Milbank has been active in China for over two decades, serving both international and Chinese clients in a wide range of cross-border deals and financings, including capital markets, mergers and acquisitions/private equity (inbound and outbound), all types of financing (including projects, banking, acquisition and transportation) and restructuring.
extensive experience on China’s most significant transactions
We have advised on many of China’s most innovative and significant transactions, including China’s:
- First New York Stock Exchange listing
- First London Stock Exchange listing
- First leveraged buyout
- First high yield debt offering
- First foreign owned limited recourse power financing
- First foreign joint venture investment bank
- Largest foreign investment into China
- First major investment in Brazil
- First non-recourse outbound power project financing
Our China team
Our China team is based in Beijing and Hong Kong. All lawyers on the team are graduates of top international law schools and fluent in written and spoken Chinese.
combined US and Hong Kong law capability
We offer a combined US and Hong Kong law capability focusing on capital markets and public M&A transactions.
Equity Capital Markets
We regularly assists Chinese companies in accessing international capital markets. Our transactions include the US$11.2 billion China Construction Bank IPO and numerous other IPOs by China companies on the Hong Kong Stock Exchange. We advise both issuer and underwriters on NYSE and NASDAQ listings. We assist US and Hong Kong listed companies with the full range of ongoing compliance matters.
Debt Capital Markets
Milbank has been a pioneer of high yield in Asia and is one of the most experienced firms assisting Chinese companies in this type of offering. Both the firm and its partners are ranked No. 1 by Chambers for high yield work. We advised on nearly US$2 billion in China high yield transactions in 2010-11.
M&A / Private Equity
Our team has over a decade of buyside and sellside experience in Private Equity, Strategic and Public M&A involving Chinese companies. Our experience includes the creation of China’s first foreign joint venture investment bank (China International Capital Corporation), China’s first acquisition in the US aviation industry, one of the largest private sector power company sales in China, the US$12.5 billion strategic equity stake sale by China Construction Bank to Bank of America and Temasek, State Grid’s US$2 billion investment into Brazil, and the US$24 billion China Netcom/China Unicom merger.
Project Finance
In our Project Finance practice, Milbank represents sponsors, developers and lenders in connection with infrastructure, resource development and other project financing transactions both within China and around the world. Milbank has pioneered in advising on the global expansion by Chinese finance institutions, utilities, and engineering and construction companies, including the award winning US$1 billion greenfield power project in the Philippines, the first non-recourse overseas power project financing by two leading China financial institutions.
Restructuring
Milbank has an experienced China restructuring team and has advised on several billion-dollar transactions over the past decade, including the first successful out-of-court restructuring of widely held Chinese high yield notes. This reflects the global strength of our Financial Restructuring practice.
Transportation
In our Transportation Finance practice, we have worked with all the major Chinese airlines in major aircraft financing and leasing transactions.
Awards and recognition
Milbank regularly wins awards for its China deals from leading publications, including; Asian-Counsel, Asian Legal Business, China Business Law Journal, China Law & Practice, Finance Asia, International Financial Law Review, Project Finance and Project Finance International. Our recent awards include:
- "Asian Power Deal of the Year" – Project Finance International
- "China PF Deal of the Year" – China Law & Practice
- "M&A: Outbound Investment" – China Business Law Journal
- "China Deal of the Year" – Asian Legal Business
- "Asian Project Finance Deal of the Year" – International Financial Law Review
- "Best Asian High Yield Deal" – Finance Asia
- "APAC Project Refinancing Deal of the Year" – Project Finance
- "Infrastructure & Project Finance Deal of the Year" – China Business Law Journal
- "Asia-Pacific Manufacturing Deal of the Year" – Project Finance
- "China Project Finance Deal of the Year" – Asian Legal Business
- "Local Banking Deal of the Year" – Project Finance International
- "APAC Multi Sourcing Deal of the Year" – Project Finance
- "Best Asian High Yield Deal" – Finance Asia
- "Asia Pacific M&A Deal of the Year" – Global M&A Network Atlas Awards
- "Best value for money"; "most commercially aware"; "most innovative"; "best after deal support"; "fastest" – Airfinance Journal’s Guide to Aviation Lawyers
Our partners in Asia are widely recognized as among the world’s leading lawyers in capital markets, M&A, private equity, project finance, corporate restructuring, banking and finance, by legal publications, including: Chambers Asia-Pacific, Chambers Global, AsiaLaw Leading Lawyers, Euromoney’s “Best of the Best” Legal Expert Guide, IFLR’s Expert Guide, IFLR1000, Euromoney International Legal Guide, Asia Pacific Legal 500 and the Who’s Who of International Lawyers.