28 ASIAN LEGAL BUSINESS CHINA • 亚洲法律杂志-中国版 SEPTEMBER 2024 基德律师事务所 • Gowling WLG (UK) 高林睿阁律师事务所 • Herbert Smith Freehills 史密夫斐尔律师事务所 • Jones Day 美国众达律师事务所 • K&L Gates 高盖茨律师事务所 • Latham & Watkins 瑞生国际律师事务所 • Lee & Ko 韩国广场律师事务所 • Mayer Brown 孖士达律师事务所 • Milbank 美邦律师事务所 • MMLC Group • Nishimura & Asahi 西村朝日律师事务所 • Oldham, Li & Nie 高李严律师行 • O’Melveny 美迈斯律师事务所 • Reed Smith 礼德律师事务所 • Ropes & Gray 瑞格律师事务所 • Seyfarth Shaw 赛法思律师事务所 • Simmons & Simmons 西盟斯律师事务所 • Wilson Sonsini Goodrich & Rosati 美国威尔逊律师事务所 HONG KONG SAR 中国香港律所 TIER 1 • Clifford Chance 高伟绅律师事务所 • Freshfields Bruckhaus Deringer 富而德律师事务所 • Kirkland & Ellis 凯易国际律师事务所 • Latham & Watkins 瑞生国际律师事务所 • Linklaters 年利达律师事务所 • Skadden, Arps, Slate, Meagher & Flom 世达国际律师事务所 • Slaughter and May 司力达律师事务所 TIER 2 • A&O Sherman • Baker McKenzie 贝克·麦坚时国际律师事务所 • Davis Polk & Wardwell 达维律师事务所 • Herbert Smith Freehills 史密夫斐尔律师事务所 • Norton Rose Fulbright 诺顿罗氏律师事务所 • Simpson Thacher & Bartlett 盛信律师事务所 • Sullivan & Cromwell 苏利文·克伦威尔律师事务所 • Weil, Gotshal & Manges 威嘉律师事务所 TIER 3 • Ashurst 亚司特律师事务所 • Deacons 的近律师行 • Debevoise & Plimpton 德普律师事务所 • Gibson, Dunn & Crutcher 吉布森律师事务所 • Hogan Lovells 霍金路伟国际律师事务所 • King & Wood Mallesons 金杜律师事务所 • Mayer Brown 孖士达律师行 • Morrison & Foerster 美富律师事务所 • Paul, Weiss, Rifkind, Wharton & Garrison 宝维斯律师事务所 • Reed Smith Richards Butler 礼德齐伯礼律师行 • White & Case 伟凯律师事务所 NOTABLE FIRMS • Akin Gump Strauss Hauer & Feld 艾金岗波律师事务所 • Bird & Bird 鸿鹄律师事务所 • Charltons 易周律师行 • Cleary Gottlieb Steen & Hamilton 佳利律师事务所 • CMS • Dechert 德杰律师事务所 • Dorsey & Whitney 德汇律师事务所 • Eric Chow & Co. in Association with Commerce & Finance Law Offices 周俊轩律师事务所与通商律师事务所联营 • Eversheds Sutherland 安睿顺德伦国际律师事务所 • Fangda Partners 方达律师事务所 • Gallant 何耀棣律师事务所 • Goodwin 高赢国际律师事务所 • GPS Legal 徛毘施律师行 • H.M Chan & Co. (Taylor Wessing) 泰乐信律师事务所香港分所 • Howse Williams 何韦律师行 • K&L Gates 高盖茨律师事务所 • Milbank 美邦律师事务所 • Minter Ellison 铭德律师事务所 • MMLC Group • Morgan, Lewis & Bockius 摩根路易斯律师事务所 • Oldham Li & Nie 高李严律师行 • O’Melveny 美迈斯律师事务所 • Paul Hastings 普衡律师事务所 • Proskauer Rose 普士高律师事务所 • Ropes & Gray 瑞格律师事务所 • Seyfarth Shaw 赛法思律师事务所 • Sidley Austin 盛德律师事务所 • Simmons & Simmons 西盟斯律师事务所 • Stephenson Harwood 罗夏信律师事务所 • Stevenson Wong & Co 史蒂文生黄律师事务所 • Tanner De Witt 泰德威律师事务所 • Vivien Chan & Co 香港陈韵云律师事务所 • Wilson Sonsini Goodrich & Rosati 美国威尔逊律师事务所 • YYCLegal 杨杨朱律师事务所 2024 ALB CHINA M&A RANKINGS on the compliance of the target assets themselves, particularly concerning licensing qualifications, the authenticity of business assets, large accounts receivable, and the fulfillment of substantial contracts. Each intermediary is also required to review these aspects from their perspective.” Jin believes that strict regulation in capital markets will inevitably impact the M&A sector. “Especially with IPOs, there’s a retrospective investigation of all previous project documentation and handling, with a look-back period extending up to 10 years. This challenges law firms’ ability to ensure comprehensive risk control throughout the entire process,” he says. “Moreover, acquirers demand that the financial status of the target aligns with future capital market requirements to facilitate a smooth exit, raising the bar for the service capacity and granularity of intermediaries.” Jin also highlighted three additional regulatory issues that merit particular attention: data compliance, taxation, and antitrust. “With the implementation of the ‘Three Major Laws’ in the data and personal information protection domain, data compliance has emerged as a critical consideration in M&A transactions. Data exists across industries and various types of enterprises, so it’s essential to consider the proportion of data within the business, its impact on overall operations, and the relevant compliance requirements. It’s foreseeable that data lawyers will become a necessary part of future M&A processes.” Taxation has also become a hot topic recently. “There have been instances where large-scale enterprises were required by the state to pay substantial back taxes,” Jin notes. “If an acquirer buys a company with such tax liabilities, the additional tax payment could significantly increase acquisition costs or even cause the entire project to be halted.” Finally, antitrust remains a crucial concern for companies, “because one of the current trends in M&A is to combine smaller companies into larger ones. If antitrust filings are overlooked during this process, it could pose significant risks.”
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