ENG

  • Nafisa Nihmat

    Equity Partner / Shanghai

  • Tel +86-21-6061-3666

    Email naifeisha@zhonglun.com

  • Practices

    Bankruptcy, Insolvency & Reorganization, Litigation & Arbitration, Debt Restructuring & Non-performing Assets

  • Industries

    Banking & Financial Services

CV

Nafisa Nihmat

Nafisa is one of the most famous expert lawyers in the field of bankruptcy restructuring and liquidation in China. She holds a Ph.D. in Economic Law from East China University of Political Science and Law, as well as an LL.M. in Economic Law from East China University of Political Science and Law and an LL.M. in Comparative Law from Emory University. Currently she serves as an arbitrator of Shanghai Arbitration Commission and Hangzhou Arbitration Commission, a member of the Expert Pool of the Judicial Bureau of Pudong New Area, a Career Mentor at the School of Economic Law of East China University of Political Science and Law, a member of International Association of Restructuring, Insolvency and Bankruptcy Professionals (INSOL International), a director of Finance and Tax Law Society of Shanghai Law Society, a member of Bankruptcy and Non-performing Assets Committee of Shanghai Lawyers Association, a member of Publicity Committee of Shanghai Bankruptcy Administrators Association, a lecturer at Qingdao Lawyer Institute. Also, she has served as a former deputy of the People’s Congress of Shanghai, Pudong New Area.

Representative Matters

  • Harbin Gong Da High-Tech Enterprise Development Co., Ltd. (400100) and Its 4 Affiliates' Consolidated Bankruptcy Restructuring: Acted as deputy group leader of the liquidation team. The case involved total debt of over CNY 10 billion and was the first school-run enterprise restructuring case in the delisted sector in China. It was selected as one of the "National Classic Bankruptcy Cases" of 2023, listed among the Top Ten Typical Cases of the Heilongjiang Higher People's Court for Serving the High-Quality Development of the Private Economy, and recognized as one of the Outstanding Transactions and Cases in China in 2023 by LegalOne.

  • Shanshan Group Co., Ltd. and Ningbo Pengze Trading Co., Ltd. Merger and Reorganization Case (Controlling Shareholder of 600884.SH): Served as person-in-charge of co-administrators.

  • Jiangsu Akcome Industrial Group Co., Ltd. (Parent Company of 002610) Bankruptcy Restructuring: Represented the investor in the restructuring with total debt of over CNY 10 billion.

  • Shandong Tranlin Group Co., Ltd. and Its 22 Affiliates' Consolidated Bankruptcy Restructuring: Advised the bankruptcy administrator as joint restructuring consultant in the proceeding with total debt of approximately CNY 50 billion. The case was recognized as one of the Top Ten Guiding Bankruptcy Cases of Shandong Province in 2021.

  • Zhoushan Haozhou Group Co., Ltd. and Its 11 Affiliates' Consolidated Bankruptcy Restructuring: Acted as the leader of the bankruptcy administrators in the restructuring proceeding with multibillion-yuan debt. The case was recognized as one of the Top Ten Guiding Bankruptcy Cases of Zhejiang Province in 2019 and one of the Top Ten Excellent Performing Cases of the Bankruptcy Administrator Association of Zhejiang Province in 2019.

  • Fengli Group Co., Ltd. and Its 28 Affiliates' Consolidated Bankruptcy Restructuring: Acted as legal counsel to the bankruptcy administrator throughout the restructuring proceeding, facilitating debt restructuring of over CNY 10 billion. The case was recognized as a "Deal of the Year 2016" by China Business Law Journal.

  • Shanghai Q&K Public Rental Housing Rental Management Co., Ltd. Bankruptcy Liquidation: Acted as the leader of the bankruptcy administrators in the liquidation proceeding with total debt of over CNY 900 million. The case was recognized as a "Guiding Case of 2023" by the Shanghai Bankruptcy Court.

  • Pre-packaged Reorganization and Bankruptcy Reorganization of Zhoushan Bandao Investment and Development Co., Ltd.: Acted as the head of joint administrators. The case was selected as a "2023 Guiding Case of Enterprise Bankruptcy Trial" by the Zhejiang High People's Court and one of the Top Ten Excellent Performing Cases of the Bankruptcy Administrator Association of Zhejiang Province in 2023.

  • Zhejiang Switchgear Factory Co., Ltd. Bankruptcy Liquidation Converted to Reorganization: Acted as the head of joint administrators. The case was selected as a guiding case of wage arrears disputes jointly released by the Supreme People's Court, the Ministry of Human Resources and Social Security, and the All-China Federation of Trade Unions, and was also selected as a "2023 Guiding Case of Enterprise Bankruptcy Trial" by the Zhejiang Provincial Higher People's Court.

  • Substantive Consolidated Reorganization of Zhejiang Bandao Shipbuilding Co., Ltd. and Zhejiang Panzhi Ship Repair & Building Co., Ltd.: Served as bankruptcy administrator.

  • Kaihua Baxian Real Estate Co., Ltd. Bankruptcy Reorganization: Acted as the head of joint administrators. The case was selected as a typical case of wage arrears disputes jointly released by the Supreme People's Court, the Ministry of Human Resources and Social Security, and the All-China Federation of Trade Unions.

  • Hangzhou Yuhang Financial Holdings Group Co., Ltd. Bankruptcy Reorganization: Acted as co-administrator in the restructuring proceeding with total debt of over CNY 5 billion. It was the first bankruptcy reorganization case of a state-owned financial holding platform company in China.

  • Gangtai Group Co., Ltd. (Controlling Shareholder of 600687) Bankruptcy Liquidation: Acted as bankruptcy administrator, involving total debt of over CNY 30 billion.

  • Pre-packaged Reorganization and Reorganization of Zhoushan Ruihe Hospital Management Co., Ltd.: Acted as the leader of the bankruptcy administrators, involving total debt of over CNY 1 billion.

  • Bestway Marine & Energy Technology Co., Ltd. (300008) Bankruptcy Reorganization: Represented the largest creditor as legal counsel, assisting the client throughout the litigation, enforcement, and bankruptcy proceedings, achieving full recovery of principal and interest as well as excess returns.

  • Distressed Debt Recovery for a COSCO Group Subsidiary Finance Lease Company: Represented the creditor in recovering non-performing assets and participating in the bankruptcy reorganization proceeding.

  • Hainan Airlines Holding Co., Ltd. and Affiliates' Consolidated Bankruptcy Reorganization: Represented a foreign creditor in obtaining key supplier status and securing the continuation of contracts.

  • Debt Recovery Case of a Hong Kong-Listed Company: Represented China Great Wall Asset Management Co., Ltd. in recovering hundreds of millions of RMB in debts from a Hong Kong-listed company and its domestic subsidiaries.

  • Representation for Noble Group against the Application to Recognize and Enforce the Singapore International Arbitration Centre (SIAC) Award: Represented the respondent and successfully defended against the recognition and enforcement of the foreign arbitral award, which was recognized as "the first case of refusal of recognition and enforcement of a foreign arbitration award in Shanghai."

  • ST Shenzhen Shenxin Taifeng Group Co., Ltd. (000034) and Its four Affiliates' Consolidated Bankruptcy Reorganization: Acted as a key member of the bankruptcy administrators, fulfilled a multibillion-yuan debt restructuring plan, and successfully assisted China Sigma Co., Ltd. in completing the restructuring.

  • ST Sichuan Golden Summit (Group) Joint-Stock Co., Ltd. (600678) Bankruptcy Reorganization: Acted as a key member of the bankruptcy administrators, fulfilled a multibillion-yuan debt restructuring plan, and successfully assisted Hailiang Group Co., Ltd. in completing a back-door listing.

  • ST Shanghai Yuanyan Development Co., Ltd. (600757) Bankruptcy Reorganization: Acted as a key member of the bankruptcy administrators, fulfilled a multibillion-yuan debt restructuring plan, and successfully assisted Changjiang Publishing & Media Co., Ltd. in completing a back-door listing.

  • ST Shanghai Huayuan (Group) Co., Ltd. (600094) Bankruptcy Reorganization: Acted as a key member of the bankruptcy administrators, fulfilled a multibillion-yuan debt restructuring plan, and successfully assisted Dongfu Industrial Co., Ltd. in completing a back-door listing.

  • Bankruptcy Liquidation of China Huayuan Group: Acted as a member of the bankruptcy administrator.

  • Bankruptcy Restructuring of Jiangxi Huayuan Jiangfang Textile Co., Ltd.: Acted as a member of the bankruptcy administrator.

  • SunEdison Cross-Border Bankruptcy and Asset Acquisition: Represented the largest unsecured Chinese creditor in recovering claims across borders.

  • SunEdison Cross-Border Asset Acquisition: Represented a state-owned enterprise in acquiring SunEdison's overseas bankrupt assets.

  • China Solar Energy Holdings Ltd. (00155) Rehabilitation Project: Instructed by the provisional liquidator as the China legal counsel, assisted in acquiring domestic photovoltaic assets (Xinjiang 50MW and Gansu 50MW) for rehabilitation, with a transaction value of approximately HKD 900 million.

  • Out-of-Court Debt Restructuring of Shanghai Yuehe Real Estate and Its Affiliates: Represented investors in restructuring over CNY 10 billion of non-performing assets.

  • Out-of-Court Debt Restructuring of a Real Estate Enterprise in Hangzhou: Represented investors in the restructuring and M&A of a defaulted trust-plan real estate project valued at over CNY 1 billion, revitalizing the project and achieving a successful exit.

  • Acquisition of a Nanjing Real Estate Project by a Hong Kong-Listed Company: Represented the acquirer in the M&A of the local project company.

  • Bankruptcy Liquidation of Shanghai Hebaifu Alloy Material Co., Ltd. and Its 3 Affiliates: Acted as legal counsel for the Hong Kong shareholder, assisted in filing for bankruptcy liquidation, and provided comprehensive legal services throughout the proceedings.

  • Non-Performing Loan Portfolio Disposal for the Export-Import Bank of China: Represented the Shanghai Branch of the Export-Import Bank of China, conducting due diligence and issuing legal opinions on the disposal of the NPL portfolio.

Honors and Awards

For Individual

Recognized Practitioner – Restructuring/Insolvency (PRC Firms), Chambers Asia-Pacific, 2019-2021

Up and Coming Lawyer, Chambers Greater China Region Guide, 2022-2025

The AList: China’s Top 100 Lawyers, 2017-2020, 2022

The AList: Growth Drivers, China Business Law Journal, 2023-2025

Forbes China Bankruptcy Restructuring Star Award, 2026

Named one of the “25 Influential People” among Forbes China’s 100 Outstanding Young Overseas Returnees, 2023

Top 15 Insolvency & Restructuring Lawyers, ALB China, 2025

Recommended Lawyer, The Legal 500 Asia Pacific – Greater China, 2025-2026

Highly Regarded Lawyer, IFLR1000, 2025

Female Lawyer of the Year – East China, ALB China Regional Law Awards, 2025

Top 15 Female Lawyers, ALB China, 2021

LegalOne Stellar Accolade, 2023

Leading Lawyer – Bankruptcy, LVXIN Brand Star, 2024

Top 100 Pioneering Figures, WUPO China Distressed Enterprise Value Remodeling Register, 2024-2025

Named to the “Individuals Register”, WUPO China Bankruptcy & Special Assets Industry Annual Register, 2023

Rising Star of the Year, IFLR1000, 2021

For Deal

Selected for the “Oriental Talent Program – TopTier Project” of Shanghai, 2025

AW Capital residential photovoltaic asset portfolio deal, Deals of the Year, China Business Law Journal, 2024

Fengli Group restructuring case, Deals of the Year, China Business Law Journal, 2016

Memberships & Affiliations

Arbitrator, Shanghai Arbitration Commission

Arbitrator, Hangzhou Arbitration Commission

Member of the Expert Pool of the Judicial Bureau of Pudong New Area

Career Mentor, School of Economic Law, East China University of Political Science and Law

Member, International Association of Restructuring, Insolvency and Bankruptcy Professionals (INSOL International)

Director, Finance and Tax Law Society of Shanghai Law Society

Member, Bankruptcy and Non-performing Assets Committee, Shanghai Lawyers Association

Member, Publicity Committee, Shanghai Bankruptcy Administrators Association

Lecturer, Qingdao Lawyer Institute

Publications

“On the Disposal of the Commingling of Corporate Debts in the Bankruptcy of Private Enterprises”, Proceedings of the 10th China Bankruptcy Law Forum (Volume II, Part I), p. 426, June 2019

“Analysis of Lessee Bankruptcy Disputes under Finance Lease Contracts in the Context of the Civil Code”, Proceedings of the 11th China Bankruptcy Law Forum (Volume I), p. 517, October 2020

“Analysis of the Disposal of Security Interests in Bankruptcy Reorganization”, Proceedings of the 11th China Bankruptcy Law Forum (Volume I), p. 535, October 2020

“The Application and Improvement of the Pre‑packaged Reorganization System for Real Estate Enterprises in the Post‑Pandemic Era” and “The Conflict and Improvement of Accounts Receivable Pledge Rights and Bankruptcy Setoff Rights”, presented at the 4th Luojia Forum on Bankruptcy Law, October 2020

“The Introduction of a Personal Bankruptcy System May Be Earlier than Expected”, China Business Law Journal, Vol. 11, No. 5, p. 41, May 2020

“THE PRINCIPLE OF THE BANKRUPTCY ADMINISTRATOR’S DISCLOSURE OF THE DEBTOR’S COMMERCIAL SECRETS”, Women in Business Law Expert Guide, p. 169, 2021

“Promotion of Bankruptcy Proceedings under the Intersection of Criminal and Civil Laws”, China Business Law Journal, Vol. 11, No. 5, March 2021 (awarded the Encouragement Award by the Shanghai Bankruptcy Administrators Association)

“Research on the Nature of Claims for Reimbursement of Employee Expenses in Bankrupt Enterprises”, Science and Technology, Vol. 29, No. 18, p. 271, June 2021 (second half)

“Research on the Nature of Claims for Reimbursement of Employee Expenses in Bankrupt Enterprises”, Education Digest, Vol. 36, No. 18, p. 177, June 2021

“On the Protection of Trade Secrets of Debtor Enterprises in Bankruptcy Proceedings”, Learning Guide, No. 21, p. 59, November 2021

“A Preliminary Study on the Application of Consolidated Reorganization for Large Real Estate Groups”, Proceedings of the Shandong Bankruptcy Law Forum (Third Volume), August 2022 (awarded the Excellence Award of the 6th Shandong Bankruptcy Law Forum).

“The development of bankruptcy law in China”, International Insolvency & Restructuring Report 2023/24, June 2023, pp. 31–33.

“Recent developments in cross-border insolvency practice in China”, International Insolvency & Restructuring Report 2024/25, June 2024, pp. 34–37

“Evaluation of the Reorganization Value of Delisted Companies and Institutional Construction”, October 2024 (won the First Prize at the 15th China Bankruptcy Law Forum)

“Evaluation of the Reorganization Value of Delisted Companies under Chinese Law”, International Insolvency & Restructuring Report 2025/26, June 2025, pp. 39–44.

Related

  • Bar Admissions/Professional Qualifications

    PRC Bar

  • Education

    Ph.D., East China University of Political Science and Law
    LL.M. in Comparative Law, Emory University
    LL.M., East China University of Political science and Law
    LL.B., East China University of Political science and Law

  • Professional Experience

    Partner, Zhonglun Law Firm
    Partner, Dentons Shanghai Office
    Associate, King & Wood Mallesons

  • Languages

    Chinese
    English