Recently, the China Business Law Journal released the winners of the Deals of the Year 2025. Grandall Law Firm has been honored with Deals of the Year 2025 for multiple deals as follows:
China Changan Automobile Group launches
Lawyers: LI Bo (Grandall Beijing), XU Chunling (Grandall Beijing), LU Ruyi (Grandall Shanghai), FENG Xiaoyi (Grandall Beijing), WU Linyue (Grandall Beijing), HAO Xili (Grandall Beijing), SHE Yaning (Grandall Beijing), REN Hu (Grandall Beijing), LIU Xuanyan (Grandall Shanghai)
Project Overview: China Changan Automobile Group was officially established in Chongqing on 27 July 2025 with a registered capital of RMB20 billion, marking the first top-tier central state-owned enterprise to base its headquarters in Chongqing. Grandall advised on the spin-off of the original China South Industries Group and the acquisition of three A-share listed companies within its automotive business segment, namely, Changan Automobile, Hunan Tyen, and Dongan Power.
Chery Automobile HKD9.15bn HKEX IPO
Lawyers: LIU Xiaojin (Grandall Chengdu), CHEN Hong (Grandall Chengdu), XIAO Huiting (Grandall Chengdu), ZHANG Liwen (Grandall Chengdu), LI Fei (Grandall Chengdu)
Project Overview: Chery Automobile, China's domestic automaker, listed on main board of the HKEX, raising HKD9.145 billion. Grandall advised Yibin Development Venture Capital, the cornerstone investor, on due diligence and subscription matters.
SF Holding HKD5.83bn HKEX IPO
Lawyers: HU Jing (Grandall Beijing)
Project Overview: On 27 November 2024, SF Holding Co., Ltd., a leader in China's express logistics industry, successfully listed on the Hong Kong Stock Exchange, becoming the first "A+H" listed company in the logistics sector. Grandall served as the PRC data compliance legal counsel to SF Holding in this listing project.
Pony AI Listings on Nasdaq, HKEX
Lawyers: HU Jing (Grandall Beijing), YANG Juan (Grandall Beijing), LI Bo (Grandall Beijing), LU Ruyi (Grandall Shanghai), WU Linyue (Grandall Beijing), ZHAI Hao (Grandall Beijing), XU Chunling (Grandall Beijing), HAO Xili (Grandall Beijing), SHE Yaning (Grandall Beijing), LIU Xuanyan (Grandall Shanghai)
Project Overview: Pony AI Inc. successfully listed on the Nasdaq in November 2025, becoming the world's first robotaxi stock. Beijing Automotive Group made a strategic investment in Pony.ai, subscribing to over USD 70 million of its publicly offered American Depositary Shares (ADS). Grandall Law Firm served as legal counsel to BAIC Group in this transaction, providing comprehensive legal services across multiple domains, including cross-border investment, state-owned asset supervision, trade controls, data compliance, domestic and international antitrust review, and national security clearance.
China Fusion Energy gains state funds
Lawyers: FENG Xiaoyi (Grandall Beijing), PEI Lingyan (Grandall Beijing), SONG Jia nan (Grandall Beijing)
Project Overview: China Fusion Energy was formerly a wholly owned subsidiary of CNNC. Following a capital injection of RMB11.469 billion from multiple state-owned investors, the company's registered capital increased to RMB15 billion. Grandall Law Firm served as legal counsel to China Fusion Energy.
Sichuan Trust bankruptcy restructuring
Lawyers: CHENG Yan (Grandall Chengdu), LIU Xiaojin (Grandall Chengdu), CAO Haochen (Grandall Chengdu), XIAO Ping (Grandall Chengdu), MENG Lijun (Grandall Chengdu)
Project Overview: Sichuan Trust was one of the 67 licensed trust institutions in China. In recent years, it encountered liquidity risks and entered bankruptcy restructuring proceedings. The restructuring involved declared claims over RMB50 billion and assets for disposal amounting to approximately RMB3 billion. It ranked among the largest financial institution bankruptcy restructuring cases by asset and liability scale in recent years, as well as the second trust company bankruptcy case nationwide and the first such restructuring case. Grandall served as legal counsel to the strategic investor, Jiaozi Financial Holding, facilitating its strategic investment in Sichuan Trust through the restructuring process.