钱伯斯：2024大中华区法律指南（英文原版+译版）（137页）.pdf

1、CHAMBERS.COMRESEARCH|INSIGHT|PLANNING|LEADERSHIPCHAMBERSGREATERCHINAREGION2024TheLeadingLawyersandLawFirmsintheGreaterChinaRegionChina(InternationalFirms)2China(InternationalFirms)ABand1BakerMcKenzieWhattheteamisknownforThehighlyrespectedfinanceteamatBakerMcKenzieis

2、anestablishedbenchbasedinHongKongandShanghai.IthousesspecialistsformattersinvolvingthePRC,andalsoregularlyhandlesworkelsewhereintheAsia-Pacificregionandbeyond.Thefirmdrawsuponitsinternationalpresencetoassistclientswithmulti-jurisdictionalmatters.Itsimpressive

3、clientrosterincludesmajorlessors,airlinesandbanks.Itcontinuestoofferexpertiseonanumberofleasingandfinancingtransactions.Itiswellplacedtoadviseclientsonrestructuringandinsolvencymatters.Strengths“TheBakerMcKenzieteamisveryprofessionalandexperienced.Theytakeapra

4、gmaticapproachtohelpsolvingcomplexandsophisticatedmatters.”“WehaveseveralnewandcomplicatedstructuresduetotheregulatoryframeworksinChina.Theteamworkedveryefficientlyandprofessionallyunderextremetimepressure.”“Theteamhasveryin-depthknowledgeandexperi-enceinthea

5、viationindustryandalsoinChinaregu-latoryrequirements.”“Theyarewell-trainedteamsandcandealwithcomplextaskswithinashortperiodoftime.”NotablepractitionersAndrewLockhartchairsthefinancedepart-mentatBakerMcKenzieinHongKongandhasahealthyreputationinthemarket.Heen

6、joyslong-standingexpertiseassistingarangeofclientsintheAsia-Pacificregionwithavarietyofaviationfinancetransactions.Strengths:“Andrewknowsthenormandboundariessoheisrelativelyeasytoworkwith.”“Heisoneofthegodfathersofthismarket.”AllenNgishighlyadeptathandlin

7、garangeofleasingtransactions,assistinginrela-tiontobothaircraftandenginecomponents.Heremainsapopularchoiceamongfinancialleasinggroups,banksandairlines.Heisalsowellplacedtohandlerestructuringmandates.Strengths:“Allenisthetrueleaderoftheteamandawell-ex-perience

8、dlawyer.”“Allenisagreatlawyerwhoishighlyreputableintheindustry.Heisveryprofes-sionalandgivesgoodadvicetohelpmewithmydeals.”GraceLiisaseniorcounselwhoisbasedinBakerMcKenziesShanghaioffice.Shepossessesparticularknowledgeinhandlingacquisitions,aswellascomp

9、lexleasingarrangements,andisoftensoughtbyChineseairlinesandfinancialleasingcompanies.Strengths:“Graceisverypragmaticandclient-oriented.”CliffordChanceWhattheteamisknownforCliffordChancesassetfinancegroupishighlyrecommendedforitsabilitytohandlecross-borderaviatio

10、nfinancings,withconsiderabledepthofexpertiseformattersinvolvingthePRC,Japan,Taiwan,Australia,Indo-nesiaandtheUSA,thushighlightingitsstrongregionalpresence.Itsfullspectrumofservicesattractsmanylessorsandlenders,rangingfromJOLCOstructuresandleaserestructuringtoair-li

11、neinsolvency-relatedissuesandjointventurematters.Itisalsowellplacedtoadviseonasset-basedsecuritisationsandothercapitalmarketfinancingstructures.KeyclientsincludeCKAssetHoldings,CDBAviationandGoshawkAviation.Strengths“Theirteamhasparticularstrengthinhandlingcomple

12、xandsophisticatedmatters,especiallyforinnovativestructures.”“Theyareveryresponsiveandcanprovidespeedyfeedbacktoclients.”“CliffordChancesaviationfinanceteamisverystableandhasgainedextensiveexperienceinassistingforeignlessorclientsintheirleasingandfinancingbusine

13、ssintheChinesemarket.”WorkhighlightsCliffordChanceadvisedCKAssetHoldingsonthesaleofAMCKAviationsBand1ChowJacksonWatsonFarley&WilliamsGreenwellPaulCliffordChanceNgAllenBakerMcKenzieStockRichardJIMayerBrown*WongAshleyKing&WoodMallesonsBand2HoYvonneAllen&OveryLLP

14、*JebelyPaulWithers(ORL)NimmagaddaTejaswiTiang&PartnersWongSimonStephensonHarwoodBand3BisleyMatthewAllen&OveryLLP*KeKatherineKing&WoodMallesonsLiGraceBakerMcKenzieMillerStuartClyde&Co(ORL)SunJustinHFWUp-and-comingindividualsKwokNaiTiang&PartnersLamHettyCliffordChanceLokEve

15、lynMayerBrownInternationalLLP*AssociatestowatchChanWhitneyHFWLeadingIndividualsEminentPractitionersHoWilliamHKKWLawOffice(ORL)LockhartAndrewBakerMcKenzieEminentPractitionersAviation:Finance*Indicatesindividualwithprofile.(ORL)=OtherRankedLawyer.Alphabeticalorderwithineachb

16、and.Band1ishighest.Band1BakerMcKenzieCliffordChanceMayerBrownBand2King&WoodMallesonsWatsonFarley&WilliamsBand3Allen&OveryHFWStephensonHarwoodBand4Tiang&PartnersLeadingFirmsAviation:FinanceAviationFinanceContents:AviationFinancep.2Banking&Financep.5CapitalMarketsp.12CapitalMarket

17、sDerivatives&StructuredProductsp.21ClinicalNegligencep.24Competition/Antitrustp.27Constructionp.30Corporate/M&Ap.33CorporateInvestigations/Anti-Corruptionp.44DisputeResolutionLitigationp.48DisputeResolutionArbitrationp.57Employmentp.61Energy&NaturalResourcesp.66Family/Matrimonial

18、p.67FinancialServicesp.70Insurancep.74IntellectualPropertyp.78InternationalTrade/WTOp.83InvestmentFundsp.85LifeSciencesp.89MostinDemandArbitratorsHongKong-seatedandInternation-alArbitrationsp.92PrivateEquityBuyouts&VentureCapitalInvestmentp.94Projects&Infrastructurep.99Real

19、Estatep.101Restructuring/Insolvencyp.104Shippingp.108Taxp.112Technology,Media,Telecoms(TMT)p.114LeadersProfilesinChinaAviationChina(InternationalFirms)aircraftleasingplatformtoaninvestmentfund.TheoverUSD4billion-worthtransactioninvolvedthesaleof125aircraftandanorderbook

20、of20committedaircraft.NotablepractitionersPaulGreenwellisaleadinglawyerwhoishighlyrecognisedintheaviationspace,particularlyforhisknowledgeofcomplexsaleandleasebacktransactions.HehasnotableexperiencehandlingAsia-Pacificwidedeals,withspecificexpertiseintheChinaa

21、ndJapanmarkets.Strengths:“Paulhasthelionsshareofthemarketintermsofthefinancialinstitutionalside.”“Hehasgreatexpe-rienceandskills.”“Paulhasastrongclientbaseontheforeignlessorside.Heisveryprofessional,hard-workingandtrustedbyclients.”HettyLamhasabusyaviation

22、financepractice,supportingonavarietyofleasingtransactions.Sherou-tinelyassistsPRCandinternationalclientsondebtfinancingsaswellasjointventurematters.Strengths:“Hettyisresponsiveandprofessional,andcanunderstandbothlegalandcommercialissues,especiallyinsophisticatedde

23、als.”“Sheispleasanttodealwith.”MayerBrownWhattheteamisknownforMayerBrownfieldsaneminentaviationpracticeofferingadiverserangeofexpertiseincommercialandprivatejetfinancing,andallaspectsofaircraftleasing,purchasesanddisposals.Itremainsacounselofchoiceforanim

24、pressiverosterofmajorair-lines,lessorsandbanksandhasastrongtrackrecordoncross-bordermandatesthroughouttheAsia-Pacificregion,withexperienceadvisingonmattersrelatingtoSingapore.Itsclientsfurtherbenefitfromitshighlevelsofexperienceincor-porateanddisputeresolution

25、inthesector.MayerBrownregularlyassistsonlargesaleandlease-backtransactions,aswellascontractualagree-mentsforvariousaircraftcomponents.Strengths“Theyarealwaysavailablewhileweworkonseveraltimezones.Thelevelofserviceandtheresponsive-nessareaboveourexpectations.”“

26、Wealmostalwaysdealwithtime-sensitivecom-mercialarrangementsandinmyexperienceMayerBrownhasalwaysmetourtimelines,includingoverpublicholidays,weekendsandnon-workinghours.”“MayerBrownsaviationfinanceteaminHongKongisasafepairofhands,especiallyformorecomplextransac

27、tions.”“Personable,efficientandeffective.”NotablepractitionersRichardStock(seep.132)leadsMayerBrownsfinancepracticeinAsiaandhaslongstandingexperienceadvisingonthefullspectrumofavi-ationfinancemattersacrosstheAsia-Pacificregion.Heremainsacounselofchoiceformanyairli

28、nes,banksandlessors.Strengths:“Richardisoneofthebestintheworldathiscraft.Heishighlycustomer-focusedandveryfocusedondeliveringqualityservices.”“Richardhasabroaddepthofexperiencethatisreflectedinhimbeingoneofthego-tolawyers.”“Heisabletoquicklyunderstandthe

29、commercialdriversbehindtransactionsandprovideconsideredadvice,balancingtheriskpri-orities.”“Richardhasbuiltastrongteamtohandleallthevariouslegaldocumentationneedsthatwemayhavewithaircraftfinancing.”EvelynLok(seep.129)hasanactiveaviationfinancepracticewithnotab

30、leexperienceoncross-borderman-dates.Shefrequentlyrepresentsinternationalbanks,amongotherfinanciers,onjetfinancings.Strengths:“Evelynishighlyexperienced,solu-tion-oriented,withahighlevelofempathy.”“Evelynhasgoodknowledgeoftheindustryandthepeople.Shealwaysfindssolutions

31、,andhasexcellentcom-municationskills.”“Evelynisresponsiveandveryefficientinmanagingthetransactionsweworktogetheron.Notaskistoobigandwecanalwaysrelyonherforcomprehensiveadvice.”Band2King&WoodMallesonsWhattheteamisknownforKing&WoodMallesonsisafull-servicefir

32、mthatfieldsanaviationteamthatprovideswideexpertiseinstructuredassetfinancingandleasing,involvingcommercialandcorporateaircraft.Itregularlyactsonbehalfofmanufacturers,arrangers,les-sors,financiersandairlines.Theteamisadeptatleadingfinanceandleasingmattersaswella

33、srefinancingmandates.Italsodrawsstrengthfromitsinternationalcapabilitiestoassistwithlargecross-borderfinancetransactions.Strengths“Wehaveencounteredreallyaggressiveclients,thoughtheirrequirementsseemsunusualanddif-ficulttocopewith,King&WoodMallesonsalwaysprovidespro

34、fessionaladviceandconstructivesolu-tions.”“KWMsteamactedinareallyefficientwayandhelpedusresolvetheoutstandingissues.Theirserviceisofhighqualityandtheirresponsesarealwayspromptandefficient.”“Theteamisveryefficientindealingwithelementsofthematter.Itisveryde

35、tail-oriented.”NotablepractitionersAshleyWongiswidelyknownforherexpertiseandfrequentlyreceivesmandatesacrossthefullgamutofaviationfinancework.Sheisparticularlyactiveonsaleandleasebacktransactionsandleasenovations.Strengths:“Shehascommercialsenseandexcellentlegal

36、skills.Whenweencounterdifficultiesinthetransaction,wealwaysseekforheradviceandheranalysisoneachoutstandingissue.”“Ashleyisthorough,diligentandpleasanttodealwith.”KatherineKeiswellplacedtoadviseoncomplexcross-borderfinancingtransactionswithintheaviationsphere.S

37、hehasplentifulexpe-rienceinmattersinvolvingstructuredfinance,receivables,andsyndicatedloans.Strengths:“Sheisclient-orientedandknowshowtocoordi-natetheparties.Sheknowswheretocompromisebutunderstandswheretostandhergrounds,andclosesthedealingettingthebestinterest.”

38、“Sheisanexcellentlawyerwithreallyprofessionalskills,andwecanrelyonheronthetransactions.”WatsonFarley&WilliamsWhattheteamisknownforTherobustassetsandstructuredfinanceteamatWatsonFarley&Williamsbringsastrongtrackrecordadvisingonawiderangeoftransactions,inclu

39、dingaircraftportfoliofinancingandleasing.ItmaintainsastrongfocusonthePRCmarket,withanimpres-siverosteroflessorandairlineclients.Theteamprovidessignificantexpertiseinrestructuringandbankruptcymatters.Italsoactsformultina-tionalclientsthroughouttheAsia-Pacificreg

40、ion,withrecentdealexperienceinSingaporeandIndonesia.KeyclientsincludeTheExportImportBankofChina,BankofCommunicationsFinancialLeasingandCALC.Strengths“Theyareverydedicatedtotheprojectandveryprofessional.”“Highlyefficient.WereceivequickresponsesfromWatsonFarley&Wil

41、liamsineachcase.”NotablepractitionersJacksonChowrisesintherankingsafterreceivingcomplimentsfrommarketsources.Hehasabusyaviationfinancepractice,offeringexpertadviceonairlinerestructuringsandtaxleasesaspartofhisbroadaviationfinancepractice.Strengths:“Hehelpsclien

42、tstoreachaconsensusinaneffi-cientway,whiletakingcareofbothpartiescon-cerns.Itsaverypleasantexperienceworkingwithhim.”“Jacksonisverycommerciallyawareandagreatguytodealwith.”“Veryquickresponsetoeachemailandheprovidesveryprofessionaladvice.”“Oneofthebesttr

43、ansactionallawyersIhavedealtwith.”Band3Allen&OveryWhattheteamisknownforAllen&OveryLLPiswellreputedforadvisingonmattersinthePRCaviationmarketfromitsBeijingandShanghaioffices.Itcontinuestoattractmandatesfromanumberofbanks,financiers,leasingcompaniesandairline

44、sduetoitsexpertiseinhandlingcom-plexandhigh-valuetransactions,suchasport-foliofinancings.Allen&Overyisastrongchoiceforcross-borderfinancingmandates,bolsteredbyitsinternationalfootprint.Thepracticeoffersadditionalexpertiseassistingclientswithacquisi-tionfinancing.Its

45、keyclientsincludeAsianDevel-opmentBank,CMBLeasingandCathayPacificAirways.WorkhighlightsAllen&OveryassistedHongKongExpressAirwayswithaJOLCOfinancingarrangedbyCrditAgricoleCIBconcerningoneAirbusA321-251NXaircraft.NotablepractitionersYvonneHo(seep.124)ishighlyvisibl

46、einaircraftfinancingtransactionsintheGreaterChinaregion.BasedinBeijing,sheisfrequentlysoughtafterbyfinancialinstitutionsandairlines.MatthewBisley(seep.118)drawsuponhisbroadbankingandfinanceexperiencetobolsterhisaviationfinanceoffering.HeisbasedinAllenOveryLLP

47、sShanghaiofficeandspeaksMandarinChinese.HFWWhattheteamisknownforThenotedaerospacepracticeatHFWisexperiencedinactingforChi-neseleasingcompaniesonfinancingandleasingmandates,aswellasrepossessionissues.Theteamdemonstratesmulti-jurisdictionalcapabili-tiesinpan-Asi

48、anmattersinvolvingthePRC,Singa-poreandJapan.Itisparticularlyactiveadvisingon4China(InternationalFirms)AviationJOLCOfinancingdealsaswellasleasenovationsandrestructuring.Itisadditionallyrenownedforitsabilityinhandlingaviationdisputes.Strengths“Asaclient,wecanreach

49、totheirpeoplenotonlythroughemails,butviaotherinstantmessagetools.Veryswiftandresponsive.”NotablepractitionersJustinSunishighlyvisibleinthemarket,withnotableexpertiseinassetfinanceandaircraftrepossessionmatters,aswellasleasingmatters,includingJOLCOtransactions.His

50、expertiseisregularlysoughtbylessors.Strengths:“Justinisfrequentlymyfirstchoicetoworkwithinaviation.”“Justinisveryprofessionalinaviationlaw,helpinguswithavarietyofquestionsandrespondingquicklytoourquestions.”WhitneyChanisaseniorassociatewithnotableexperience

51、inaviationfinancematters.Sheablyassistsclientswithfinancingandleasingtransactions.Strengths:“Gooddeliveryandclientservice.”StephensonHarwoodWhattheteamisknownforStephensonHar-woodpossessesanon-the-groundfinanceteamwhichiswellrecognisedforitsfocusonthePRCmarket,

52、representingmajorbanks,leasingcom-paniesandairlines.Italsohandlesdealselse-whereinAsia,withrecentexperienceadvisingonmattersrelatingtoKorea,IndiaandJapan.Theteamishighlightedforitsexpertiseonfinancingmandatesaswellasreceivinginstructionsfromfinanciersandairline

53、soncommercialandbusi-nessjettransactions.Itisadditionallycompetentatprovidingadviceonawiderangeoffinancingtransactionswithintheaviationsector,includingIslamicfinancingandJOLCOarrangements.Itisadeptatadvisingontherefinancingofaircraftfleets.Strengths“Theyarequi

54、cktogiveconstructionsolutionsandadvice.”“Weareveryimpressedwiththeirabilitytohandlecomplexlegalissues.”“IthasgreaterstrengthandclientserviceinthePRC,withstrongrelationshipintheChinamarket.ManytimesIvegotadealwithChinaelements,theyarethego-toteaminassetf

55、inancing.”NotablepractitionersSimonWongspracticespansthefullrangeofaviationfinancetransactions,regularlyreceivingmandatestohandlesaleandleasebacktransac-tionsandacquisitions.HeisalsorecommendedforhisexpertiseinIslamicandECAfinancings.Strengths:“Hecomesacrossverypr

56、ofessional,veryknowledgeable,andexperiencedinaviation.Hegivesverypracticaladviceandisveryexperi-encedinaviationfinance,aswellascustoms.”“Wefoundhimtobeveryknowledgeableandresult-ori-ented.”“Wecanrelyonhimtohavetherelevantadvice,goodandcreativesolutionsonvariou

57、smat-tersinaircraftfinancing.Heisalsoopentoshareindustrynewsandcontacts.”Band4Tiang&PartnersWhattheteamisknownforTiang&Partnersfieldsanestablishedbankingandfinanceprac-ticewhichisregularlysoughtafterbywell-knowndomesticandinternationalclients,includingbanksand

58、leasingcompanies.Itisnotedforitsspecialistadviceonportfoliosalesandacquisi-tions,financingandleasingaswellasrestructur-ingsintheaviationspace.Itprovidesaone-stopservicetoclientsbyleveragingitsglobalnetworkandworkingwithteamsbasedinotherjurisdic-tions,includi

59、ngSingapore,Japan,AustraliaandtheUK.Strengths“Theyknowtheelementsoftransactionsandknowhowtoworktoexpeditethedesiredcommercialoutcome.”“TheTiang&Partnersteamareverycommercialintheirapproachtomyissuesanddonotproposesolutionsthatmaytheoreticallyworkbutwhichare

60、completelyimpracticalcommercially.”“Theaviationfinanceteamisbothdeeplyexperi-encedandalsoverysophisticatedinitsapproachtoitswork,soithashadnodifficultydealingwithcomplexissuesandstructures.”NotablepractitionersTejaswiNimmagaddaisrecognisedforhandlingcomplexdeal

61、sintheAsia-Pacificregion.HeremainsapopularchoiceofcounselamongChi-neseandforeignclientsonaircraftfinancingandleasingtransactions.Strengths:“Tejaswiiscon-sistentlyexcellentandhisadviceandlegalsupportarecriticaltothesuccessofmybusiness.”KwokNaiisanup-and-comin

62、glawyerwhoisactivelybuildinghisreputationintheaviationarea.Heablyadvisesonmulti-jurisdictionalfinancingmat-ters,includingJOLCOdeals.OtherRankedLawyersWilliamHoisaseniorconsultantwhoregularlyhandlesaircraftportfoliosaleandleasebacktransactions,especiallyfordomesti

63、cChinesecli-ents.Strengths:“Williamisdefinitelythemostexperiencedandprofessionalamonglegalcounselswehaveworkedwith.Heprovidedmanyhelpfulinsightsandsug-gestions.”“Heisaveryseniorfigureintheindustry.”PaulJebelyleadstheassetfinanceteamatWithers.Hehasarobustinte

64、rnationalaviationpractice,withparticularexpertiseadvisingonprivatejetfinancing.Heisalsoadeptatassistingwithcomplexrestructuringworkintheaviationsphere.Strengths:“Heknowshowtoexplaincomplexdealstructuresandgetthemacrossthefinish-line.Heisalwaysabletofindauniq

65、uebutworkabledealstructurethatnavigatesthechallenges.”“IconsiderPaultobeamongthetopthreepracti-tionersforaviation.Heisabletodefer,listenandunderstand.Helikestotakeguidance,expandhisknowledgeandaskgoodquestions.”StuartMillerleadstheaviationfinanceteamatClyde

66、&Coandiswellversedinhandlingcom-plexaviationfinancetransactionsinvolvingcross-borderelements.Heactsforairlines,financiersandlessors.Strengths:“Stuartisreallygoodatdistillingtheessenceofthecomplexmattersandmakingitveryaccessible.”Banking&FinanceChina(InternationalF

67、irms)Theeditorialisinalphabeticalorderbyfirmname.Allen&OveryWhattheteamisknownforAllen&Overymain-tainsamarket-leadingreputationforadvisingmajorlendersandborrowersonadiverserangeofhigh-valueandcomplextransactions.Itrep-resentsagrowingrosterofChinesebanksandal

68、ternativecreditproviders.Thelawfirmsexpe-riencespansstructuredfinance,syndicatedloansandleveragedandacquisitionfinance,anditisactiveonprojectfinancingaswellasonlendingtotherealestate,automotiveandTMTsectors.Cli-entssuchasAntGroupandGawCapitalbenefitfromthef

69、irmsimpressivebenchstrength,withleadingpractitionersbasedinHongKong,BeijingandShanghai,aswellasaccesstoaformidableglobalnetworkofregionalexperts.Strengths“Allen&Overyisourgo-tolawfirmbecausethelevelofservicetheyprovideissecondtonone.Theyprovidehigh-qualityadv

70、iceandhaveadeepunder-standingofthecommercialdynamics.”“Theyareexcellentandverywellestablishedintheregion.Theyknowtheregulatoryregimesinthedifferentjurisdictionsreallywellandhaveadeepbenchofgoodpeopleattheseniorlevel.”WorkhighlightsAllen&OveryadvisedSumitom

71、oMitsuiBankingCorporationonadual-currencysustainability-linkedtermloanfacilityforChinaGasCapitalManagement.Allen&OveryactedforGawCapitalasborrowerscounselonasyndicatedacquisitionloanfacility.NotablepractitionersYvonneHo(seep.124)isbasedinBeijingandismanagingpart

72、nerofAllen&OverysBeijingandShanghaioffices.Sheisheldinhighregardforherexpertiseinallmanneroffinancingmatters,especiallyincross-bordertransactions.SheissoughtafterbyinternationalandChinesefinan-cialinstitutions.Strengths:“Yvonneisastrongall-rounderwithintheAllen

73、&OveryteamwithgreatexpertiseinChina.Iamhappytoseeheronmydeals.”“YvonneHoisverycommercial,responsiveandtrustworthyonChina-relatedmatters.”RogerLui(seep.129)iswellrespectedforhisdepthofexpertiseinthebankingandfinancesphere.Hehasasolidtrackrecordadvisinglend

74、ersandbor-rowersoncorporateloansaswellasrealestatefinancing.Strengths:“IrelyonRogerformostcomplexandstructuredproductsbecauseofhisexceptionaltechnicalskillsandhisabilitytobringintherightexpertstosupportthedealwhenneeded.”“Rogeristhesortofpartnerwholook

75、safteryouandseesthingsinthemarketwhichmightaffectyou.Hegoesoutofhiswaytoalertyoutoparticularissuesandmarketinformation.”MatthewBisley(seep.118)hasvastexperienceadvisinginternationalandregionalclientsonhigh-valuetransactions,especiallyacquisitionandprojectfin

76、ancing.HeisfluentinbothEnglishandMandarin,beingactiveinhandlingPRC-relatedfinancings.Strengths:“MatthewBisleyistechnicallygoodandverygoodtoworkwith.”VickiLiu(seep.129)remainsactiveinadvisingbothborrowersandlendersonavarietyoftransactions.Asidefromstructuredfina

77、ncematters,sheisalsoexperiencedindealingwithprivatecredittransactions,includingpre-IPOfinancings.Strengths:“Vickyiswellrespectedinthisarea.”CindyLo(seep.129)routinelyadvisesonacquisitionfinancingandstructuredfinancematters,andisalsonoteworthyforherspecialismincros

78、s-bordertransactionsandPRCmatters.Sheiswellregardedforherexpertiseinmul-ti-currencycreditfacilities.Strengths:“CindyLoisverygoodcommerciallyandtechnicallygood.”“Cindyisverycapableoperator.”PatrickWong(seep.135)actsforbanksandcreditprovidersinarangeoftransactions

79、,coveringcross-borderlendingandrefinancingmatters.Hispresenceinfundfinancingisalsoacknowledgedbymarketcommentators.Strengths:“PatrickistechnicallystrongwithgreattiestothePRCmarket.Hesasolidpairofhandsandalwaysaccessibleandresponsive.”“Patrickturnsupwithverysop

80、histi-catedworkandmakesadjustmentinawaytomakesurethingsaresmooth.”DanielTan(seep.133)entersthetablewithagrowingreputationforhisworkinleveragedandacquisitionfinance.Heisfrequentlymandatedbyinternationalbanksandinstitutionallendersaslendercounsel.AshurstWhatth

81、eteamisknownforThebankinggroupofAshurstisadeptathandlingarangeofcross-bordertransactions,particularlystructuredandprojectfinancedeals.Itisregularlyengagedbycommercialandinvestmentbankstoadviseonfinancingofinfrastructureandenergyprojects.Thelawfirmhaspartic

82、ularexpertiseinoutboundmattersinvolvingAfricanandSouth-EastAsiancountriesandmaintainsastrongfollowingamongChinesestate-ownedbusinesses.KeyclientsincludeHSBC,ShuifaInternationalHoldingsandBNPParibas.Strengths“Theyarepragmaticandhaveagoodunder-standingoftheChinese

83、market.Theyarealsopromptinrespondingandhavequickturnaroundtimeswhenitcomestostickyissues.”“Ashursthasagoodrelationshipwithlendersandunderstandsthenuisancesinthisspace.”WorkhighlightsAshurstadvisedtheAgriculturalBankofChinaandBankofChinaonasustainabil-ity-l

84、inkedloanvaluedatUSD420millionforCDBLeasing.NotablepractitionersEricTanisrecognisedforhisstrongrapportwithfinancialinstitutionsandcorporationsonBand1ChengBaldwinWhite&CaseLLPLuiRogerAllen&Overy*WangAnthonyCliffordChanceBand2ManEugeneWhite&CaseLLPNgMaggieLinklate

85、rs*Band3AitkenAlexanderHerbertSmithFreehillsFrenchDanielFreshfieldsBruckhausDeringer*HungSallyBakerMcKenzieLiuVickiAllen&Overy*LoCindyAllen&Overy*MalikDauwoodCliffordChanceSchemuthMatthiasDLAPiperHongKong*Band4ChainBernardLinklatersChanOwenHoganLovellsInternationalLLP

86、ChungLisaSlaughterandMay*LamDavidKing&WoodMallesonsLamHowardLatham&WatkinsLoMaggieCliffordChanceNgThomasFreshfieldsBruckhausDeringer*NganOliviaSidleyAustin*TanEricAshurstWongPatrickAllen&Overy*YungAntonyHowseWilliams(ORL)*Up-and-comingindividualsLauDanielAshurstSinnMich

87、aelReedSmithRichardsButlerZhouCeliaFreshfieldsBruckhausDeringer*ZhouJessicaKing&WoodMallesonsLeadingIndividualsSeniorStatespeople:distinguishedolderpartnersHaslamPeterNortonRoseFulbrightSeniorStatespeopleBanking&Finance:HongKong-basedBand1HoYvonneAllen&OveryLLP*Band2Bisley

88、MatthewAllen&OveryLLP*LiDavidWhite&CaseLLPLuiKanyiPinsentMasons(ORL)LeadingIndividualsBanking&Finance:MainlandChina-based*Indicatesindividualwithprofile.(ORL)=OtherRankedLawyer.Alphabeticalorderwithineachband.Band1ishighest.Band1Allen&OveryCliffordChanceLinklatersWhite&CaseL

89、LPBand2BakerMcKenzieFreshfieldsBruckhausDeringerLatham&WatkinsNortonRoseFulbrightBand3AshurstHerbertSmithFreehillsKing&WoodMallesonsMayerBrownBand4DLAPiperLLPHoganLovellsInternationalLLPReedSmithRichardsButlerSidleyAustinSlaughterandMayStephensonHarwoodLeadingFirmsBanking&Fi

90、nanceBanking&Finance6China(InternationalFirms)Banking&Financebothsidesofthelendingrelationship.Hisrecentworkincludesadvisingregionalandinternationalbanksonoffshoresyndicatedloans.Strengths:“EricTandeliversexceptionalqualityofservice,isverypersonableandreallyunderstands

91、usasaninstitution.”“Heisverygood,pragmaticandsolu-tion-drivenaswellasfriendlyandlevel-headed.”DanielLauisgainingareputationinthefinancespherebyofferingabroadpractice,coveringrealestateandprojectfinanceaswellassyndicatedloantransactions.Heisparticularlyactive

92、onbehalfofChinesefinancialinstitutionsandcorpo-rates.Strengths:“Danielunderstandstheneedsofthecompanyandprovidesusefulrecommen-dations.”“Danielisveryunderstandingofwhatweneedandwhatthehurdlesare,andisalwayscalmintensesituations.”BakerMcKenzieWhattheteamisknow

93、nforBakerMcKenziesfinancegroupishighlightedforitsbreadthofexperienceinoutboundlendingworkforPRCclients,especiallyonrealestateandprojectfinancingmatters.ThelawfirmhandlesleveragedfinanceissuesforkeyPRCbanksandinterna-tionalfinancialinstitutionsandrepresentsc

94、lientsinallaspectsoffinancingtransactions,fromoriginationandnegotiationtodocumentationandclosing.Itadditionallyofferssoundknowledgeoffinancialregulatorycomplianceissuesandisactiveadvisingonmandatesinvolvingoffshoreloans.ThefirmskeyclientsincludetheBankofChina,M

95、izuhoBankandStandardCharteredBank.Strengths“BakerMcKenzieisabletoguideusinhandlingsophisticatedmatters.Theyadviseusonthepoten-tiallegalrisksaswellastakingtheleadtoresolvesuchlegalrisks.”“Theyaresecondtononeintermsofresponsive-nessandtheeffortstheyputint

96、otheirworktomakenotonlytheclientshappy,butalsothecoun-terpartieshappy.”WorkhighlightsBakerMcKenzieadvisedDeutscheBankintherefinancingofaSino-sure-guaranteedsyndicatedloanfacilityvaluedatUSD415.7millionforthedevelopmentoftheNorth-SouthExpresswayinJamaica.Notab

97、lepractitionersSallyHunghasconsiderableexpertiseinstruc-turedfinanceandsyndicatedloanmatters.Hercli-enteleincludesbothcommercialandinvestmentbanks.Strengths:“Shesaveryreliableandtrust-worthypartner.Sheshighlycapableofworkingonhighlycomplicatedsituationsandisablet

98、odeliver.”“Sheisaveryefficientperson,especiallyforthoseurgenttransactions.Sheisveryproactiveinsolvingtheproblemsencounteredinbankingtransactions.”KennethChingisrecognisedforhisgrowingpractice,drawingpraisefrommarketsources.Hehasnoteworthyexperienceinleveragedfin

99、ancingandrefinancingtransactions,andisregularman-datedbybanksandalternativecreditproviders.Strengths:“Kennethisagreatall-roundlawyer.Hesveryhands-onanddetailedandImhappytoseehimonmydeals.”“Kennethhasstronginter-personalskillsandiscommerciallyminded.Healsodemon

100、stratesagoodunderstandingofourrequire-ments.IthasalwaysbeenapleasantexperiencetoworkwithKenneth.”CliffordChanceWhattheteamisknownforCliffordChancesfinanceteamremainsapopularchoiceformajorinternationalandPRClendersforadiverserangeoftransactions.Theteamhasd

101、eepexperienceinbilateralandsyndicatedloans,equityandprojectfinanceandleveragedfinancetransactions.Itisincreasinglyactiveinhandlinggreenfinancedealsandhasbeenheavilyinvolvedinadvisingonrecentreformsofbankingandloanregulations.CliffordChanceprovidesassistanceto

102、animpres-siveclienteleincludingstate-ownedenterprisesandmajorforeignbanks,anditiswellversedinadvisingoncross-bordertransactionsacrossAsiaandtheEMEAregion.ItskeyclientsincludePAGAsiaCapital,CVCCapitalPartnersandWynnResorts.Strengths“Theywillgotheextramiletofi

103、ndsolutions.Intheprocess,theyexhibitlateralthinkingandarecom-merciallymindedbutalsoveryreasonable.”“CliffordChanceisafirst-classlawfirm.Theyareveryclient-friendly,veryresponsivewhentimeisoftheessence.”WorkhighlightsCliffordChanceadvisedtheLondonbranchofChinaCo

104、nstructionBankandIndustrialandCommercialBankofChinaaslendersonaEUR600milliontermloanfacilityforINEOStoacquirea50%stakeinShanghaiSECCOPetrochemicalCompany.CliffordChancerepresentedCVCCapitalPart-nersinissuingMYR690millionworthofdebttofinancetheacquisitiono

105、facontrollingstakeinAffinHwangAssetManagement.NotablepractitionersAnthonyWangleadsCliffordChancesbankingandfinanceteamasahighlyrespectedlawyerinthefield.Hismultifacetedpracticeencompassesacquisitionandsyndicatedfinancingaswellasanimpressiverangeofleveragedfin

106、ancingarrange-ments.Strengths:“Anthonyistheclientsguidinglight.Hecanalwaysprovidebrilliantadviceandcleardirectiononwhatneedstobedoneinordertoprotecttheclientsbestinterestsinatransac-tion.”“Heistechnicallystrongandcommerciallyminded,andhiscommitmenttodeliverin

107、gqualityservicetohisclientsisunparalleledinthemarket.”EdithLeungpossessesnoteworthyexpertiseinacquisitionandequityfinanceaswellassus-tainablefinancedeals.Sheservesarangeofclients,includingprivateequityfirms,commer-cialandinvestmentbanks.Strengths:“Edithisverywe

108、ll-versedintransactionstructuringandhasbeenextremelyhelpfuloncomplexmatters.”“Sheiscommercialandresponsive.”DauwoodMaliksspecialismliesinsyndicatedfinance,withnotableexpertiseinacquisitionfinance.Healsoreceivesattentionfromthemarketforhiscontributionstotheregula

109、torylandscapeofsyndicatedloanmarketsinAsia.Strengths:“Hisworkisalwaystopquality.”MaggieLoiswellversedindealingwithcross-borderacquisitionfinancing,projectfinancingandpre-IPOfinancingmandates.Sheisfrequentlysoughtafterbybanksandcorpora-tionsforherexpertiseinthe

110、seareas.Strengths:“Maggiestechnicalabilitiesareveryhigh.ShehasworkedintheChinamarketforalongtimeandknowsthelatestrules.”“Maggiestechnicalskillsareunquestionable.Hercalmdemeanourisanotherattributewhichhelpsusgetdealsclosedontightschedules.”DLAPiperLLPWhatthe

111、teamisknownforDLAPipersfinancegroupholdsnotableexpertiseinarangeofcross-borderdeals,includingacquisitionfinance,pro-jectfinanceandsyndicatedlending.ThelawfirmregularlyadvisesonoutboundandinboundinvestmentsrelatedtoMainlandChina,withpar-ticularactivityinthehosp

112、itality,energy,TMTandinsurancesectors.ItsclientbaseincludesmajorChineseandinternationalinstitutionalbanksaswellaslargeinvestors,notablySunlifeInsurance,DBSBankandDZBank.Strengths*Indicatesindividualwithprofile.Alphabeticalorderwithineachband.Band1ishighest.Band1Menc

113、acciDavideMilbankLLPWangAnthonyCliffordChanceBand2ChengBaldwinWhite&CaseLLPCuiZheFrankLinklaters*NicklinMichaelGibson,Dunn&CrutcherLLP*Band3BishopAndrewLatham&WatkinsChandrashekarManasKirkland&Ellis*FrenchDanielFreshfieldsBruckhausDeringer*HarunariMakikoSimpsonThacher&Bar

114、tlett*LeungEdithCliffordChanceZhengJacquelineKirkland&Ellis*Band4AbercrombyDanielWhite&CaseLLPBonaJohnMilbankLLPKahngJackieRopes&GrayLLPLoCindyAllen&Overy*LoMaggieCliffordChanceManEugeneWhite&CaseLLPNoletAlessandroLinklatersUp-and-comingindividualsChingKennethBakerMcKenz

115、ieHoKarenKirkland&Ellis*SimVictorNortonRoseFulbrightTanDanielAllen&Overy*LeadingIndividualsBand1CliffordChanceKirkland&EllisLinklatersWhite&CaseLLPBand2FreshfieldsBruckhausDeringerLatham&WatkinsMilbankLLPBand3Allen&OveryGibson,Dunn&CrutcherLLPRopes&GrayLLPSimpsonThacher&BartlettB

116、and4BakerMcKenzieHoganLovellsInternationalLLPLeadingFirmsBanking&FinanceLeveraged&AcquisitionFBanking&FinanceChina(InternationalFirms)“TheyarequiteuniquelyabletobringtogetherastrongunderstandingofEnglishlawwiththeknowledgeandunderstandingofworkingintheGreaterChinare

117、gion.”“Theyhaveexceededourexpectationsonmultipletransactionsindistillinghighlytechnicallegalcon-ceptstomeetcomplexriskallocationrequirementsthroughdifficultnegotiations.”WorkhighlightsDLAPiperadvisedSocitGnraleonaUSD100millionlow-carbonsus-tainability-linkedprepaym

118、entfinancingforalu-miniumproducerShandongHongqiao.NotablepractitionersMatthiasSchemuth(seep.132)isfrequentlyinstructedbyinternationalandregionalcom-mercialbanksonprojectfinanceaswellastradefinancematters.Hehasparticularexper-tiseinfinancinginconnectionwiththerenew

119、-ableenergyandcommodityfinancespaces.Strengths:“Matthiasisalwaysonhand,readytodigintoanymatterswebringtohim.Heisrespon-sive,knowledgeableaboutthemarket,andprovidespracticalcommercialandlegaladvice.”“Matthiashasalwaysbeenveryhelpfulinstructuringtrans-actionsande

120、xplainingthenitty-grittytoourclients.Hisworkishighlyappreciated.”FreshfieldsBruckhausDeringerWhattheteamisknownforFreshfieldsBruck-hausDeringermaintainsanimpressiverosterofclients,includingbanks,privateequityfirmsandcorporationsfromthetechnologysector.Itisrenowned

121、foritsadvicetobothborrowersandlenders.Thelawfirmiswellreputedforitsexperi-enceadvisingonleveragedfinancingmattersandcontinuestoadviseoncross-bordertransactions,especiallyChineseoutboundacquisitionfinance.ThefirmskeyclientsincludeAffinityEquityPart-ners,Sumitomo

122、MitsuiBankingCorporationandtheCanadaPensionPlanInvestmentBoard.Strengths“Freshfieldsisverygoodatworkingonashorttime-tableandcanadapttheirdepthquiterapidlyandindependently.”“Wecanalwaysgettheirfullsupporttodigouttheunderlyingquestionsandgetthemresolved.”Wor

123、khighlightsFreshfieldsadvisedasubsid-iaryofZhejiangGeelyasborrowerregardingaEUR450milliontermloanfacilityfromasyndi-cateincludingBankofAmerica.FreshfieldsrepresentedAdventInternationalonaUSD206millionloantofinancetheacquisitionofa60%stakeinWagasGroup.Notable

124、practitionersDanielFrench(seep.122)isexperiencedinhan-dlingalargerangeoftransactions,includingfundandleveragedfinancematters,onbehalfofbothborrowersandsponsors.HisclienteleincludesleadingPEhousesaswellasChinesecorporates.Strengths:“Danielisknowledgeable,humbleandh

125、ighlyawareofcommercialandmarketdevelop-mentswithvaluablerecommendations.”“Danielisthebrains.Hisstyleofdocumentationdraftingisveryclearandtechnicallyproficient.”ThomasNg(seep.130)isFreshfieldsAsiamanagingpartner.Hefrequentlyactsforbanks,institutionalinves-torsandcor

126、porationsonprojectfinancesaswellasleveragedandacquisitionfinancematters.Strengths:“Thomasissuperqualified.Ihavenocomplaintsabouthisserviceatall.”CeliaZhou(seep.137)isacounselinFreshfieldsfinancedepartment.Shefocusesonassistingborrowers,includingcorporatesandpriva

127、teequityfirms,withleveragedfinancingandinvestment-gradeloantransactions.Strengths:“Sherespondsquickly,alwaysthinksofthegroup,hasahighawarenessofcommercialandmarkettrendsandprovidesval-uablesuggestions.”“SheisfluentinMandarinandtechnicallyproficient.”Gibson,Dunn&Crutc

128、herLLPWhattheteamisknownforGibsonDunnsfinanceteamfeaturesconsiderableexperienceintheleveragedfinancemarket,advisingonnotableacquisitionfinancetransactions.Theteampri-marilyactsforinternationalprivateequityfirmsandinvestmentmanagers.ItalsoassistsChineseandintern

129、ationalcompaniesacrossarangeofsectorswithcorporatefinancetransactions.Italsopossessesfurtherexpertiseinloanrestruc-turings.ThefirmskeyclientsincludeGulfEnergyMaritime,MelcoResorts&EntertainmentandLumileds.Strengths“Theirpartnersandseniorassociatesarecapableofhandli

130、ngcomplexstructuredfinancedeals.”WorkhighlightsGibsonDunnadvisedMelcoResorts&EntertainmentonarevolvingloanfacilitytoitssubsidiaryvaluedatUSD250million.NotablepractitionersMichaelNicklin(seep.130)isapartnerofGibsonDunnsHongKongandDubaiofficesandhasawealthofexp

131、erienceindebtfinancingtrans-actionsforprivateequityproviders.Strengths:“Michaelisanexcellentbankinglawyer.”HerbertSmithFreehillsWhattheteamisknownforTheestablishedbankingandfinancepracticeofHerbertSmithFreehillsmaintainsstrongrelationshipswithChinesebanksandfina

132、ncialinstitutionsforout-boundfinancingwork.ThelawfirmregularlyactsfortheHongKongsubsidiariesofChinesebanksonlendingintothewiderregion,includingthePacificareaandSouthAmerica,andisanestab-lishedchoiceofcounselamonginternationalandregionallenders.Thepracticemai

133、ntainsaflowofworkontermloanfacilitiesandloanrestructuringandisalsoexperiencedinhandlingsyndicatedlending,projectandtradefinance.ThefirmskeyclientsincludetheGreaterBayAreaDevelopmentFundManagement,NH-AmundiAssetManage-mentandKemexon.Strengths“HerbertSmithFreehil

134、lsisveryprofessionalandknowledgeableonbankingandfinancematters.Wefeelverysecureengagingthem.”“Ifoundtheteamtobeverysoundandtheywereabletomanagethecomplexitieswell.”WorkhighlightsHerbertSmithFreehillsadvisedNH-AmundionaseniormezzanineloanworthGBP50million

135、topreventtheinsolvencyofasub-sidiary.NotablepractitionersAlexanderAitkenisanestablishedlawyerwholeadsHerbertSmithFreehillsAsianfinanceteamandisactiveinbothChineseandIndianfinancialmarkets.Hehassignificantexpertiseinoutboundmattersrelatingtotradeandprojectfin

136、ancing.Strengths:“Itisalwaysapleasantexperienceworkingwithhim.Hisacumenisnotonlylegal,buthisoverallunderstandingofthebusinessandfinan-cialterminologyisunbelievable.”HoganLovellsInternationalLLPWhattheteamisknownforThefinanceteamofHoganLovellscoversawiderange

137、offinancingwork,rangingfromleveragedandacquisitionfinancetorealestateandpre-IPOfinance.Itisespeciallyactiveinonshoreandoffshorefinanc-ingsinvolvingPRCbanksandborrowers,anditsclientlistincludesarangeofmajorPRCandinter-nationalbanks.Theteambenefitsfromitsstr

138、ongpresenceinChinaanditsinternationalnetwork,coveringtheUSAandEurope,alsoassistingChi-neseandinternationalcompanieswithcorporatefinancemandates.Strengths“Theymaintainahighstandardofwork.ThereareexcellentpartnerswhocomefromHoganLovells.”NotablepractitionersOwenChan

139、leadsHoganLovellsfinancepractice.Heactsforinternationallenders,privateequityfundsandcompaniesonpropertyfinanceandstructuredfinancematters.King&WoodMallesonsWhattheteamisknownforKing&WoodMallesonsbankingandfinanceteamprovidescomprehensiveadviceonGreaterChina-focu

140、sedtransactions,advisingonHongKongandPRClawaswellasEnglishlaw.Theteamdrawsonexper-tisefromteamsbasedinHongKong,ShanghaiandBeijing,anditisespeciallyactiveoncorporatefinancingintheaviationandtechnologysectors.Activeacrossabroadrangeofworkspanningfromrefina

141、ncingandbridgelendingtoacquisi-tionfinance,ithandlesmattersforbothdomesticandinternationalbanksandcorporateborrowers,withaclientbaseconsistingoflargeChina-basedenterprisesandcorporations.Thefirmskeycli-entsincludeChinaCITICBank,ChinaMerchantsBankandMUFGBank.Str

142、engths“Wefeellikevaluedcustomers.Wegettherightamountofattentioninviewofthecomplexityandvolumeofthework.”“TheyareaveryknowledgeableandprofessionalteamwithverygoodlanguageskillsinEnglishandChinese.”WorkhighlightsKing&WoodMallesonsactedforHSBConaUSD25millio

143、nasset-backedloanfacilityforMicroConnect.NotablepractitionersDavidLamisapartnerofKWMsHongKongandSydneyoffices.Hispracticeprimarilyfocusesoncross-borderfinanceandisapreferredchoiceforbanksandcorporatelenderstoadviseontrans-actionswithPRCandinternationaleleme

144、nts.Strengths:“Davidisasuperbindividualwithgoodtechnicalskillsandknowledge.”“Davidisastrongcommerciallawyerwhounderstandsandissup-portiveofourneeds.Heiswillingtogoaboveandbeyondtohelpus.”JessicaZhouisconsideredanup-and-cominglawyerinthebankingandfinancesp

145、here.Shehasexperienceintermloanfacilitytransactions,oftenactingforChineselendersand8China(InternationalFirms)Banking&Financeborrowers.Strengths:“Sheisapleasantpersontoworkwithandhasgoodtechnicalabilities.”Kirkland&EllisWhattheteamisknownforKirkland&Ellisisago-tof

147、gintheprivateequityspaceworld-wide,anditsresourcesarestrengthenedbyitsexpertiseinLondonandtheUSAoncross-borderfinancing.IthandlesawidegeographicspreadofdealsforclientsincludingBaringPrivateEquityAsia,NewFrontierPublicHoldingandBlackstone.Strengths“Theyaredef

148、initelyatthetopendofthespectrum,goodatexecutionandtrustedbytheparties.Asaclient,Icantrustthemtodriveandcoordinatetheprocess.”“Theyhaveasophisticatedandstableteamwhichisexperienced,commercialandinnovative.”WorkhighlightsKirkland&EllisadvisedBaringPrivateEquit

149、yAsiaonUSDandTWD-denomi-natedfacilitiesfortheacquisitionandprivatisa-tionofGinkoInternational.NotablepractitionersManasChandrashekar(seep.119)possessesnotableexpertiseinadvisingonacquisitionfinanceandcorporatefinance.Hefrequentlyrepresentsleadingfinancialinstitutions

150、andprivateequityhousesoncomplexleveragedfinancematters.Strengths:“Manasisexperi-encedinalotofmajordeals.Heknowswhatthemarketstandardis,andisabletocoordinatealotofthingsforIndian-facingmatters.”JacquelineZheng(seep.137)drawspraiseforherexpertiseinacquisitionf

151、inancingandstructuredfinancingdeals,andcontinuestobebackedbystrongmarketendorsements.Sheissoughtafterbyprivateequitysponsorsandhasasteadystreamofhigh-profileclients.Strengths:“Jacquelineisalwayscalmandcomposedoncallswhensheneedstonegotiatewiththevariouspart

152、ies.”“Jac-quelineZhengisveryactiveinthemarket.”KarenHo(seep.123)isrecognisedasanup-and-comingpartnerintheleveragedandacquisitionfinancespace,gainingpraisefromclientsandpeersalike.Sheisfrequentlymandatedbyprivateequityhousesandotherinstitutionalinvestors.Strength

153、s:“Karenisresponsible,experiencedandhard-working.Shedeliveredgood-qualityworkandexceptionaloutcomesforourtransactions.”“Karenisgoodatthinkingonbehalfoftheclientandfightingforthebestterms.”Latham&WatkinsWhattheteamisknownforLatham&Watkinsoffersrobustexpertiserega

154、rdingsyndicatedloans,leveragedandacquisitionfinanceandrefinancingtransactions.Italsohasconsiderableexpertiseinlarge-scalemarginlendingandisapopularchoiceofcounselamongmajorinterna-tionalbanks,privateequitysponsorsandcorpora-tions.Thelawfirmoffersdemonstrableexpert

155、iseincross-bordermattersrelatedtoEurope,theUSAandthewiderAsia-Pacificregion.TheteamskeyclientsincludeWarburgPincus,OntarioTeachersPensionPlanBoardandCarlyle.Strengths“Theyareabrilliantfirmthatdeliversworthyworkresults.”“Theyareveryontopofthings,responsiveanda

156、bletograspcomplexissuesquicklyandfindsolutions.”WorkhighlightsLatham&WatkinsadvisedGlobalInfrastructurePartnersandKKRontheirstrategicco-controlpartnershipwithVodafonetoinvestinVantageTowers.Latham&WatkinsactedforSearchlightCapitalPartnersonitsleveragedinvestment

157、intoSynergyMarineGroup.NotablepractitionersAndrewBishopactsonarangeoftransactionsincludingbridgefinance,marginloansandcapitalcallfinancing.Headvisesanequallywiderangeoffinancialservicesclients,includinginvest-mentbanks,privateequityandventurecapitalfunds.Strengths:

158、“Andrewknowsourprocessverywellandhasagreatunderstandingofourneeds.”HowardLamadvisescreditprovidersandbanksonmarginfinancingandprivateequitytrans-actionsaswellasrestructuringexistingdebtfinancingagreements.Strengths:“HowardLamisanold-timerinsophisticatedstruct

159、uredfinance.”LinklatersWhattheteamisknownforLinklaterscom-pactandhighlyregardedteamadvisesonmar-ket-leadingtransactions.Itsworkspansarangeofcomplexstructuredfinancings,thefirmmaintaininganespeciallystrongreputationforleveragedandacquisitionfinanceaswellassyn-di

160、catedloans.LinklatersactsforaprestigiouslistofinternationalbanksandfinancialinstitutionsandoffersexperiencecoveringawidevarietyofmarketsincludingadvisingonmattersrelatedtotheUKandtheUSAinadditiontocateringtocli-entsacrosstheGreaterChinaregion.Thefirmskey

161、clientsincludeJDPropertyandNomuraInter-national.Strengths“Linklatersdemonstratesstrongbusinessacumenanditscollaborationacrossregionshelpstheirabilitytoadviseoncomplexmatters.”“Linklatershaveadeepunderstandingofcomplexcommercialissuesandaregoodatofferingcon-struct

162、ivesolutions.”WorkhighlightsLinklatersadvisedJDPropertyonasyndicatedloanvaluedatHKD9billionandarrangedbyHSBC,DBS,BankofChinaandChinaMinshengBank.LinklatersrepresentedAresManagementinitscapacityasarrangerandseniorlenderonaUSD287millionrevolvingcreditfacility

163、tofinanceaminorityinvestmentbySearchlightCapitalintoSynergyGroup.NotablepractitionersFrankCui(seep.121)headstheChinabankingpracticefromLinklatersofficeinHongKong.Heisbuildingastrongpracticeadvisingonacqui-sitionandleveragedfinance.Hisexpertiseishighlysoughtafte

164、rbyChineseandinternationalbanks.Strengths:“Frankisverycommercialandpragmatic.Hecanofferconstructiveandinnovativesolutions.”“Frankisaveryexperiencedcounselandhasgreatcommercialawarenesswhichhelpsmovetheprocessforwardefficientlyandsmoothly.”MaggieNg(seep.130)isnot

165、edfordealingwithcross-bordertransactionsinvolvingChina,par-ticularlysyndicatedandunsecuredloans.Herclientbaseincludesfinancialinstitutionsandcreditfundsaswellasmajorcorporateborrowers.Strengths:“Maggiehasagreatdepthofknowl-edgeandleadsagreatteaminsupportingus.S

166、hecombinesgreattechnicalandcommercialadvicetoadvanceourinterests.”“Maggieisresponsiveandcommerciallysensible.Sheisalsoverymeticulous.”BernardChainsrecentpracticeinvolvesadvisingPRC-basedandinternationalfinancialinstitutionsandcorporatesonhigh-profileequityandmezza

167、-ninefinance.Healsoleadsthefirmsstructuredfinancepractice.Strengths:“Hesbestinclassfortheregionandmygo-tolawyer.”“Bernardistechnicallystronganddriven.”AlessandroNoletisqualifiedinEnglandandWales,ItalyandHongKong.Hehasparticularexperienceadvisinginter-nationalba

168、nksandotherfinancialinstitutionsonsponsor-backedleveragedfinancings.Strengths:“Alexisaverystrong,technicallawyerwhoweliketoworkwith.Hesknowledgeable,responsiveandanexcellentoperator.”MayerBrownWhattheteamisknownforThebankingandfinanceteamofMayerBrownisanestab

169、lishedplayerinthemarketwithawell-roundedprac-tice,especiallynotedforassetfinanceandrealestatefinancework.Italsoadvisescompaniesonrealestateacquisitionfinance.Itsclientrosterconsistsofmajorfinancialinstitutions,domesticandinternationalbanks,regionaldevelopmentbank

170、sandChinesecorporates.TheteamofferscapabilityinHongKong,English,Australian,Sin-gaporeanandUSlaw,andwidespreadfluencyinMandarin,CantoneseandEnglish.Strengths“Theyhavedeepbankingandfinancelegalknowl-edgeandprovideuswithvalue-addedinsights.”“Theteamisveryhelpful,proac

171、tiveandrespon-sive.”WorkhighlightsMayerBrownactedasborrow-erscounseltoWestKowloonCulturalDistrictAuthorityregardingaHKD4billionsyndicatedsustainability-linkedloan.NotablepractitionersRichardStockandFrancisChenarekeyclientcontacts.MilbankLLPWhattheteamisknownforT

172、heleveragedfinancegroupofMilbankisrenownedfordealingwithhigh-profiletransactionsinvolvingacqui-sition,debtandmezzaninefinance,aswellassophisticatedrefinanceandrecapitalisation.Itsclientrosteriscomposedofinternationalbanks,assetmanagementfirmsandprivateequityhouses

173、,withmandatesspanningavarietyofregionsacrossAsia,EuropeandtheUS.ThefirmskeyclientsincludeGoldmanSachs,CVCandHSBC.Strengths“Theygetthingsdoneinasensibleandpragmaticway.Theyaregreattoworkwithandreallyadvo-cateforus.”“Theyarecreative,professionalandthoughtfuli

174、nprovidingideasandsolutionstohelpaddresscom-Banking&FinanceChina(InternationalFirms)plexissues.”WorkhighlightsMilbankadvisedasyndicateoflendersincludingHSBC,GoldmanSachsandCITICBankontheUSD605millionfinancingforCarlylesacquisitionofHCPPack-aging.Notablepractitione

175、rsDavideMencacciisbestknownforassistingawiderangeofinternationalbanksinleveragedfinancetransactions,andalsoactsforprivateequityinvestmenthouses.Healsopossessessignificantexpertiseinacquisitionfinancedeals.Strengths:“Davideisaveteraninthisspaceandhasalwaysdeli

176、veredinsightfulsolutionstocom-plextransactions.”“Davideisonpointandwillgothroughtheissuesthoroughly.”JohnBonaisexperiencedinadvisingthefullspectrumoflev-eragedandacquisitionfinancescenarios.Heispreferredbyleadingbanks,privateequityhousesandcorporatesonavariet

177、yoftransactionsacrossAsia.Strengths:“Johnoffersgoodcounselandistacticallyawareofbothborrowersandsponsorsissues.”“Johnhasbeenextremelyhelpfulinhelpingusnavigatethroughcomplexsituations.”NortonRoseFulbrightWhattheteamisknownforNortonRoseFul-brightsbankingandfin

178、anceteamisskilledathandlingsyndicatedloansaswellasstructured,commodityandtradefinance.Itregularlyactsonfinancingfortheinfrastructure,hospitality,healthcareandretailsectors.Theteamalsooffersadviceonacquisitionfinancetransactions.ThelawfirmoffersstrongcoverageinG

179、reaterChinathroughitsofficesinHongKong,ShanghaiandBeijing.Itisparticularlyactiveonlargeoutboundfinancingandrefinancing.NortonRoseFulbrightskilfullyrepresentsmajorChineseandinterna-tionalbanksaswellasborrowersandalternativefinanciers,anditfrequentlyadvisesoncros

180、s-bordermandatesacrosstheAsia-Pacificregion.ThefirmskeyclientsincludeAgriculturalBankofChina,StandardCharteredBankandBankofCommunications.WorkhighlightsNortonRoseFulbrightadvisedasyndicateofbanksledbyHSBCandStandardCharteredonasustainability-linkedloantoWestK

181、owloonCulturalDistrictAuthorityvaluedatHKD4billion.NotablepractitionersPeterHaslamheadsNortonRoseFulbrightsHongKongbankingandfinancepractice.Heisalongstandingfigureinthemarketwhohasnotableexpertiseinbankingtransactions,includinggreenfinanceandbilateralandsyndic

182、atedlending.VictorSimhasagrowingreputation,andshowsparticularstrengthinleveragedandacquisitionfinance.HerepresentsbothChineseandinterna-tionalbanksandfinancialinstitutions.Strengths:“IlikeVictor.Heistechnicallystrongandpractical.”ReedSmithRichardsButlerWhattheteam

183、isknownforReedSmithsbankingandfinancedepartmenthasbeenanestablishedchoiceofcounselforbothborrowersandlenders,regularlyadvisingoncross-bordertransactions.Itoffersabroadrangeoffinancingknowledge,withnotableactivityonsyndicatedloansandiswellknownforitsassetfi

184、nance,leveragedfinanceandpropertyfinancecapabilities.Theteamisalsoactiveinfinancingtransactionsrelatingtotheshippingandenergysectors.ReedSmithreg-ularlyrepresentsanarrayoffinancialinstitutionsandcorporates.OfficesinHongKong,BeijingandShanghaiillustratethelawfirm

185、scapabilitiesinGreaterChina.ItskeyclientsincludeStandardCharteredBank,GoldmanSachsandMinmetalsLand.Strengths“Theyareveryprofessionalanddetailedandareabletohandleandsolvevariousissuesraisedbymanypartiesinatime-efficientmanner.”“ReedSmithknowsuswellandalwaysa

186、ctsinourbestinterests.Theirdeliverablesarepunctualandtheygotheextramiletomakesurethatwerehappy.”WorkhighlightsReedSmithadvisedCNGRAdvancedMaterialonitsfirstgreensyndicatedloanvaluedatUSD300millionandarrangedbyHSBC,CrditAgricoleandChinaConstructionBank.Not

187、ablepractitionersMichaelSinnisdeemedarisingstarinthebankingandfinancespace.Heissoughtafterbybothlendersandborrowers,includingbanksandlistedcompanies,toactforthemonsyndi-catedandbilateralloantransactions.Strengths:“Michaelissensible,intelligent,pragmaticandalsoe

188、fficientandprofessionalingettingthejobdone.”“Michaelisaproblemsolverwhoprovidescompre-hensivesolutions.Heisveryresponsiveandreliableinensuringthetransactionisclosedwithoutout-standingissues.”Ropes&GrayLLPWhattheteamisknownforRopes&Graysfinancedepartmentpossesse

189、sarenownedlev-eragedandacquisitionfinancepracticeadvisingonsignificantrefinancingmatters.Itspecialisesinassistingwithfundingforcorporatetrans-actionsandissoughtoutforspecialsituationsfinancing.Thepracticehasastrongfocusonworkfordomesticandinternationalprivate

190、equityfunds,assetmanagementgroupsandcorporates.KeyclientsincludeBainCapitalandNexusPointAdvisors.Strengths“Theteamisverywell-versedinleveragedfinancingandabletohelpclientsnavigatethroughtoughnegotiations.”“Theyaregreatathandlingcomplexandcreativestructuresbutal

191、sosimpleonesthatneedspeed.”WorkhighlightsRopes&GrayadvisedBainCap-italregardingfinancingforitsco-investmentalongsideGlenwoodCreditinHanwhaSolutions.NotablepractitionersJackieKahngregularlyactsforworld-leadingprivateequityfirmsandcorporates,beingpar-ticularlyexperien

192、cedinacquisitionfinanceandmezzanineloantransactions.Shehasadistin-guishedreputationforherSouthKorea-relatedwork.Strengths:“Jackieisoneofthebestpeopletoworkwith,sheistechnicallygoodandknowstheKoreanmarketwell.Furthermore,sheisincred-iblyhard-workingandresponsive

193、.”“Jackieisabletoleadtheteamwithhighefficiencyandprovidesclearinstructionstoherteam.”SidleyAustinWhattheteamisknownforThebankingandfinanceteamatSidleyAustiniswell-versedincoveringadiverserangeoffinanceworkincludingroyalty-backedfinancing,hybridfundfinanci

194、ng,syndicatedloansanddirectlending.TheteamisfrequentlymandatedtoadviseregionalfinancialinstitutionsontransactionsinvolvingoffshorecentresincludingtheBritishVirginIslands.TheyhavebecomethepreferredchoiceofborrowercounselastheyhaveastrongrapportamongMainlandChin

195、a-basedrealestatedevelopersandinvestmenttrustsaswellasclientsfromthelifesciencessector.ThefirmsnotableclientsincludesCountryGarden,AgileGroupandChinaMinshengBank.Strengths“Theteamisveryresponsiveandprovideshigh-qualityservice.Theyalsohavesolidtechnicalskillsan

196、dworkedseamlesslyacrossdifferentoffices.”“SidleyhasagoodunderstandingoftheMainlandChinarealestatelandscapeandisexperiencedinworkingonhigh-yieldproductsandsyndicatedloans.”WorkhighlightsSidleyAustinadvisedR-BridgeHealthcareFundonaUSD40millionroyalty-backedfinanc

197、ingforYishengBiopharma.NotablepractitionersOliviaNgan(seep.130)isexperiencedinhandlingcross-bordertransactions,particularlycreditfinanceandrealestatefinancetransactions.Shefocusesonrepresentingborrowers,andisofteninstructedbyChinesecorporateborrowers.Strengths:“Oliviais

198、veryknowledgeableinthefinancingarea.Sheisdetail-oriented,proactiveandresponsive.ItsagreatpleasureworkingwithOliviaandherteam.”“Oliviaisanextremelyreliableandtrustworthylawyerwhohandlesallsituationswell.”SimpsonThacher&BartlettWhattheteamisknownforThebankingtea

199、mofSimpsonThacher&Bartlettofferscomprehensiveadviceonleveragedandacquisitionfinanceman-dates.Itisnotedforitsexpertiseinhandlinghigh-valuemarginloanfinancing,andisfrequentlysoughtoutforitsstrongknowledgeinthefieldbyprivateequityfirmsasborrowers.Theteammaintai

200、nsimpressiveexpertiseintransactionsinvolvingthepharmaceutical,hospitalityandrealestatesectors.Strengths“Theyworkextremelyhardandproducehigh-qualitywork.”“Itsvaluabletousetheminlarge,high-profiledealswithahigh-qualityteamtoassistus.”WorkhighlightsSimpsonThacher&Bart

201、lettsHongKongteamactedforBlackstoneonitsUSD6.3billionacquisitionofCrownResorts.NotablepractitionersMakikoHarunari(seep.123)isbuildingahealthyreputationinthemarketforadvisingborrowersonacquisitionfinance,leveragedfinanceandrealestatefinancematters.SheisbasedinH

202、ongKongandchairstheAsiabankingandcreditpracticeofthefirm.Strengths:“MakikoHarunariisverystrong.Sheknowstheinstitutionverywell,anditsalwaysveryefficienttoworkwithher.”“Makikodidareallygreatjobcomingupwiththerightterms10China(InternationalFirms)Banking&Finance

203、andshewasreallygoodatnegotiatingwithlendersandourinternalstakeholders.”SlaughterandMayWhattheteamisknownforThefinancingprac-ticeofSlaughterandMayiswellplacedtoadvisemajormultinationalcorporatesasborrowers,andalsoworkswithChinesebanks.Itleveragesoffastron

204、gM&Ateamtoprovidecomprehen-siveadviceonacquisitionfinance.Thelawfirmalsoregularlyadvisesonsyndicatedloantrans-actionsandisadeptinhandlingcomplexdebtrestructuringmatters.SlaughterandMayhan-dleslendingmattersintheenergyandnaturalresourcessectorbothwithinthePR

205、Candonoutbounddeals,alsobeingactiveinthelogisticssector.ThefirmskeyclientsincludeLinkAssetManagementLimited,XiamenPortHoldingsandChinaPowerInternationalDevelopment.Strengths“Thefirmhasstrongknowledgeandunderstandingoftheborrowersandlendersrequirements,bothlegall

206、yandcommercially,whichfacilitatedthesmoothclosingofthetransaction.”“Iamextremelyimpressedwiththeirin-depthknowledgeandexpertise.Theywereabletoprovideusnotonlylegaladvicebutalsosolutionstomanybusinessissues.”WorkhighlightsSlaughterandMayadvisedLinkAssetManage-

207、mentonasustainability-linkedloanfacilitywith16leadinginternational,regionalandlocalbanksvaluedatHKD12billion.NotablepractitionersLisaChung(seep.121)headsSlaughterandMaysfinancingpractice.Sheisexperiencedinadvisingonavarietyofbankingtransactions,includinggreenands

208、ustainability-linkedloanfacilitiesaswellasprojectfinancingmandates.Strengths:“Lisaisincrediblyresponsive,practicalandthoughtful.”“Lisaishighlyknowledgeableandanexpertonthesubjectmatter.Sheisalwayswillingtoassistusandprovidesuswithverysoundadvice,inaverytimelya

209、ndcomprehensivemanner.”StephensonHarwoodWhattheteamisknownforStephensonHar-woodsbankingandfinanceteammaintainsastrongregionalpracticewithafocusonreceiv-ablesfinancingandisactiveonbehalfofbothlendersandborrowers.Itisrecognisedforitsexpertiseinfintechandinve

210、stmentproducts,anddemonstratessignificantknowledgeintradefinanceandcompliancematters.Theteamalsoundertakesnoteworthyfinancingworkformar-ket-leadingChineseandinternationalbanks.Strengths“Theyquicklycomprehendthekeypointsofaproblemandsuggestthemosteffectivesolutions

211、.”“StephensonHarwooddemonstratesakeencom-mercialawarenessandstaysabreastofmarkettrendsinadditiontotheirwork.”WorkhighlightsStephensonHarwoodadvisedUnitedOverseasBankontherefinancingofaKowloonTongresidentialdevelopmentvaluedatHKD12.1billion.NotablepractitionersKa

212、therineLiuandEltonChanarekeycontactsforthepractice.White&CaseLLPWhattheteamisknownforWhite&Casesbankingandfinancepracticeishighlightedforitsoutstandinghandlingofsyndicatedloans,securedandunsecuredcreditfacilities,andacquisitionfinancing.Itdemonstratesparticular

213、strengthinhandlingcomplexleveragedfinancingmatters,withadditionalareasofexpertiseincludingrealestate,projectandassetfinance.Thelawfirmmaintainsanenviablelistofcli-entsincludingleadingChineseandinternationalbanks,investmentfirmsandprivateequityclients,andoffersexp

214、ertisehandlingdealsinvolvingvar-iousjurisdictions,includingSingapore,Japan,theUSAandtheUK.ThefirmskeyclientsincludeCiticorpInternational,CitigroupandRRJCapital.Strengths“TheWhite&Caseteamisstrongbothintermsofdepthandbreadthofexpertise.Thefirmhaspro-videduswithso

215、undandtimelyadviceacrossabroadrangeofcomplexmattersindifferentprac-ticeareas.”“Theyhavepeoplewhoareverygoodtechnicallyandproducegood-qualitydocuments.Thekeyrea-sonsarethattheyunderstandclientservice,areproactiveandknowwhattheclientwants.”WorkhighlightsWhite&

216、CaseadvisedBarclaysandDeutscheBankasfacilityagentsofaUSD110milliondebtfinancingforOntarioTeachersPen-sionPlantoacquireacontrollingstakeinSahy-adriHospitalsGroup.White&CaseactedforBrookfieldAssetmanage-mentontheUSD327millionacquisitionfinancingrequiredtopurch

217、aseTrimcoGroup.NotablepractitionersBaldwinChengisrecognisedtobeamar-ket-leadingpractitionerincreditfinance.Headvisesbanks,privateequityfirmsandalternativecreditprovidersonavarietyofoutboundtransac-tionsintheAsiaregion.Heisalsohighlyregardedforhisexpertiseinle

218、veragedandacquisitionfinancingarrangements.Strengths:“BaldwinisveryexperiencedinM&Aandstructuredfinancedeals.Heandhisteamareveryeasytoaccess,quicktorespondandprovidegoodservice.”DavidLihasvastexperiencehandlinginboundandoutboundtransactions,andisoftenentrusted

219、toadviseonarangeofequityanddebtfinancings,includingleveraged,mezzanineandsyndicatedfinancingdeals.HeservesahostoffinancialinstitutionsandcorporateclientsfromWhite&CasesbaseinBeijing.Strengths:“Ihighlycom-plimentDavid,hesveryclient-friendlyandcom-mercial.Hestandso

220、utbecauseheunderstandsthein-houseperspectiveandalwaysapproachesissuesfromtheclientsperspective.”EugeneManleadsWhite&CasesAsia-Pacificbankingteamwithnoteworthyexpertiseinhandlinghigh-profileandcomplexdeals,includingcorporatefinance,lever-agedfinanceandrealestatefin

221、ancemandates.Strengths:“Eugeneisadetail-orientedlawyerwithverystrongtechnicalskillswhoconsistentlystrikesabalancebetweenhislegalexpertiseandtheneedtobecommercialintransactions.”“Hehasanexceptionalgraspoftheintricaciesofourmattersandanoutstandingcommercialawa

222、reness.”DanielAbercrombyco-headsWhite&CasessponsorfinancepracticeinAsia.Hehasnotableexperi-enceadvisingprivateequityhousesonleveragedandacquisitionfinancetransactions.Strengths:“Hespragmaticandhashisfingeronthepulseofthemarket.Hehasgoodrelationshipswithlenders,qu

223、ickturnaroundtimesandprovidessensibleadvice.”“Heisgoodtechnicallyandisworkingveryhardtodevelophisownclients.”OtherRankedLawyersLuiKanyiheadsthefinancepracticeofPinsentMasons.Heregularlyhandlescross-borderinfra-structureandprojectfinancingmandatesaswellasfinan

224、cialrestructuringmatters.Strengths:“Heprovidedsmoothcommunication,andgoodcooperation,supportandlegaladvice.”“Hehasbeenaverygoodchannelforourorgani-sationtobuildmarketawarenessanddeveloptheclientbase.”AntonyYung(seep.137)headsHowseWilliamsbankingandfinancepractice.

225、Hefrequentlyactsforbothsidesofthelendingrelationship,advisingregionalbanksaswellascorporatesonasset-backedfinance,pre-IPOfinance,bilateralandsyndicatedlending.Strengths:“Antonywaswillingtospendtimetounderstandourneedsandproposedhelpfuladvice.”“Antonyisanexcellen

226、tpartner.Heisveryhands-onandresponsive,andhasgreatcommercialaware-ness.”Banking&FinanceChina(InternationalFirms)CHINA:AnIntroductiontoCapitalMarkets:Debt(InternationalFirms)ContributedbyFangdaPartnersAGeneralOverviewofDebtCapitalMarketsinChinaIssuanceofoffshoredebtby

227、Chineseissuershasbeensignif-icantlyaffectedbythemacroeconomicpoliciesinChinaandchangesintheinterestratesonUSDandCNY-denominatedas-setssince2022.ImpactedbyUSinterestratehikes,thecostforChineseissuerstoraiseoffshoreUSDfundingsurged,whichre-sultedinasignifican

228、tdecreaseinthenumberandsizeofUSDbondissuesbyChineseissuers.Thiswasaccompaniedbyweakmarketsentimentinthehigh-yieldmarketattributabletoregu-latoryrestrictionsondebtfinancingtopropertydevelopers,in-creasingdefaultsinhigh-yieldbondssincelate2021,andrisingconcern

229、overthelargeamountofdebtoftherealestatesectortobere-financed.Asaresult,thetotaloffshoredebtissuancesbyChineseissuersdroppedby62.1%toapproximatelyUSD111.4bil-lionin2022fromUSD294billionin2021.Forthefirsthalfof2023,thetotaloffshoredebtissuancesbyChinesei

230、ssuersamountedtoUSD88.2billion,a7.4%dropcomparedtothesameperiodin2022.Inthemeantime,CNY-denominateddebtissuancesintheShanghaiFreeTradeZone(FTZ)thrivedin2022asaresultoftherisingUSDinterestrates,butreducedsignificantlyafterthesec-ondquarterof2023duetotighten

231、edregulatoryscrutiny.Underthecurrentregulatoryregime,developedonthebasisoftheAdministrativeMeasuresfortheReviewandRegistrationofMid-toLong-TermForeignDebtsofEnterprises(the“2023NDRCMeasures”)issuedbytheNationalDevelopmentandRe-formCommission(NDRC),whichbecameeffec

232、tiveon10February2023,Chineseissuers(includingoffshorevehiclescontrolledbyChinesecorporatesorfinancialinstitutionsand“redchip”compa-nieswiththeirprimarybusinessoperationsinChina)arerequiredtogothrougha“reviewandregistration”processwiththeNDRCfortheirforeigndebtis

233、suanceswithanoriginalmaturityofoneyearormore.The2023NDRCMeasuressetoutthesubstantiverequirementsontheeligibilityofissuersanduseofproceedsfromforeigndebtissuances(listingcertainprohibitedareasforuseofproceeds).ComparedtothepreviousNDRCruleonforeigndebtiss

234、uance,the2023NDRCMeasuresremovedtheeligibilityrequirementforforeigndebtregistrationthatanissuermustnothavedefaultedonanyoutstandingdebt.Thisrelaxationcouldpo-tentiallyallowissuersthathavedefaultedondebtstoborrownewforeigndebt.The2023NDRCMeasuresalsoexpressly

235、empowertheNDRCtomanagethetotalsizeandmixofforeigndebtissuedbyChineseenterprises.Inadditiontothepre-issuanceNDRCre-viewandregistration,issuersarealsorequiredtoregistertheirforeigndebtwiththeStateAdministrationofForeignExchange(SAFE)andsubmitcertainforeign-de

236、btrelatedinformationtotheNDRCaftertheissuance(whereapplicable).InvestmentGradeBondsIssuersofinvestmentgradebondsprimarilyincludefinancialin-stitutions,majorstate-ownedenterprisesandpubliccompanies.Approximately15%ofUSDbondsissuedbyChineseissuersin2022and39%oftheo

237、utstandingUSDbondsofChineseissuersasoftheendof2022wereinvestmentgradebonds.AsUSDinter-estratesrise,theoffshorefinancingcostsforChineseinvestmentgradeissuershavespikedtoahistorichighsincethesecondhalfof2022,dampeningtheirdesiretoissueUSDdebtsecurities.Hig

238、h-YieldBondsTherealestatesectorhastraditionallydominatedthehigh-yieldmarketforChineseissuers.Since2020,regulators(includingtheMinistryofHousingandUrban-RuralDevelopmentandthePeo-plesBankofChina)havetighteneduptherestrictionsondebtfinancingfortherealestatesector

239、,includingsetting“threeredlines”forpropertydevelopers,namelytotalliabilities(netofpre-paymentsreceived)tototalassets(netofprepaymentsreceived)atnomorethan70%,netdebttoequityratioatnomorethan100%,andcashtocurrentdebtratioofnolessthan100%.Prop-ertydevelopersthat

240、breachallthreeoftheseredlinesarenotallowedtoraisenewdebt.Inaddition,defaultsbypropertydevelopersonhigh-yieldbondshavebecomemorefrequentthaneversince2022,giventhein-creasingdifficultiesintheirre-financingduetotheabove-men-tionedregulatoryrestrictions,aswella

241、sthedeclineinsalesofrealpropertiesduringtheeconomicslowdown.In2022,63bondsissuedbypropertydevelopersdefaulted,withanaggregateprincipalamountofUSD22.6billion,asignificantincreasefromUSD4.2billionin2021.Thishasfurtherchilledmarketsentimentforhigh-yieldbonds.Only

242、afewissuerscompletedhigh-yielddebtissuanceswithcreditenhancementthroughstandbylettersofcreditin2022,andthehigh-yieldmarketforChineseissuersremainedinaslumpin2023asdefaultsintherealpropertysec-torcontinued.GovernmentBondsCentralandlocalChinesegovernmentshave

243、beenactiveintheoffshoredebtmarketsinrecentyears.TheMinistryofFinanceofthePeoplesRepublicofChinaandthePeoplesBankofChinahavebeenactivelyissuingUSD,EURandCNY-denominateddebtsecu-ritiesinHongKongandMacausince2020.Inaddition,certainlo-calgovernments,suchasth

244、eGuangdongProvincialGovernment,theHainanProvincialGovernmentandtheShenzhenMunicipalGovernmenthavealsoissuedanumberofCNY-denominatedoff-shoredebtsecuritiesinHongKongandMacausince2021,furtherdiversifyingthemarketforChinesegovernmentbonds.LocalGovernmentFinancingVe

245、hicles(LGFVs)FinancingvehiclesownedbyChineselocalgovernmentshavecontributedalionsshareofoffshoredebtissuancesbyChineseissuers.OffshoredebtissuancesbyLGFVshaveincreasedsignif-icantlysince2019,asregulatoryrestrictionsoveronshoredebtfinancingforthesevehiclestightene

246、d.In2022,LGFVswereoneoftheveryfewsectorsintheoffshoredebtmarketthatsawanincreaseintotalissuesize.AsLGFVstypicallydonothaveinherentlyprofitablebusinessmodelsandrelyonlocalgovernmentspendingtorepaytheirdebt,theircreditworthinessisusuallyassessedbyinvestors

247、toacertainextentbasedon,butnotnecessarilycorrelatedto,thefiscalstrengthofthelocalgovernmentandlocaleconomicde-velopment.Thisremainsthecase,althoughtheChinesegovern-menthasrepeatedlyemphasisedthatlocalgovernmentsmaynot12China(InternationalFirms)CapitalMarketsThe

248、editorialisinalphabeticalorderbyfirmname.Allen&OveryWhattheteamisknownforAhighlyexperiencedHongKong-baseddebtteamworkingoncom-plexcross-borderinvestment-grademattersandpandabondissuances,Allen&OveryadditionallyadvisesonsocialbondofferingsandlargeMTNissuances.It

249、ssolidequitypracticeadvisesissuersandunderwritersoncross-borderIPOsandsec-ondaryissuances.Thefirmrepresentsanenviablerosterofinternationalbanks,Chinesefinancialentitiesandsovereignissuers.KeyclientsincludeBankofCommunications,BankofChinaandZhe-jiangHangKeTechnolo

250、gy.Strengths“TheteamIencounteredpossessesabroadandin-depthknowledgeofbondproducts,especiallythoserelevanttoGreaterChinaclients.Iwouldsaytheirservicequalityisbestinclassinthismarket.”“Allen&Overyarealwaysabletoprovideprofes-sionaladvicetotheissuer,aswellasot

251、herparties,inaHongKongIPOtransaction.Theyhaveexten-siveexperienceinHongKongcapitalmarketsandBand1LiuWilliamLinklatersNgMichaelLinklaters*Band2LeeJohnAllen&Overy*TsangAgnesAllen&Overy*Band3ChanAngelaCliffordChanceGuanBingFreshfieldsBruckhausDeringer*KuWilliamHerber

252、tSmithFreehillsLauTerenceLinklatersLiuJiLatham&WatkinsZhouHaoKing&WoodMallesonsBand4ChanMarkCliffordChanceChenChristineFangdaPartnersGrandolfoJamesMilbankLLPLeadingIndividualsEminentPractitionersHengConnieCliffordChanceEminentPractitionersCapitalMarkets:Debt*Indicatesindiv

253、idualwithprofile.Alphabeticalorderwithineachband.Band1ishighest.Band1LinklatersBand2Allen&OveryCliffordChanceDavisPolk&WardwellLLPKing&WoodMallesonsBand3FreshfieldsBruckhausDeringerHerbertSmithFreehillsLatham&WatkinsSidleyAustinBand4AshurstDeaconsFangdaPartnersMayerBrownLeadi

254、ngFirmsCapitalMarkets:Debtprovideanykindofguaranteeorassuranceastotherepaymentofdebtbythesefinancingvehicles.Therefore,inlightoftheun-certaintiesintheChineseeconomy,mostoffshoredebtissuancesbyLGFVsin2022and2023wereconductedbyissuersinthere-gionswithstrong

255、economies.Inaddition,standbylettersofcreditissuedbycommercialbanksbecameapopularcreditenhance-mentforthistypeofissuer,helpingthemtosecureinvestorsandmanagefinancingcosts.However,commercialbankshavealsofacedregulatoryscrutinysincethesecondhalfof2022withre-spect

256、tostandbylettersofcreditissuedforthebenefitofLGFVs.Assuch,certaincommercialbankshavecutbackthesetypesofstandbylettersofcredit,whichmayresultinrefinancingdifficul-tiesforcertainLGFVs.Ontheotherhand,Chinahascontinueditseffortstomanagethe“hiddendebt”oflocalg

257、overnments.Itwasreportedduringthefirsthalfof2022thatoffshoredebtissuancesbyLGFVsbecamesubjecttoadditionalscrutinybytheNDRC,includingcertaineli-gibilityrequirementsbasedontheissuersincome,profitandtheuseofproceeds.Assuch,LGFVissuancessawasignificantde-clinein

258、thefirsthalfof2023,withonly175newissuancesandatotalissuancesizeofUSD15.4billion(41%downfromthefirsthalfof2022),amongwhich,63%wereFTZissuances.ShanghaiFTZOffshoreBondsTheShanghaiFTZhasbeenanewlydevelopedoffshoredebt-fi-nancingmarketforChineseissuerssince201

259、9,andsawsignifi-cantgrowthfromthefirstFTZoffshorebondofferingbyanLGFVinDecember2019.Inparticular,astheinterestratesonCNY-de-nominateddebtreachedalevellowerthanthatforUSD-denom-inateddebt,CNY-denominatedoffshoreFTZbondissuancesbecameapopularoptionforChinesei

260、ssuers.ThetotalsizeofoffshoreFTZdebtissuedin2022amountedtoUSD5.5billion,ofwhichapproximately96.3%wasCNY-denominatedand89.3%wasissuedbyLGFVs.SAFEregistrationisusuallynotrequiredforcertainissuancesofsuchoffshoreFTZbonds,removinghurdlesfortherelevantissuerstois

261、sueoffshoredebt.However,theFTZoffshorebondmarketshrankquicklytowardstheendofthesecondquarterof2023,asChineseissuersoutsidetheFTZwererestrictedfromraisingFTZoffshorebonds.Thisre-strictionalmostbroughtthisnewlydevelopedmarkettoahalt,asasignificantnumberofFTZ

262、issuerswereChineseLGFVs.Asaresult,FTZissuanceshavebecomescarcesincemid-2023.CapitalMarketsSimHwangHwaLinklatersKollarThomasMayerBrown*LeeJiniAshurstLiCarrieSidleyAustin*RadtkeGerhardDavisPolk&WardwellLLPStoneJonathanBSkadden,Arps,Slate,Meagher&FlomTongKevinDeaconsTs

263、aiDavidCliffordChanceLLPXiongReneeSidleyAustin*Up-and-comingindividualsCheungGloriaLinklatersCuiSherryLinklatersKiTaikiLinklatersLiaoDavidMorgan,Lewis&BockiusLLPLuMichaelKing&WoodMallesonsYuHanwenLinklatersYueSongKing&WoodMallesonsCapitalMarketsChina(InternationalFirms)ar

264、eabletoapplytheirexperiencetosolvingdif-ferentnovelissues.”WorkhighlightsAllen&OveryadvisedtheleadmanagersonHongKongMortgageCorporationsissuanceofHKD8billion5.00%notesdue2024.Allen&OveryadvisedShandongBoanBiotech-nologyonitsspin-offfromLuyePharmaGroupandasep

265、aratelistingoftheH-sharesofBoanBiotechontheMainBoardoftheSEHK.NotablepractitionersJohnLee(seep.126)isheadofAllen&OverysdebtcapitalmarketspracticeinHongKongandfrequentlyactsonthebondissuancesofbanksandpropertycompanies,oftenadvisingtheleadmanagersandunderw

266、riters.Strengths:“Johnissophisticatedandpossessesasoundunder-standingoflegalknowledgewhilebalancingcom-mercialneeds.”AgnesTsang(seep.133)ofAllen&OverysHongKongofficecontinuestohandleabroadspectrumofdebtcapitalmarketsman-dates,latelyadvisingonissuancesofsocial,pand

267、aandsovereignbonds.Strengths:“Agnesisthego-topersonforalltechnicalquestions.Shenevergetstiredservicingherclients.”“IappreciateAgnesspracticalapproachtotransactionsandherresponsiveness.”GilbertLi(seep.127)hasabroadECMpracticewhich,thoughnotlimitedbysector,isstron

268、ginbiotech.JonathanHsui(seep.124)advisesissuers,placingagents,sponsorsandunderwritersonshareissuancesandplacements.LinaLee(seep.126)primarilyadvisessponsorsandlendersonSEHKlistings,aswellasadvisingonshareplacementsandsecondaryblocktrades.Shefrequentlyactsforbanks,

269、investmentvehi-clesandsecuritiesfirms.Strengths:“LinaisnotonlyequippedwithextensiveHongKongcapitalmarketsexpertisebutisalsoveryhands-onandalwaysabletoprovidevaluableinsights.”“Itrustherprofessionaladviceandtrulybelievehavingheronthetransactions,regardlessofbe

270、ingtheissuercounselorsponsorcounsel,isalwaysabigplus.”AshurstWhattheteamisknownforAshurstboastsawell-balancedofferingwithanestablishedrepu-tationforprovidingDCMadvicetomajorunder-writersandissuersonbondofferings,EMTNissues,privateplacementsandcross-borderconv

271、ertiblebonds,whileprovidingHongKong,EnglishandUSlawadviceforinternationalandChinesebanksandbusinesses.Theteamisalsowellequippedtohandlebondrestructuring.KeyclientsincludeHongKongXiangyuInvestment,CITICSecuritiesandGoldmanSachs.Strengths“Theteampromptlyaddresseso

272、urqueriesorcon-cernsandstaysuptodatewiththelatestregulatorychanges,providingsoundadviceoncomplexissueswithpracticalsolutions.”“TheAshurstteamworkeffectivelyandefficientlytostayontopofissuesandflagpotentialissuesforourattentionquickly.Theyarealsoproactivei

273、nsug-gestingsolutions.”WorkhighlightsAshurstadvisedthejointleadmanagers,suchasBankofChina,onHongKonglawinrelationtotheissuanceofCNY500mil-lion4.5%bondsdue2026byHuafaInvestment,unconditionallyandirrevocablyguaranteedbyZhuhaiHuafaGroup.NotablepractitionersJiniLee

274、regularlyrepresentsadiverseclienteleofbanksandfinancialinstitutions,aswellasPRCcorporatesandSOEs,indebtissuancesandpri-vateplacements.Strengths:“Jiniishighlyrespon-siveandprovidessoundlegaladviceconsistentwiththelatestmarketpracticesandregulatorychanges.”“Jinii

275、sveryknowledgeableandmanagedeveryconversationwiththeclientwithease,reas-Band1LiCarrieSidleyAustin*RadtkeGerhardDavisPolk&WardwellLLPXiongReneeSidleyAustin*YeungAlanCliffordChanceBand2LiuWilliamLinklatersBand3LeeKyungwonShearman&SterlingLLP(ORL)*TaoLiang(Alex)Milbank

276、LLPZhouHaoKing&WoodMallesonsUp-and-comingindividualsJiangShanLinklatersPanBingqingDavisPolk&WardwellLLPZhouJessicaWhite&CaseLLP(ORL)LeadingIndividualsBand1DavisPolk&WardwellLLPSidleyAustinBand2LinklatersSkadden,Arps,Slate,Meagher&FlomBand3King&WoodMallesonsLatham&WatkinsMilbank

277、LLPLeadingFirmsCapitalMarkets:High-YieldProductsBand1HeLiDavisPolk&WardwellLLPHuangGraceFreshfieldsBruckhausDeringer*Band2EmsleyMattHerbertSmithFreehillsLinJamesCDavisPolk&WardwellLLPNgKayIanSullivan&CromwellLLPWongChristopherSimpsonThacher&Bartlett*Band3ChanFreemanCl

278、earyGottliebSteen&HamiltonLLPChowRonnyDeaconsChoyConstanceSidleyAustin*GengKeOMelveny&MyersLLPLaiCalvinFreshfieldsBruckhausDeringer*LiHaipingSkadden,Arps,Slate,Meagher&FlomLLPLuMengyuKirkland&Ellis*WangPalomaSkadden,Arps,Slate,Meagher&FlomWongGwenSullivan&CromwellYeungCathy

279、Latham&WatkinsYuBenitaSlaughterandMay*Band4ChuYangDavisPolk&WardwellLLPFangLiuCliffordChanceKwokEdwinOMelveny&MyersLauSherlynSidleyAustin*LeeVirginiaCliffordChanceLiGilbertAllen&Overy*LukEdwinMorgan,Lewis&BockiusLLPMooreJohnSlaughterandMay*OuyangDanWilsonSonsiniGoodr

280、ich&RosatiSuBenjaminLatham&WatkinsThioJeanCliffordChanceLLPWangRichardFreshfieldsBruckhausDeringer*ZhaoShuangClearyGottliebSteen&HamiltonLLPBand5DingMengSidleyAustin*GrandolfoJamesMilbankLLPHsuiJonathanAllen&Overy*JongDeniseReedSmithRichardsButler(ORL)LawColinFangdaPa

281、rtnersLeeLinaAllen&Overy*LinChing-YangSullivan&CromwellLLPPeryPaulAnthonyCMilbankLLPSungJasonHerbertSmithFreehillsTaiPsycheNortonRoseFulbright(ORL)TangNelsonHoganLovellsInternationalLLP(ORL)WangAllenLatham&WatkinsLLPXuJasonDavisPolk&WardwellLLPUp-and-comingindividualsG

282、aoYiSimpsonThacher&Bartlett*LiLiptonLinklatersTangTerrisLatham&WatkinsWangXuelinDavisPolk&WardwellLLPWuYutingSkadden,Arps,Slate,Meagher&FlomXiangTianningCliffordChanceLLPZhuKeOMelveny&MyersLeadingIndividualsEminentPractitionersKoTeresaFreshfieldsBruckhausDeringer*WangTimCl

283、iffordChanceLLPZhangDavidKirkland&Ellis*EminentPractitionersCapitalMarkets:Equity*Indicatesindividualwithprofile.(ORL)=OtherRankedLawyer.Alphabeticalorderwithineachband.Band1ishighest.Band1CliffordChanceDavisPolk&WardwellLLPFreshfieldsBruckhausDeringerSkadden,Arps,Slate,Meagh

284、er&FlomBand2HerbertSmithFreehillsKirkland&EllisLatham&WatkinsBand3OMelveny&MyersSidleyAustinSimpsonThacher&BartlettSullivan&CromwellLLPBand4Allen&OveryClearyGottliebSteen&HamiltonLLPDeaconsLinklatersPaulHastingsSlaughterandMayWilsonSonsiniGoodrich&RosatiBand5BakerMcKenzieFangdaPar

285、tnersKing&WoodMallesonsMilbankLLPMorgan,Lewis&BockiusLLPTianYuanLawFirmLeadingFirmsCapitalMarkets:Equity14China(InternationalFirms)CapitalMarketssuringthemandpushingforthemosteffectiveandmeaningfulresolution.”BakerMcKenzieWhattheteamisknownforBakerMcKenziefieldsarobus

286、tteaminHongKongthatfrequentlycollaborateswiththefirmsofficesacrosstheglobetoofferclientscoordinatedadviceoncross-borderequitytransactions.TheteamisfrequentlymandatedtoactforforeignanddomesticclientsontheirHongKongIPOs,withadditionalcapa-bilitiesinSwissGDR

287、offerings,privatisationsbyschemeofarrangementandrightsissues.Keycli-entsofthefirmincludeCLSA,HorizonConstruc-tionDevelopmentandChinaUnitedLines.Strengths“BakerMcKenziehasaremarkableabilitytodealwithcomplexissuesinequitytransactions.Theteamhasbothglobalperspective

288、sandlocalisedexperience,soastoprovideprofessionalandwork-ableadvices.”“TheBakerteamhasastrongabilitytoexplorenewproducts,offeringexcellentservicesandtimelyresponsiveness.”WorkhighlightsBakerMcKenzieactedasHongKongandUScounseltoFerrettionitsHKD1.9bil-lionglob

289、alofferingandlistingofitssharesontheMainBoardoftheHongKongStockExchange.NotablepractitionersChristinaLeeandWangHangarebasedinHongKongandBeijingrespectivelyandarekeycon-tacts.ClearyGottliebSteen&HamiltonLLPWhattheteamisknownforClearyGottliebSteen&Hamiltonp

290、rovidesUK,USandHongKonglawadvicetoPRCandHongKongclients.BestknownforitsworkintheECMspace,advisingonIPOsandsecondaryofferings,theteamregularlyadvisesonpublicofferingsinbothHongKongandtheUSA,withfurtherexpertiseinadvisingonADSissuancesandconvertibleoffer

291、ings.ItactsacrosstheTMT,biotechandhospitalitysectors,forbothissuersandunderwriters.KeyclientsincludeBurningRockBiotech,GoldmanSachsandHWorld.Strengths“Clearyareverycalmunderstressfulcircum-stancesandprovidewellthoughtoutadvice.Theyputclientsinterestsfirstandare

292、willingtogotheextramile.”“Theyareextremelyresponsiveandhelpnavigatecomplexissuesinthefaceofnewregulatorydevel-opments.TheyreaverycapableteamontheUSlistingside.”WorkhighlightsClearyGottliebSteen&HamiltonactedasUSandHongKongcounseltoGoldmanSachsandCSCI,asj

293、ointsponsors,andGoldmanSachs,CSCIandCICC,astheoverallcoordina-tors,jointglobalcoordinators,jointbookrunnersandjointleadmanagers,ontheHKD5.3billionofferingofordinarysharesandprimarylistingofZJLDGroup.NotablepractitionersFreemanChanco-leadsClearyGottliebSteen&Hamilton

294、sequitycapitalmarketsteam,offeringclientsthreedecadesexperienceadvisingonHongKongIPOs.ZhaoShuangactsforbothissuersandunderwritersonIPOsaswellassec-ondaryofferingsinherroleasco-headofClearyGottliebsECMteam.Herclienteleincludesbio-tech,fintechandhospitalityco

295、mpanies,aswellasbanksandfinancialinstitutions.Strengths:“Shuangoffersanexcellentlevelofattentivenessandresponsiveness.”“Shuangputstheclientsfirst.Shesverygoodatmobilisinginternalresourcesanddelivering.”CliffordChanceWhattheteamisknownforCliffordChanceboastsanexce

296、llenttrackrecordoftakingonlargeandcomplexIPOsonbehalfofissuers,sponsorsandunderwriters,aswellashandlingarangeofhigh-valuesecondaryshareofferings.OneofthestandoutECMteamsintheregion,itregularlyadvisesonmajortransactionsandalsohasanenviableDCMpractice,assis

297、tingontheissuanceofarangeofproducts,includinghybrid,pandaanddimsumbonds.ThefirmisabletoofferHongKongandUSlegaladviceoncross-borderofferingsandconsistentlyrepresentsleadinginternationalandChinesebanksandinvest-mentcorporations,withkeyclientsincludingICBCInte

298、rnational,ChinaMinshengBankandJPMorgan.Strengths“Wehaveestablishedapositiveandcollaborativeworkingrelationshipwiththeteamandtheyhaveconsistentlyprovidedsoundadviceasneeded.Clif-fordChancesconstructivesuggestionshavebeenhelpfulinnavigatingcomplexlegalmattersrelate

299、dtobondissuance.”“Theirlevelofservicehasbeenexceptional,withtheteammembersdisplayingadeepunderstandingofthebusinessandindustry.Theyhavebeenproac-tiveinanticipatingourneedsandprovidingtimelyguidanceandadvice.Theirattentiontodetailandthoroughnesshaveinstilledc

300、onfidence.”WorkhighlightsCliffordChanceadvisedBankofChina(HongKong)andHSBCasjointleadman-agersontheissuanceofHongKongSARGov-ernmentsinauguralretailgreenbondsundertheGovernmentGreenBondProgramme.CliffordChanceadvisedthejointsponsorsCreditSuisse,JPMorgan,CICCand

301、CMBInternational,andtheunderwritersontheUSD106millionIPOanddualprimarylistingofZhihuontheMainBoardoftheSEHK.NotablepractitionersConnieHengisheadofCliffordChancesDCMteaminHongKongandadvisesdomesticandinternationalbanksasunderwriters,aswellasassistingChine

302、seclientswitharangeofinvest-ment-gradeissuances.Strengths:“IhavedeeprespectforConnie.Herexpertiseisreallyout-standingandshehasdeepknowledgeinboththeinvestment-gradeandhigh-yieldspaces.Shesverycommercialandtriestofindsolutions.”“Sheisatrustedandexperiencedlega

303、ladviser,andwelllikedbybanksandissuers.”TimWangisco-man-agingpartnerforCliffordChanceinChinaandtheheadofitsequitycapitalmarketspractice.HeisbestknownforactingfordomesticissuersontheirSEHKIPOs.Hehasawealthofexperiencerepresentingcorporationsandfinanciali

304、nstitu-tions.Strengths:“Timisaveryseasonedlawyerwithextensiveexposureindealingwithlarge-capSOEandprivatecorporatesincapitalmarketfund-raisingprojects.”AlanYeunginCliffordChancesHongKongofficeremainsarecognisedtop-tierhigh-yielddebtpractitioner.Heiscounselofchoi

305、ceamongfinancialinstitutionsandcorpo-rates.Strengths:“AlanhasagoodunderstandingofclientsinthePRC.Hesverynice,closetotheclientandveryclient-oriented;hesalwayscon-sideringtheclientandisverycost-conscious.”“Alanisalwaysmygo-topersonforHongKong.”AngelaChanregularl

306、yadvisesontheissuanceofexchangeablebonds,offshoreofferingsandMTNprogrammes,aswellassustainability-linkedofferings.Sheiswellplacedtoassistissuersandunderwriters.Strengths:“WehavealongstandingrelationshipwithAngelaChan;shesaverygoodlawyer.”MarkChaniswellregardedf

307、oradvisingonarangeofbondissuances,includingsustaina-bility-linkedbondsanddimsumbonds.Strengths:“Markisveryknowledgeableandunderstandsclientsneedsandconstraints.Heisabletopre-pareclientswelltoensuresmoothexecutionoftransactions.”“Markhasbeenveryresourcefulandde

308、monstratesgoodcommercialawareness.”FangLiufrequentlyadvisesissuersontheirHongKongIPOs.Hisclienteleincludesbanks,pharmaceu-ticalcompanies,entertainmentcompaniesandinvestmentholdinggroups.Strengths:“FangLiuisdedicatedandprofessional.”“Heexcelsinclientservice,displayinga

309、highlevelofsophisticationinhislegalexpertiseanddemonstratingexceptionalcommercialawarenessandvision.Hiscommitmenttoclientsatisfaction,strategicthinking,andabilitytonavigatecomplexlegalandcommercialland-scapesmakehimahighlyvaluableasset.”VirginiaLeeisarisingECMp

310、artnerwhoadvisesanumberofprominentclientsonHongKongIPOs,includingChapter18Alistings.Sheisequippedtoadvisebothissuersandsponsors.Strengths:“Sheisveryresponsiveandcangivein-depthadvice.”JeanThiocontinuestoadvisebothunderwritersandissuersonSEHKlistings,aswella

311、sLondonGDRlistings.ShesplitshertimebetweenCliffordChancesShanghaiandSingaporeoffices.DavidTsaioffersCliffordChancesclientsnearly15yearsexperi-enceadvisingonarangeoftransactionsassoci-atedwithinvestment-gradeissuances,includingRegS,dimsumandgreenbonds.Strengths:“

312、WehaveworkedwithDavidonanumberofdebtcap-italmarketstransactionsandhehasconsistentlydeliveredgreatsupport.Heisveryhands-onandaccessible,andpossessesgoodexpertiseindebtcapitalmarketsintheGreaterChinaregion.”XiangTianningisbasedinCliffordChancesBeijingoffice

313、andisincreasinglyindemandforhisadviceonHongKongIPOs,oftenadvisingsponsorsandPRCissuers.Strengths:“HeisveryexperiencedinHongKongIPOsandhelpfulindealingwithissues.Healsohasgoodcommunicationskillstoadvisecli-entsonlistingrulesandrelatedmatters,andworkswellw

314、ithotherprofessionalparties.”DavisPolk&WardwellLLPWhattheteamisknownforDavisPolk&Ward-wellisacapitalmarketspowerhousewithasuperbreputationinhigh-value,cross-borderequitymatters,includingsomeofthetopIPOsandfollow-onofferingsintheregion.Anexperi-encedadviseronin

315、ternationalADSofferingsintheUSA,thefirmisalsowellknownforitsdebtCapitalMarketsChina(InternationalFirms)work,representingissuersandunderwritersinmajornoteandequity-linkedbondofferings.Itisadditionallyhighlyrespectedforitsworkinthehigh-yieldspace,withasteadyflow

316、ofrepeatanddebutissuancesfromclientsintherealestate,education,oilandgas,andautomotivesectors.ArobustbenchofHongKong-basedpartnersadvisesclientsonmattersinvolvingUS,EnglishandHongKonglaw.FamiliarwithUSregulatorybodiesandtherequirementsofjurisdictionsaroundthe

317、region,theteamregularlyadvisesontransactionsrelatingtoinfrastructure,realestateandkeycommoditymarkets.KeyclientsofthefirmincludeNewHorizonHealth,MedSciHealth-careandTianfengSecurities.Strengths“DavisPolkhasaverystrongteamthatwehaveworkedwithforalongtime.Partn

318、erandseniorlevelsareattentive,withstrongsupportfromthejuniorlevels.Theteamareextremelyresponsive,withveryclearandcomprehensiveadvicegiven.”“TheirglobalpartnersareverykeentohelptheAsiateamoncross-bordermatters.Theyproducetop-qualityassociatestoo,soitsnotjustt

319、hepartnersthatarehighquality.”WorkhighlightsDavisPolk&WardwelladvisediQIYIonaseriesofdebtrestructuringandcorpo-ratefinancetransactions,consistingofaUSD550millionprivateplacementofconvertibleseniornotestoPAGACIV-1(Cayman),aUSD600millionconvertibleseniornotesoffe

320、ringandconcurrentprivatelynegotiatedrepurchasesofaportionofitsexistingconvertibleseniornotesdue2026,andaUSD442millionSEC-registeredequityofferingof76.5millionAmericandepositaryshares.DavisPolkadvisedZJLDGrouponitsHKD5.3billionIPOandlistingontheSEHKandanin

321、ter-nationalofferinginrelianceonRule144A/RegS.DavisPolkadvisedthedealermanagersonexchangeoffersof10.875%guaranteedseniornotesdue2022and12.00%guaranteedseniornotesdue2022conductedbyHaimenZhongnanInvestmentDevelopment(International)asofferorandJiangsuZhongnanConst

322、ructionGroupasguarantor.NotablepractitionersHeLiisalinchpinofDavisPolksequitycapitalmarketsteaminHongKongandregularlyactsfordomesticclientsonADSissuances.Heremainsapopularchoiceamongissuers.Strengths:“HeLihasdeepexperienceguidingcompaniesthroughtheircritical

323、milestones,frompre-IPOfinancingthroughlistingandbeyond.Heisparticularlynotedforhisunderstandingofkeyverticals,especiallyinthetechnologysector.”“HeLiisthebestlawyerIveeverworkedwith.”JamesLinisanadeptadviseronIPOsandfollow-onofferingsontheSEHK,NYSEandNasdaq

324、.HehasexperienceadvisingonSPACandADSIPOsforarangeofissuers.Strengths:“Jameskeepsabreastoflegalandregulatorydevel-opmentsandexplainscomplexissuesthoroughlyandsuccinctly.Hisbreadthoflegalknowledgeandawarenessofdevelopmentsinourindustry,togetherwithhiscommitment

325、tohisclients,makehimaverystrongadvocate.”ChuYangisprimarilyfocusedonhandlingSEHKlistingsforbothunderwritersandissuers,withnotedstrengthinthebiotechandhealthcaresectors.Strengths:“Hedemonstratedexcellentprofessionalismtousbyprovidinggreatlegalandcommercialopin

326、ions,andalsoliaisedwithdifferentregulatorsandstake-holderstoprovidethebestandmostoptimalsug-gestions.”GerhardRadtkeco-leadsDavisPolksChinaDCMpracticeandanexpertonarangeofdebtmandates,withparticularemphasisonhigh-yieldissuances.Strengths:“Gerhardoffersgreatatten

327、tiontodetailandisabletobalancethecommercialaspectsandrisk.”“Hisexpertiseandhisabilitytoexplaincomplexideasaresostrong.”JasonXuisapartnerbasedinDavisPolksBeijingoffice.HispracticefocusesonHongKongIPOs,mostfrequentlyactingforissuers.Strengths:“JasonXuisrep

328、utableandactive.”PanBingqingisanincreasinglyprominentpieceoftheDavisPolkdebtpractice,withanotablefocusonhigh-yielddebt.Sheisequippedtoadviseissuersandunder-writers.Strengths:“Bingqingisverycreativeandabletocomeupwithsolutionsduringdifficultsituations.”“Iknew

329、nothingabouthigh-yieldcove-nantsandshestheonethattaughtmeeverything.Sheshighlyrecommendedandhasthepatiencetoexplainissues.”WangXuelinhasanoteworthypracticeinthecapitalmarketssphere.HeisincreasinglyvisiblehandlingarangeofHongKongandUSIPOs,particularlyforcli

330、entsinthehealthcare,pharmaceuticalandbiotechnologysectors.Strengths:“Ivedoneanumberofdealswithhimandhesaverysensiblelawyerwhoisverygoodonhealthcare.”“Hesaproblemsolverwithagreatattitudewhoisreallygreattoworkwith.”DeaconsWhattheteamisknownforDeaconshasa

331、solidpracticewithextensivelocalexpertiseandalonghistoryofactingonequitymatters.TheteamregularlyadvisessponsorsandunderwritersonIPOsandlistingsontheSEHK,aswellasonshareplacementtransactions.Thefirmalsodemon-stratesexperiencehandlingcross-borderdebtissuancesan

332、disactiveonissuancesrangingfromMTNprogrammestosovereignandsilverbonds.Deaconshasanestablishedrecordactingforcli-entsintheenergyandnaturalresources,tech,constructionandfinanceindustries,withkeycli-entsincludingBankofEastAsia,BOCOMInterna-tionalandYohoGroup.Stre

333、ngths“Deaconsareverydowntoearth,professionalandhelpful.Theteam,includingthepartners,areveryaccessible,friendlyandresponsive.”“Theyarealwaysavailablewhenweneedthemandareresponsiveandhelpful.Theyhavegoodcom-mercialandfinancialsenseandcanalwaysprovideconstructiveadvice.”WorkhighlightsDeaconsactedforBankofCom-munications,theissuingandlodgingagent,inrel