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Duchao ZHANG
Equity Partner / Beijing
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Tel +86-10-5796-5268
Email zhangduchao@zhonglun.com
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Practices

Bankruptcy, Insolvency & Reorganization, Litigation & Arbitration, Corporate & Commercial Crime
Duchao ZHANG
As an expert in enterprise crisis management, Mr. Zhang has led or participated in numerous prominent large-scale projects in China, serving in various roles such as litigation/arbitration counsel, legal advisor, or bankruptcy administrator. He has acted as legal counsel for domestic banks including Agricultural Bank of China and Export-Import Bank of China; foreign banks including BNP PARIBAS, UniCredit Bank, and Intesa Sanpaolo; asset management companies (AMCs) including China Great Wall Asset Management, China Huarong Asset Management (now China CITIC Financial Asset Management Co., Ltd.), China Cinda Asset Management, and China Resources Asset Management; trust companies including Bohai Trust, Guolian Trust, and Jilin Trust; financial leasing companies such as Bohai Leasing; internet finance firms including CreditEase and Jinxin.com ; large central enterprises including China Energy Investment Corporation (CHN Energy) , CNPC, FAW Group Corporation , SAIC Motor, Sinomach, CRRC Corporation Limited , Sinotrans, and China Resources Group; local state-owned enterprises including Shanxi Coal Import & Export Group, Shandong Energy, and Jinchuang Group; private enterprises such as HNA Group; emerging internet companies including Meituan , Didi, Tidy Technology, Zhigui Technology, and Super Monkey; traditional companies such as Yili Group and Tongrentang; as well as foreign-listed companies/entrepreneurs from the United States, Singapore, and other countries, providing comprehensive legal services across numerous litigation/arbitration, debt restructuring, equity/control rights disputes, and NPL disposal projects.
Additionally, Mr. Zhang serves as a strategic partner or permanent legal counsel, providing full-process support in special opportunity investments and debt restructuring bailout projects/areas for state-owned capital including CINDA REAL ESTATE, Great Wall Fund, and China Galaxy Investment, as well as professional investors including Xingfu Anji and Bohai Trust. He also provides one-stop services for distressed companies and their shareholders, from scheme design to capital introduction and asset promotion.
Representative Matters
Listed Companies (Domestic A-Share) – (Pre-)Bankruptcy Reorganization / Debt Restructuring
Acted as a member of the liquidation group and provisional administrator for Dongfang Fashion (603377.SH), providing legal services for overall risk resolution
Acted as legal counsel to the controlling shareholder of Botian Environment (603603.SH) in its bankruptcy reorganization
Acted as bankruptcy administrator for Sichuan Jinding (600678.SH)
Acted as bankruptcy administrator for Shixian Paper (600462.SH)
Acted as bankruptcy administrator for Jinyi Culture (002721.SZ) and provided legal opinions and support regarding investor introduction
Acted as legal counsel to the controlling shareholder of Caissa Tourism (000796.SZ) in its bankruptcy reorganization and shareholder debt restructuring
Acted as restructuring legal counsel to the controlling shareholders of three listed companies in the manufacturing, non-ferrous metal, and financial sectors
Acted as legal counsel to a state-owned enterprise, devising a novel debt restructuring scheme for the acquisition of renowned traditional Chinese medicine brand Guangyuyuan (600711.SH)
Acted as legal counsel to the ultimate controller of a large listed company, coordinating debt restructuring across multiple domestic and overseas listed companies for bailout and debt resolution
Acted as legal counsel to the industrial investor in Bubugao (002251.SZ) bankruptcy reorganization, facilitating special opportunity industrial investment
Acted as legal counsel to a consortium of investment institutions in the Jinke Properties (300656.SZ) reorganization project, including establishing investment platforms
Acted as legal counsel to the restructuring investor in Tianbang Group (002124.SZ) bankruptcy reorganization
Acted as special legal counsel to Peking University Assets, a shareholder of Founder Group, participating in the overall risk disposal at both the listed company and shareholder levels
Acted as legal counsel to a strategic investor in the risk disposal of an A-share listed company, handling matters including financial fraud, delisting risk, and board restructuring
Acted as special legal counsel to a strategic investor in the bankruptcy reorganization and substantive consolidation delisting investment of Orient Group (600811.SH)
Acted as legal counsel to the restructuring investor in Huawen Media (000793.SZ) bankruptcy reorganization
Provided legal advisory services regarding the acquisition of shares in the creditor platform for a newly established entity post-reorganization of a key subsidiary of Kangdexin (002450.SZ)
Acted as legal counsel to a partner and financier in the Pangda Automobile (601258.SH) bankruptcy reorganization and related company debt restructuring
Acted as legal counsel to the restructuring investor in Dongfang Ocean (002086.SZ) bankruptcy reorganization
Acted as legal counsel to the restructuring investor in Xinhualian (000620.SZ) bankruptcy reorganization
Represented a financial institution as a restructuring investor in the pre-bankruptcy and bankruptcy proceedings of *ST Youshu (300209.SZ)
Acted as legal counsel to an institutional investor in the pre-bankruptcy and bankruptcy reorganization of Sansheng Shares (002742.SZ)
Acted as legal counsel to a financial institution in the bankruptcy reorganization investment of Zhongli Group (002309.SZ)
Acted as legal counsel to the restructuring investor in Mingjiahui (300506.SZ) bankruptcy reorganization
Acted as restructuring advisor to an asset management company in the state-owned equity acquisition project of Anyang Iron & Steel (600569.SH)
Represented a restructuring investor in the bankruptcy reorganization investment of Jingang Glass (300093.SZ)
Acted as legal counsel to the investor in the bankruptcy reorganization of Geo-Jade (600759.SH)
Acted as legal counsel to a state-owned enterprise for the emergency resolution of bond default risk involving a large enterprise group, including debt restructuring and credit enhancement for affiliated listed companies
Listed Companies (Hong Kong, US, etc.) – Bankruptcy / Debt Restructuring
Acted as bankruptcy administrator for Suntech Power (NYSE: STP)
Acted as bankruptcy administrator for Qunxing Paper (03868.HK) and its affiliates
Acted as special legal counsel to the Vice-Chairman Financial Institution of the creditor committee in the bankruptcy reorganization of 19 enterprises including the controlling shareholder of Fengxiang Shares (09977.HK) and related derivative litigation
Acted as restructuring legal counsel to the ultimate controller of a Hong Kong-listed company (financial holding group and environmental enterprise)
Provided legal services for the debt restructuring project of a Hong Kong-listed energy company
Acted as legal counsel to a Hong Kong-listed consumer company and its domestic A-share listed company for overall risk resolution and compliance
Acted as legal counsel to a Hong Kong-listed company, providing legal opinions on domestic bankruptcy reorganization issues related to its domestic affiliates
Large Financial Institutions, Central Enterprises – Liquidation & Policy Research Projects
Acted as bankruptcy administrator for Xinhua Securities Co., Ltd.
Acted as legal counsel to the trusteeship working group of a trust company regarding the liquidation of a provincial financial leasing company
Acted as special legal counsel to China Energy Investment Corporation for voluntary liquidation and bankruptcy liquidation projects of its subsidiaries
Acted as special legal counsel to a new energy vehicle subsidiary of a large state-owned automotive group regarding internal trusteeship and related liquidation projects of an affiliated technology company
Acted as legal counsel for the bankruptcy liquidation project of a subsidiary of China Metallurgical Group Corporation
Acted as legal counsel and lead drafter to one of the Big Four AMCs for a research project on bankruptcy risk segregation in AMC investment and M&A
Well-known Enterprises (Non-Listed, Domestic & International) – Debt Restructuring
Represented a leading international chip company, providing legal services in connection with the debt restructuring and related derivative litigation involving a large domestic technology enterprise in which it had invested
Acted as legal counsel to JIDU Auto, advising on out-of-court debt restructuring and bankruptcy reorganization matters
Acted as restructuring advisor to a central enterprise in its capacity as shareholder and investor, advising on the debt restructuring and derivative litigation involving Byton New Energy Automobile Co., Ltd. (BYTON)
Represented a leading technology company in a debt restructuring project with a major international technology group and was responsible for designing the restructuring plan
Provided legal services to an asset management company acting as fund provider in connection with the equity acquisition of a distressed listed steel enterprise
Represented the ultimate controller of a well-known private environmental protection enterprise in Hunan, designing a debt restructuring plan for its environmental company and core subsidiaries, and providing related legal services
Represented a major secured creditor in the substantive consolidation bankruptcy reorganization of a Beijing-based real estate enterprise, providing full-process legal services in supervision and rights protection
Acted as bankruptcy restructuring advisor to an overseas investment institution in connection with the bankruptcy liquidation of a Chongqing-based new energy enterprise
Acted as legal counsel to a strategic investor participating in the debt restructuring project of a provincial railway transportation infrastructure company
Acted as legal counsel to a real estate company and its ultimate controller, assisting and guiding the administrator in successfully completing the consolidated reorganization of 19 enterprises, including the real estate group
Represented the ultimate controller of Super Monkey in reaching a preventive bailout and restructuring arrangement with shareholders holding repurchase rights
Represented the largest creditor in the bankruptcy liquidation case of Chazu Yinxiang Tea Industry Co., Ltd., a case accepted under elevated jurisdiction by the Zhuzhou Intermediate People’s Court
Acted as legal counsel to a central enterprise in the consolidated reorganization of 27 entities, including Qixing Group and its affiliates, and engaged in negotiations with a major AMC regarding debt assignment matters
Represented an investor in the debt restructuring project of a tourism development company in Shandong Province
Represented an investor in the debt restructuring and related derivative litigation involving a mining company
Represented creditors in the bankruptcy liquidation project of Yicheng Iron and Steel Co., Ltd of Jiugang Group
Represented overseas creditors in the bankruptcy liquidation project of China International Packaging Company
Represented creditors in the bankruptcy liquidation project of Wuxi Hu’an Cable Co., Ltd.
Provided legal services for the debt restructuring project of a central enterprise steel group
Provided legal services for the bankruptcy reorganization project of Haixin Iron and Steel Group Co., Ltd.
Provided legal services for the bankruptcy reorganization project of Haiwei Iron and Steel Group Co., Ltd.
Provided legal services for the bankruptcy reorganization project of Shanxi Liansheng Energy Co., Ltd.
Provided legal services for the debt restructuring of Shandong Changxing Wind Power Group Co., Ltd.
Provided legal services for the bankruptcy reorganization of Tongliao Changxing Wind Power Co., Ltd.
Provided legal services for the restructuring project of Zouping Xinxing New Energy Development Co., Ltd.
Provided legal services for the restructuring project of Jiangsu Luling Chemical Industry Group Co., Ltd.
Real Estate/Tech Enterprises – Bankruptcy M&A & Special Opportunity Investments
Acted as legal counsel to a mega real estate enterprise in China for its multi-trillion RMB debt resolution, risk prevention and control, and domestic/overseas bankruptcy reorganization project
Acted as legal counsel to a financial institution as strategic investor in the substantive consolidation bankruptcy reorganization investment project involving Sanya Mangrove Hotel and other enterprises in Hainan
Acted as legal counsel to a financial institution as industrial investor in the bailout substantive reorganization project of the Shanghai Hongqiao Hub
Acted as legal counsel to an internet enterprise in its debt restructuring-style acquisition of controlling interest in a real estate technology company
Acted as legal counsel under PRC law for a technology debt restructuring project
Acted as legal counsel to Bohai Financial Leasing in the bankruptcy reorganization and bond default project involving Wuyang Construction Group
Represented a technology enterprise, providing legal services for its debt restructuring-style acquisition of a laundry enterprise
Represented Jilin Expressway in formulating a bankruptcy reorganization plan to acquire control of a target company
Represented Sinotrans in a real estate bankruptcy liquidation and related litigation matters
Acted as legal counsel to shareholders and the largest creditor in the Runhe Real Estate bankruptcy reorganization project
Court-Appointed Bankruptcy Administrator – Liquidation Cases
Acted as bankruptcy administrator for Zhongyang Credit Guarantee Co., Ltd.
Acted as bankruptcy administrator for Beijing Manrui Kangnuo Biotechnology Co., Ltd.
Acted as bankruptcy administrator for Beijing Desi Ruichi Pharmaceutical Technology Co., Ltd.
Acted as bankruptcy administrator for Beijing Haoyang Dongfang Technology Development Co., Ltd.
Acted as bankruptcy administrator for Beijing Jiuding Communication Equipment Co., Ltd.
Acted as bankruptcy administrator for Beijing Chao’an Weiye Municipal Engineering Co., Ltd.
Acted as bankruptcy administrator for Beijing Zhonglian Chemeng Network Technology Services Co., Ltd.
Acted as bankruptcy administrator for Beijing Kaku Century Animation Culture Co., Ltd.
Acted as bankruptcy administrator for Beijing Zhenguo Beverage Co., Ltd.
Acted as bankruptcy administrator for Beijing Dekorui Advertising Media Co., Ltd.
Acted as bankruptcy administrator for Beijing Pangu International Travel Service Co., Ltd.
Acted as bankruptcy administrator for Qingshi Manyin (Beijing) Catering Management Co., Ltd.
Acted as bankruptcy administrator for Beijing Shengda Baoye Materials Co., Ltd.
Litigation & Arbitration – Representative Matters
Represented a Hebei hospital in a retrial case before the Supreme People’s Court against a construction company
Represented a real estate company in an appeal before the Supreme People’s Court concerning a property rights protection dispute with an enterprise
Represented an energy company in a series of cases before the Supreme People’s Court, including a sales contract dispute with a partner
Represented a major state-owned bank in an administrative lawsuit filed by an investor against the China Banking Regulatory Commission and other entities
Represented a state-owned policy bank in a procuratorial protest case concerning a financial loan dispute submitted to the Supreme People’s Procuratorate
Represented a listed energy company in a series of litigation cases before a provincial High People’s Court
Provided comprehensive collection and litigation legal services for a state-owned enterprise regarding a series of disputes totaling nearly RMB 20 billion spread across over 20 provinces and municipalities, arising from policy-based entrusted loans
Represented a listed company in responding to a series of lawsuits concerning the confirmation of bankruptcy common benefit claims
Represented an investment fund in an arbitration case regarding share repurchase disputes with an invested enterprise
Represented a listed company in responding to a series of lawsuits concerning pre-contractual liability brought by a restructuring investor
Represented a leading enterprise in the embodied AI niche sector in handling a series of litigation cases related to control rights disputes (including information rights, dissenting shareholder repurchase, director/supervisor/officer liability, etc.)
Represented a state-owned enterprise in an arbitration case involving equity acquisition and criminal compromise disputes with a partner
Represented a state-owned policy bank in a series of commercial cases regarding bankruptcy creditor’s rights disputes against a substantively consolidated bankrupt enterprise and its ultimate controller
Represented an oil technology company in a dispute over a drilling equipment procurement contract with a manufacturing enterprise
Represented a Korean enterprise in a technology contract dispute with a Chinese technology company
Represented a Henan real estate company in a dispute over a cooperative real estate development agreement
Represented a state-owned enterprise, providing legal services for an executive commercial crime and investigation compliance project
Represented a trust company in participating in the reorganization of a Shanxi energy group as a creditor
Represented a central enterprise in a series of disputes over cooperative real estate development with a real estate company
Represented a well-known internet company in a dispute over a contract for custom-developed technology products with a listed company
Represented the Zhejiang branch of a state-owned bank in a dispute over cooperative real estate development with a real estate enterprise
Represented a central enterprise construction group in a bidding dispute concerning a Shenzhen real estate project
Represented a central enterprise in a dispute over cooperative real estate development with a provincial real estate company
Represented a large Hebei real estate company in a dispute over cooperative real estate development with another real estate company
Represented a subsidiary of a central enterprise in a series of disputes over targeted real estate development with a real estate company
Represented an Inner Mongolia energy company in a loan contract dispute with an exploration company
Represented an investment management company in suing a state-owned entity over a lease contract dispute
Represented a fund company in a series of cases involving interplay between civil and criminal matters, including equity disputes
Represented a real estate enterprise in a series of cases involving interplay between civil and criminal matters
Honors and Awards
For Individual
Recommended Lawyer in Restructuring/Insolvency, Chambers Greater China Region Guide, 2025-2026
Special Recommendation in Dispute Resolution-Litigation, LEGALBAND
Finalist for Young Lawyer of the Year, ALB China Law Awards, 2025
Specially Recommended Lawyer in Restructuring/Insolvency, The Legal 500 Asia Pacific-Greater China, 2026
China Top 30 Lawyers, LEGALBAND BOB (Best of the Best)
Top 15 in Bankruptcy Reorganization, Clients’ Trusted Lawyers (Blue Ribbon), LegalOne
For Deal
Top 10 guiding bankruptcy reorganization and liquidation cases, Supreme People's Court of China
Top 10 guiding commercial cases issued, Supreme People's Court of China
Typical Case for Rule of Law Business Environment by a provincial high court
Memberships & Affiliations
Director of Training Committee, Beijing Association of Insolvency Administrators
Member, Bankruptcy and Liquidation Committee, Beijing Lawyers Association
Distinguished Lecturer, New York Institute of Finance
Recommended Expert in Restructuring/Insolvency (Greater China), Global Law Experts
Member, INSOL International
Guest Columnist, Caixin
Publications
Publications & Academic Works
“Debt Restructuring”, CITIC Press
“Bankruptcy and Litigation Practice Handout”, Law Press · China
“Empirical Study on Solutions to Funds Occupation and Illegal Guarantees in Listed Companies”, Law Press · China
“Mineral Resources and Mineral Rights Disputes: Case Study on The Practice of Mineral Resource and Mineral Right Disputes”, Law Press·China
Industry Standards Development
White Paper on Industrial Data Element Registration (member of editorial board)
Compliance Guidelines for the Full Process of Real World Assets (RWA) Projects (Drafter)
Group Standard: Cross-Border Data Compliance Guidelines (Drafter)
Effectiveness Evaluation of Compliance Management System for Small and Medium-sized Enterprises (member of editorial board)
Compliance Guidelines for Generative Artificial Intelligence Data Applications (drafter)
Related
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Awards Related
35 Practice Areas/Regions and 185 Lawyers of Zhong Lun Featured on The Legal 500 Asia-Pacific Greater China 2026 List
35 practice areas/regions and 185 lawyers were honored on the list.
2026-01-08
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Bar Admissions/Professional Qualifications
PRC Bar
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Education
LL.M., Jilin University School of law
LL.B., Jilin University School of law -
Professional Experience
Partner, non-equity partner, and associate, Zhong Lun Law Firm, 2021 to present
Associate, King & Wood Mallesons, 2011-2021 -
Languages
Chinese
English