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Indonesia issues first RMB7bn sovereign panda bonds in China
Indonesia issues its first sovereign panda bonds in China, raising RMB7 billion (USD1.04 billion) in the largest single such issuance to date
Zhongji Innolight listing is largest Hong Kong IPO since 2019
Zhongji Innolight’s HKD53.41 billion HKEX debut makes it the largest Hong Kong IPO since 2019
Joint-Win expands national footprint with new Kunming office
Joint Win Partners’ new office in Kunming, Yunnan province, marks its 15th domestic branch
Beauty giant Proya grows controlling stake in Flower Knows
Chinese beauty giant Proya’s latest RMB351 million investment to acquire 12.55% in Flower Knows secures 51% controlling stake in cosmetics brand
Shihui adds AI sector and tech firm global expansion partner
Shihui Partners recruits Shirley Zhao as a partner based in Shenzhen to better serve AI technology companies
Commerce & Finance opens in Guangzhou extending GBA reach
Commerce & Finance Law Offices opens its Guangzhou office on 22 July, strengthening services across the Greater Bay Area
Firms map MiniMax’s HKD16bn share and bond fundraising
Davis Polk and Commerce & Finance advise on MiniMax’s share placement and convertible bond issuance
Former AstraZeneca associate legal director joins Han Kun
Han Kun appoints former AstraZeneca associate legal director Wang Rongxia as patent counsel in its Beijing office
RSM Ebner Stolz recruits former CMS China compliance head
Philipp Senff from CMS China joins German interdisciplinary consulting firm RSM Ebner Stolz in Shanghai
WFW adds finance, capital markets partner from White & Case
Watson Farley & Williams strengthens its APAC finance and capital markets team with partner Xuan Jin joining the Hong Kong office.
The wrap
Lawyers analyse China’s drug trial data protection rules
China’s new drug trial data protection rules are considered a boost for development, but some lawyers warn disputes may arise
‘Companies face pain’ as China’s new PE rules tighten oversight
China’s issues new guiding opinions to tighten regulatory oversight on the private equity industry and companies face “growing pains”
Lawyers urge substantive compliance on cross-border brokers
Futu, Tiger Brokers and Longbridge face action by China’s market regulator, prompting lawyers to urge companies to avoid regulatory grey areas.
Boom in panda bond issuances set to flourish, say lawyers
The appeal of panda bonds surges in 2026, with issuance volume reaching RMB88.24 billion (USD13 billion) in a record high for a single quarter
AI ethics rules tighten scrutiny, test compliance: lawyers
New rules on the ethics and application of artificial intelligence technology has significantly raised the level and rigour of review
VAM scrutiny tightens, no unconditional pre-IPO removal: lawyers
Although regulatory scrutiny on valuation adjustment mechanisms in listings is stricter, unconditional removal of these clauses in IPO documents is not yet required, say lawyers
Market pulse
Joint-Win expands national footprint with new Kunming office
Joint Win Partners’ new office in Kunming, Yunnan province, marks its 15th domestic branch
Shihui adds AI sector and tech firm global expansion partner
Shihui Partners recruits Shirley Zhao as a partner based in Shenzhen to better serve AI technology companies
Commercial technology partner Li Laixiang rejoins Han Kun
Han Kun welcomes the return of Li Laixiang in Shenzhen, strengthening its commercial transaction capabilities in technology
DHH opens Mexico offices to strengthen American network
DHH Law Firm opens in Mexico, expanding its cross-border legal services network across North and Latin America
Commerce & Finance opens in Guangzhou extending GBA reach
Commerce & Finance Law Offices opens its Guangzhou office on 22 July, strengthening services across the Greater Bay Area
Former AstraZeneca associate legal director joins Han Kun
Han Kun appoints former AstraZeneca associate legal director Wang Rongxia as patent counsel in its Beijing office
Deal highlights
Indonesia issues first RMB7bn sovereign panda bonds in China
Indonesia issues its first sovereign panda bonds in China, raising RMB7 billion (USD1.04 billion) in the largest single such issuance to date
Zhongji Innolight listing is largest Hong Kong IPO since 2019
Zhongji Innolight’s HKD53.41 billion HKEX debut makes it the largest Hong Kong IPO since 2019
Beauty giant Proya grows controlling stake in Flower Knows
Chinese beauty giant Proya’s latest RMB351 million investment to acquire 12.55% in Flower Knows secures 51% controlling stake in cosmetics brand
CXMT’s RMB57.9bn debut is largest A-share IPO of 2026
CXMT debuts on the SSE Star Market on 27 July, the largest A-share IPO of 2026, raising RMB57.92 billion (USD8.6 billion)
Golden Wheel in first creditor-led offshore debt restructuring
Chinese mainland property developer Golden Wheel Tiandi completes a USD507 million offshore debt restructuring
Firms map MiniMax’s HKD16bn share and bond fundraising
Davis Polk and Commerce & Finance advise on MiniMax’s share placement and convertible bond issuance
