On April 2, 2025, China Business Law Journal (CBLJ) announced its "Deals of the Year 2024" awards, recognizing the most outstanding transactions and cases of the past year. Tian Yuan was honored for its role in nine landmark deals, showcasing the firm's expertise across private equity, cross-border M&A, capital markets, and complex dispute resolution.
Zhiyuan's Private Equity Financing
Shanghai Zhiyuan New Technology Co., Ltd. is an innovative technology enterprise focused on artificial intelligence, intelligent robotics, and high-end equipment manufacturing. Tian Yuan has been providing legal financing services for the company since its establishment and has assisted in securing several rounds of financing amounting to hundreds of millions of RMB. These funds have attracted investments from numerous renowned institutions, especially leading players in related fields. This financing has injected strong momentum into the company’s continuous innovation and its ambition to become a benchmark enterprise leading the transformation of the intelligent era.
Lead Partners: Li Jinghong, Zhai Xiaojin
Chery Automobile's USD178m Pre-IPO Financing
Chery Automobile is one of China’s first independent automotive brands to surpass a million units in sales and is the only major domestic automaker that has not yet gone public. Fire Eye Fund, in conjunction with five listed A-shares auto parts companies, established a fund to invest in Chery Automobile's pre-IPO financing. Tian Yuan assisted Fire Eye Fund and the listed companies in completing complex transaction negotiations, investment decisions, and information disclosure. This round of financing will enhance supply chain collaboration and drive Chery's estimated HKD 100 billion IPO in Hong Kong by 2025.
Lead Partner: Xu Tao
PAG-led Consortium Takes Control of Zhuhai Wanda
Dalian Wanda will retain a 40% stake in Zhuhai Wanda after this transaction. Zhuhai Wanda currently manages nearly 500 large retail malls in mainland China and is one of the largest retail mall operators in the world. The investment, valued at over RMB 60 billion, is a significant step in strengthening the strategic position of Zhuhai Wanda in the retail sector.
Lead Partners: Liu Yan, Song Juanjuan
Shang Gong’s Stalking Horse Bid for ICON
Shang Gong participated in the bankruptcy reorganization of US-based ICON and its affiliates through an offshore subsidiary as a stalking horse bidder, ultimately acquiring the global intellectual property assets related to ICON’s light aircraft. Through this transaction, Shang Gong has expanded its business from providing carbon fiber composite materials processing equipment to producing and manufacturing carbon fiber light sport aircraft. This move strengthens the company's second growth curve in the low-altitude economy sector. This deal marks the first domestic A-share listed company’s involvement as a stalking horse bidder in a bankruptcy reorganization to acquire US-based assets, setting a valuable precedent for market participants in overseas mergers and acquisitions.
Lead Partner: Xu Tao
Far East Horizon Issues USD500m Notes
This issuance attracted enthusiastic participation from over 200 high-quality international capital market investors. At the time of issuance, it set a record for the largest number of investors and the largest order volume in the Chinese offshore bond market in 2024. It was also one of the largest leasing industry bond issuances in the Chinese offshore bond market since 2023.
Lead Partners: Zhu Xiaohui, Chen Zhusha
China Yangtze Power International Sets Up O/S Compliance System
This project was led by lawyer Chai Jie, who worked closely with both Chinese and foreign legal teams and Yangtze Power's legal team to perform compliance risk assessments in key areas and revise related systems. The cross-border compliance framework addresses numerous challenges such as legal conflicts in cross-border regulations, cultural differences, and the "long-arm jurisdiction" of the U.S. This project is a crucial reference for Chinese companies aiming to meet cross-border regulatory requirements. It is widely recognized for its professionalism and innovation, and in 2024 was selected as a typical case of "Belt and Road" compliance legal services by Legal Daily.
Lead Partner: Chai Jie
Dispute Over Abuse of Market Dominance Involving Desloratadine Citrate Disodium API
The State Administration for Market Regulation identified that Xiansheng Pharmaceutical had refused transactions and imposed an antitrust fine. Topix Pharma sued Xiansheng, seeking to stop its abuse of market dominance and claim RMB 200 million in damages. The Beijing Intellectual Property Court ruled to dismiss the request to stop abuse in the first trial. This case is the first antitrust claim lawsuit in the pharmaceutical industry and was included in the 2023 "People's Court Antitrust and Unfair Competition Typical Cases."
Lead Partners: Huang Wei, Zhou Wen
Huili Materials Co Sues Shell (China) Over Hub-and-Spoke Conspiracy
This case represents another victory for Tian Yuan, where the Supreme People's Court ruled in favor of our client after revising the initial judgment. It is the first antitrust lawsuit involving a hub-and-spoke agreement reviewed by the Supreme People's Court and was selected as one of the 100 typical cases of the Intellectual Property Court’s fifth anniversary. The case was also included in the Supreme People's Court’s 2023 Annual Case Summaries.
Lead Partners: Huang Wei, Zhou Wen
Chang An Insurance Capital Contribution Dispute
This case is the first civil lawsuit triggered by the revocation of an insurance company’s operating license in China, also involving the first administrative lawsuit resulting from the revocation. Tian Yuan is representing the client in both the civil and administrative lawsuits. The case involves complex legal issues such as the effectiveness of the entrusted shareholder agreement, legal recourse for failure to enforce a valid judgment, and the rights of litigants in administrative litigation. It is a significant case in financial regulation and civil litigation.
Lead Partner: Xu Wei
