On March 4, 2026, China Business Law Journal announced its "Deals of the Year 2025", which highlights multiple Han Kun-advised deals.
Amid shifting global trade norms, an uneven economic recovery and mounting industrial competition, Chinese and international lawyers have continued to bring sharp professional judgement and creativity to the table. From financings and M&A to compliance infrastructure and high-stakes dispute resolution, their contributions have not only demonstrated the depth of elite legal practice but also set reference points for corporate decision-making. Among the deals that have completed or achieved significant milestones between November 1, 2024, and October 31, 2025, China Business Law Journal has selected the standouts as the Deals of the Year 2025 from a voluminous database of Chinese and international law firm submissions, saluting the hard work and remarkable performance behind each deal.
EQUITY CAPITAL MARKETS:
- Pony AI listings on Nasdaq, HKEX
DEBT CAPITAL MARKETS:
- Baidu's RMB10bn offshore bond offering
- Baidu's USD2bn exchangeable bonds
- Guangzhou Metro updates USD3bn MTN
ABS/REITS:
- Hangzhou Bay Bridge RMB8bn SSE REIT
M&A:
- Baidu acquires JOYY livestreaming for USD2.1bn
- Boyu Capital's acquisition of Beijing SKP
- Insurance funds buy Wanda-linked assets
- Sino Biopharm acquires LaNova Medicines
- XCMG's RMB6.44bn mixed ownership reform
LIQUIDATION, BANKRUPTCY AND RESTRUCTURING:
- Hanma Technology restructuring
- Sincere YuanChuang, affiliates restructuring
INTELLECTUAL PROPERTY:
- 3SBio licenses SSGJ-707 globally to Pfizer
- Hengrui-GSK USD1.25bn licensing deal
- United Labs licenses UBT251 to Novo Nordisk
DOMESTIC DISPUTE RESOLUTION:
- Represented a leading Key Opinion Leader (KOL) in major serial disputes concerning e-commerce cooperation with a MCN (Multi-Channel Network) agency
CROSS-BORDER DISPUTE RESOLUTION:
- Shanghai Yanlong cross-border telecom dispute
*The above deals are sourced from the China Business Law Journal website (https://www.vantageasia.com).
As in previous years, backed by its continuous reporting on China's legal market, and independent analysis, China Business Law Journal has selected the Deals of the Year 2025 from thousands of submissions in the past year. Key evaluation criteria include deal size, industry impact, structural innovation, judicial precedent setting, and social contribution by taking into account factors that included overall significance, complexity, innovative nature, and deal size, among other broader interests.