Driven by the interplay of geopolitical and economic forces, Chinese enterprises are expanding their global footprint at a rapid pace, leading to a rising demand for sophisticated and diversified legal services in the Chinese market. This development not only poses higher demands on lawyers’ comprehensive abilities to handle complex cross-border projects, but also presents novel challenges to law firms’ capabilities of spurring global expansion and delivering services that transcend national borders.

With over three decades of profound market experience, Zhong Lun has expanded its reach to all five continents, establishing a one-stop legal service model that features specialized and multifaceted approaches. Through this model, the firm has built a diverse and in-depth global service platform, providing critical support to numerous international-renowned enterprises as they pursue their global expansion goals. Amid the rising uncertainty in the global landscape, Zhong Lun has been keenly following market changes, strengthening its resilience to external factors by vigorously exploring new opportunities for overseas expansion and extending its cross-border service network. Moreover, the firm has embraced a prudent yet open-minded approach in attracting elite legal talent from across the globe, integrating the mindset of internationalization in its human resource strategy. These efforts have imbued the firm with fresh energy, driving its long-term development.

1  Professional Layout Upgrade and Differentiated Services Empower Comprehensive Development

In a renewed wave of vitality after years of disturbances, the Hong Kong stock market has been heating up. According to statistics, 15 companies have been successfully listed, raising a total of HKD 17.7 billion in the first quarter of 2025, the highest in the same period since 2021. In this upswing, companies from the Chinese mainland have emerged as a significant driver of the Hong Kong stock market’s growth, against the backdrop of increasing IPO thresholds in the A-share market and heightened risks associated with US listings, among others. The Hong Kong Stock Exchange has seen a remarkably significant acceleration in the pace of IPO submissions, with 51 companies from the Chinese mainland submitting applications to list in the first quarter of this year in a more than three-fold increase compared to the same period last year, according to Caixin.

The flourishing Hong Kong stock market signals increased opportunities and room for growth, presenting a new chapter of development for Zhong Lun’s Hong Kong office. In 2025, the firm has successfully attracted a number of professionals with experience at foreign law firms and extensive expertise spanning key areas such as private equity and investment funds, cross-border investment and mergers and acquisitions, debt restructuring and disposal of non-performing assets. This new talent pool brings further depth and synergy to Zhong Lun’s resources integration and collaboration among its offices in the Guangdong-Hong Kong-Macao Greater Bay Area, strengthening the firm’s ability to provide clients with high-level, nuanced, and tailored professional services with an enhanced global perspective in the Chinese mainland, Hong Kong, Macau, and beyond.

Mr. Gary Li, previously a senior partner at Kirkland & Ellis’ Hong Kong office, made waves in the market when he joined Zhong Lun’s Hong Kong office in February 2025 as International Managing Partner. Boasting decades of experience in private equity, cross-border investment and financing, and mergers and acquisitions, Mr. Li has established a robust track record in sophisticated transactions, including leveraged buyouts, privatization, private investment in public equity, and growth equity investments. He has successfully helped a range of prominent international investment firms and Chinese companies navigate complex deals, such as advising a consortium of Centurium Capital, CITIC Capital, and Hillhouse Capital on their USD 4.76 billion acquisition of Taibang Biologic Group, and assisting Bain Capital on its USD 3.16 billion take-private of Chindata. This strategic move to Zhong Lun marks an essential milestone in Mr. Li’s career journey.

“While foreign law firms, particularly top-tier US law firms, have been downsizing their operations in China, the trend towards localized legal services in Asia has been steadily gaining traction. In the long term, local Chinese law firms will inevitably play an increasingly significant role in Hong Kong and the global market. I am eager to take advantage of this opportunity to contribute to the continued growth of Zhong Lun’s cross-border business.” Mr. Li astutely observed that the evolving geopolitical landscape and other factors have resulted in the ‘retreat’ of foreign law firms from China, while Chinese enterprises are increasingly venturing overseas, which necessitates lawyers and the legal market to be proactive in adapting to these changes. These dynamics drive an ever-growing need among Chinese companies for legal services that genuinely capture their underlying concerns and needs. Chinese firms must capitalize on this opportunity to become more pivotal players in projects once dominated by foreign law firms, as well as in more high-value-added areas.

Echoing Mr. Li’s sentiments was Mr. Yilong Du, a senior counsel newly joined Zhong Lun’s Hong Kong office. “The Chinese legal services sector is a natural extension of the country’s economic progress. As the economy develops, Chinese law firms are bound to secure more market shares and have a more powerful voice in the legal services industry, particularly in the areas related to Chinese enterprises operating outside China.” Mr. Du remarked.

Mr. Du’s impressive career spans over 20 years, with expertise encompassing private equity, mergers and acquisitions, capital markets as well as debt restructuring, compliance and financial regulation, among other matters. As the former General Counsel of Warburg Pincus in China and Southeast Asia and Managing Partner of Latham & Watkins in Beijing, Mr. Du has established extensive experience serving Chinese startups and state-owned enterprises and in-depth knowledge of legal services concerning financial institutions. His multifaceted legal expertise and diverse business insights, coupled with a systematic and international approach to legal services, complement Zhong Lun’s Hong Kong office in its capabilities to better assist clients in anticipating and mitigating potential risks and achieving sustainable growth.

When asked why he decided to join Zhong Lun, Mr. Du cited “Zhong Lun’s exceptional track record in various practice areas”, along with the firm’s “flexible and effective management system, as well as experienced, forward-thinking management team” as equally important factors. In fact, aside from alignment and complementation of personal expertise with the overall strength of the law firm, sharing similar cultural beliefs and values are vital ingredients that ensure cohesion within the organization.

“Joining Zhong Lun was a natural result of very careful consideration. The firm’s culture and values had a profound impact on my decision-making...It’s my belief that a law firm should prioritize its people and uphold strong, positive values, rather than putting profit-seeking in the first place, to sustain its long-term success,” observed Mr. Boxin Wang. In Mr. Wang’s view, in the current environment, for Chinese law firms seeking to attract international talent, “the key lies in identifying individuals and teams whose cultural beliefs, values, and professional skills align with those of the firms. This process would forge mutually beneficial relationships that drives the success of both law firms and the legal talent.”

Prior to joining Zhong Lun’s Hong Kong office as partner in April 2025, Mr. Wang honed his expertise in cross-border mergers and acquisitions and investments, including leveraged buyouts, mergers and acquisitions, and growth equity investments for private equity funds and companies while at Fried, Frank, Harris, Shriver & Jacobson and Ropes & Gray. Over the years, he has developed a profound understanding of the industry, assisting leading private equity funds, asset managers, and major technology companies with a slew of complex transactions in Greater China and the broader Asia-Pacific region. He is also experienced in handling matters relating to The Committee on Foreign Investment in the United States and the U.S. outbound investment rules.

Zhong Lun’s Hong Kong office has further bolstered its private equity and cross-border investment and M&A practices with the addition of two new non-equity partners, Ms. Stacey Shen and Ms. Min Lu, both formerly with Kirkland & Ellis. Ms. Shen brings years of experience in private equity and M&A, having assisted in transactions such as Bain Capital’s minority investment in EcoCeres, a biorefinery platform, and Tongda Group Holdings Limited’s very substantial disposal (VSD) of the Singaporean private equity firm Novo Tellus. She demonstrates prominent expertise in advising clients on divestitures, leveraged buyouts, preferred equity investments, and joint ventures. Ms. Lu’s practice spans a diverse range of sectors and complex transaction structures. Notable deals she has worked on include Tims China’s De-SPAC transaction with Silver Crest Acquisition Corporation, the USD 8.7 billion take-private of 58.com (acting for the buyer consortium as international co-counsel), and the USD 4.3 billion take-private of 51job, Inc. (acting for the buyer consortium as international co-counsel). Ms. Lu’s accomplishments have earned her accolades from prestigious international legal media such as China Business Law Journal and IFLR. Looking ahead, Ms. Lu and Ms. Shen aim to leverage their wealth of experience in working at foreign law firms and their expertise in cross-border transactions to support Zhong Lun’s continued expansion in the international market.

“In the long term, genuinely globalized large law firms will remain committed to the Chinese market,” Mr. Li noted. He further highlighted that “for Chinese law firms, the current climate presents a favorable opportunity for growth, particularly for those with a focus on serving Chinese corporate clients. Zhong Lun aims to seize this moment and capitalize on our advantageous position in key areas such as capital markets, private equity, cross-border M&A, debt restructuring, and dispute resolution within the Hong Kong market - a “second home turf” where we have a strong foothold. By providing high-quality and distinctive professional services, we endeavor to offer a unique value proposition to an increasing number of Chinese companies.”

As we welcome new talent, we embrace new opportunities, explore new possibilities, and forge new directions. Today, Zhong Lun’s Hong Kong office is proud to have a team of over 70 sophisticated lawyers and professionals practicing in a wide range of areas, including Hong Kong and offshore capital markets, cross-border investments, financing and M&A, private equity and investment funds, insolvency, liquidation and reorganization, financial products and trusts, tax and private wealth planning, litigation and arbitration, debt restructuring and disposal of non-performing assets, commercial and criminal defenses, and project development, among others. Going forward, the Hong Kong office aims to optimize its offerings by delivering more extensive, practical, and forward-looking specialized commercial legal services. By partnering efficiently with Zhong Lun’s other offices in China’s mainland and worldwide, the Hong Kong office will harness the strengths of such cross-regional resource integration to help clients seamlessly access the global market.

2  All-round Talents Help Deepen Regulatory Understanding and Expand Service Offerings

Amid increasingly rapid evolution in global value chains, industrial sectors have undergone transformative shifts, with some long-established powerhouse sectors waning and once less-prominent sectors emerging as key players. These shifts are redefining legal service needs and necessitate recalibration and adaptation from legal service providers to remain competitive. Within this context, introducing talent with an international perspective into our firm can broaden service offerings, deepen regulatory understanding, and expand and upgrade its global presence, equipping the firm to better navigate uncertainty.

Before joining Zhong Lun as Counsel in February this year, Mr. Peter Qiu practiced at several highly regarded international law firms, including Linklaters, Skadden, Arps, Slate, Meagher & Flom, Kirkland and Gunderson Dettmer. With extensive experience in cross-border mergers and acquisitions, capital markets, investment and financing, and other corporate practices, Mr. Qiu excels in providing legal services to clients such as US-listed Chinese companies, private companies, and USD- and dual-currency investment funds. His notable achievements include the merger between RISE Education and NaaS, acting on behalf of the audit committee of the board of directors of RISE Education. This transaction earned recognition as one of the “Deals of the Year 2022” by China Business Law Journal.

In Mr. Qiu’s view, Chinese enterprises, as the mainstay in China’s “going global” campaign, have become an integral component of global markets. Amid the growing influx and outflux of businesses driven by the “going global” and “bringing in” initiatives, the appetite for legal services is burgeoning among Chinese companies, and their needs are steering from specialized expertise towards comprehensive and cross-disciplinary support. A typical engagement may include domains such as IP licensing, data compliance, antitrust, and more, necessitating legal services with ever more integrated resources, dynamic inter-team, multi-jurisdictional collaboration, and broadened service offerings. As a full-service law firm, Zhong Lun boasts strong practice groups across a wide array of legal specialties. By welcoming on board international talent with seasoned expertise and global perspectives, Zhong Lun shall further strengthen its bench depth and comprehensive capabilities to deliver more high-quality, full-stack legal solutions, helping global clients better weather potential headwinds and emerge stronger.

As he engages in extensive collaboration and cultivates robust relationships with Zhong Lun teams from a more diverse range of practice areas, Mr. Qiu grows increasingly optimistic about his professional journey at the firm. “The Chinese legal service market is transitioning from a focus on ‘bringing in’ to ‘going global’, and this trend will only continue to intensify," he observed. “I aspire to leverage my experience in representing Chinese listed companies and US dollar investment institutions to assist more Chinese enterprises in areas such as overseas capital markets and cross-border M&A. In doing so, I aim to contribute my expertise to support Chinese companies’ global expansion ambition.”

Among the new international professionals joining Zhong Lun, Mr. Tat Pan, formerly with Reed Smith, noted that in recent years, the presence of foreign law firms in China has contracted, while China’s homegrown law firms have witnessed significant growth in scale and business activity. According to Mr. Pan, “this trend also presents fresh opportunities and career trajectories for lawyers like me who have worked with foreign law firms.” He believes that, given international talents’ astuteness in maneuvering the intricacies of cross-border collaboration and superior language proficiency and cultural understanding, they would prove a valuable asset for Chinese firms seeking to bolster their international legal service capabilities.

For years, Mr. Pan has focused his practice on a broad spectrum of cross-border financing matters, spanning general bank financing, ship financing, and an array of noncontentious shipping transactions, as well as financing and other deals involving other types of assets. With specialized expertise in ship financing and shipping transactions, including ship financing loans, sale leasebacks, and finance leases, Mr. Pan has built an impressive track record, earning him the distinction of “Up and Coming in Shipping Finance (International Firms)” by Chambers in 2024. Regarding his immediate goals, Mr. Pan aims to tap his profound experience in maritime industry and financing to harness emerging opportunities within the energy, power, and other sectors, capitalizing on the expansive platform of Zhong Lun.

As the world vacillates between globalization and deglobalization, the path to enduring growth lies in maintaining a steadfast focus on long-term vision and strategic planning. We must remain unwavering in our commitment to progress to adapt to the ever-evolving landscape and address the unpredictability of our times. For the legal service industry, the call for transformation has already been sounded, urging us to refine our methods and stay in sync with the rhythm of change. Only by doing so can we help boost our clients’ growth and success within the global arena, establishing a robust partnership that keeps pace with the ever-evolving dynamics of our time and fostering development on a global scale.