Partner of Jingtian & Gongcheng, Dai Jun, Ranked in “2020 ALB China Top 15 M&A Lawyers”
Date:2020-03-20

Recently, ALB, affiliated to Thomson Reuters, published the list of “2020 ALB China Top 15 M&A Lawyers”. Dai Jun, partner of Jingtian & Gongcheng was among the list.

 

Jingtian & Gongcheng congratulates Mr. Dai on receiving this award, and expresses our heartfelt thanks to all clients for the support and trust.

 

 

After the announcement of the list, Mr. Dai was interviewed by ALB. The following is authorized to forward.

 

Interview with Dai Jun, Partner at Jingtian & Gongcheng: Gaining client's trust with professional excellence

 

With 24 years of legal work experience, Mr. Dai Jun, a partner at Jingtian&Gongcheng, is an expert highly specialized in mergers and acquisitions domestically and internationally, and has made outstanding achievements in the field. Dai is renowned for his capability to help clients complete transactions in very difficult and complicated situations. Utilizing his experience and expertise, he also has proven his strength in leading “the industry’s first case of its kind” to a success on a number of occasions. With professional excellence, Dai established rapport and trust with his clients. In this interview, Dai shared with us the successful experiences of his team, domestic and overseas M&A trends, and gave some advice to Chinese companies.

 

ALB:In the face of challenges from more complex cross-border M&A transactions in recent years, how do you and your team overcome difficulties and succeed?

 

Dai:Not only M&A transactions, but also the relevant laws and the external environment are becoming more complicated. And there are more participants involved in the transactions, bringing more uncertainty. In several recent cross-border mergers and acquisitions projects, our clients were faced with the so-called extreme pressures from the counterparties. In one of the M&A cases we handled, our client’s counterparty even tried to go back to square one just before signing the transaction documents. As external lawyers, we must provide clients with the most comprehensive and thorough legal solutions, and at the same time, we need to help them to gain courage and confidence when making critical decisions. That is exactly what we do. And we achieved good results, helping our clients reach the final deal at reasonable prices and terms. As M&A lawyers, we should know that our clients do not trade every day. It is normal when clients seek our advice or even rely on us in times of emergencies or facing extreme difficulties, and it is where the value of M&A lawyers rest.

 

ALB:As the U.S. and China have reached “Phase One” trade deal, could you share with us, in your opinion, how will it affect Chinese enterprises in terms of overseas acquisitions?

 

Dai:The U.S., China “Phase One” trade deal is only a preliminary agreement, with emphasis on reciprocity and enforceability. But it also reveals an increasingly obvious trend: OECD countries are pushing for a tougher restrictive approach towards Chinese enterprises’ acquisitions. It is almost impossible for China’s State-owned capital or State-controlled companies to make large acquisitions in OECD countries as in the past. At the meantime, in order to avoid tariffs and supply chain risks, also with the impact of COVID-19, I believe, in a long run, China’s private sector should invest in main markets (including those in OECD countries), so as to effectively promote Chinese enterprises’ overseas acquisitions.

 

ALB:Would you give some advice to Chinese companies that are interested in initiating and participating in cross-border mergers and acquisitions?

 

Dai:From my own experiences, I’d like to share four points: (1) Chinese companies, even as sellers, should give play to the role of lawyers and other intermediaries, and introduce intermediaries at an earlier stage, rather than at the time when a preliminary agreement has reached; (2) The financing arrangements for mergers and acquisitions should be more market-oriented and diversified, especially in terms of the use of overseas funds; (3) An M&A project implementation team should remain stable, especially during the integration phase after the transaction is completed; and (4) Chinese companies should make effective change at the management level in terms of having more managers with good business acumen and good language skills.

 

Asian Legal Business is a high-end magazine under Thomson Reuters and one of the most influential legal medias. The top Chinese M&A lawyers list is based on filing by lawyers and market survey, major achievements of lawyers, major achievements in the past 12 months, main clients, awards won, reputation, etc. Partners Dai Guanchun and Huang Yongqing were ranked in the 2017 and 2018 lists respectively.

 

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