On March 4, China Business Law Journal announced its Deals of the Year 2025, recognizing outstanding transactions and cases from the past year. Multiple transactions handled by Tian Yuan were selected.

 

Sunshine Lake Pharma Lists by Introduction

Sunshine Lake Pharma adopted an innovative listing structure, becoming the first Hong Kong-listed company to complete a “H-share absorption merger privatization + listing by introduction.” Through absorbing and merging its Hong Kong-listed subsidiary Sunshine Lake Pharma (1558.HK), the company achieved an overall listing. The company remains committed to innovation-driven and international development strategies, focusing on infectious diseases, chronic conditions, and oncology, with strong R&D capabilities and a leading influenza drug brand.

Lead Partners: Zhang Yajuan, Wang Xiangping

 

Hontron Restructures Hongqiao’s Assets for Listing

Hongchuang Holdings (002379) acquired 100% equity interest in Hongtuo Industrial through a share issuance, with a transaction value of RMB 63.518 billion—setting a record as the largest M&A transaction by a privately listed company in China’s A-share market. The number of shares issued also set a historical record.

Upon completion, Hongchuang achieved a transformative upgrade from a single aluminum processing business to a fully integrated industrial chain spanning alumina, electrolytic aluminum, and downstream processing. Its total assets and revenue both exceeded RMB 100 billion, with net profit reaching tens of billions, positioning the company among the world’s leading large-scale aluminum producers.

Behind this landmark restructuring is nearly a decade of continuous legal support from Tian Yuan. Since 2017, when China Hongqiao initiated its aluminum industry consolidation, Tian Yuan has played a key role as legal advisor, laying the foundation for subsequent transactions and supporting the client throughout its transformation and asset injection strategy.

Lead Partner: Li Yixing

 

First Data Asset-Empowered ABS

The “TF Securities–CIC Insurance Accounts Receivable Phase II SME Financing Support Asset-Backed Special Plan (Data Asset-Enabled)” was successfully issued on the Shanghai Stock Exchange in July 2025, with an issuance size of RMB 510 million. The underlying assets consist of accounts receivable owed by state-owned enterprises, marking the first ABS product in the market incorporating data asset empowerment.

This issuance represents a major innovation in unlocking the value of data as a production factor and addressing financing challenges faced by SMEs.

Lead Partners: Chen Sheng, Li Mingyue

 

First SPC Case on Abuse of Administrative Power in Antitrust

Tian Yuan represented a shared mobility company in litigation against a municipal authority for unlawfully granting and implementing exclusive operating rights in the shared e-bike sector. In the second instance, the Supreme People’s Court ruled that the conduct constituted an abuse of administrative power to exclude or restrict competition, in violation of the Anti-Monopoly Law, and ruled in favor of the plaintiff.

The case was selected as one of the SPC’s “Typical Anti-Monopoly Cases of 2025” and is the first case in which the SPC made such a determination, carrying significant implications for promoting market access liberalization and advancing the unified national market.

Lead Partners: Huang Wei, Zhu Fan, Yang Yi

 

Hanma Technology Restructuring

The restructuring of Hanma Technology Group and its five subsidiaries represents the first judicial restructuring of a listed company in Anhui Province. Tian Yuan designed an innovative solution balancing regulatory approval and local creditor protection, ensuring the successful implementation of the restructuring. The firm received a commendation letter from the Ma’anshan Municipal Government, which praised the team for contributing significantly to regional economic development and social stability.

Lead Partners: Zhang Yukai, Huang Guan, Li Wei