当事務所ではキャピタルマーケッツに特化した弁護士チームを設置しています。株式、債券、資産証券化、ストラクチャードファイナンス、エクイティファイナンス、デットファイナンス等のキャピタルマーケッツ分野に関する取扱いにおいて、豊富な実務経験を有しています。法的問題の発見及び識別に長け、クライアントのニーズに即した、適法かつ実行可能で低コストの解決策を提案し、効果的かつ精度の高い法的サービスを提供しています。法律に対する深い理解及び豊富な実績により、複雑で難しい案件の取扱いに長けており、これまで数々の先例となる案件を手掛けてきました。
当事務所は国際キャピタルマーケッツの先駆けとなった案件の取扱い実績があります。中国企業のニューヨーク証券取引所への上場の先駆けとなった、一例目の華晨中国汽車工業控股有限公司(1992年)及び二例目の中国玉柴国際有限公司(1994年)の上場案件を取扱いました。
当事務所は国内キャピタルマーケッツにおいて先例となる案件の取扱い経験があります。当事務所がこれまで取扱った代表的な事例については以下のとおりです。
- 2006年:招商局能源運輸股份の海外子会社の中国A株市場上場案件
- 2009年:天津港集団による天津港股份(600717.SH)と天津港発展(3382.HK)のクロスボーダー株式交換案件
- 2009年:中央政府系軍需企業である中国船舶重工股份の資本再編・上場案件
- 2014年:香港レッドチップ企業である創維数碼(00751.HK)による中国STB事業の分析、並びに華潤錦華(000810.SZ)逆さ合併による中国A株市場上場案件
- 2019年:香港レッドチップ企業(華潤微電子)の中国A株の上海証券取引所「科創板」株式上場委員会審査案件
当事務所は中国初となるオフショア/オンショア資産証券化案件の取扱い実績があります。当事務所では、1997年、中国初オフショア資産担保証券プロジェクトとなった中国遠洋運輸公司(COSCO)の海外売掛債権証券化案件を取扱いました。2003年には、中国初オンショア資産担保証券プロジェクトとなった中国華融資産管理公司の債権(総額132.5億人民元)信託案件を取扱いました。
当事務所は債券及びストラクチャードファイナンスにおける第一弾となる金融商品の取引に携わりました。当該分野における代表的な取扱い事例については以下のとおりです。
- 山東日照発電所:プロジェクトファイナンス方式による国外資金調達
- 南方航空公司:ボーイング機リース方式による航空機ファイナンス
- 大亜湾原子力発電所:原子力発電所の建設及び資金調達
- ダイムラー社・香港上海(HSBC)銀行・韓国政府による中国国内での人民元建て債券(パンダ債)発行
当事務所はキャピタルマーケッツ分野において主導的地位を担っている中国法律事務所の一つです。当事務所は、「The Legal 500」「Chambers and Partners」「Asian Legal Business」等の国内外の著名評価機構から、キャピタルマーケッツ、資産証券化及びストラクチャードファイナンス分野におけるリーディング法律事務所として幾度も評価されています。
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 are very professional in the ABS field. The service quality is high and the feedback speed fully meets our requirements." comments one source approvingly.
“The most noteworthy feature of the team is their ability to creatively propose solutions and suggestions to difficult problems, based on their rich business experience.” a client adds.
——Chambers-Greater China Region 2024
The team has solid experience in handling complex legal issues and an in-depth understanding of regulatory concerns," praised one source, adding, "The partners are very experienced and pragmatic in solving complex, sophisticated and novel issues for their clients.
——Chambers-Greater China Region 2023
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
Awards
- 2024, Nominated in Asia Legal Awards 2024: Securities Deal of the Year: Debt - Egypt's Debut Sustainable Panda Bonds Issuance, American Lawyer Media (ALM)
- 2024, Nominated in Asia Legal Awards 2024: Securities Deal of the Year: Equity - Sichuan Kelun-Biotech’s Hong Kong IPO, American Lawyer Media (ALM)
- 2024, Nominated in China Law Awards - Securities & Capital Markets: Offshore Issuance Law Firm of the Year, LEGALBAND
- 2022-2024, Nominated in China Law Awards - Securitization & Derivatives Law Firm of the Year, LEGALBAND
- 2016, 2018-2020, Securitization & Derivatives Law Firm of the Year for several times, LEGALBAND
- 2023, Nominated in Asia Legal Awards: Securities Deal of the Year: Debt - Asian Infrastructure Investment Bank panda bond issuance, American Lawyer Media (ALM)
- 2023, asialaw Awards - Asian Infrastructure Investment Bank's first issuance of sustainable development bond in China was nominated as Impact case and impact deal of the year, asialaw
- 2022, asialaw Awards - China Construction Bank’s landmark multi-currency ESG bond issuance, asialaw was named as Impact case and impact deal of the year, asialaw
- 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
- 2021, asialaw Awards - HNA Group’s bankruptcy restructuring was named as Impact cases and impact deals of the year, asialaw
- 2022, Nominated in Asia Legal Awards: Securities Deal of the Year: Debt - China Construction Bank’s US$2.4 billion tri-product ESG bonds, American Lawyer Media (ALM)
- 2022, DEALS OF THE YEAR: Debt Securities - China Construction Bank’s multi-currency ESG bonds, China Law & Practice
- 2024, Nominated in AWARDS 2024 APAC - Deals of the year: Debt and equity-linked (Egypt's Debut Sustainable Panda Bonds Issuance), IFLR
- 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
- 2023, China Law Awards: Debt Market Deal of the Year – Midsize: China Construction Bank the world's issuance of first demonstration green bond based on the China EU Common Ground Taxonomy: Climate Change Mitigation, Asian Legal Business
- 2023-2024, Nominated in Capital Markets Law Firm of the Year - Domestic, Asian Legal Business
- 2021-2024, Nominated in Capital Markets Law Firm of the Year - Overseas, Asian Legal Business
- 2022-2023, Nominated in Capital Markets Law Firm of the Year: East China - Non-local, Asian Legal Business
- 2022-2023, Nominated in Capital Markets Law Firm of the Year: South China & Central China - Non-local, Asian Legal Business
- 2024, Nominated in Debt Market Deal of the Year – Premium: China Construction Bank Corporation Hong Kong Branch, China Construction Bank (DIFC Branch) and China Construction Bank Corporation, Luxembourg Branch's issuance of Senior Green Notes under the U.S.$15,000,000,000 Medium Term Note Programme, Asian Legal Business
- 2024, Nominated in Debt Market Deal of the Year – Midsize: Egypt’s debut sustainable development panda bonds issuance, Asian Legal Business
- 2024, Nominated in Equity Market Deal of the Year-Midsize: Yitai Coal's HKD 5.6 Billion Privatization, Asian Legal Business
- 2023, Nominated in Debt Market Deal of the Year – Premium: ZTO Express's USD 1 Billion Notes Issuance, Asian Legal Business
- 2023, Nominated in Equity Market Deal of the Year: East China: Qingdao Paguld Intelligent Manufacturing Co.,Ltd.'s Initial Public Offering and Listing on Growth Enterprise Board, Asian Legal Business
- 2023, Nominated in Equity Deal of the Year: South China & Central China: MultiMetaVerse Inc. (MMV. Nasdaq) 's de-SPAC merger with Model Performance Acquisition Corp. and listing on the Nasdaq Global Market, Asian Legal Business
- 2023, Nominated in Debt Deal of the Year: South China & Central China: Guangdong-Hong Kong Greater Bay Area Holdings Limited on Issuing Senior Notes on the Singapore Exchange Securities Trading Limited, Asian Legal Business
- 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
- 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 Privatization, 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 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
- 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
- 2016-2020,2022 Nominated in Equity Market Deal of the Year for several times, Asian Legal Business
- 2017, Equity Market Deal of the Year- Backdoor listing of S.F Express on A-share market, Asian Legal Business
- 2023, Nominated in Regional Impact Deals: Shanghai - Capital Markets - Asian Infrastructure Investment Bank's RMB1.5billion Sustainable Development Bond, IFLR1000 China
- 2023, Nominated in Regional Impact Deals: Shanghai - Capital Markets - China Gas RMB 23 bn medium term notes and super short-term notes, IFLR1000 China
- 2023, Nominated in Regional Impact Deals: Guangdong - Finance and corporate - JinMed's Nasdaq IPO, IFLR1000 China
- 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 China Gas RMB 23 bn medium term notes and super short-term notes
- 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
- 2023, Deal of the Year for Jinyuan Hchem's Hong Kong IPO, Egypt's first sustainable panda bond issuance, China Business Law Journal
- 2022, Deal of the Year for CCB's green bond under China-EU Common Ground Taxonomy and United Family Hospital privatization, China Business Law Journal
- 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
- 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
- 2022-2024, Recommended firm in Capital Markets: Domestic Issuances, Chambers and Partners Greater China Region
- 2022-2024, Recommended firm in Capital Markets: Hong Kong and Overseas Issuances, Chambers and Partners Greater China Region
- 2022-2024, 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
- 2019-2024, 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
- 2019-2024, Recommended firm in Capital Markets: Hong Kong and Overseas Issuances, Chambers and Partners Global
- 2019-2024, 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
- 2013-2024, 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
- 2022-2024, Highly Recommended firm in Capital markets, asialaw
- 2015-2021, Recommended firm in Capital markets, asialaw
- 2015-2024, Recommended firm in Capital Markets: Debt, Equity, Structured finance and securitization, IFLR1000
- 2022-2024, Recommended firm in Capital markets (Beijing & Shanghai), IFLR1000 China
- 2020-2024, Recommended firm in Securities & Capital Markets: Corporate M&A, LEGALBAND
- 2016-2024, Recommended firm in Securities & Capital Markets: Onshore Issuance, LEGALBAND
- 2024, Top-tier firm in Securities & Capital Markets: Offshore Issuance, LEGALBAND
- 2016-2023, Recommended firm in Securities & Capital Markets: Offshore Issuance, LEGALBAND
- 2024, Top-tier firm in Securities & Capital Markets:Regulatory & Litigation, LEGALBAND
- 2016-2024, Top-tier firm in Securitization & Derivatives, LEGALBAND
- ニュース
-
- GLO advises Jin Medical (Nasdaq: ZJYL) on its initial public offering and listin...
- GLO Advises AustAsia Group (2425.HK) on Its Listing on HKEX
- GLO advises on the first issuance by overseas multinational enterprise of Green ...
- GLO advises China Construction Bank on the first green bond issuance under the c...
- GLO advises on the first DFI Panda Bonds
- 受賞歴
-
- GLO Honor | GLO Honored in Chambers Asia-Pacific Guide 2021
- GLO Honor | GLO Honored in 2020 ALB China Law Awards
- GLO Honor | GLO Honored in asialaw Profiles 2021 Edition
- Awards & Rankings | GLO Shortlisted for the inaugural IFLR1000 China Awards
- Awards & Rankings | GLO Shortlisted for ALB 2020 China Law Awards