株式・債券

当事務所は、中国企業で第1号となったニューヨーク証券取引所上場案件を成功に導き、その後も、数多くの企業に対し、国内外キャピタルマーケッツにおける株式及び債券による各種形態の資金調達に関するサポートを提供してきました。証券の取引場所は、中国国内では上海証券取引所、深セン証券取引所、全国中小企業股份転譲系統（NEEQ，通称「新三板」）、インターバンク市場、国外では香港、ニューヨーク、NASDAQ、シンガポール、ロンドン、トロント、フランクフルト、韓国等における証券取引所と多岐にわたります。

 

証券の発行体又は引受業者より委託を受ける弁護士として、我々は、証券業務に関わる全方面での法的サービスを提供しています。主な内容としては以下のとおりです。

• 国内外IPO
• 固定金利型ストラクチャードプロダクトの発行及び上場
• 上場会社の増資・資金の再調達
• 上場会社M&A
• 上場会社の組織再編及び会社更生
• 上場会社のコンプライアンス及びコーポレートガバナンス
• 国内外の各種債券の発行及び取引

代表的な取扱い事例

• First case in Chinese capital markets of a red chip company directly issuing A shares and listing in China—China Resources Microelectronics Limited
• First SaaS (Software as a Service) company listing—FangDD listed on NASDAQ
• Tianjin Port Group subscribed for new shares of Tianjin Port Development Holdings Limited (3382.HK), in exchange for the former's  controlling interest in Tianjin Port Holdings Co., Ltd. (600717.SH)
• The first and second N-Share offering and listing of PRC-based enterprises on the New York Stock Exchange —Brilliance Auto China Holdings Ltd in 1992 and China Yuchai International Ltd in 1994
• The first perpetual bond issued by domestic non-bank financial institution —China Bond Insurance Co., Ltd.’s  RMB1.5 billion perpetual bond (phase I) in 2019
• The first issuance of Panda Bonds by an international company in the PRC —Daimler AG’s issuance of "panda bonds" in China in 2014
• The first issuance of CNY bonds in Hong Kong, London and Taiwan markets —The Dim Sum and Island Bonds issued by China Construction Bank Corporation Ltd as the first batch of Mainland-background issuers between 2008 and 2013
• The first credit risk mitigation agreement (the Chinese equivalent of CDS) and credit risk mitigation warrants in the PRC —the CRMA and CRMW issued by China Bond Insurance Co., Ltd. as protection seller in 2009

外部機構・団体からの評価

Global Law Office represents clients in both domestic and international securities offerings, including listings on the Hong Kong and Singapore stock exchanges, and is especially known for variable interest entity (VIE) structures and red chip-related work. Regularly sought out for advice on large-scale structured debt issuances. Has also accumulated substantial expertise in acting on asset securitisation products in capital markets. Noted for its excellent cross-border capabilities and a popular choice for novel transactions. Combines its expertise in different industries such as healthcare and electronics to enhance its capital markets offering.

——Chambers-Greater China Region 2022

 

資産担保証券・ストラクチャードファイナンス

当事務所は、中国で最も早くオフショア/オンショア資産証券化等のストラクチャードファイナンス業務を取扱った法律事務所として、国内の弁護士業界における主導的地位を担っています。我々は、主に以下のサービスを提供しています。

• 産業政策、信託契約、担保、税務等の取引に関わる問題への法的アドバイス
• ストラクチャードファイナンス・プランニング
• 資金調達における交渉への参加、各種法律文書の作成、レビュー及び修正
• ストラクチャードファイナンスに関わる原資産に対するデューデリジェンス
• 各種行政手続サポート
• 法律意見書の作成

代表的な取扱い事例

• First finance lease creditors' rights ABS product traded on the Shenzhen Stock Exchange post the registration reform of securitisation product—Shiqiao Phase I ABS
• First enterprise securitisation project led by commercial banks in the exchange market — "Ningbo Xingguang Gas & Natural Gas supply contract creditors' rights No. 1 ABS"
• The first onshore securitisation transaction — Securitisation of financial receivables of RMB13.25 billion of China Huarong Asset Management Company in 2003
• The first offshore securitisation transaction, backed by receivables generated from PRC-based originators’ offshore receivables —the 1997 COSCO offshore freight receivables securitisation project
• The first issuance of medium-term notes in the PRC interbank bond market — Huadian Group as the first batch of issuers in 2008
• The first OTC derivatives master agreement and relevant definitions documents in the PRC —as the key drafting member for the NAFMII Master Agreement and its Definitions between 2007 and 2013

外部機構・団体からの評価

A skilled team advising on securitisation and derivatives work, especially recommended for its ability to structure complex products with bespoke features. Often instructed on matters involving structured trust schemes and OTC derivatives, with additional experience handling derivatives disputes. Experienced in transactions involving non-performing loans as the underlying asset. Clients also benefit from its experience handling cross-border transactions as well as its local presences in Beijing, Shanghai and Shenzhen. Counsel of choice for an impressive range of regional and national financial institutions.

——Chambers-Greater China Region 2022

 

What the team is known for A skilled team advising on securitisation and derivatives work, especially recommended for its ability to structure complex products with bespoke features. Often instructed on matters involving structured trust schemes and OTC derivatives, with additional experience handling derivatives disputes. Experienced in transactions involving non-performing loans as the underlying asset. Clients also benefit from its experience handling cross-border transactions as well as its local presences in Beijing, Shanghai and Shenzhen. Counsel of choice for an impressive range of regional and national financial institutions.

——Chambers and Partners Asia-Pacific 2021

 

受賞歴

• 2023, Asia Legal Awards: Nominated in Securities Deal of the Year: Debt - Asian Infrastructure Investment Bank panda bond issuance, The Asian Lawyer
• 2022, Asia Legal Awards: Nominated in Securities Deal of the Year: Debt - China Construction Bank’s US$2.4 billion tri-product ESG bonds, The Asian Lawyer
• 2022, Nominated in China Law Awards - Securitization & Derivatives Law Firm of the Year, LEGALBAND
• 2022, asialaw Awards-Impact Deal and Case Awards: China Construction Bank’s landmark multi-currency ESG bond issuance, asialaw Profiles
• 2022, DEALS OF THE YEAR: Debt Securities - China Construction Bank’s multi-currency ESG bonds, China Law & Practice
• 2022, Nominated in AWARDS 2022 APAC - China-debt capital markets firm of the year; Deals of the year: Debt and equity-linked (China Construction Bank multi-currency ESG bonds issuance), IFLR
• 2021, Nominated in AWARDS 2021 APAC - China Debt Capital Markets Firm of the Year, IFLR
• 2021, Nominated in AWARDS 2021 APAC - Restructuring Deal of the Year - Tianqi Lithium, IFLR
• 2021, Deals of the year 2021 - CCB’s USD18bn ESG-themed bond sale, CSSC’s green and blue dollar bonds, Luso Bank’s panda bond issuance, China Business Law Journal
• 2020, Deal of the Year for China Resources Microelectronics's A-sharing listing on Star board, China Business Law Journal
• 2020, Deal of the Year for BlueCity’s Nasdaq listing, China Business Law Journal
• 2022, Debt Market Deal of the Year: South China & Central China - China Construction Bank Corporation’s ESG Green Bond Issuance in 3 Overseas Regions, Asian Legal Business
• 2022, Nominated in Debt Market Deal of the Year - Midsize (3 deals): Contemporary Amperex Technology Co., Limited (“CATL”)'s issuance of US$500,000,000 bonds with a coupon rate of 1.5% and a tenor of 5 years through a SPV issuer; CSSC (Hong Kong) Shipping Company Limited (3877. HK) issued USD 500 million green and blue double label bonds in Hong Kong; Global Logistic Properties has successfully issued a total amount of USD850 million green subordinated perpetual bonds in the international market, with a coupon rate of 4.50%, Asian Legal Business
• 2022, Nominated in Debt Market Deal of the Year - Premium: China Construction Bank successfully issued its landmark multi-currency environmental, social and governance (ESG) bonds, which marks a number of market-firsts in ESG finance, Asian Legal Business
• 2022, Nominated in Equity Market Deal of the Year-Midsize (2 deals): CR MICRO's private placement of on the Star Market-the first case in Chinese Capital Markets in which a red chip architecture company directly issues A stocks and lists in domestic China; Nayuki's Hong Kong IPO, Asian Legal Business
• 2021-2022, Nominated in ICS Award Capital Markets Law Firm of the Year - Overseas, Asian Legal Business
• 2022, Nominated in Capital Markets Law Firm of the Year: East China - Non-local, Asian Legal Business
• 2022, Nominated in Equity Market Deal of the Year: East China (2 deals): Hong Kong Asia Medical Group's crossover finance in the aggregate amount of USD400 Million, New Frontier Health Corporation's Privatisation, Asian Legal Business
• 2021, Nominated in Equity Market Deal of the Year - Midsize: China Development Bank Financial Leasing Co., Ltd. 's issuance of USD 700 million 10NC5 secondary capital bonds in the international bond capital market
• 2021, Nominated in Equity Market Deal of the Year - Premium: Contemporary Amperex Technology Co., Limited’s non-public issuance of stocks
• 2022, Nominated in Capital Markets Law Firm of the Year: South China & Central China - Non-local, Asian Legal Business
• 2022, Nominated in Capital Markets Law Firm of the Year: South China & Central China - Non-local, Asian Legal Business
• 2022, Nominated in Debt Market Deal of the Year: South China & Central China - China Construction Bank Corporation’s ESG Green Bond Issuance in 3 Overseas Regions, Asian Legal Business
• 2022, Nominated in Equity Market Deal of the Year: Nayuki Holdings Limited listed on the main board of the Stock Exchange of Hong Kong, Asian Legal Business
• 2021, Nominated in Capital Markets Law Firm of the Year: The Coastal Areas - Non-local, Asian Legal Business
• 2021, Nominated in Equity Market Deal of the Year: The Coastal Areas - China Resources Microelectronics Limited's Initial Public Offering and Listing on Sci-Tech Innovation Board +Private placement of CR MICRO on the Star Market, Asian Legal Business
• 2020, Made the list of Equity Market Deal of the Year - Midsize: China Resources Microelectronics Limited Initial Public Offering and Listing on Sci-Tech Innovation Board, Asian Legal Business
• 2020, Nominated in Equity Market Deal of the Year - Midsize: China Resources Microelectronics Limited Initial Public Offering and Listing on Sci-Tech Innovation Board and Douyu’s Nasdaq IPO, Asian Legal Business
• 2020, Nominated in Debt Market Deal of the Year - Midsize: China Resources Land Limited issuance of USD 1.05 Billion Subordinated Overseas Perpetual Bonds, Asian Legal Business
• 2016-2020, Nominated in Equity Market Deal of the Year for several times, Asian Legal Business
• 2018, Nominated in Equity Market Deal of the Year, Asian Legal Business
• 2017, Equity Market Deal of the Year- Backdoor listing of S.F Express on A-share market, Asian Legal Business
• 2022, Nominated in Regional Impact Deals: Beijing - Capital Markets - CARsgen Therapeutics Holdings HKD3.1 billion HKSE IPO, IFLR1000 China
• 2021, Nominated in Deals of The Year - Capital Markets - ZTO Express HKSE secondary listing, IFLR1000 China
• 2020, Nominated in Deals of The Year - Capital Markets - China Resources Microelectronics SSE STAR Market IPO, IFLR1000 China
• 2015-2016, 2020 China Business Law Awards: Structured finance & Securitization, China Business Law Journal
• 2022, Asialaw Awards - China Construction Bank’s landmark multi-currency ESG bond issuance, Asialaw Profiles was named as Impact case and impact deal of the year, Asialaw Profiles
• 2021, Asialaw Awards - New Development Bank’s RMB 5 billion coronavirus combating bond was named as Impact case and impact deal of the year, Asialaw Profiles
• 2021, Asialaw Awards - HNA Group’s bankruptcy restructuring was named as Impact cases and impact deals of the year, Asialaw Profiles
• 2016, 2018-2020, Securitization & Derivatives Law Firm of the Year for several times, LEGALBAND
• 2019, Made the list of Deals of the Year for CR Micro’s A-share listing on Star board, China Business Law Journal
• 2019, Made the list of Deals of the Year for Douyu’s Nasdaq IPO, and Portugal issues RMB2 billion panda bonds, China Business Law Journal
• 2016, Deals of the Year: Poland issues the first panda bonds by a European sovereign state in China; South Korea issues the first Panda bonds by overseas governments in China, China Business Law Journal
• 2016, Top China asset securitization deals: Shanghai Housing Provident Fund 2016-1 Home Loan Securitization, China Business Law Journal

Rankings

• 2022, Recommended firm in Domestic listing, DAWKINS
• 2022, Recommended firm in Overseas listing, DAWKINS
• 2022, Recommended firm in Privatization & delisting, DAWKINS
• 2022, Recommended firm in Securities compliance & litigation, DAWKINS
• 2022, Top-tier firm in Consumption, DAWKINS
• 2022, Top-tier firm in New economy, DAWKINS
• 2022, Recommended firm in Capital Markets: Domestic Issuances, Chambers and Partners Greater China Region
• 2022-2023, Recommended firm in Capital Markets: Hong Kong and Overseas Issuances, Chambers and Partners Greater China Region
• 2022-2023, Recommended firm in Capital Markets: Securitisation & Derivatives, Chambers and Partners Greater China Region
• 2016-2021, Recommended firm in Capital Markets: Domestic Issuances, Chambers and Partners Asia Pacific
• 2019-2022, Recommended firm in Capital Markets: Domestic Issuances, Chambers and Partners Global
• 2016-2021, Recommended firm in Capital Markets: Hong Kong and Overseas Issuances, Chambers and Partners Asia Pacific
• 2019-2022, Recommended firm in Capital Markets: Hong Kong and Overseas Issuances, Chambers and Partners Global
• 2019-2022, Recommended firm in Capital Markets: Securitisation & Derivatives, Chambers and Partners Global
• 2015, Recommended firm in Capital Markets: Debts & Equity, Chambers and Partners Asia Pacific
• 2014-2021, Recommended firm in Capital Markets: Securitization & Derivatives, Chambers and Partners Asia Pacific
• 2013, Band 1 firm in Capital Markets - Securitization & Derivatives, Chambers and Partners Asia Pacific
• 2012-2013, Recommended firm in Capital Markets, Chambers and Partners Asia Pacific
• 2008-2011, Highly Recommended firm in Capital Markets, Chambers and Partners Asia Pacific
• 2013-2023, Recommended firm in Capital Markets, the Legal 500 Asia Pacific
• 2011-2012, Top-tier firm in Capital Markets, the Legal 500 Asia Pacific
• 2001-2010, Top-tier firm in Capital Markets, the Legal 500 Asia Pacific
• 2022-2023, Highly Recommended firm in Capital markets, Asialaw Profiles
• 2015-2021, Recommended firm in Capital markets, Asialaw Profiles
• 2015-2023, Recommended firm in Capital Markets: Debt, Equity, Structured finance and securitization, IFLR1000
• 2022-2023, Recommended firm in Capital markets (Beijing & Shanghai), IFLR1000 China
• 2021-2022, Recommended firm in Securities & Capital Markets: Corporate M&A, LEGALBAND
• 2020, Recommended firm in Capital Markets: Corporate M&A, LEGALBAND
• 2016-2022, Recommended firm in Securities & Capital Markets: Onshore Issuance, LEGALBAND
• 2016-2022, Recommended firm in Securities & Capital Markets: Offshore Issuance, LEGALBAND
• 2016-2022, Top-tier firm in Securitization & Derivatives, LEGALBAND