Linklaters has unparalleled insight into China’s legal framework, having worked on more ‘firsts’ in this market than any other international firm.
In China, our integrated China team is made up of nearly 200 lawyers, half of whom speak Chinese, working across three major business centres: Beijing, Shanghai and Hong Kong. Each of our lawyers has his or her own specialisation in M&A and strategic investment both in and out of China, competition and regulatory, private equity, banking and projects, capital markets and dispute resolution.
Our China team offers a compelling combination of technical skills, market expertise, cultural awareness, linguistic capabilities and commercial judgement.
China’s legal framework remains intertwined with various aspects of the social and political environment. This is evident in the speculation around the recent establishment of a formal national security review board to monitor foreign investment in sensitive sectors. It is this framework that requires careful navigation in order to complete a transaction in China, and this is where we can help. We have worked on more ‘firsts’ in this market than any other firm –this, above all else, has given us considerable insight in to China’s legal framework
Innovation is a key part of what we do and our strong track record in product development is demonstrated by a number of landmark ‘firsts’ we have advised on in China, some of these include the first:
- Basel III compliant dollar bond. We advised Industrial and Commercial Bank of China (Asia) Limited on its issuance of US$500m Series 89. Tier 2 Subordinated Notes due 2023
- RMB securities offerings by PRC issuers in Taiwan. We advised on the inaugural RMB Formosa Bond issues of the Hong Kong Branches of Bank of Communications, Agricultural Bank of China, Bank of China, and China Construction Bank
- project financing led by a Chinese Bank in Europe - China Development Bank on its EUR350 million project financing of a 300MW mine mouth coal fired power plant in Stanari, Republic of Srpska, Bosnia and Herzegovina;
- RMB bond financing - Hopewell Highway Infrastructure Limited’s RMB bond issue;
- PRC offering of RMB-denominated debt securities outside Mainland China –advising Bank of China and Bank of Communications on the RMB 6 billion RMB bond issue by The Central People's Government of the People's Republic of China, acting through its Ministry of Finance;
- A share listed PRC bank to list outside China – China Merchants Bank;
- PRC commercial bank to list in Hong Kong – Bank of Communications IPO;
- pre-IPO convertible bond – Greentown China; and
- concurrent A share/H share rights issue – the US$2.7 billion issue by Angang Steel.
Recent significant transactions include advising:
- China Development Bank on the US$3.9bn UNG and KOGAS sponsored Surgil gas-to-petrochemicals project financing in Uzbekistan;
- Ministry of Finance of the People’s Republic of China on its RMB23bn Sovereign Bonds issue in Hong Kong;
- the lead arrangers on the US$850m leveraged term facility and US$450m subordinated limited recourse vendor loan note to finance the US$3bn leveraged buyout of US-listed Chinese online games developer and operator Giant Interactive Group by a consortium led by Baring Private Equity Asia and Hony Capital;
- Harbin Bank on its US$995m global offering and listing on the Main Board of the Hong Kong Stock Exchange;
- The Carlyle Group, Zhang International and Yashili International Holdings in connection with the USD1.62bn voluntary general offer for Yashili, by China Mengniu International Company (wholly owned subsidiary of COFCO Corporation);
- China Construction Bank on the BRL1.6 bn acquisition of a 72% stake in Banco Industrial e Comercial S.A.;
- ICBC as arranger, on a US$201m term loan facilities to UAE borrowers for the construction and development of the Palm Jumeirah Viceroy Project; and
- Noble Group on the USD1.5bn disposal of 51% of its agricultural business to a consortium comprising HOPU, COFCO and other international investors (and the formation of a joint venture to operate the business).