19 ASIAN LEGAL BUSINESS CHINA • 亚洲法律杂志-中国版 WWW.LEGALBUSINESSONLINE.COM/CHINA firms interviewed say they will consider client needs, internal resources and the future development prospects of relevant regions before making decisions. Yang of Wang Jin & GH shares that the firm just obtained its foreign law firm license in Hong Kong in early July. The next step will be to prepare for the establishment of offices in places such as Rome and Singapore because “these places have strong economic growth potential and are very stable.” “Hong Kong is highly internationalized and closely connected with the Mainland. Rome, being the capital of European Union member state Italy, boasts rich legal resources and a large talent pool. Singapore is an Asian financial centre with a sound financial system and legal environment. These places have their own unique advantages and favorable conditions, which will provide solid support for the firm’s business development,” says Yang. According to Li, DeHeng will continue to focus on Southeast Asia. It “plans to explore the establishment of offices in Singapore, Vietnam, Malaysia, Indonesia and Thailand,” and “is also considering London.” Tahota’s Cheng says that in the next stage, “we will simultaneously develop both domestic and international markets, which is in line with China’s national development strategies.” “The BRI covers more than 60 countries in Eurasia and Africa, involving infrastructure, financing, legal protection, litigation and arbitration and many other practice areas. These countries naturally become new ‘mustwin’ destinations for Chinese firms. Tahota similarly will focus on exploring the establishment of offices in BRI countries.” However, the firm admits that it will continue its “relatively conservative” globalization strategy. “We will not form alliances. Instead, we hope to rely more on Tahota lawyers abroad who will uphold our philosophy, continue to deepen international cooperation, and make the right moves at the right time,” says Cheng. “trial period” to explore diverse forms of international collaboration. During this time, lawyers from disparate legal systems and cultural backgrounds gain invaluable experience working together. Moreover, firms with varying management approaches have the opportunity to find common ground and develop synergies. This process not only facilitates smoother integration but also enhances the quality of legal services provided in the Hong Kong market. DeHeng secured its local license in Hong Kong in March 2023, following a successful three-year joint venture period. Lily Liang, a partner at DeHeng’s Hong Kong office, reveals that the firm had cultivated strong business ties with the former Chungs Lawyers from the outset of their collaboration. This relationship, characterized by complementary practice areas and effective teamwork, laid a solid foundation for DeHeng’s rapid growth in Hong Kong. Consequently, upon formal establishment, DeHeng’s Hong Kong office swiftly developed a strong presence in three key practice areas within the local market. “The first is capital market. Our team has a total of 50 lawyers and six partners, and already enjoys tier-1 professional capabilities and market position among Chinese firms in Hong Kong in this area. The second is dispute resolution. We have assisted local clients in completing a series of influential cases,” says Liang. The third key practice area is offshore bond issuance, spearheaded by Liang herself. DeHeng Hong Kong has assembled a dedicated team of over 30 professionals in this sector. Notably, the firm has established itself as the leading international legal advisor for Chinese local municipal investment bonds in the Hong Kong market, maintaining this top position throughout 2023 and into 2024. Speaking of the role played by the Hong Kong office in DeHeng’s international growth, Liang says: “The importance of Hong Kong to the global expansion of a Chinese firm is inseparable from the importance of Hong Kong to China. Chinese clients still pick Hong Kong as their first choice when considering international growth and expanding business overseas. The most important overseas offices of many Chinese institutions remain their Hong Kong companies.” Li admits that although some funds, talents and services have shifted to Singapore over the past three years, “in terms of client number, capital market capabilities and size, Hong Kong is still far ahead of Singapore.” Therefore, for firms that want to serve Chinese clients in “going global,” Hong Kong is a platform that cannot be bypassed. Liang also points out that a strong Hong Kong market presence can also help Mainland firms effectively enhance their international image. “If a Mainland firm has not yet opened an office in Hong Kong, or if its capital market team in Hong Kong is not strong enough, clients may only have subdued confidence in the firm. In contrast, if a Mainland firm has a very strong Hong Kong capital market team, it will give clients a sufficiently international brand experience. Therefore, the Hong Kong office and its team capabilities are pivotal in uplifting the overall image of a Mainland firm.” LOOKING AHEAD When it comes to what lies ahead for their globalization strategies, the MP ROUNDTABLE “The importance of Hong Kong to the global expansion of a Chinese firm is inseparable from the importance of Hong Kong to China. A strong Hong Kong market presence can also help Mainland firms effectively enhance their international image.” — Lily Liang, DeHeng Law Offices “香港对中国律所布局全球的重要 性，和香港对于中国的重要性是密 不可分的。强有力的香港布局也能 够帮助内地律所有效提升国际化 形象。” — 梁百合，德恒律师事务所
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