20 ASIAN LEGAL BUSINESS CHINA • 亚洲法律杂志-中国版 DECEMBER 2023 REGIONAL REPORT in Anhui to cultivate a broad client base, including local luminaries like iFlytek and Changxin Memory Technologies. This “in-depth tie-up” with local development has propelled the Hefei office to achieve breakthroughs in innovation across three main areas. The first area is securities and fund business. Hu acknowledges that the central region lags in terms of capital markets and related legal services. To address this, DeHeng Hefei office has honed its capabilities in areas where Anhui holds advantages, such as semiconductors, integrated circuits, new energy, smart manufacturing, and artificial intelligence. The office has successfully managed several representative IPO projects in recent years, expanding its service coverage to encompass funds, securities, investment banking, family wealth management, and crossborder business. Another focal area is intellectual property and the commercialization of scientific and technological achievements. The rapid development of Hefei and Anhui, in general, is rooted in rich local education and scientific research resources. Consequently, DeHeng Hefei office has maintained collaborations with scientific research institutes and science and technology industrial parks in Anhui. Emphasizing quality control in IP services and utilizing technology hardware for service efficiency has earned the office recognition and a reputable standing in the market. The third area is corporate rescue and bankruptcy practice. Responding to increasing market demand, DeHeng Hefei office promptly established relevant business units. To date, it has handled over 50 bankruptcy cases of various types. Hu explains that what distinguishes the Hefei office in this field is its unique approach: “We prioritize corporate rescue and only resort to liquidation when reorganization is impracticable. We have successfully reorganized projects in industries such as military, machinery manufacturing, real estate development, and culture and tourism.” Discussing upcoming fields for innovation, Hu outlines the office’s plans. First, the focus will be on corporate compliance practice, particularly compliance services related to capital markets and listed companies. Second, the office will venture into family wealth management business. Tax law is identified as another key area, with Hu noting, “Tax issues accompany an enterprise throughout its lifecycle, from inception to deregistration, and are closely tied to its operating profits. Businesses require specialized tax lawyers to address complex tax issues.” WUHAN, HUBEI: FOSTERING INNOVATION WITH ‘LONG-TERMISM’ Directing our attention southward, we arrive in Wuhan, Hubei province, a major central city and gateway to nine provinces. The legal services market in this provincial capital is witnessing a surge in innovative activities. Li Tao, director of Hubei Winning Law Firm, shares with ALB that as a well-established Wuhan firm with nearly 40 years of history, they have attained leadership in labour law and antitrust and competition law. These strengths arise from their ability to respond swiftly and innovate in the face of new challenges. An exemplary case is in labour law. Serving entities like the Department of Human Resources and Social Security of Hubei Province, the Hubei Provincial Federation of Trade Unions, and the Healthcare Security Administration of Hubei Province since 1998, Winning lawyers demonstrated agility during the Covid pandemic. They swiftly compiled the Legal Manual for Pandemic Prevention and Control, distributed it freely to the public, and provided the government with legal opinions on resumption of work, solidifying the firm’s professional reputation in this field. Zhang Ping, director of the Wuhan office of Merits & Tree Law Offices, shares a personal experience in innovating on a relatively traditional market. In 2022, she led the establishment of the Wuhan office, which hosted a Youth Innovation Forum on its launch day, focusing primarily on capital markets and data compliance sharing—two innovative practice areas developed in the past year. In capital markets practice, a relatively traditional field for Wuhan, the Wuhan office collaborated with its Beijing-based senior partner to explore opportunities. They visited various local entities, including the Wuhan Municipal Bureau of Economy and Informatization, financial offices, tax authorities, banks, industrial parks, software new towns, and small and medium-sized enterprise associations, conducting training to attract clients. Zhang notes, “Currently, we have already won three projects.” In the field of data compliance, the Wuhan office promptly established a digital economy research institute. Recognizing Wuhan’s potential for developing this practice area due to Hubei province’s leading position in digital economy development in central China, the office focused on projects related to satellite surveying, automobile, autonomous driving, etc. By investing in innovation, the Wuhan office secured two relevant projects. However, Zhang acknowledges the challenges of innovating in a traditional environment. Local clients in Wuhan may lack the financial capacity for new services, requiring a long-term vision for those entering the market to explore new areas. Talent pressure is also a concern, with the need to groom local talents for sustained development. Li views talent shortage and insufficient continuous investment as challenges to innovation. He emphasizes the need to balance profit-seeking with continuous knowledge management output and proposes the promotion of lawyer teams and professional committees simultaneously. Looking ahead, Li reveals Winning’s plan for innovation, including the reorganization of its IP legal services team and a focus on areas such as the cultural industry, digital economy, medical patents, trade secret protection, and advanced autonomous driving. Zhang of Merits & Tree outlines the Wuhan office’s attention to smart autonomous driving, new energy, surveying and mapping, satellites, industrial data, and public data. Additionally, compliance practice, comprehensive investment and financing services, and medical and healthcare are new areas on their radar for future market development.
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