Phan joins from PwC Legal Vietnam, where he served as a partner for just under two years. Before that, he worked at YKVN and Allen & Gledhill’s Vietnam office.

Cung arrives from VinaCapital, one of Vietnam’s largest investment management companies, where he served as general counsel for more than 16 years.

“Bringing Nhan and Thao on board reflects our ambition to grow and strengthen our presence in Vietnam, and reinforces our commitment to building a leading regional platform across Southeast Asia,” Minh Duong, managing partner of Kinstellar Southeast Asia (Vietnam), told Asia Business Law Journal.

“Nhan adds significant depth in M&A, private equity, banking and finance, and capital markets, while Thao brings a rare combination of in-house commercial judgement and private practice experience, gained over nearly two decades as general counsel of VinaCapital. Together, they further strengthen our Vietnam offering, enhancing our capabilities across both transactional and regulatory matters.”

Phan brings nearly 20 years of experience and specialises in M&A, private equity, banking and finance, capital markets and general corporate matters.

Cung focuses on private equity, funds, M&A, banking and finance, corporate governance and general corporate matters. He is also well-versed in handling complex transactions across a broad range of industries.

With the addition of Phan and Cung, Kinstellar Southeast Asia now has five partners at its Vietnam office.

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We welcome all in-house legal teams of Chinese companies, based in China or whose work is related to China participate in the In-house Impact Awards 2026 through the following portals:

1. Submission of exemplary projects, deals, and/or cases within the past five years; or submit for the sub-categories – In-house Innovation Awards and In-house Teambuilding Awards.
2. Nominate general counsel for our Lifetime Achievements Awards.

China Business Law Journal adheres to a fair and objective principle for all entire line of awards. There are no fee consideration or other obligations attached to the nomination, submission or selection processes.

Deadline for making the submission or nomination is Friday, 21 August. Until then, you may return to surveys via the same device and browser to add to or revise your submission or nomination.

The award report will be published in November 2026. For any inquiries, please contact our editorial team by email at cblj@law.asia or by phone at +852 3622 3841.

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The notes, listed on the Singapore Exchange, were issued on 27 July 2026 and conducted under Regulation S of the US Securities Act of 1933, as amended.

Paul Hastings served as sole international counsel. Partner Iksoo Kim, co-chair of the Seoul office, led the firm’s team with support from associate Sye Myung Kim and corporate attorney David Park.

Citigroup Global Markets, Crédit Agricole Corporate and Investment Bank and the UBS Hong Kong branch were the joint lead managers.

Hanwha Aerospace said it conducted bookbuilding for the bond issuance across multiple regions, including Asia and Europe, which attracted USD3.3 billion, nearly seven times the offering amount.

Issuance proceeds were expected to be used to fund operations and repay debts, the South Korean company said.

Hanwha Aerospace develops and manufactures aircraft engines, marine solutions and space technologies.

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Milbank acted for the lenders, which included CTBC Bank, MUFG and Standard Chartered as mandated lead arrangers, underwriters and bookrunners, alongside Entie Commercial Bank as a mandated lead arranger. Asia managing partner David Zemans and partner James Orme led the transaction team, which included special counsel Rosaline Yusman, of counsel Desiree Woo and associates An Guo, Wei Sheng Lee and Lauren Kava.

“The successful completion of this green loan financing marks another significant step forward for digital infrastructure in Malaysia and will help support the growing demand for data centre capacity across Southeast Asia,” Zemans told Asia Business Law Journal.

Orme said the evolving nature of the lending landscape in the data centre sector proved to be one of the core challenges of the deal.

“This financing demonstrates the increasing sophistication of the lending market for AI-ready data centre infrastructure in Southeast Asia. Our team’s deep experience at the intersection of energy, sustainability and next-generation technology was instrumental in navigating the complex structuring required for a green-certified facility of this scale,” he told ABLJ.

Zul Rafique & Partners acted as Malaysian counsel to the��lenders, with banking and finance��partner��Celine Rangithan������𲹰���𲹻徱�Բ���the team, which also included s��Ծ��ǰ���associate Christin Wong,��associate Abu Zaid bin��Omar�����Ի���pupil-in-chambers Tan Zi Yi.��

MoFo advised DDSP on the financial close of the green financing, with the team led by Yemi Tépé, Asia head of the firm’s finance practice. MoFo also utilised its digital infrastructure capabilities in the data centre and operating services space, led by Singapore office managing partner Tabitha Saw and associates Lisa Yeo, Timothy Lau and Hui Min Foo.

Rahmat Lim & Partners served as Malaysian legal counsel to DDSP, with partner and co-head of the financial services department Kelvin Loh spearheading the team.

DDSP’s 45MW data centre campus in Johor forms part of its broader Asia-Pacific 1.1GW development pipeline, which includes hyperscale digital infrastructure and decarbonised energy projects across multiple jurisdictions, including Thailand, Malaysia, Singapore, Indonesia and Taiwan.

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Lee, formerly head of the private client practice in Greater China at Stephenson Harwood, will be based at the Hong Kong and Singapore offices of Charles Russell Speechly. He spent eight years as a partner at Stephenson Harwood and previously worked as a partner at Zhong Lun Law Firm, both positions at the Hong Kong offices.

He focuses on complex cross-border tax and trust structuring, succession planning, asset preservation, cross-border transactions, family governance and multijurisdictional private client matters.

His practice spans the Chinese mainland, Hong Kong, Singapore, the US, Canada and the UK, with clients including prominent Asian families, institutional trustees, founders of listed companies, ultra-high-net-worth individuals and family offices.

Lee also advises founders of listed companies on trust structuring in connection with IPOs, ensuring compliance with relevant tax, securities and regulatory requirements.

Kang will join CRS’s Hong Kong office as a partner on 30 May. She previously spent nearly five years as a partner at Stephenson Harwood in Hong Kong. Prior to that, she was of counsel at the Hong Kong office of DLA Piper and was seconded to HSBC for one year as senior legal counsel, overseeing private wealth legal matters across the Asia-Pacific region.

She began her legal career at Borden Ladner Gervais in Canada before joining Hong Kong firm Tiang & Partners (now known as TN Partners).

Her expertise includes private wealth structuring advisory work, multijurisdictional tax advice, the design and implementation of family governance structures, pre-immigration planning and philanthropic foundation planning.

She regularly advises on family trusts, Canadian tax and cross-border succession planning, acting for entrepreneurs and founders of listed companies, among other high-net-worth clients.

Both Lee and Kang are admitted to practise in Hong Kong and the Canadian province of British Columbia. Lee is also qualified in England and Wales.

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The China Securities Regulatory Commission approved SMIC’s restructuring plan on 21 May 2026. AllBright Law Offices and Jingtian & Gongcheng advised on the transaction.

Wang Li, senior and lead partner on the project at AllBright, told China Business Law Journal: “This transaction will directly enhance the listed company’s net profit attributable to shareholders, improve asset quality and overall profitability, strengthen its sustainable operating capacity and core competitiveness, and fully safeguard the longterm interests of all shareholders.”

SMIC is dual listed on the HKEX and the Star Market of the SSE. The transaction marks the first restructuring involving an A+H red chip company and also sets a record for the largest M&A transaction in China’s domestic wafer foundry sector.

Prior to the restructuring, SMIC and its subsidiaries held a 51% stake in SMIC Northern. The remaining shareholders were China Integrated Circuit Industry Investment Fund (CICIIF) (32%), Integrated Circuit Investment Centre (9%), E Town International Investment (5.75%), ZGC Group (1.125%) and Beijing Industrial Investment (1.125%).

SMIC will issue approximately 547 million shares at RMB74.20 per share, representing 6.4% of its enlarged total share capital. On completion, SMIC will hold 100% of SMIC Northern.

AllBright acted as transaction counsel to SMIC, with Wang leading the team, which comprised senior partners Shen Cheng and Ark Bao, and partners Yang Jiwei, Lu Qingchuan, Zhong Hang and Xu Jingjing. Jingtian & Gongcheng advised SMIC on Hong Kong listing approvals and information disclosure matters.

CICIIF subscribed for shares in SMIC Northern in May 2016 and August 2017, investing a total of USD1.54 billion. Following completion of the restructuring, CICIIF is expected to realise more than USD2 billion in proceeds from the transaction.

The transaction was announced on 29 August 2025, which the SSE accepted on on 25 February 2026, and approved by the exchange’s M&A and Restructuring Committee on 11 May 2026. The review process from acceptance to approval took less than three months.

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Christopher & Lee Ong, a member firm of Rajah & Tann, counselled the underwriters Maybank Investment Bank and CIMB Investment Bank. Kuala Lumpur-based partner and deputy head of capital markets Justin Chua led the team, with the support of senior associate Zien Han Tay and associate Sara Gui.

“Our team is proud to have supported the successful listing of a homegrown Malaysian company at the forefront of Malaysia’s semiconductor and AI ecosystem, a milestone that we believe will further catalyse Malaysia’s continued growth as a leading semiconductor hub in Asia,” Chua told Asia Business Law Journal.

Lee Choon Wan & Co acted as issuer’s counsel to SkyeChip and advised on pre-IPO shareholding and investment arrangements, as well as employee incentive arrangements. The firm also drafted the prospectus and relevant submissions to the regulatory authorities, while also providing end-to-end legal support throughout the listing process.

“This included advising on compliance with the Capital Markets and Services Act 2007, the Main Market Listing Requirements of Bursa Malaysia Securities, Securities Commission Malaysia guidelines and other applicable regulatory requirements, as well as managing the legal aspects of the IPO execution process to facilitate a successful listing,” managing partner Lily Tan told ABLJ.

Tan led the Lee Choon Wan & Co team with partners Cassandra Hogg, Hannah Tay and Foong Leng Fong. Tan said negotiating the cornerstone placement agreements with multiple investors was one of the highlights of the transaction.

“LCWCo negotiated and finalised placement agreements with all 22 cornerstone investors, representing one of the largest cornerstone placement exercises for a Malaysian IPO since 2012,” she said.

SkyeChip’s market capitalisation surged following a strong market debut, with its opening price rising nearly fourfold from the IPO price. The offering also saw robust investor demand, with the retail tranche oversubscribed by 95 times, marking the highest retail subscription rate since 2010.

Established in 2019, SkyeChip focuses on semiconductor IP and custom chip design. The company serves customers across the Asia-Pacific and North America.

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The high court has granted an interim stay on the MCA order that required Nadella and nine entities to cumulatively pay INR2.71 million (USD28,325).

MCA alleges that in the regulatory filings, LinkedIn India is the registered owner of LinkedIn India and LinkedIn Ireland is a beneficial owner of one share in LinkedIn India. In another filing, it stated that LinkedIn India is the owner of one nominee share in LinkedIn Ireland.

This irregularity in disclosures led to an MCA conclusion that LinkedIn India is non-compliant with the required disclosures.

On 15 February 2024, the MCA issued a show cause notice to LinkedIn India. In its reply, LinkedIn India said the beneficial ownership of one share by LinkedIn Ireland was always reported accurately. LinkedIn added that the additional regulatory filing was made erring on the side of caution, with an erroneous date noting the date of filing instead of the actual date of creation of the share ownership and expressed its wish to withdraw the filing.

The MCA found the reply unsatisfactory and sent LinkedIn India an email on 4 March 2024 asking for reasons behind providing incorrect information.

In its reply to this email on 12 March 2024, LinkedIn India said it took a cautious approach and reaffirmed LinkedIn Ireland’s beneficial ownership in its filings, reiterating that the filings included an erroneous date. It also said the statutory language of “every person who holds or acquires beneficial ownership” must make the regulatory disclosure filings, led to the company erring on the side of caution.

In the MCA hearing on 12 March 2024, the authorised representatives of LinkedIn India had appeared and reiterated the same submissions.

The MCA in its analysis observed that the timelines LinkedIn India stated for the creation of the beneficial ownership did not match the regulatory filing requirements. The MCA also observes that there is no question of withdrawing the filings as they are part of the disclosures required by law.

The MCA also observed that based on LinkedIn India’s answers and the test of control of significant influence, Microsoft Corporation has the SBO.

On 22 May 2024, the MCA observed that both LinkedIn India and LinkedIn Ireland are non-compliant with the regulatory disclosure filing requirements. The MCA also held Nadella and LinkedIn CEO Ryan Roslansky along with officers of LinkedIn liable for the penalty over non-compliance.

This order was challenged before the appellate authority of regional director, northern region, under the MCA and was dismissed on 27 February 2026.

The present case, , is the appeal that has been filed before Delhi High Court. The petitioners argued that the MCA has relied on filings by Microsoft Corporation before the US Securities and Exchange Commission to determine the SBO, which is different under US law than under Indian law.

The petitioners also argued that penalties were imposed on the CEO and other officers, even though they never had an opportunity to make any filings.

The court then granted interim relief of a stay order on the MCA’s penalty order and issued a notice to government authorities, which said that they would reply within eight weeks. The case is currently ongoing before the courts and the next hearing is on 6 October 2026.

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The issuance marks Clifford Capital’s eighth and largest public IABS transaction to date, comprising a diversified portfolio of 44 project finance and infrastructure loans and bonds across 40 obligors in the Asia-Pacific, Europe and the Americas.

It is also the second consecutive issuance structured under Rule 144A of the US Securities Act of 1933, as well as Regulation S under the same act.

Clifford Chance counselled the joint global co-ordinators, joint bookrunners and joint lead managers, which included BNP Paribas, JP Morgan Securities and Societe Generale, on England, US and Singapore law aspects of the transaction. MUFG Securities Asia’s Singapore branch and Standard Chartered Bank (Singapore) also acted as joint bookrunners and joint lead managers.

Partners Francis Edwards, head of the derivatives and structured finance practice in Greater China, and Lena Ng, who leads the financial regulatory practice in the Singapore office, offered deal advice with senior associate Nicholas Henneberry and associate Alice Tsui.

Partner Mel Chan and associate Didi Hu advised on project and infrastructure aspects, while New York-based partners Robert Villani and Matt Lyons handled US law matters.

US tax advice was provided by partner Avrohom Gelber and associate Kade Moural, while London-based partner Bruce Kahl and his team acted as trustee counsel and advised Citicorp International. Associate Ebony Williams assisted on matters pertaining to the Employee Retirement Income Security Act.

Allen & Gledhill��provided advice to��Bayfront IABS VIII and��Clifford Capital Markets, an affiliate of Clifford Capital.��The team consisted of��partners��Yeo Wico,��Jeanne Ong, Andrew Chan, Jo Tay and��Sunit Chhabra, head of the firm’s tax practice.��

Bayfront VIII includes four classes of USD denominated senior secured floating rate notes and a subordinated tranche. The class A notes are dual rated by Moody’s and Fitch, while all senior notes are listed on the Singapore Exchange.

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