持续两年多的新冠疫情、企业商业策略的改变，以及愈发复杂的国内外监管环境，都对交易律师提出挑战。登上该份榜单的律师展现出了深刻的法律专业能力、敏锐的市场洞察力，以及“成就不可能”的商业技能。

 

有人曾如此形容促成交易的艺术：“事物无法仅凭巧合而各就其位——一位好的交易促成者恰能精妙地推动上述过程发生。”在所谓的后疫情商业环境中，这样的描述似乎更为真实。一方面，市场交易胃口大增；另一方面，保护主义盛行及新政策法规不断涌现要求买卖双方翻过更多“山头”才能最终达成交易。也是在此种环境中，律师正以一种前所未有的深度参与到交易之中。

我们和部分登上ALB年度亚洲交易律师榜单的中国律师，聊了聊他们对于近期市场态势的观察，以及新监管环境对律师提出的要求和挑战。

资本市场新格局

过去一年是中国的资本市场业务“大年”：根据清科数据，2021年，中企境内外上市数量达645家，同比增长12%，首发募资金额达8562亿元，数量和金额再创历史新高。

不同资本市场间，中国企业如何做出选择？竞天公诚律师事务所合伙人章志强律师如此总结：“过去一年，随着注册制改革推进，选择A股特别是施行注册制板块的企业较多；港股市场还是保持一定的活跃度，但下半年有所下降，主要由于境外上市相关监管口径的收紧及不明朗所致；美股市场受到去年美国方面《外国公司问责法》等政策、中国境内加强中概股监管及网络安全监管、中美关系等影响，中国企业赴美IPO热度大幅下降。”

数据佐证了章律师的观察。德勤发布的《中国内地及香港IPO市场：2021年回顾与2022年前景展望》指出，2021年，上海证券交易所在融资额上已超越港交所，跻身世界第三；深圳证券交易所也奋起直追，位列全球第五。

具体到数字，2021年中国内地交易所迎来491只新股，同比增长25%，募资额达5367亿元人民币，同比增长14%；港交所全年迎来97只新股，数量同比下降34%，募资额也下跌17%；此外，过去一年共有42只中概股在美国上市，值得一提的是，下半年赴美上市的企业数量仅为4家。

“坦白说，大多数中国企业最关注的还是A股市场。”通商律师事务所主任、合伙人孔鑫律师说。他解释道：“A股市场相对市盈率较高，且客户更易了解A股市场信息，再加上注册制改革、北京证券交易所设立，转板制度落地实施等，都使越来越多的境内企业把目光投向A股市场。截至目前A股市场等候IPO审核排队企业数量仍是最多的。”

当然，A股市场的固有特点，例如“节奏管控、上市标准的窗口指导、以及严厉的合规、内控及财务审查大大增加了企业的上市成本及可预期性”，也“导致一些境内企业选择时间节奏更可控的境外资本市场”，孔律师说。

此外，虽然香港资本市场因监管不确定性遭遇影响，孔鑫律师对其前景仍十分乐观。“香港资本市场仍然是受各国法规政策影响最小且相对最稳定的市场，近年又在自身规则上不断除旧布新，吸引了包括通商参与的快手、哔哩哔哩、携程以及众多生物科技公司在内的大量新经济公司在港上市，使港股上市企业的行业结构发生重大变化，同时也令香港市场的整体融资规模迅速增加。”

A股的“高门槛”和美股的“不确定”都会增加国内企业赴港上市的动力，孔律师告诉ALB：“至今已有百余家企业在上市申请过程中。尽管香港证监会和交易所提高了上市企业财务门槛，但对境内企业赴港上市的趋势没有重大影响。”

热门板块与监管变化

谈及过去一年在资本市场表现活跃的产业板块，孔鑫律师告诉ALB：“过去一年IPO热门行业包括硬科技、互联网、生物医药、消费品等行业，相关法规政策的变化也一定程度反映了市场对相关行业欢迎程度的变化。”

“当然，国内对行业管理的变化使相关企业经营受到影响，导致一些行业从上市热门变成销声匿迹，典型的包括房地产、教育行业和相关的互联网企业。”他说。

如孔律师所说，2021年资本市场热门赛道一定程度延续了2020年的趋势，且具备相当的集中性。根据德勤报告，2021年A股市场制造业、消费行业新股数量上升，融资额排名前三的则为制造业、TMT、医疗医药行业。在港股市场，新经济新股数量持续上升，表现最为突出的是医疗医药、TMT、消费行业。美股市场同样如此，中概股相对集中在TMT、消费、医疗医药行业。

谈到过去一年从事IPO业务的最大特点，孔律师坦言：“2021年新法规层出不穷，很多律师说一到假期政府就给布置作业。”这样的趋势也延续到了2022年。孔律师细数道，虽然2022刚展开40余天，“资本市场相关已生效或将生效的主要法规就包括了：中国证监会关于企业直接/间接境外上市的备案办法、A股公司分拆上市的规定、律师从事A股IPO业务执业细则、外资准入负面清单、相关网络/数据安全审查的规定、香港美国新加坡等地出台的SPAC新规等”。

孔律师提醒道，这其中特别需要IPO律师留意的，包括A股市场全面落实注册制相关规章出台、转板制度落地情况、红筹公司上市试点范围扩大的落地情况；国内企业赴境外上市（特别是间接上市）过程中中国证监会就负面清单行业与相关主管部门在审核流程上的衔接问题、网络安全审查程序的落地情况、中美关于《外国公司问责法》的沟通进展等。

在孔律师看来，日新月异的法律规定虽然带来不小挑战，但实际为“拟IPO的国内企业塑造了更加完善和规范的资本市场”。他将资本市场交易律师最重要的使命总结为“全面掌握相关新规的内容和实操……为客户在资本市场融资提供低成本的可行路径”。

投融资及并购市场上扬

来到交易的另一个板块：投融资与并购，2021年该市场无疑经历了强劲的复苏之年。

根据路孚特数据，2021年全球共录得6.3万宗并购交易，交易额达5.9万亿美元，同比分别上涨24%和64%。

虽然仍执行了较严格的旅行限制，中国内地和中国香港也录得创纪录的交易数字：根据Mergermarket数据，两地共录得2381宗交易，交易额达5452亿美元，不但同比增长20%，还创下了有纪录以来的历史第二高。

于淼律师是环球律师事务所合伙人、投融资及并购领域专家，他用“颇为意外”形容2021年该市场带给中国律师的感受。“年初我们都持相对保守的态度……但实际上2021年的业务量、市场交易量都出现了一定幅度的增长。”于律师说。

于律师将个中原因总结为几点。首先源自疫情，“2020年交易普遍受到一定程度的压抑，在去年出现了一定的反弹效应；伴随国内外对于疫情控制及未来前景有了相对合理的预期，投资者果断开始推进交易、‘及时出手’”，他说。

其次是中国宏观规划和产业政策落地带来的影响。“产业转型和工业化升级、节能环保、新消费、双循环等政策，促进了很多原来并不太热门的领域的发展。”于律师认为，“例如国家多次强调实现双碳目标，倒逼了一些行业的升级换代，激活了整个产业链。此外，硬科技、ESG、新消费等概念在过去一年丰满了市场赛道配置；原本活跃的领域，如医疗健康，也保持明显输出。”

伴随热门行业变化，于律师也观察到交易项目对律师要求的改变。“例如在上述关键领域，投资人在很多并购或投资项目中—尤其涉及硬科技，对知识产权尽调、技术尽调的要求已经变得越来越高，会做很多技术性调研、考察被投企业的知识产权布局等，也更考验交易律师对特定业务、行业的深度理解。”他举例道。

谈到过去几年投融资及并购交易在国内国际比例上的变化，于淼律师坦言：“国内驱动的并购交易比例在过去几年逐步升高，外商直接投资则呈现稳步下降趋势……不过从2021年下半年起，据我们观察，有些外资客户已经回到中国并在接触或推进很多项目。”

的确，根据商务部数据，2021年中国内地实际使用外资预计将超过1万亿元人民币，仅前十个月的外资使用额就同比增长了17.8%。

2022值得关注趋势

关于交易市场的下一步发展，此次上榜的律师又有哪些观察？

对于IPO市场，竞天公诚的章志强律师指出，“就境内资本市场而言，市场化改革会进一步推进，对发行人、发行人董监高、发行人聘请的中介机构的责任监管也更趋严格”。

与此同时，就境外上市的监管而言，“2022年预计境内企业赴境外上市的相关新规会落地，届时将会对现有境外上市的模式，特别是红筹和VIE架构产生一定影响”，章律师说。

在投融资及并购领域，环球的于淼律师对市场颇具信心，“在可见的未来，并购和投融资市场还将处于高位活跃区间”，此外，由于政策落地和产业布局需要时间，热门板块，如ESG、硬科技、医疗、碳中和等，在2022年将得以延续。

市场趋势外，于律师认为中国交易律师在2022年面临着一个挑战与乐趣并行的大命题：如何在新规语境下做好先行者尤为重要。“监管不确定期正逐渐过去，从近期密集颁布的法律法规可以看出，靴子已经开始逐步落地。这对投资人和交易律师无疑都是好消息，大家将在更加确定的合规框架下推进项目。”他说。

当然，“监管要求越多，对交易律师要求就越高。举例来说，未来境内企业在境外上市需满足更多的境内监管要求，如何高效地协助客户满足境内外的双重监管要求将对交易律师的服务能力和水平提出更高的要求。”于律师说。

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ALB China Dealmakers

Transactional lawyers are facing mounting challenges due to more than two years of the COVID-19 pandemic, changes in corporate business strategies and an increasingly complex domestic and international regulatory environment. The annual ALB Dealmakers list celebrates those who have demonstrated sophisticated legal expertise, acute market insight and commercial skills that "make the impossible possible.”

 

The art of dealmaking is once described as follows: “Things don’t just fall into place by accident. A good dealmaker understands that it’s his/her job to finesse things into place.” This description resonates even more in this post-pandemic business environment. On the one hand, market appetite for deals is high; on the other hand, the prevalence of protectionism and the continuous stream of new policies and regulations require buyers and sellers to "climb more mountains" to finally reach a deal. It is also in this environment that lawyers are becoming more involved in deals than ever before.

The ALB Dealmakers of Asia 2021 list, released late last year, showcased the top transactional lawyers in the year gone by. In this feature, we spotlight some of the Chinese lawyers on the list and ask them about their observations of recent market trends, as well as the requirements and challenges posed by the new regulatory environment for lawyers.

NEW CAPITAL MARKET LANDSCAPE

2021 has been a big year for China's capital markets. According to Zero2IPO data, in 2021, 645 Chinese companies went public at home and abroad, a year-on-year increase of 12 percent, raising 856.2 billion yuan ($135 billion). Both the number of IPO issuers, and the amount of funds raised, hit record highs.

How did Chinese companies make the choice between different capital markets? According to Zhang Zhiqiang, partner at Jingtian & Gongcheng, "in the past year, as registration system reform progressed, more companies chose to list on the A-share market, especially boards that have implemented the registration system. The Hong Kong stock market was still active, though the level of activity declined in the second half of the year. In contrast, the number of Chinese companies that pursued IPOs in the U.S. has dropped significantly."

Zhang's observations are backed by data. The 2021 Review and 2022 Outlook for Chinese Mainland and HK IPO Markets published by Deloitte noted that in 2021, the Shanghai Stock Exchange ranked third in the world in terms of capital raised, surpassing the Hong Kong Stock Exchange, while the Shenzhen Stock Exchange has also risen to fifth globally.

"Frankly speaking, most Chinese companies are more concerned about the A-share market," explains Kong Xin, director and partner at Commerce & Finance Law Offices, "The relatively high price-earnings ratios on the A-share market, the registration system reform, the establishment of the Beijing Stock Exchange, the implementation of the system to transfer listing status on different exchanges, etc. have all made more domestic companies turn their attention to the A-share market.”

Although the Hong Kong capital market has been affected by regulatory uncertainty, Kong remains optimistic about its prospects: "Hong Kong's capital market is still the least affected by the laws and policies of various countries and is relatively stable. It also continues to remove old regulations and introduce new ones in recent years. So far, over 100 companies are in the pipeline for listing there."

Speaking of industry sectors that were active in the past year, Kong shares with ALB that "hot industries included hardcore technology, the Internet, biotech and consumer goods. Of course, changes in domestic rules have led to certain industries from being popular listing candidates to almost vanishing. Real estate, education and certain Internet companies were examples.”

As to what stands out in IPO deals in the past year, Kong says frankly: "New regulations were promulgated one after another in 2021. Many lawyers said that the government always assigned homework as soon as holidays approached." This trend continues into 2022. Although it’s still early in the year, a series of important regulations related to capital markets have either come into effect or will take effect soon.

In Kong's view, the most important mission of capital markets lawyers is "to fully grasp the contents and practical operations of relevant new regulations...in order to provide clients with low-cost and feasible path to raise funds on the capital market.”

INVESTMENT AND M&A ON THE RISE

Investment, financing and M&A deals undoubtedly experienced a strong recovery in 2021.

According to Refinitiv data, the global M&A market closed 2021 at an all-time record of $5.9 trillion in over 63,000 transactions, an annual increase of 64 percent and 24 percent respectively.

Despite tight travel restrictions, Mainland China and Hong Kong SAR also registered record numbers of deals. According to data from Mergermarket, the number of mergers and acquisitions in China and Hong Kong SAR rose nearly 20 percent to a record high last year. A total of 2,381 deals were concluded in 2021. The value rose 13 percent to $545.2 billion, the second highest ever.

Michael Yu, partner at Global Law Offices, is an expert in investment, financing and M&A. He uses the phrase "quite surprised" to describe the sentiment among Chinese lawyers for the market in 2021. Yu attributes market growth to several points. First, “deals were generally subdued in 2020, so there was a rebound effect last year.”

Second is the impact brought about by China's macro-planning and industrial policy implementation. "Policies such as industrial transformation and industrialization upgrading, energy conservation and environmental protection, new consumption and dual circulation have driven the development of many sectors that were not popular before. In addition, new concepts such as hardcore technology, ESG and new consumption brought new energy to the market. Areas that have already been active, such as healthcare, remained strong,” says Yu.

In terms of deal types, Yu comments that "the percentage of domestic-driven M&A transactions has gradually increased over the past few years, while foreign direct investment has been on a steady downward trend... However, from the second half of 2021, we have seen some foreign clients coming back to China to look at many projects."

Indeed, data from the Ministry of Commerce show that FDI into the Chinese mainland, in actual use, is expected to surpass 1 trillion yuan in 2021 and that China's actual use of foreign investment during the first 10 months of 2021 was up 17.8 percent year-on-year.

TRENDS TO WATCH IN 2022

As to the future developments of the deal market, what are some of the observations from lawyers?

In terms of the IPO market, Zhang of Jingtian & Gongcheng points out that "as far as the domestic capital market is concerned, market-oriented reform will keep advancing and the responsibilities of issuers, their senior management personnel, and the intermediaries engaged will also be more stringently regulated."

As to the regulation of overseas listing, "relevant new regulations on domestic enterprises listing overseas are expected to be implemented in 2022, which will have some impact on existing overseas listing models, especially red chips and the VIE structure," says Zhang.

When it comes to investment, financing and M&A, Yu of Global Law Offices is fairly optimistic that as "the M&A and investment and financing market is still in the active range.” In addition, popular sectors, such as ESG, hardcore technology, healthcare, carbon neutrality, etc. will continue their momentum in 2022.

Apart from market trends, Yu believes that Chinese transaction lawyers would face a bigger question in 2022 that is both challenging and interesting. "The period of regulatory uncertainty is gradually passing. From the recent intensive promulgation of laws and regulations, we can see that the rules are already being put in place."

Needless to say, the more regulation, the higher requirements on transaction lawyers. However, although new regulations are gradually implemented, actual application of these regulations is still scarce. "In the era of tightened regulation, Chinese transaction lawyers should learn, and advise clients, to follow the overall trend and to guide clients to avoid legal risks. That’s a real test for us," says Yu.

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