12 Asian Legal Business | December 2024 Cover Story the featured teams to showcase their strategies, challenges, and innovations. Resilience amid challenges In 2024, a widely accepted reality is that China’s economy has transitioned from a phase of rapid growth to one of adjustment. This shift has inevitably impacted many businesses, and the in-house teams featured in this year’s list unanimously describe the past year as particularly challenging. Linda Li, Head of Legal, Greater China at La Prairie, notes that the brand’s rapid growth in the Chinese market has brought both opportunities and unforeseen challenges. “We must quickly analyze situations, propose solutions, and act as a bridge between Greater China and headquarters to minimize potential losses,” she explains. The team has relied on expertise and a proactive approach, with “preparation” being a key focus over the past year. “Success depends on preparation, failure on neglect,” Li emphasizes. They have introduced targeted training for key departments like e-commerce, marketing, and sales to strengthen risk awareness and response capabilities, effectively reducing legal risks. Looking ahead, Li acknowledges that economic growth naturally fluctuates, and companies will ultimately need to develop their “second growth curve” to sustain long-term success. She sees this as an opportunity to consolidate strengths, adjust strategies, and prepare for the future. “With thoughtful preparation, we can be ready to seize opportunities as the next wave of growth arrives,” she concludes. Meanwhile, IoT technology company SUNMI Group has been riding the wave of globalization. According to a 2022 Nielsen report, its proprietary SUNMI Android devices ranked first globally in POS terminal shipments. Shawn Ma, Legal Director of SUNMI Group, shares that navigating 2024’s complex international landscape has been offered challenges and opportunities for both the company and its legal team. “IoT technology is increasingly integrated with cutting-edge advancements like AI, big data, and cloud computing, serving as a driving force for digital transformation in business. This means our legal challenges go beyond complex compliance issues—we must also anticipate regulatory trends and adapt accordingly,” Ma explains. As a legal professional in the rapidly evolving tech industry, Ma stresses the importance of maintaining sensitivity and foresight. He summarizes the legal team’s work last year with three principles: “Professional Efficiency,” “Steady Safeguarding,” and “Innovation-Driven.” The team has upheld a commitment to professional and efficient work, actively engaging in the company’s business activities with sound legal judgment and swift execution. They have ensured regulatory compliance while proactively managing legal risks and challenges. Additionally, through continuous innovation in institutional development and compliance management, the team has elevated SUNMI’s legal operations to new heights. Embracing transformation When faced with challenges, outstanding in-house teams choose to fully embrace change. For instance, Midea Group’s Global Legal Team, led by Jeanne Kang, Midea Global General Counsel, has focused on adapting to the unprecedented transformation within the home appliance industry. “The competition in the home appliance market is intensifying, technology is advancing rapidly, and compliance standards are becoming stricter,” Kang explains. The team has concentrated on key areas such as intellectual property, driving the development of high-value patents, enhancing global IP strategy, and strengthening cross-border enforcement capabilities. Compliance remains another critical focus, with efforts dedicated to refining the compliance framework and analyzing global regulatory trends to ensure steady growth for the company’s global operations. Kang further highlights significant achievements in 2024, including assisting Midea Group in successfully listing in Hong Kong, facilitating several cross-border mergers, and expanding overseas markets through investments. The team also restructured its legal department to align closely with business units and bolster support for international operations. For Feng Lin, General Counsel of CR Capital Management, “embracing transformation” was the legal team’s defining theme for 2024. “The changes we faced stemmed from shifts in the private equity market, regulatory requirements, industry dynamics, and organizational restructuring. CR Capital’s legal team actively rose to the challenges brought by these transformations,” Feng remarks. Despite the downturn in the private equity investment sector, Feng notes that investments in strategic emerging industries remain promising, given the flexibility and risk diversification inherent in private equity funds. “As a state-owned enterprise managing investment funds, we prioritize tracking changes in industry and regulatory policies, as these will play a crucial role in shaping future business activities,” she explains. In 2024, the team provided end-to-end legal and compliance support for over 40 domestic and international funds managed by CR Capital, facilitating investments in more than 170 projects. They also advanced
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