环球律师事务所

We have a strong capital markets team. Our professionals have extensive experience in capital markets legal services, covering stocks, bonds, securitisation, structured financing, and other standard or non-standard equity and debt financing. We are specialized in discovering and identifying legal issues, providing our clients with satisfactory, compliant, feasible and cost-effective solutions through efficient and accurate services. With a deep understanding of law and practical experience, we are particularly specialized in dealing withcomplicated transactions and have been engaged in many precedent or milestone innovative cases.

We are the first Chinese law firm engaged in the international capital markets practice. We represented Brilliance Auto China Holdings Limited and China Yuchai International Limited for their listing on the New York Stock Exchange respectively in 1992 and 1994, which are respectively the first and second N-Share offering and listing of PRC-based enterprises on the NYSE.

We have led a few groundbreaking precedents in the domestic capital market. These precedents include: in 2006, the first A-shares listing of overseas asset and business in Chinese domestic market - China Merchants Energy Shipping Co., Ltd.; in 2009, the first cross-border stock exchange transaction - Tianjin Port Group subscribed for new shares of Tianjin Port Development Holdings Limited (3382.HK), in exchange for the former’s controlling interest in Tianjin Port Holdings Co., Ltd. (600717.SH); in 2009, first case of a domestic central military enterprise’s overall listing — China Shipbuilding Industry Group Co., Ltd.; in 2014, the first case of an overseas red chip listed company's spin-off of domestic asset business and reverse takeover on A-shares market — Hong Kong listed company Skyworth Digital Holdings Ltd. (00751.HK) spun off its domestic STB business and returned to A-shares market by reverse takeover of China Resources Jinhua Co., Ltd.(000810.SZ); and in 2020, the first case in Chinese capital market in which an offshore red chip company directly issues A shares and lists in China - China Resources Microelectronics Limited.

We completed the first offshore securitisation transaction and the first onshore securitisation transaction. We completed the first offshore securitisation transaction, backed by receivables generated from PRC-based originators’ offshore receivables - 1997 COSCO offshore freight receivables securitisation project; and completed the first onshore securitisation project — securitisation of financial receivables of RMB13.25 billion of China Huarong Asset Management Company in 2003.

We witnessed first-case products of bond and structured financing. Representative transactions we served in this field include: Shandong Rizhao Power Plant, the first power plant financed from overseas by virtue of project financing; China Southern Airlines leasing of Boeing aircraft, the first leasing of civil aircraft; Daya Bay Nuclear Power Plant, the first nuclear power plant construction and financing project; the first batch of offshore issuance of Renminbi-denominated bonds in China ("Panda Bonds") by Daimler AG (first overseas non-financial company issuer), HSBC (first overseas financial company issuer) and South Korea (first overseas sovereign state).

We've been among one of the most leading Chinese law firms in capital markets. We've been recognized as one of the leading Chinese law firms in capital markets, securitisation and structured financing by international and domestic league tables for consecutively years, including The Legal 500 Asia Pacific, Chambers and Partners and Asian Legal Business.

Equity and Bonds

Since representing the first Chinese company listing on the New York Stock Exchange, we have advised a large number of companies on various forms of stock and bond financing in both domestic and international capital markets, including the Shanghai Stock Exchange, Shenzhen Stock Exchange, National Equities Exchange and Quotations, inter-bank market in China, as well as Hong Kong Stock Exchange, New York Stock Exchange, NASDAQ and stock exchanges in Singapore, London, Toronto, Frankfurt, Seoul, among others.

As the legal counsel of either the issuer or the underwriter, we provide services that cover full range of securities related matters, mainly including:

initial public offering of shares (IPO) both onshore and offshore;
issuing and listing of structured fixed income products;
post-IPO offering of listed companies;
M&A of listed companies;
restructuring and reorganization of listed companies;
compliance and corporate governance of listed companies;
onshore and offshore issuing and trading of various bond products.

Representative deals

First case in Chinese capital markets of a red chip company directly issuing A shares and listing in China—China Resources Microelectronics Limited
First SaaS (Software as a Service) company listing—FangDD listed on NASDAQ
Tianjin Port Group subscribed for new shares of Tianjin Port Development Holdings Limited (3382.HK), in exchange for the former's controlling interest in Tianjin Port Holdings Co., Ltd. (600717.SH)
The first and second N-Share offering and listing of PRC-based enterprises on the New York Stock Exchange —Brilliance Auto China Holdings Ltd in 1992 and China Yuchai International Ltd in 1994
The first perpetual bond issued by domestic non-bank financial institution —China Bond Insurance Co., Ltd.’s RMB1.5 billion perpetual bond (phase I) in 2019
The first issuance of Panda Bonds by an international company in the PRC —Daimler AG’s issuance of "panda bonds" in China in 2014
The first issuance of CNY bonds in Hong Kong, London and Taiwan markets —The Dim Sum and Island Bonds issued by China Construction Bank Corporation Ltd as the first batch of Mainland-background issuers between 2008 and 2013
The first credit risk mitigation agreement (the Chinese equivalent of CDS) and credit risk mitigation warrants in the PRC —the CRMA and CRMW issued by China Bond Insurance Co., Ltd. as protection seller in 2009

Media's Evaluation

“Global Law Office are very professional in the ABS field. The service quality is high and the feedback speed fully meets our requirements." comments one source approvingly.

“The most noteworthy feature of the team is their ability to creatively propose solutions and suggestions to difficult problems, based on their rich business experience.” a client adds.

——Chambers-Greater China Region 2024

The team has solid experience in handling complex legal issues and an in-depth understanding of regulatory concerns," praised one source, adding, "The partners are very experienced and pragmatic in solving complex, sophisticated and novel issues for their clients.

——Chambers-Greater China Region 2023

Securitisation and Structured Financing

As the first law firm to provide professional services in relation to structured financing business including offshore and onshore securitisation, we maintain a significantly leading position among peers in China. Our services mainly include:

providing legal opinions regarding specific issues such as industrial policies, trust contracts, guarantees, taxes, etc. involved in transactions
designing structured financing plans
participating in negotiation and drafting, reviewing and amending various legal documents
conducting due diligence and issuing legal due diligence report on underlying assets related to the structured financing
assisting clients with the filings and procedures in applying for various governmental approvals, licenses and registrations
issuing legal opinions

Representative deals

First finance lease creditors' rights ABS product traded on the Shenzhen Stock Exchange post the registration reform of securitisation product—Shiqiao Phase I ABS
First enterprise securitisation project led by commercial banks in the exchange market — "Ningbo Xingguang Gas & Natural Gas supply contract creditors' rights No. 1 ABS"
The first onshore securitisation transaction — Securitisation of financial receivables of RMB13.25 billion of China Huarong Asset Management Company in 2003
The first offshore securitisation transaction, backed by receivables generated from PRC-based originators’ offshore receivables —the 1997 COSCO offshore freight receivables securitisation project
The first issuance of medium-term notes in the PRC interbank bond market — Huadian Group as the first batch of issuers in 2008
The first OTC derivatives master agreement and relevant definitions documents in the PRC —as the key drafting member for the NAFMII Master Agreement and its Definitions between 2007 and 2013

Media's Evaluation

A skilled team advising on securitisation and derivatives work, especially recommended for its ability to structure complex products with bespoke features. Often instructed on matters involving structured trust schemes and OTC derivatives, with additional experience handling derivatives disputes. Experienced in transactions involving non-performing loans as the underlying asset. Clients also benefit from its experience handling cross-border transactions as well as its local presences in Beijing, Shanghai and Shenzhen. Counsel of choice for an impressive range of regional and national financial institutions.

——Chambers-Greater China Region 2022

What the team is known for A skilled team advising on securitisation and derivatives work, especially recommended for its ability to structure complex products with bespoke features. Often instructed on matters involving structured trust schemes and OTC derivatives, with additional experience handling derivatives disputes. Experienced in transactions involving non-performing loans as the underlying asset. Clients also benefit from its experience handling cross-border transactions as well as its local presences in Beijing, Shanghai and Shenzhen. Counsel of choice for an impressive range of regional and national financial institutions.

——Chambers and Partners Asia-Pacific 2021

Awards & Rankings

Awards

2024, Nominated in Asia Legal Awards 2024: Securities Deal of the Year: Debt - Egypt's Debut Sustainable Panda Bonds Issuance, American Lawyer Media (ALM)
2024, Nominated in Asia Legal Awards 2024: Securities Deal of the Year: Equity - Sichuan Kelun-Biotech’s Hong Kong IPO, American Lawyer Media (ALM)
2024, Nominated in China Law Awards - Securities & Capital Markets: Offshore Issuance Law Firm of the Year, LEGALBAND
2022-2024, Nominated in China Law Awards - Securitization & Derivatives Law Firm of the Year, LEGALBAND
2016, 2018-2020, Securitization & Derivatives Law Firm of the Year for several times, LEGALBAND
2023, Nominated in Asia Legal Awards: Securities Deal of the Year: Debt - Asian Infrastructure Investment Bank panda bond issuance, American Lawyer Media (ALM)
2023, asialaw Awards - Asian Infrastructure Investment Bank's first issuance of sustainable development bond in China was nominated as Impact case and impact deal of the year, asialaw
2022, asialaw Awards - China Construction Bank’s landmark multi-currency ESG bond issuance, asialaw was named as Impact case and impact deal of the year, asialaw
2021, asialaw Awards - New Development Bank’s RMB 5 billion coronavirus combating bond was named as Impact case and impact deal of the year, asialaw
2021, asialaw Awards - HNA Group’s bankruptcy restructuring was named as Impact cases and impact deals of the year, asialaw
2022, Nominated in Asia Legal Awards: Securities Deal of the Year: Debt - China Construction Bank’s US$2.4 billion tri-product ESG bonds, American Lawyer Media (ALM)
2022, DEALS OF THE YEAR: Debt Securities - China Construction Bank’s multi-currency ESG bonds, China Law & Practice
2024, Nominated in AWARDS 2024 APAC - Deals of the year: Debt and equity-linked (Egypt's Debut Sustainable Panda Bonds Issuance), IFLR
2022, Nominated in AWARDS 2022 APAC - China-debt capital markets firm of the year; Deals of the year: Debt and equity-linked (China Construction Bank multi-currency ESG bonds issuance), IFLR
2021, Nominated in AWARDS 2021 APAC - China Debt Capital Markets Firm of the Year, IFLR
2023, China Law Awards: Debt Market Deal of the Year – Midsize: China Construction Bank the world's issuance of first demonstration green bond based on the China EU Common Ground Taxonomy: Climate Change Mitigation, Asian Legal Business
2023-2024, Nominated in Capital Markets Law Firm of the Year - Domestic, Asian Legal Business
2021-2024, Nominated in Capital Markets Law Firm of the Year - Overseas, Asian Legal Business
2022-2023, Nominated in Capital Markets Law Firm of the Year: East China - Non-local, Asian Legal Business
2022-2023, Nominated in Capital Markets Law Firm of the Year: South China & Central China - Non-local, Asian Legal Business
2024, Nominated in Debt Market Deal of the Year – Premium: China Construction Bank Corporation Hong Kong Branch, China Construction Bank (DIFC Branch) and China Construction Bank Corporation, Luxembourg Branch's issuance of Senior Green Notes under the U.S.$15,000,000,000 Medium Term Note Programme, Asian Legal Business
2024, Nominated in Debt Market Deal of the Year – Midsize: Egypt’s debut sustainable development panda bonds issuance, Asian Legal Business
2024, Nominated in Equity Market Deal of the Year-Midsize: Yitai Coal's HKD 5.6 Billion Privatization, Asian Legal Business
2023, Nominated in Debt Market Deal of the Year – Premium: ZTO Express's USD 1 Billion Notes Issuance, Asian Legal Business
2023, Nominated in Equity Market Deal of the Year: East China: Qingdao Paguld Intelligent Manufacturing Co.,Ltd.'s Initial Public Offering and Listing on Growth Enterprise Board, Asian Legal Business
2023, Nominated in Equity Deal of the Year: South China & Central China: MultiMetaVerse Inc. (MMV. Nasdaq) 's de-SPAC merger with Model Performance Acquisition Corp. and listing on the Nasdaq Global Market, Asian Legal Business
2023, Nominated in Debt Deal of the Year: South China & Central China: Guangdong-Hong Kong Greater Bay Area Holdings Limited on Issuing Senior Notes on the Singapore Exchange Securities Trading Limited, Asian Legal Business
2022, Debt Market Deal of the Year: South China & Central China - China Construction Bank Corporation’s ESG Green Bond Issuance in 3 Overseas Regions, Asian Legal Business
2022, Nominated in Debt Market Deal of the Year - Midsize (3 deals): Contemporary Amperex Technology Co., Limited (“CATL”)'s issuance of US$500,000,000 bonds with a coupon rate of 1.5% and a tenor of 5 years through a SPV issuer; CSSC (Hong Kong) Shipping Company Limited (3877. HK) issued USD 500 million green and blue double label bonds in Hong Kong; Global Logistic Properties has successfully issued a total amount of USD850 million green subordinated perpetual bonds in the international market, with a coupon rate of 4.50%, Asian Legal Business
2022, Nominated in Debt Market Deal of the Year - Premium: China Construction Bank successfully issued its landmark multi-currency environmental, social and governance (ESG) bonds, which marks a number of market-firsts in ESG finance, Asian Legal Business
2022, Nominated in Equity Market Deal of the Year-Midsize (2 deals): CR MICRO's private placement of on the Star Market-the first case in Chinese Capital Markets in which a red chip architecture company directly issues A stocks and lists in domestic China; Nayuki's Hong Kong IPO, Asian Legal Business
2022, Nominated in Equity Market Deal of the Year: East China (2 deals): Hong Kong Asia Medical Group's crossover finance in the aggregate amount of USD400 Million, New Frontier Health Corporation's Privatization, Asian Legal Business
2022, Nominated in Equity Market Deal of the Year: Nayuki Holdings Limited listed on the main board of the Stock Exchange of Hong Kong, Asian Legal Business
2021, Nominated in Equity Market Deal of the Year - Midsize: China Development Bank Financial Leasing Co., Ltd. 's issuance of USD 700 million 10NC5 secondary capital bonds in the international bond capital market
2021, Nominated in Equity Market Deal of the Year - Premium: Contemporary Amperex Technology Co., Limited’s non-public issuance of stocks
2021, Nominated in Capital Markets Law Firm of the Year: The Coastal Areas - Non-local, Asian Legal Business
2021, Nominated in Equity Market Deal of the Year: The Coastal Areas - China Resources Microelectronics Limited's Initial Public Offering and Listing on Sci-Tech Innovation Board +Private placement of CR MICRO on the Star Market, Asian Legal Business
2020, Made the list of Equity Market Deal of the Year - Midsize: China Resources Microelectronics Limited Initial Public Offering and Listing on Sci-Tech Innovation Board, Asian Legal Business
2020, Nominated in Equity Market Deal of the Year - Midsize: China Resources Microelectronics Limited Initial Public Offering and Listing on Sci-Tech Innovation Board and Douyu’s Nasdaq IPO, Asian Legal Business
2020, Nominated in Debt Market Deal of the Year - Midsize: China Resources Land Limited issuance of USD 1.05 Billion Subordinated Overseas Perpetual Bonds, Asian Legal Business
2016-2020,2022 Nominated in Equity Market Deal of the Year for several times, Asian Legal Business
2017, Equity Market Deal of the Year- Backdoor listing of S.F Express on A-share market, Asian Legal Business
2023, Nominated in Regional Impact Deals: Shanghai - Capital Markets - Asian Infrastructure Investment Bank's RMB1.5billion Sustainable Development Bond, IFLR1000 China
2023, Nominated in Regional Impact Deals: Shanghai - Capital Markets - China Gas RMB 23 bn medium term notes and super short-term notes, IFLR1000 China
2023, Nominated in Regional Impact Deals: Guangdong - Finance and corporate - JinMed's Nasdaq IPO, IFLR1000 China
2022, Nominated in Regional Impact Deals: Beijing - Capital Markets - CARsgen Therapeutics Holdings HKD3.1 billion HKSE IPO, IFLR1000 China
2021, Nominated in Deals of The Year - Capital Markets - ZTO Express HKSE secondary listing, IFLR1000 China China Gas RMB 23 bn medium term notes and super short-term notes
2020, Nominated in Deals of The Year - Capital Markets - China Resources Microelectronics SSE STAR Market IPO, IFLR1000 China
2015-2016, 2020 China Business Law Awards: Structured finance & Securitization, China Business Law Journal
2023, Deal of the Year for Jinyuan Hchem's Hong Kong IPO, Egypt's first sustainable panda bond issuance, China Business Law Journal
2022, Deal of the Year for CCB's green bond under China-EU Common Ground Taxonomy and United Family Hospital privatization, China Business Law Journal
2021, Deals of the year 2021 - CCB’s USD18bn ESG-themed bond sale, CSSC’s green and blue dollar bonds, Luso Bank’s panda bond issuance, China Business Law Journal
2020, Deal of the Year for China Resources Microelectronics's A-sharing listing on Star board, China Business Law Journal
2020, Deal of the Year for BlueCity’s Nasdaq listing, China Business Law Journal
2019, Made the list of Deals of the Year for CR Micro’s A-share listing on Star board, China Business Law Journal
2019, Made the list of Deals of the Year for Douyu’s Nasdaq IPO, and Portugal issues RMB2 billion panda bonds, China Business Law Journal
2016, Deals of the Year: Poland issues the first panda bonds by a European sovereign state in China; South Korea issues the first Panda bonds by overseas governments in China, China Business Law Journal
2016, Top China asset securitization deals: Shanghai Housing Provident Fund 2016-1 Home Loan Securitization, China Business Law Journal

Rankings

2022, Recommended firm in Domestic listing, DAWKINS
2022, Recommended firm in Overseas listing, DAWKINS
2022, Recommended firm in Privatization & delisting, DAWKINS
2022, Recommended firm in Securities compliance & litigation, DAWKINS
2022, Top-tier firm in Consumption, DAWKINS
2022, Top-tier firm in New economy, DAWKINS
2022-2024, Recommended firm in Capital Markets: Domestic Issuances, Chambers and Partners Greater China Region
2022-2024, Recommended firm in Capital Markets: Hong Kong and Overseas Issuances, Chambers and Partners Greater China Region
2022-2024, Recommended firm in Capital Markets: Securitisation & Derivatives, Chambers and Partners Greater China Region
2016-2021, Recommended firm in Capital Markets: Domestic Issuances, Chambers and Partners Asia Pacific
2019-2024, Recommended firm in Capital Markets: Domestic Issuances, Chambers and Partners Global
2016-2021, Recommended firm in Capital Markets: Hong Kong and Overseas Issuances, Chambers and Partners Asia Pacific
2019-2024, Recommended firm in Capital Markets: Hong Kong and Overseas Issuances, Chambers and Partners Global
2019-2024, Recommended firm in Capital Markets: Securitisation & Derivatives, Chambers and Partners Global
2015, Recommended firm in Capital Markets: Debts & Equity, Chambers and Partners Asia Pacific
2014-2021, Recommended firm in Capital Markets: Securitization & Derivatives, Chambers and Partners Asia Pacific
2013, Band 1 firm in Capital Markets - Securitization & Derivatives, Chambers and Partners Asia Pacific
2012-2013, Recommended firm in Capital Markets, Chambers and Partners Asia Pacific
2008-2011, Highly Recommended firm in Capital Markets, Chambers and Partners Asia Pacific
2013-2024, Recommended firm in Capital Markets, The Legal 500 Asia Pacific
2011-2012, Top-tier firm in Capital Markets, The Legal 500 Asia Pacific
2001-2010, Top-tier firm in Capital Markets, The Legal 500 Asia Pacific
2022-2024, Highly Recommended firm in Capital markets, asialaw
2015-2021, Recommended firm in Capital markets, asialaw
2015-2024, Recommended firm in Capital Markets: Debt, Equity, Structured finance and securitization, IFLR1000
2022-2024, Recommended firm in Capital markets (Beijing & Shanghai), IFLR1000 China
2020-2024, Recommended firm in Securities & Capital Markets: Corporate M&A, LEGALBAND
2016-2024, Recommended firm in Securities & Capital Markets: Onshore Issuance, LEGALBAND
2024, Top-tier firm in Securities & Capital Markets: Offshore Issuance, LEGALBAND
2016-2023, Recommended firm in Securities & Capital Markets: Offshore Issuance, LEGALBAND
2024, Top-tier firm in Securities & Capital Markets:Regulatory & Litigation, LEGALBAND
2016-2024, Top-tier firm in Securitization & Derivatives, LEGALBAND

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Awards & Accolades