27 ASIAN LEGAL BUSINESS CHINA • 亚洲法律杂志-中国版 WWW.LEGALBUSINESSONLINE.COM/CHINA CHINA DOMESTIC 中国内地律所 TIER 1 • Commerce & Finance Law Offices 通商律师事务所 • Global Law Office 环球律师事务所 • Haiwen & Partners 海问律师事务所 • Han Kun Law Offices 汉坤律师事务所 • Jingtian & Gongcheng 竞天公诚律师事务所 • JunHe LLP 君合律师事务所 • King & Wood Mallesons 金杜律师事务所 • Tian Yuan Law Firm 天元律师事务所 • Zhong Lun Law Firm 中伦律师事务所 TIER 2 • AllBright Law Offices 锦天城律师事务所 • Dacheng Law Offices 大成律师事务所 • DaHui Lawyers 达辉律师事务所 • DeHeng Law Offices 德恒律师事务所 • Grandall Law Firm 国浩律师事务所 • Grandway Law Offices 国枫律师事务所 • Guantao Law Firm 观韬中茂律师事务所 • Jia Yuan Law Offices 嘉源律师事务所 • Jincheng Tongda & Neal Law Firm 金诚同达律师事务所 • Llinks Law Offices 通力律师事务所 TIER 3 • AnJie Broad Law Firm 安杰世泽律师事务所 • Beijing Hylands Law Firm 北京浩天律师事务所 • Co-effort Law Firm LLP 协力律师事务所 • Docvit Law Firm 道可特律师事务所 • East & Concord Partners 天达共和律师事务所 • FenXun Partners 奋迅律师事务所 • Hui Ye Law Firm 汇业律师事务所 • Long An Law Firm 隆安律师事务所 • Merits & Tree Law Offices 植德律师事务所 • Shihui Partners 世辉律师事务所 • T&D Associates 天地和律师事务所 • Tahota Law Firm 泰和泰律师事务所 • V&T Law Firm 万商天勤律师事务所 FIRMS TO WATCH • Anli Partners 安理律师事务所 • Beijing DHH Law Firm 北京德和衡律师事务所 • Boss & Young Law Firm 邦信阳律师事务所 • China Commercial Law Firm 华商律师事务所 • HHP Attorneys-At-Law 汇衡律师事务所 • Hiways Law Firm 海华永泰律师事务所 • JunZeJun Law Offices 君泽君律师事务所 • K&H Law Firm 重庆坤源衡泰律师事务所 • Kangda Law Firm 康达律师事务所 • L&H Law Firm 六和律师事务所 • Tiantai Law Firm 天驰君泰律师事务所 • W&H Law Firm 炜衡律师事务所 • Yenlex Partners 盈理律师事务所 CHINA INTERNATIONAL 中国内地外资律所 TIER 1 • Clifford Chance 高伟绅律师事务所 • Freshfields Bruckhaus Deringer 富而德律师事务所 • Linklaters 年利达律师事务所 • Skadden, Arps, Slate, Meagher & Flom 世达国际律师事务所 TIER 2 • A&O Shearman • Baker McKenzie FenXun 奋迅·贝克麦坚时律师事务所 • Davis Polk & Wardwell 达维律师事务所 • DLA Piper 欧华律师事务所 • Hogan Lovells 霍金路伟国际律师事务所 • Norton Rose Fulbright 诺顿罗氏律师事务所 • Paul, Weiss, Rifkind, Wharton & Garrison 宝维斯律师事务所 • Simpson Thacher & Bartlett 盛信律师事务所 • White & Case 伟凯律师事务所 TIER 3 • Cleary Gottlieb Steen & Hamilton 佳利律师事务所 • Eversheds Sutherland 安睿顺德伦国际律师事务所 • Kirkland & Ellis 凯易国际律师事务所 • Morgan, Lewis & Bockius 摩根路易斯律师事务所 • Morrison & Foerster 美富律师事务所 • Orrick, Herrington & Sutcliffe 奥睿律师事务所 • Paul Hastings 普衡律师事务所 • Slaughter & May 司力达律师事务所 • Sullivan & Cromwell 苏利文·克伦威尔律师事务所 NOTABLE FIRMS • Ashurst 亚司特律师事务所 • Bird & Bird 鸿鹄律师事务所 • CMS • Dorsey & Whitney 德汇律师事务所 • Gibson, Dunn & Crutcher 吉布森律师事务所 • Gide Loyrette Nouel 2024 ALB CHINA M&A RANKINGS compliance services for SOEs’ investment and financing activities.” Jin Daiwen, senior partner at W&H Law Firm, emphasizes that capitalizing on the needs of SOE clients has become crucial in the past two years, particularly in the renewable energy sector, where W&H’s team has built a strong presence. “In this sector, acquirers or investors are usually SOEs and listed companies. W&H currently has over 40 offices nationwide, many of which are large-scale, and key clients include large local SOEs, local government funds, and development zone management committees. Meeting their needs is a solid M&A strategy,” says Jin. He further stresses that another key to sustainable business is whether the law firm can broadly cover the “ecosystem” of M&A. Jin explains, “The M&A ecosystem includes acquirers, sellers, investors, and even relevant government departments, all of whom need to collaborate to complete a transaction.” Using W&H as an example, “sometimes the acquirer has an industrial M&A need but needs help finding specific targets. We can match them with companies we are familiar with. If a consortium needs to be formed, W&H has the capacity to match investor resources, bringing all participants into a cohesive ecosystem.” INCREASING PRESSURE Over the past two years, “strict regulation” has emerged as the definitive theme in capital markets, with the M&A sector being no exception. Du En, a partner at Guantao Law Firm, informs ALB that since January 1, 2023, the China Securities Regulatory Commission (CSRC) has issued more than ten regulations directly related to mergers and acquisitions. The CSRC has also mandated that the Shanghai and Shenzhen stock exchanges assume primary regulatory responsibilities, underscoring the heightened scrutiny on corporate M&A activities. In practice, Du explains, “Regulatory bodies are focusing more intently on whether target assets are synergistic with the listed company’s business and can create positive interactions. Additionally, there’s a stronger emphasis
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