The eight units of case research showcased right here characteristic examples of essentially the most revolutionary work and legal providers that attorneys have developed in the Asia-Pacific area for shoppers, whether or not working in the area or globally.
All of the case research had been researched, compiled and ranked by RSGI. “Winner” signifies that the organisation gained an FT Innovative Lawyers Asia-Pacific award for 2023.
Sustainability
Winner: Pinsent Masons
Originality: 9; Leadership: 8; Impact: 8; Total: 25
Working with skilled providers enterprise KPMG, the legislation agency helped the Asian Development Bank to create a financing construction, generally known as an power transition mechanism (ETM), to help Vietnam, Indonesia and the Philippines by way of the decarbonisation course of.
The ETM funds the decommissioning of coal-fired energy vegetation whereas additionally backing new renewable tasks, thereby serving to to speed up power transition in these nations.
Standout
Gilbert + Tobin
O: 8; L: 8; I: 8; Total: 24
The legislation agency suggested the Commonwealth Bank of Australia on a mannequin to offer A$1.7mn ($1.1mn) in funding for an agricultural undertaking that might assist lower carbon in the environment. The financial institution offered financing upfront in return for an agreed quantity of Australian carbon credit score models, to be delivered over 5 years.
The attorneys helped to navigate rules and supply danger mitigation, which will be advanced for agricultural tasks designed to ship future carbon discount advantages.
Shearman & Sterling
O: 8; L: 7; I: 8; Total: 23
The agency suggested the International Finance Corporation, the personal sector arm of the World Bank, on its first bond funding in Bangladesh. A bond funding allows the IFC to offer funding in native currency. The attorneys designed a particular settlement with the important thing components of an IFC mortgage — reminiscent of environmental, social and governance (ESG) necessities — to go alongside its subscription to the bond providing issued by Bangladesh’s Brac Bank.
Commended
Hogan Lovells
O: 6; L: 8; I: 7; Total: 21
The attorneys helped the IFC with two bond issuances in the Philippines, one in the healthcare sector and one financing renewable power for the hospitality sector. Injecting capital into the Philippines market in this manner will help to beat scepticism in the area round bonds linked to the UN sustainable improvement targets, by proving that they can generate worth.
Kim & Chang
O: 7; L: 7; I: 6; Total: 20
When carmaker Hyundai’s 18 group corporations wanted to consolidate their method to ESG reporting, the legislation agency created a multidisciplinary crew to barter between the massive quantity of stakeholders to agree a typical framework.
Shardul Amarchand Mangaldas
O: 7; L: 6; I: 6; Total: 19
In advising on the primary issuance of a “green” bond by an actual property funding belief in India, the agency drew on worldwide requirements to design a framework, together with a reporting and disclosure course of, for the financing of “green” buildings, overlaying questions reminiscent of their use of water and power.
Nishimura & Asahi
O: 5; L: 7; I: 7; Total: 19
To advise on undertaking financing for an offshore wind energy undertaking close to Hokkaido in northern Japan, the attorneys needed to attain agreements with monetary establishments throughout the globe. As it was the primary of its type in Japan to incorporate financing for battery storage, and since of its offshore location, the undertaking required a novel safety association, involving the worth of bodily belongings used and of the undertaking in the longer term.
Digital belongings
Winner: Allen & Overy
Originality: 8; Leadership: 9; Impact: 9; Total: 26
The agency suggested the Hong Kong authorities on its first bond issuance by way of blockchain token, which makes use of Hong Kong greenback money tokens, Hong Kong’s centrally issued cryptocurrency. The attorneys led the creation of the bond and automatic the executive processes on Goldman Sachs’s digital asset tokenisation platform. Using a blockchain platform for bond issuance makes cost settlement sooner, rushing up secondary buying and selling.
Standout
Yulchon
O: 8; L: 8; I 9; Total: 25
An alliance of South Korea’s 5 largest cryptocurrency exchanges all delisted crypto coin wemix in November 2022 in order to guard shoppers. When the coin’s issuer, online game firm Wemade, challenged the motion as anti-competitive, Yulchon efficiently argued in court docket that Wemade had issued deceptive disclosures in regards to the coin and that the exchanges, one of which was a shopper, took impartial selections to delist. This units a precedent for self-regulation by crypto exchanges in South Korea.
Anand and Anand
O: 8; L: 8; I: 8; Total: 24
Indian conglomerate Tata Sons requested the legislation agency to help when London-based enterprise Hakunamatata started promoting cryptocurrency with the title “Tata coin”. Pursuing this case in London would have been arduous as a result of of the time and on-the-ground assets wanted. The attorneys efficiently argued that an Indian court docket had jurisdiction and that the coin constituted an infringement of the Tata trademark as a result of Hakunamatata’s web site had a demonstrable on-line presence for shoppers in New Delhi. This has been used as a precedent for related disputes over digital belongings.
Dechert
O: 8; L: 7; I: 8; Total: 23
The agency helped asset supervisor Fore Elite Capital Management arrange and launch a fund in Hong Kong in February 2022 that invests solely in digital belongings. It needed to persuade the regulator by establishing safeguards, reminiscent of a course of to make sure solely authorised people may make trades in crypto cash and derivatives.
Commended
Baker McKenzie
O: 8; L: 7; I: 7; Total: 22
Led by companion Kammalard U-rapeepatanapong, the agency’s Thailand workplace has carried out pioneering work on digital belongings in the area. It helped digital asset administration agency XSpring Digital get hold of approval from Thailand’s securities regulator to create SiriHub, a platform for actual property backed funding tokens. It additionally suggested on regulatory frameworks for preliminary coin choices and safety token choices.
Morgan Lewis & Bockius
O: 8; L: 7; I: 7; Total: 22
The agency helped digital asset trade Zipmex develop a restructuring plan, which was permitted by the Singapore courts in March. The attorneys wanted to ascertain a centre of primary affect for the corporate, which was decentralised, earlier than going forward with the restructuring. They argued this must be Singapore because the enterprise’s most related market, though its operations had been primarily based in different nations, and likewise co-ordinated a big quantity of stakeholders together with 400,000 or so collectors.
Rajah & Tann
O: 7; L: 6; I: 7; Total: 20
In a case of cryptocurrency stolen from a US citizen in Mexico, the person’s US counsel approached Rajah & Tann, as a result of agency’s experience in the Singapore legal market. The agency efficiently argued to the Singaporean courts that the cryptocurrency amounted to property topic to belief and that, because the cash handed by way of crypto exchanges primarily based in Singapore, the courts may freeze the belongings.
Clifford Chance
O: 6; L: 6; I: 7; Total: 19
Zodia Custody, a UK-based crypto asset custodian launched by Standard Chartered financial institution in affiliation with Northern Trust, approached the agency for recommendation on a three way partnership with Japanese monetary conglomerate SBI Group to launch a crypto asset custodian in Japan. The attorneys managed advanced legal questions round mental property and share worth construction.
Yulchon
O: 6; L: 7; I: 6; Total: 19
When Japanese messenger app Line determined to launch a platform for shoppers to trade non-fungible tokens, Yulchon’s digital asset specialists suggested on all legal elements regarding the issuance, advertising and marketing and commerce of the tokens. The attorneys helped design a membership mannequin and system for funds and overseas trade transactions.
Transforming industries
Winner: Clifford Chance
Originality: 8; Leadership: 8; Impact: 9; Total: 25
The agency offered legal help for a three way partnership arrange between monetary providers corporations DBS Bank, JPMorgan and Temasek, that was supported by the regulator, the Monetary Authority of Singapore, to create Partior: a platform that simplifies and hastens interbank cost settlements, utilizing blockchain.
The agency managed negotiations with shareholders and drafted an unique set of paperwork that outlined the foundations of the community and the regulatory constraints of contributors.
Standout
Simmons & Simmons
O: 8; L: 8; I: 8; Total: 24
The agency partnered with UBS’s wealth administration crew on the launch of Circle One — a cell banking app for the financial institution’s high-net-worth shoppers. It gives them with entry to monetary advisers and market info by way of curated articles and podcasts.
The agency suggested on product design and compliance with Hong Kong and Singaporean banking rules.
DLA Piper
O: 8; L: 8; I: 7; Total: 23
The agency has created a devoted crew of greater than 100 attorneys and professionals from throughout DLA Piper to cowl well being tech — combining mental property, regulatory, information privateness, contracting, logistics and life sciences assets. The crew provides a worldwide perspective on telehealth, which is the use of know-how to entry healthcare and associated digital well being merchandise.
Commended
Nishimura & Asahi
O: 7; L: 8; I: 7; Total: 22
The agri-food practice group on the legislation agency advises the Japanese Cabinet Office and the ministry of agriculture, forestry and fisheries on legal practice in sustainability. It additionally mentors small companies in undertaking financing and know-how.
Pinsent Masons
O: 5; L: 8; I: 7; Total: 20
The agency is supporting Singapore’s rising “alternative” meals sector.
It suggested on the S$2.2mn ($1.6mn) seed funding spherical for Float Foods’ plant-based egg substitute OnlyEg and with the launch of Love Handle, Asia’s first plant-based “butcher”.
King & Wood Mallesons
O: 6; L: 6; I: 7; Total: 19
The agency acted for Hong Kong-based reinsurance specialist Peak Re on the difficulty of the primary 144A disaster bond transaction in Hong Kong. The bond covers losses to business from typhoons in Japan.
LNT & Partners
O: 6; L: 7; I: 6; Total: 19
The legislation agency acted for Singapore-based monetary know-how firm Atome Financial in its 10-year strategic partnership with banking group Standard Chartered to launch a pioneering buy-now-pay-later credit score platform in Vietnam.
Cyber safety and information governance
Winner: Rajah & Tann
Originality: 8; Leadership: 7; Impact: 9; Total: 24
Rajah & Tann suggested life sciences firm Bayer on the use of drones to gather information on farms in south-east Asia, which will help farmers goal their pesticide spraying and enhance soil high quality — thereby growing crop yields. The agency labored on a knowledge governance mannequin for the collected information that accounts for various legal guidelines and guidelines throughout the area.
Commended
Corrs Chambers Westgarth
O: 6; L: 8; I: 7; Total: 21
Corrs Cyber proactively provides specialist recommendation and situation planning to shoppers now dealing with new cyber safety obligations underneath the 2022 amendments to Australia’s Security of Critical Infrastructure Act. The scheme consists of cyber breach battle video games and boot camps.
Khaitan & Co
O: 7; L: 7; I: 7; Total: 21
In 2022, the attorneys helped draft information safety laws, which is now underneath assessment in India’s parliament. They crafted a novel system that goals to steadiness competing pursuits, whereas additionally permitting for larger self-regulation than different jurisdictions are providing.
Lander & Rogers
O: 7; L: 7; I: 6; Total: 20
The agency developed a device for shoppers that simplifies completion of information privateness influence assessments, to ease administrative burdens created by information safety legal guidelines.
Tilleke & Gibbins
O: 6; L: 7; I: 6; Total: 19
Uniquely in the Thai legal market, the agency has taken on monetary legal responsibility for information breaches on behalf of main tech platforms. This makes it extra possible for social media corporations reminiscent of Line and Meta to handle the danger of legal compliance.
Restructuring
Winner: Mori Hamada & Matsumoto
Originality: 8; Leadership: 8; Impact: 8; Total: 24
The agency secured ¥430.1bn ($3.2bn) of debt forgiveness for Japanese auto elements maker Marelli utilizing expedited court docket insolvency proceedings. It launched this motion to run alongside a faltering different dispute decision course of after anticipating the rescue deal wouldn’t obtain unanimous consent from collectors. This case will assist inform the federal government’s plans to reform Japan’s chapter safety regime and assist ease company rescues when the complete help of collectors can’t be secured..
Standout
Latham & Watkins
O: 8; L: 7; I: 8; Total: 23
The agency used novel combos of insolvency proceedings to restructure overseas and onshore money owed in two important situations in China. The attorneys mixed a Hong Kong scheme of association with a UK restructuring plan to safe a $6.2bn debt restructuring for Hong Kong Airlines. They additionally labored with Huachen Energy, a distressed energy provider, to safe US Chapter 15 recognition for a debt restructuring agreed in the People’s Republic of China.
WongPartnership
O: 7; L: 8; I: 8; Total: 23
The agency acted for Singapore’s Olam Group in a reorganisation and subsequent demerger of its meals components and agriculture companies.
It led on itemizing Olam’s components division on the Singapore Stock Exchange and the sale of a major shareholding in its agribusiness subsidiary to the Saudi Agricultural and Livestock Investment Company, forward of a proposed itemizing on Saudi Arabia’s stock trade.
Commended
Veritas Legal
O: 7; L: 8; I: 7; Total: 22
The agency suggested US funding group JC Flowers on the acquisition of unhealthy loans from India’s Yes Bank. Under the phrases of the deal, a department of the US group paid an preliminary 112bn rupees ($1.4bn) to accumulate a portfolio of non-performing loans initially valued at 480bn rupees. The transaction was the only largest sale of such distressed belongings in India.
Eversheds Sutherland
O: 6; L: 6; I: 8; Total: 20
After Covid-19 enormously diminished passenger volumes, the agency ensured Hainan Meilan International Airport Co may function with out interruption by enabling the leasing of land, buildings and tools from its guardian firm. The agency structured pricing adjustment mechanisms to take care of fluctuations in passenger volumes and streamlined disclosures to adjust to Hong Kong itemizing guidelines.
Sidley Austin
O: 5; L: 7; I: 7; Total: 19
The agency suggested on offshore debt restructurings for a number of distressed Chinese actual property corporations, after the disaster attributable to the default of property developer Evergrande in 2021. As properly as advising Evergrande, Sidley Austin has acted for Modern Land in restructuring practically $5bn of debt, and China Fortune Land Development following its default on its offshore borrowing.
Deal making
Winner: King & Wood Mallesons
Originality: 9; Leadership: 8; Impact: 8; Total 25
The agency structured Woodside Energy’s acquisition of all the share capital of BHP Petroleum to create Australia’s largest power supplier. The share capital was acquired in trade for brand spanking new Woodside shares, which meant Woodside prevented having to boost capital for the A$63bn deal. The attorneys additionally led Woodside’s simultaneous itemizing on the London and New York stock exchanges.
Standout
Mori Hamada & Matsumoto
O: 8; L: 8; I: 8; Total 24
Amid rising overseas funding in Japanese public corporations, the agency acted for US investor KKR in Japan’s largest M&A deal in 2022. Using stub equity and beneficial tax legal guidelines, the agency was in a position to construction KKR’s acquisition of Hitachi Transport System, a logistics subsidiary.
Deacons
O: 8; L: 8; I: 8; Total: 24
The agency achieved the itemizing of a collection of funding merchandise on the Hong Kong Stock Exchange on behalf of Taiwanese asset administration agency Fubon Fund Management, together with the primary exchange-traded fund listed in Hong Kong centered on the Taiwanese semiconductor business. The attorneys navigated geopolitical complexities to craft a disclosure course of that balanced regulatory issues with the pursuits of traders.
Corrs Chambers Westgarth
O: 7; L: 8; I: 8; Total: 23
The agency devised a novel financing construction utilizing financial institution borrowed stock, for gold explorer Gold Road Resources to purchase shares in Australia-based competitor De Grey Mining. This enabled the shopper to accumulate extra stock in De Grey Mining the place there was inadequate market liquidity.
Mayer Brown
O: 8; L: 8; I: 7; Total: 23
Acting for Indonesia in a “switch” tender provide to redeem sovereign bonds and problem new ones, the agency mitigated the danger of bondholders’ not paying for the brand new issuance by sharing that danger amongst a syndicate of banks. This enabled Indonesia to optimise its debt-service ranges in the face of risky markets.
Commended
Sidley Austin
O: 7; L: 7; I: 8; Total: 22
The agency suggested particular function acquisition firm Hong Kong Acquisition Corporation in its $128.2mn preliminary providing and itemizing on Hong Kong’s stock trade. This was believed to be the primary Spac with totally Hong Kong-based promoters, many of which had been hedge funds fairly than the personal equity traders sometimes concerned in Spac offers.
JunHe
O: 7; L: 7; I: 7; Total 21
The agency devised an settlement for Chinese biopharmaceutical firm Antengene’s collaboration with US prescription drugs group MSD (Merck) establishing how they might share mental property from a worldwide scientific research utilizing Antengene’s proprietary biomedical analysis.
Paul Hastings
O: 6; L: 7; I: 7; Total: 20
The agency suggested South Korean pharmaceutical firm SD Biosensor and South Korean personal equity fund SJL Partners on the acquisition of US-listed pharmaceutical enterprise Meridian Bioscience. The deal was advanced as a result of of a US justice division investigation right into a Meridian subsidiary, which required cautious contingency planning from the attorneys.
Corrs Chambers Westgarth
O: 7; L: 6; I: 6; Total: 19
The agency devised a deferred consideration and earn-out construction for Liechtenstein-based personal lender LGT Group’s acquisition of Crestone Wealth Management, the primary such construction accepted by Australian courts on behalf of a overseas purchaser.
Facilitating international enterprise
Winner: Kim & Chang
Originality: 9; Leadership: 8; Impact: 8; Total: 25
The agency’s analysis centre for worldwide taxation, a collaboration of attorneys and tax professionals, suggested South Korea’s ministry of economic system and finance on the second half of the OECD’s guidelines for international tax reforms. The centre’s recommendation on deciphering the foundations, co-ordinating them with the nation’s tax legislation, and researching different tax regimes, performed a job in South Korea being the primary OECD member to codify international minimal tax guidelines into home laws.
Standout
Nagashima Ohno & Tsunematsu
O: 8; L: 8; I: 7; Total: 23
The agency works with Japanese corporations to assist them adjust to differing human rights legal guidelines in the nations the place they function. For instance, the agency suggested on tips for Kobe Steel about human rights due diligence.
Paul Hastings
O: 7; L: 8; I: 8; Total: 23
In anticipation of rising tensions in US-China relations, the agency expanded its white-collar investigations practice. It focuses on advising US-listed Chinese corporations that danger being delisted underneath US guidelines requiring larger entry to corporations’ monetary audits.
Commended
Freshfields Bruckhaus Deringer
O: 6; L: 8; I: 7; Total: 21
Freshfields suggested Li & Fung on the sale of its logistics arm, LF Logistics, to Danish delivery group Maersk, and the shopping for again of the worldwide freight enterprise from inside LF. The advanced deal wanted the buyback to be by way of staggered completions in totally different jurisdictions at totally different levels.
Pinsent Masons
O: 7; L: 7; I: 7; Total: 21
The agency acted for China State Construction International as half of its consultancy work for the Qianhai Board, a Chinese governmental physique, in the event of the Qianhai financial zone between Hong Kong and mainland China. It established a legal framework, adopting worldwide procurement and development contract strategies and a brand new development dispute decision course of.
Sidley Austin
O: 6; L: 7; I: 7; Total: 20
The agency acted for quick meals group Yum China to stop it being delisted in the US following new guidelines on audits. Lawyers suggested Yum China on changing its secondary itemizing in Hong Kong right into a dual-primary itemizing.
Morgan Lewis & Bockius
O: 5; L: 6; I: 8; Total: 19
The agency devised a financing construction for Chinese state-owned monetary funding fund Silk Road Fund, as half of a global investor consortium that acquired a 49 per cent stake in Aramco Gas Pipelines, a subsidiary of Saudi Aramco.
Creating a brand new customary
Winner: Nagashima Ohno & Tsunematsu
Originality: 8; Leadership: 7; Impact: 10; Total: 25
Acting for resort group Kokusai Kogyo Kanri, proprietor of resorts in Hawaii, the agency introduced the primary profitable litigation of its type towards the Japanese tax authority on the Supreme Court. The court docket declared the tax in query, regarding the therapy distributions from a US subsidiary to the guardian firm, illegal. The Supreme Court resolution invalidating all earlier rulings primarily based on the misapplied rules led to the rectification of previous enforcements.
Standout
Freshfields Bruckhaus Deringer
O: 8; L: 9; I: 7; Total: 24
The agency represented wind farm investor Eurus Energy of Japan in its motion towards Spain following reforms to the nation’s tax and incentive regime for renewable electrical energy a decade in the past. The modifications lower subsidies and imposed a brand new 7 per cent tax on income from all energy mills. The tribunal dominated that the reforms included an unfair retroactive clawback of income already earned by the agency’s shopper, which was awarded €106.2mn.
Shearman & Sterling
O: 8; L: 8; I: 8; Total: 24
Advice to a steering committee led to the closure of the fifth issuance of the Women’s Livelihood Bond Series for Singapore-based funding organisation Impact Investment Exchange. This $50mn issuance is the world’s first Orange Bond, a brand new class demanding nonetheless tighter situations for gender-focused investments. throughout Asia and Africa.
Commended
Mayer Brown
O: 8; L: 7; I: 7; Total: 22
The agency acted for China Construction Bank (Asia) in the creation of a brand new debt product. The bond makes use of an offshore trustee and provides international traders direct entry to issuers of renminbi-denominated debt in the Shanghai Free Trade Zone.
Anand and Anand
O: 7; L: 8; I: 7; Total: 22
The agency acted for US wi-fi tech firm InterDigital towards Chinese smartphone maker Oppo in claims and counterclaims regarding alleged patent infringement heard in the Delhi High Court. Lawyers gained safety for prices towards Oppo at a newly recognised pre-interim injunction stage.
Gibson Dunn & Crutcher
O: 7; L: 8; I: 5; Total: 20
The agency led the design of a mannequin clause for contracts that expressly recognises events’ proper to decide on their supervisory court docket for arbitration-related proceedings in Singapore.