completing the issuance of USD400 million in convertible bonds due 2030; and provided legal services to CITIC Trust for several of its trust schemes.

★ Consumer and retail

Jingtian & Gongcheng successfully assisted a number of prominent retail companies in their Hong Kong IPOs, including Mixue Group, a ready-to-drink beverage company, the bulk snack retailer Busy Ming Group, the leading condiment manufacturer Haitian Flavouring, and Bloks, a building block toymaker. Among these, the Hong Kong public offering of Busy Ming Group was oversubscribed 1,899.49 times, while the international offering was oversubscribed 44.44 times, making it one of the highest multiple international placements in the consumer sector of the Hong Kong market in recent years. In addition, the law firm assisted various clients with a range of legal services, including M&A, bond issuances, international trade investigations and compliance matters.

★ Healthcare, pharma and life sciences

Jingtian & Gongcheng advised Shenzhen Pregene Biopharma on a global licensing and collaboration agreement with Kite, a subsidiary of Gilead, with milestone payments of up to USD1.52 billion. The deal became a benchmark among publicly disclosed outbound licensing transactions by Chinese companies in the field of in vivo CAR-T therapy. The project involved co-ordinating global collaboration arrangements, reviewing and negotiating transaction documents, and aligning intellectual property, data compliance, antitrust and regulatory requirements. The firm also assisted Jiangsu Hengrui Pharmaceuticals in the huge Hong Kong listing mentioned above.

★ Real estate and REIT

Jingtian & Gongcheng provides full-process legal services for large-scale land and urban renewal projects. The firm assisted Shui On Land in acquiring a 50% equity interest in Shanghai Yongye Urban Renewal Construction Development, and in co-developing the Yuyuan subdistrict plot in Huangpu District, Shanghai. The total investment in the project is expected to exceed RMB40 billion. The firm also provided specialised legal services for the Guangzhou Nansha Hub development project with a target amount of RMB20 billion, covering land acquisition, asset injection, compliance system development and risk control services.

Jingtian & Gongcheng also assisted CDH Investments in acquiring a warehousing and logistics portfolio at RMB5 billion. The performance of the firm’s real estate team and the leading lawyer, Zhu Xiaoming, left a deep impression on Chen Shen, vice president of the company. “Jingtian & Gongcheng has professional and well-equipped teams on both the real estate fund and the transaction sides,” he says. “They are able to provide professional and efficient legal services at every stage of the deal, co-ordinating excellently with client needs and project timetables.”

★ Legaltech pioneers

Joint-Win Partners has deepened the integration of legal technology during the past year. It deployed an AI contract-review system that achieved 98% accuracy in identifying standard clauses, freeing up 30% of junior legal staff. The firm also developed a case-intelligence module using natural language processing technology, which cut preparation time for complex cases by half. Its in-house visual litigation management system has been adopted by the Shanghai Financial Court as a reference tool. In addition, the firm built a blockchain-based evidence platform to enable one-click upload and lifecycle management of electronic evidence, helping clients secure more than RMB200 million (USD29.3 million) in compensation and settlements during the year.

★ IP (Trade secret)

Joint-Win Partners acted for Decheng Data in litigation against ArcTron Data & Information over trade secret theft. The firm pursued dual claims of copyright infringement and trade secret misappropriation, thereby maximising Decheng’s IP protection. The case establishes a reference for determining ownership of co-developed outputs and criteria for proving trade secret infringement.

★ Banking and finance

JunHe has advised Shanghai Pudong Development Bank on multiple syndicated loan transactions, including a RMB40 billion acquisition of more than 30 Wanda Plaza projects by a consortium of institutions, and a RMB7 billion financing for Hong Kong-based Boyu Capital’s acquisition of luxury department store Beijing SKP. The firm also advised on PRC law to multiple new lenders, existing lenders and facility agents in New World Development’s HKD88 billion refinancing, a time-sensitive and complex transaction involving numerous major financial institutions.

★ Capital markets (Hong Kong and Overseas)

JunHe acted as PRC counsel to the underwriters – Goldman Sachs (Asia), JP Morgan Securities (Asia Pacific) and CICC Hong Kong Securities – on Xiaomi’s HKD42.5 billion (USD5.4 million) share placement, which involved the issuance of 800 million new shares. The firm also advised the joint bookrunners on PRC law in Baidu’s USD2 billion offering of zero-coupon exchangeable bonds, which marked the first exchangeable bond transaction priced in 2025, and the largest issuance of its kind since 2021.

★ International trade

JunHe defended Geely against the European Union’s anti-subsidy investigation into Chinese electric vehicles, joining other major domestic carmakers in challenging the ruling before the EU’s General Court. The firm also assisted the Chinese government in WTO dispute settlement proceedings, particularly in the submission of defence arguments. The case marks the first joint response by China’s automotive industry to an EU anti-subsidy probe, a milestone for the global expansion of the new-energy vehicle sector.

★ M&A (Inbound and domestic)

JunHe acted as legal counsel to Starbucks throughout the sale of a controlling stake in its Chinese mainland retail operations to Boyu Capital, a transaction valued at around USD4 billion. The firm also assisted Mérieux NutriSciences in acquiring Bureau Veritas’s food testing business in China, offering end-to-end services, including legal due diligence, transaction structuring and closing.

★ M&A (Outbound)

JunHe advised Samsung SDI on the sale of its polariser business to Hengxin Optoelectronics and its South Korean affiliate for about RMB6 billion (USD882 million), navigating complex issues including Sino-Korean regulatory approvals and deal structuring. The firm also acted as PRC counsel to Yuexiu Group acquiring an 83.33% stake in Hong Kong Life Insurance, and the subsequent capital injection of HKD1 billion (USD128 million), addressing multiple regulatory challenges posed by the state-owned assets administration, outbound investment rules, and Hong Kong insurance supervision.

★ Automotive, industrials and manufacturing

JunHe acted as the issuer’s PRC legal adviser and special data compliance adviser for the Hong Kong listing of Geekplus, a manufacturer of intelligent robots. The company was the first H-share listed company to adopt a weighted voting rights structure. It had previously undergone red-chip structuring, unwinding of the red-chip structure, and multiple rounds of domestic and overseas financings. Despite challenges such as a complex corporate history and a large number of different shareholders, JunHe leveraged its professional experience to prepare listing materials and assist the client in responding to multiple rounds of detailed inquiries from regulatory authorities, ensuring the successful completion of the IPO. The firm also assisted BYD with its H-share placement of HKD43.5 billion (USD5.56 billion), advised on an institutional investment of RMB5 billion (USD720 million) in Seres, provided legal services for Geely Holding’s acquisition of shares in Renault Brazil, and acted on the HKD1.24 billion H-share placement of AI chips manufacturer Black Sesame.

★ IP (Trademark)

JunZeJun Law Offices has extensive experience in safeguarding the business reputation and IP rights of large technology enterprises. Representing Huawei in a corporate reputation infringement dispute against internet celebrity Yu Mingliang, the firm successfully challenged the defendant’s claim that her own evaluation was a “consumer evaluation”, clarified her online infringement liability, and gained the support of the court. The case was also selected as a “typical case” by Guangdong High Court. In an infringement case representing Huawei against Tengyu Digital and other companies, JunZeJun successfully stopped the defendants from continuing to counterfeit and secured substantial compensation of RMB9.8 million (USD1.3 million) by obtaining an interlocutory conduct preservation ruling. The firm also represented Baidu in the first domestic infringement lawsuit involving the application of the “safe harbour” principle to AI-generated content, obtaining a favourable result in which the plaintiff’s claims were dismissed.

★ Notable achievers

Kangda Law Firm saw a 10% increase in the number of practising lawyers in 2025, exceeding 2,000, including 14 newly promoted senior partners and 19 partners. Additionally, the firm continued to expand domestically, establishing a new Kunming branch in February 2025 and a Nanchang office in April 2025. Kangda received recommendations from several executives at state-owned private equity fund managers in the private equity and venture capital space, who praised the firm’s team for its skilled practice, its ability to precisely navigate the tensions between state-owned asset supervision logic and private fund commercial rules, and its capacity to propose innovative solutions based on actual circumstances.

★ Domestic litigation

Kangda Law Firm represented AVIC Global Culture Communication, a subsidiary of Aviation Industry Corporation of China, in copyright infringement and unfair competition proceedings concerning the core artistic work on the Baidi Aerospace Fighter Jet, part of its original aviation/science fiction Nantianmen Project. By organising expert opinions from aviation specialists, conducting detailed design analysis and citing guiding cases, Kangda successfully secured a reversal of the first-instance judgment before the Shaanxi High People’s Court. The appellate court confirmed the rights holder’s full copyright and increased the damages award by 300% compared with the first instance ruling.

★ Domestic arbitration

Kangda Law Firm represented Shaanxi Construction Engineering in initiating construction contract arbitration against Shenshan OCT before the Shenzhen Court of International Arbitration (SCIA), involving contracts with a total value exceeding RMB200 million. Shenshan OCT ordered a suspension of works when less than half of the construction had been completed and refused to make further payments.

A key issue in the case was that calculating the safety and civilised construction fees and preliminaries on a pro rata basis according to construction progress would not cover the contractor’s actual costs, potentially causing substantial losses. Kangda successfully persuaded the arbitral tribunal to commission a judicial appraisal of the actual costs incurred in respect of the relevant fees.

★ Criminal-civil crossover matters

King & Capital Law Firm provides criminal defence and representation as well as civil litigation and arbitration services. The firm represented clients in the infamous Kangde Xin securities misrepresentation case, a landmark action concerning financial fraud resulting in criminal liability in the Chinese capital market. The case involved continuous financial fraud over four years and inflated profits of RMB11.9 billion, involving more than 150,000 claimants and claims amounting to hundreds of millions of renminbi. The defendants included Kangde Xin, its controlling shareholder, 13 executives and intermediaries such as the accounting firm.

In another notable case handled by King & Capital concerning a guarantee contract dispute between Anhui Rongchang and Qingdao Fangtai, the Supreme People’s Court clarified that where a party to a contract bears criminal liability for committing a crime, this does not naturally render the contract invalid.

★ Energy and natural resources

King & Capital Law Firm has assisted clients in multiple high-value and high-risk cross-border energy disputes. The firm represented a client in a performance dispute with the national pipeline network regarding the “take or pay” clause of an LNG terminal, involving a claim of RMB260 million (USD38.2 million). In a natural gas project with a total investment of more than USD800 million, the firm also helped another client reach a new consensus with the Ethiopian government over a termination dispute. The client had originally acquired rights to explore and develop natural gas resources across eight exploration blocks and two development blocks in Ethiopia in 2013, but the Ethiopian government unilaterally terminated the relevant production sharing agreement in late 2022. But with the law firm’s assistance in negotiations, the two parties signed a new agreement in mid-2024, successfully resolving the dispute and resuming co-operative development of the gas field.

★ Capital markets (Domestic)

King & Wood has assisted Huadian New Energy in tailoring defect resolution plans for more than 1,400 new energy power generation assets in the past five years. The firm overcame issues such as asset ownership rectification, peer competition, national subsidy verification and independence, safeguarding the company’s completion of an A-share main board IPO worth more than RMB15.8 billion (USD2.32 billion). The firm says this project was the first main board IPO exceeding RMB10 billion since the comprehensive registration-based system was implemented. It was also the largest A-share IPO by a central government state-owned enterprise in the past three years, and one of the A-share IPOs with the largest strategic placement scale for an enterprise in the power industry. King & Wood also assisted the Bank of China in a targeted share issuance of RMB165 billion to the Ministry of Finance. This was among the first major achievements of the state policy supporting large state-owned commercial banks in replenishing core tier-one capital.

★ Capital markets (Hong Kong and Overseas)

King & Wood assisted the well-known electric vehicle maker, Seres, in listing on the Stock Exchange of Hong Kong, acting as the issuer’s domestic counsel, international sanctions adviser, data compliance adviser and US law counsel. This IPO raised about HKD14.28 billion (USD1.82 billion), making it the world’s largest car maker IPO in 2025. The firm also acted as the issuer’s domestic counsel to assist China Pacific Insurance in issuing HKD15.56 billion in convertible bonds at a premium with zero coupons, overcoming difficulties such as a lack of precedents for state-owned financial enterprises, and different information disclosure regulations across multiple jurisdictions, setting several capital market records.

★ Data protection and data privacy

King & Wood advised dozens of industry leaders on building integrated compliance frameworks covering networks, applications, algorithms and data, and completed more than 100 algorithm and LLM registrations. The firm also acted on data compliance for a number of listings, including Chagee’s Nasdaq IPO and CaoCao Mobility’s Hong Kong listing.

★ IP (Patent)

King & Wood has achieved notable outcomes in several prominent global standard essential patent (SEP) disputes. The firm represented Huawei in a series of global lawsuits against MediaTek concerning 4G/5G SEPs, facilitating a settlement after winning at first instance. The firm also assisted ZTE in its global SEP dispute against Samsung, securing a favourable ruling from the US District Court for the Northern District of California, which dismissed a FRAND contract and antitrust lawsuit initiated by Samsung. Additionally, the firm represents renowned companies such as ByteDance, CATL and KPN in several cross-border patent disputes.

★ M&A (Inbound and domestic)

Pioneering the role of exclusive lead adviser, King & Wood integrated its teams in the Chinese mainland, Hong Kong and other regions to form a comprehensive team covering securities, bonds, M&A, restructuring and corporate compliance. The firm worked with the client to set up special taskforces for listed company governance, policies and regulations, and organisational personnel, facilitating the new establishment and merger of Sichuan Investment Group and Sichuan Energy Investment Group to form Sichuan Energy Development Group within 64 days. The new company has a registered capital of RMB31 billion (USD4.56 billion) and total assets of more than RMB370 billion. Acting as legal adviser to the State-owned Assets Supervision and Administration Commission of Chaoyang, Liaoning province, the firm was also deeply involved in the central-local steel industry integration project of Ansteel Group, restructuring Lingyuan Iron and Steel Group.

★ Restructuring and insolvency

In the offshore debt restructuring of Chinese real estate giant Country Garden, involving about USD17.7 billion, King & Wood acted as the company’s Chinese legal counsel. The firm also provided pre-restructuring and other services during the filing and registration phase with the National Development and Reform Commission (NDRC). The debt restructuring was massive in scale and complex in structure, involving numerous creditors from multiple jurisdictions. Implementation of the restructuring plan brought a critical turning point for Country Garden. In the bankruptcy reorganisation of Dangdai Group, King & Wood acted as the company’s legal counsel. The plan took the equity of Humanwell Healthcare as its core asset and introduced China Merchants Group, which invested RMB11.8 billion (USD1.73 billion), as the reorganisation investor. The plan was approved by court ruling in April 2025, making it the case with the largest reorganisation debt scale and the highest reorganisation investment amount for a single enterprise nationwide in 2024.

★ Structured finance and securitisation

King & Wood participated in the Phase 1-2 green asset-backed security (ABS) special plans of Geely-Yiyi Interconnection. As the first battery swapping infrastructure ABS in China, this provided a replicable model for green asset securitisation in the new energy infrastructure sector. As special legal adviser, the firm also provided services including transaction structure compliance design and document drafting for the Financial Street Commercial Real Estate Asset-Backed Specific Plan Series shelf CMBS project, which had an issuance scale of RMB12.2 billion (USD1.79 billion). The firm also conducted comprehensive due diligence on high-quality properties in core areas of Beijing and Shanghai that served as the underlying assets.

★ Taxation

King & Wood has assembled a team of nearly 40 specialist tax lawyers, combining legal and tax expertise to provide one-stop services in major cross-border transactions. In Chindata Group’s RMB28 billion sale of its China business, King & Wood acted as legal and tax adviser to the seller, Bain Capital, and to Chindata. The tax team analysed the costs, risks and compliance requirements of different potential transaction structures and embedded precise tax considerations into clauses covering pricing mechanisms, representations and warranties, and the allocation of tax liabilities. Their work helped protect the client’s core interests and supported the timely signing of the deal.

★ Automotive, industrials and manufacturing

L&H Law Firm’s practice in the automotive, industrials and manufacturing sectors is extensive, covering IPOs, intellectual property and trade secrets, the overseas expansion of Chinese enterprises, and bankruptcy and restructuring. In a project where an auto parts manufacturer in Yuhuan, Zhejiang province invested in and built a factory in Thailand, the firm packaged Thailand land due diligence, company incorporation, beneficial ownership information application, and China overseas direct investment filing into a standardised and replicable one-stop legal service product, significantly improving the safety and efficiency of private enterprises’ overseas investments. At the same time, the firm adopted a hybrid fee mechanism of a mixture of fixed lump sum and phased payments at key milestones, deeply aligning with the client’s interests and reflecting a deep understanding of private enterprise needs and innovation in its service model.

★ Pro-bono

Long An Law Firm’s Shenzhen office has been deeply involved in the New Rain Programme for campus legal education and the Xintong Programme for legal aid to disadvantaged children, both initiatives of the Wider Centre pro bono organisation providing volunteer legal services. Throughout the year, the firm organised lawyers to deliver campus legal education sessions and provide individual case legal aid, contributing a total of 298.5 hours of pro bono service. Several lawyers were appointed as project experts and recognised as “Top Ten Pro Bono Lawyers”. The firm’s Zhongshan, Foshan and other offices jointly organised lawyers to connect with villages and communities, conducting activities such as “Little Lawyer” student study tours and rural constitution outreach, providing legal consultations, mediation and legal education.

★ Employment and labour

Long An Law Firm handled 3,209 employment cases in 2025, maintaining steady growth in its practice. It has proved particularly adept at resolving complex disputes by combining labour law with corporate and securities law. In a case involving a founding shareholder who was marginalised, Long An used a labour arbitration to establish “constructive dismissal”, helping the client avoid nearly RMB70 million in share repurchase liabilities.

Zhang Yining, legal director of Shanghai Xintou Intelligent Technology, described Long An’s services as “professional and efficient”, adding that the team showed “solid professional knowledge and a rigorous working attitude”. He particularly recommends Qiu Shaoming, a senior partner, and Yuan Huichao, a partner, saying: “They are well-versed in relevant laws and regulations, provide practical legal advice tailored to our operations, and communicate patiently and responsively – they have earned our full trust.”

★ Taxation

M&T Lawyers has successfully handled several major tax cases, including criminal defences, administrative reconsiderations and litigation, while also providing ongoing tax advisory services, health checks and cross-border individual income tax filing assistance.

The finance director of a leading electric motor and drive systems company recommends Shi Zhiqun, a founding partner of the firm, describing him as having “a very deep understanding of Chinese laws and regulations and how they are implemented on the ground. He is honest, realistic and always puts the client’s interests first”.

★ Legaltech pioneers

Merits & Tree Law Offices has moved from “system building” to “solution delivery” in the past year, becoming one of the first Chinese law firms to commercialise legal technology. It has built dedicated legal knowledge bases and trained private large language models for clients. The firm plays a key role as a knowledge architect in Shanghai Changning District’s Ningning AI Law digital assistant project in conducting legal publicity and education, helping construct a legal knowledge graph. It has also developed an in, which integrates dynamic knowledge bases and risk alerts to address the fragmentation of related legal services on companies’ global expansion.

★ Banking and finance

Merits & Tree Law Offices advised on Genertec BRICS Investment Development’s investment and construction in the headquarters zone of an innovation base project in Xiamen, in partnership with fellow BRICS countries, providing comprehensive legal services in communications and negotiations with members of a lending syndicate, and assisting in revising relevant financing documents for a syndicated loan totalling RMB4.3 billion (USD631 million). In addition, the firm is assisting GEM Co’s Hong Kong subsidiary in securing a US$300 million cross border syndicated loan led by HSBC, helping to ensure compliance in the cross border financing process. The transaction is currently at the closing stage.

★ Family wealth management

Merits & Tree Law Offices continued to expand its core practice in cross-border succession, trust structuring and family business governance. It advised the founder of a leading cosmetics brand on a comprehensive succession plan involving assets exceeding RMB1 billion (USD147 million), establishing a dual-track mechanism of executor and estate administrator to restructure diverse assets and achieve closed-loop risk management. In another cross-border inheritance matter involving assets across the Chinese mainland, Hong Kong and Singapore, the team co-ordinated differences in laws and asset disposal pathways across jurisdictions, ensuring a smooth transition of assets worth hundreds of millions of renminbi.

Ye Ling, president of Imaxbear, said Merits & Tree Law Offices “combined solid legal expertise with strong human sensitivity, handling complex family and wealth issues with both rationality and empathy”.

★ Capital markets (Domestic)

Sundial Law Firm acted for the issuer as legal counsel in the Shenzhen Stock Exchange IPO of DC charging equipment supplier UUGreenPower. In response to UUGreenPower’s complex historical nominee shareholding arrangements and regulatory requirements to conduct a look through verification of more than 40,000 underlying shareholders, Sundial worked closely with the sponsor and the exchange to review and regularise the nominee arrangements. The firm completed the shareholder look through verification within about three months, facilitating the company’s successful listing on the ChiNext board.

★ Corporate compliance

Sundial Law Firm has provided compliance system advisory services to multiple state owned enterprises and listed companies covering areas including bulk commodities trading, cross border data compliance, and US labour law compliance. When the US subsidiary of a Shenzhen based cross border logistics company came under investigation by the US Department of Commerce’s Bureau of Industry and Security (BIS), Sundial delivered training on US export control regulations and worked alongside the company’s international legal team to establish an export control compliance framework. The BIS has since terminated its export control compliance investigation into the company.

★ ESG

Tahota Law Firm assisted IAT, a leading independent automotive design firm, in its strategic investment in Bisu Auto, structuring the transaction with a hybrid consideration of technology equity and cash. Pioneering a reverse ODM model under which a car designer acquires a stake in a vehicle manufacturer, the deal sets a new precedent for technology-driven enterprises to engage in the restructuring of a new energy vehicle business. Its vertical integration strategy also offers a meaningful reference for addressing overcapacity in the power battery sector.

★ Media, entertainment and sports

Tahota Law Firm continued to build a strong presence in areas including music copyright, gaming compliance, and film and television production. In a trademark dispute involving the name rights of a well-known music group, the firm filed oppositions against multiple bad-faith registrations by different parties and ultimately secured judicial support, effectively removing barriers to registering the artists’ name in the Chinese mainland and demonstrating the firm’s expertise in trademark confirmation and cross-regional protection of entertainment rights. In the large-scale historical documentary project Chronicles of China, partner Wu Hui led a team providing legal services from investment and financing structure design to intellectual property review and production and distribution, ensuring the smooth implementation of the cultural project.