China Practice

Davis Polk’s respected and long-established practice in China is ideally suited to keep pace with the PRC’s new position as the world’s second-largest economic power. Active in China for nearly a century, we have offices in Hong Kong and Beijing. Through our China practice, which now consists of more than 80 lawyers in the region, including 10 partners and 10 counsel, the firm has been extensively involved in transactions throughout China, with a particular focus on the mainland. We are able to combine our presence and extensive experience in China with a leading global practice in complex, cross-border securities, M&A and strategic investment transactions.

Because of Davis Polk’s integrated, team-oriented approach, we are also able to apply a broad range of the firm's strengths to the matters of our Chinese clients. For example, we have world-class practices covering corporate governance, tax and executive compensation matters, all of which play a role in most of the China-related transactions on which we advise.

Davis Polk’s China practice is a leader among U.S. firms in developing a robust combined U.S., Hong Kong and English law platform, and in integrating the Asia-Pacific practice a top-tier group of litigation and enforcement lawyers. We now compete directly and quite successfully against full-service international law firms and other incumbent firms across the Asia-Pacific region in their most high-value practice areas. 

Recognition

Capital Markets
  • IFLR Asia Awards – "China Practice of the Year" and "Equity Team of the Year," 2015
  • China Law & Practice Awards – 2015
    • “Debt & Equity-Linked Deal of the Year” (Greentown China’s bond offering) 
    • “M&A Deal of the Year” (J.P. Morgan and Tencent’s investment in Postal Savings Bank)
    • “TMT Deal of the Year” (Bona Film privatization)
  • FinanceAsia Awards – “Best China Deal Year” (Meituan/Dianping merger), 2015 

  • IFLR1000 – 1st tier in China and Hong Kong Capital Markets, 2012-2015

  • Chambers Asia-Pacific – Band 1, China Capital Markets: Debt, Equity and High-Yield, 2010-2016

  • Chambers Global – 1st tier in China Corporate M&A, 2015

  • Asian Counsel – "Firm of the Year" (Capital Markets), 2014

M&A
    • 1st in announced Greater China M&A – Mergermarket 1H 2016

    • China Law & Practice Awards – “M&A Deal of the Year” (J.P. Morgan and Tencent’s $6.9 billion investment in Postal Savings Bank), 2015 

    • FinanceAsia Awards – “Best China Deal Year” (Meituan/Dianping merger), 2015 

    Notable Matters

    Capital Markets
      • Legend Holdings. We advised the underwriters a $1.96 billion IPO and listing on the Main Board of The Stock Exchange of Hong Kong Limited and an international offering in reliance on Rule 144A and Regulation S of Legend Holdings Corporation.

      • Yihai International ($111 million ). We advised Yihai International Holding Ltd. on its $111 million IPO and listing on the Main Board of The Stock Exchange of Hong Kong and an international offering in reliance on Rule 144A and Regulation S. 

      • China International Capital Corporation Limited (CICC) ($927 million). We advised CICC on its IPO and listing on the Main Board of The Stock Exchange of Hong Kong and an international offering in reliance on Rule 144A and Regulation S.

      • Yintech Investment ($101 million). We advised Yintech Investment Holdings Limited on its $101 million SEC-registered initial public offering of 7,500,000 ADSs. 

      • BeiGene ($182 million). We advised the underwriters on the $182.2 million IPO by BeiGene, Ltd. of 7,590,000 ADSs on the NASDAQ Global Select Market.

      • China Resources Beer ($1.2 billion). We are advising China Resources Beer (Holdings) Company Limited on its $1.2 billion global rights offering.

      • The People’s Bank of China (RMB 5 billion). We advised the underwriters on the issue of RMB5 billion bonds by The People’s Bank of China.

      • Weichai International Hong Kong Energy Group ($400 million). We advised the underwriters on a Regulation S offering by Weichai International Hong Kong Energy Group Co., Limited of guaranteed bonds. The bonds are guaranteed by Weichai Power Co., Ltd.

      M&A 

      China/Hong Kong

      • ChemChina. We are advising Syngenta on a $43 billion offer by ChemChina.

      • China Resources Beer. We are advising China Resources Beer on its agreement with AB InBev to acquire the 49% interest in China Resources Snow Breweries held by SABMiller for a consideration of $1.6 billion. 

      • Ingram Micro Inc. We are advising Ingram Micro Inc. on its $6 billion all-cash acquisition by Tianjin Tianhai Investment Company, Ltd., a part of HNA Group. 

      • Li & Fung. We are advising Li & Fung on its $350 million agreement with Dah Chong Hong Holdings (“DCH”) and Neosota Corp, a wholly owned subsidiary of DCH, to divest Li & Fung’s Asia consumer and health care distribution businesses.

      • Postal and Savings Bank of China ("PSBC"). We advised PSBC on its issuance and sale of over $7 billion worth of shares to a group of strategic investors.

      • Fujian Thai Hot Investment. We are advising Fujian Thai Hot Investment Co. on its purchase of approximately 51.5% of the common stock of Alliance HealthCare Services, Inc. We are also advising Fujian Thai Hot Investment on its acquisition of Dah Sing Life Assurance, Dah Sing Insurance Services and Macau Life Insurance from Dah Sing Financial Holdings and Macau Insurance Company, a non-wholly owned subsidiary of DSFH.

      • Meituan/Dianping. We advised Meituan Corporation in connection with its strategic cooperation with DianPing Holdings Ltd., through which they jointly established a new holding company that is expected to be a market leader in China’s O2O (online-to-offline) market.

      • Bona Film Group. We advised the financial adviser to the independent committee of the board of directors of Bona Film Group on its approximately $1 billion going-private transaction.

      • Tencent. We advised Tencent on several investments in Chinese companies, including 58.com, Dianping and JD.com.

      • Temasek. We advised Temasek on several investments in Chinese companies, including 21Vianet and TutorGroup.

      Taiwan

      • Bank SinoPac. We are advising Bank SinoPac on the sale of its U.S. subsidiary, SinoPac Bancorp, to Cathay General Bancorp for $340 million, subject to certain adjustments.

      • Advanced Semiconductor Engineering ("ASE"). We are advising Advanced Semiconductor Engineering Inc. in connection with its joint share exchange agreement with Siliconware Precision Industries Co., Ltd and agreement to establish a new holding company.

      • ChipMOS Technologies (“ChipMOS Taiwan”). We are advising ChipMOS Taiwan on its proposed merger with its parent company, ChipMOS Technologies (Bermuda) Ltd., from which ChipMOS Taiwan will become the surviving company.

      • Nanya Technology. We advised Nanya Technology Corporation on its investment in up to $1 billion of ordinary stock of Micron Technology Inc.

      • Far EasTone Telecommunications. We advised Far EasTone Telecommunications on its strategic alliance with Morgan Stanley Private Equity Asia on the acquisition of China Network Systems from MBK Partners.

      Japan

      • ARM Holdings. We are advising ARM Holdings plc as to U.S. law in connection with a recommended all-cash offer for ARM’s entire share capital by Japan’s SoftBank Group Corp. that values ARM’s share capital at approximately $32 billion.

      Southeast Asia

      • Exxon Mobil. We are advising Exxon Mobil Corporation on its acquisition of InterOil Corporation in a transaction worth more than $2.5 billion.

      • Shanda Group. We advised Shanda Group in connection with its equity investment in Legg Mason, through which Shanda purchased substantially all of the shares of Legg Mason’s common stock owned by Trian Fund Management, L.P. and its affiliates.

      Long one of the leading U.S. law practices in China, Davis Polk converted its Hong Kong office to a Hong Kong law practice in 2010, adding top-tier Hong Kong and English law capabilities. With the Hong Kong Stock Exchange emerging as the premier listing venue worldwide, this move has given our clients in China a one-stop source for highly sophisticated local and global transactional and corporate law advice. Our lawyers in Hong Kong are admitted in both New York and Hong Kong. We also have lawyers admitted in both Hong Kong and the United Kingdom.

      In December 2012, Davis Polk launched its global Enforcement and Litigation practice in Hong Kong with the arrival of partners Martin Rogers and James Wadham, two of Asia’s leading litigators. This further exemplifies the firm’s strategic focus on delivering the best lawyers, providing the most critical advice, to the most sophisticated clients in the world’s major financial centers.

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