Davis Polk partner and co-head of Asia (excluding Japan) Li He discussed the cases that have defined his career with China Business Law Journal.

Li was interviewed in connection with his inclusion in the publication’s “A-List 2024-2025: Visionaries” list, which honors seasoned legal professionals who have distinguished themselves both within and beyond their firms. When asked to reflect on his career-defining cases, Li recalled advising Agricultural Bank of China (ABC) on its A+H dual listing in 2010, which he described as a “monumental $22 billion endeavor that, at the time, stood as the largest IPO in history.”

Li went on to explain that ABC’s equity narrative was particularly challenging. “While the deal’s magnitude was undeniable, international investors were largely unfamiliar with China’s rural economies and the banking dynamics of its lower-tier cities,” he said.

To bridge the knowledge gap, Li and his team introduced the concept of “county area business” to highlight the rural areas’ untapped potential and incorporated a “mini prospectus within the main document” that focused exclusively on county areas.

“This strategic approach offered investors a clearer understanding of the market landscape and was well-received,” Li explained.

“Moments that Define,” China Business Law Journal (August 12, 2025)

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