Lawyers LIU Wei, LIN Lin, SONG Pingping, CHENG Jingjiao and ZHOU Han of Grandall Shanghai acted as legal advisor to Haitong Securities.
“The merger between Guotai Junan and Haiting Securities marks the largest merger in the A-and H-share markets and the biggest integration of listed brokers to date.” (from China Business Law Journal)
This transaction involved extremely challenging approval and filing procedures with domestic and foreign competent authorities across state-owned assets, antitrust, financial regulation and other areas. Grandall team, as the legal advisor to Haitong Securities, provided premium and efficient professional solutions to key and difficult legal issues, successfully driving the project to a successful conclusion.
Shanghai established three industry funds
Lawyers ZOU Jing, WU Xiongyan, YANG Zinan, CHEN Jing, and LIU Hongkai of Grandall Shanghai advised Shanghai Guotou Pioneer Private Equity Fund Management.
“Shanghai has established three leading industry funds with a total scale of RMB89 billion (USD13.69 billion), funded by Shanghai's municipal finance state-owned enterprises under municipal and district management, and the pioneer fund, managed by the Shanghai Guotou Pioneer Private Equity Fund Management. The capital will be allocated to three industries: (1) integrated circuits (RMB45 billion); (2) biopharmaceuticals (RMB21.5 billion); and (3) AI (RMB22.5 billion). The funds have a duration of 15 years.” (from China Business Law Journal)
Grandall advised Shanghai Guotou Pioneer Private Equity Fund Management in completing the registration as a private fund manager, as well as the establishment of Shanghai Guotou Pioneer Integrated Circuit Private Equity Investment Fund Partnership (Limited Partnership), Shanghai Guotou Pioneer Biomedical Private Equity Investment Fund Partnership (Limited Partnership), and Shanghai Guotou Pioneer Artificial Intelligence Private Equity Investment Fund Partnership (Limited Partnership).
CPIC's USD2bn policy loan ABS
Lawyers LI Huhuan and QIAN Le of Grandall Shanghai represented CPIC.
“China Pacific Insurance Company (CPIC) launched the 2024 series 1-2 and 5-8 asset-backed special-purpose plans, with policy-pledged loan receivables as the underlying assets…...The project has a total shelf offering amount of RMB15 billion (USD2 billion) and has successfully completed shelf registration on the Shanghai Stock Exchange (SSE). It represents the largest shelf-registered policy loan ABS product in recent years.” (from China Business Law Journal)
Grandall Shanghai assisted CPIC in the issue of asset-backed securities with the policy-pledged loan receivables as the underlying assets.
Avatr, Seres invest in Huawei's Yinwang
Grandall lawyers from Beijing, Shanghai, Madrid, Paris Offices made significant contribution to the project.
“Changan Automobile's electric vehicle brand, Avatr Technology, and Chongqing-based carmaker, Seres Group, have invested RMB23 billion (USD3.2 million) in Shenzhen Yinwang Intelligent, Huawei's intelligent automotive business unit. Through this investment, each company acquired a 10% stake in Yinwang Intelligent. The transaction, which values Yinwang Intelligent at RMB115 billion, stands out as one of the most impactful deals in the automotive sector this year.” (from China Business Law Journal)
The project was led by LI Bo and coordinated by WU Linyue of Grandall Beijing, with contribution by partners and lawyers in Beijing, Shanghai, Madrid and Paris Offices, including without limitation, LU Ruyi in charge of domestic and international antitrust matters, HU Jing responsible for trade control compliance and data compliance, HUANG Chao for intellectual property matters, DING Li and SUN Tao providing legal services on antitrust analysis in Spain and France.
Shengtong Bond misrepresentation dispute
Grandall represented the issuer, Shengtong Group, with YIN Yuqin (Grandall Shanghai), LIU Bo (Grandall Shanghai), XIE Tingshu (Grandall Jinan) and MEN Zhitao (Grandall Jinan) as key lawyers serving the case.
“The Shengtong Bond information disclosure violation case was one of 20 illegal cases highlighted by the China Securities Regulatory Commission in 2021, triggering more than 40 securities misrepresentation lawsuits. Key issues include the procedural intersection of criminal and civil proceedings, and the extent of intermediaries' due diligence.” (from China Business Law Journal)
As the representative for Shengtong Group, Grandall has demonstrated professional competence and dedication in more than 40 misrepresentation disputes, and made positive contributions to maintaining the order of the financial market and clients' rights and interests, as well as clarifying the liability boundaries of each participating entity.
Tianjin Bank Jinan branch exonerated
Lawyers XU Yang, LIU Siyu and LI Fan from Grandall Beijing and Tianjin Offices represented Tianjin Bank Jinan branch.
“This case involves Zhang Chengkang and Xie Tian's planning of a 'non-compliant business'… The key challenge lies in clarifying the complex contractual relationships and liability distribution. Criminal judgments have determined that Zhang and others were not Tianjin Bank employees, and their actions complied with regulations; thus, Tianjin Bank had no management negligence. Regulatory authorities found Guangfa Bank at significant fault and stated it should bear its own losses. This case provides insights into handling criminal-civil crossover disputes and financial institutional management.” (from China Business Law Journal)
As the representative for Tianjin Bank Jinan branch at both the first-instance and second-instance of the case, Grandall lawyers achieved a successful outcome by virtue of solid professional expertise, precise control over the focal points of disputes, and in-depth excavation of case facts and details.
Quistclose dispute over CERCG bond default
Lawyers MUI Ho Chow Eddie, CHAN Hei and LAW Pik Wun of Grandall Zimmern Law Firm represented the bond issuer.
“In June 2024, the Hong Kong Court of Final Appeal (HKCFA) issued a landmark ruling in the CERCG bond dispute, upholding the ad hoc committee's claim that the disputed funds (USD120 million held in Bank of Communications accounts) were subject to a Quistclose trust and therefore not freely disposable assets of CERCG Overseas. This judgment sets a critical precedent for the application of Quistclose trusts, clarifying the determination of trust intent – particularly in intra-group fund transfers – and providing key guidance for creditors seeking recovery from distressed corporate groups.” (from China Business Law Journal)
As the representative for the bond issuer, Grandall successfully overturned the rulings of the trial court and the appellate court in close cooperation with Hong Kong SC and QC, and ultimately achieved a victory in the HKCFA.