2025.11.10
On November 6, 2025, the 2025 asialaw Awards ceremony was held in Ho Chi Minh City, Vietnam. JunHe won two Impact Deal of the Year awards.
Impact Deal of the Year:
PAG's USD 6.8 billion AirPower Technologies Sale
In January 2025, JunHe acted as PAG's lead legal counsel and assisted in the successful completion of its USD 6.8 billion sale of the controlling interest in AirPower Technologies' industrial gas business. This transaction set a record for the largest single exit in China's private equity history. On the M&A side, JunHe led the entire process from negotiation and signing, to closing. JunHe led the transaction structure design, drafted and negotiated the transaction documents, coordinated the government filing procedures and implemented the closing conditions. On the financing side, JunHe provided legal support for the restructuring and acquisition loans. The duties undertaken include the financing structure design, document negotiation, syndicate coordination and the implementation of the disbursement conditions.
The lead partners for this project were CHEN, Jiang (Joe) and ZHOU, Hui (Nelson). The main partners were CHEN, Jiang (Joe), ZHOU, Hui (Nelson), YAO, Yunke and YUAN, Yifeng (Vincent).
Impact Deal of the Year:
Ping An Group's USD 3.5 billion Global Convertible Bonds
In July 2024, Ping An Group issued USD 3.5 billion in convertible bonds overseas, marking the largest Reg S convertible bond issuance globally, the largest convertible bond issuance by an insurance company worldwide and the first ever overseas convertible bond issuance by a Chinese insurance company. JunHe served as the Chinese legal counsel to the underwriters Morgan Stanley and J.P. Morgan. JunHe conducted Chinese legal due diligence, issued Chinese legal opinions and assisted in the research and judgment of the internal and external approval processes for the issuance. JunHe's team reviewed the transaction documents from a Chinese legal perspective, completed the National Development and Reform Commission's foreign debt review and registration, and verified the filing materials with the China Securities Regulatory Commission.
The lead partner for this project was YU, Yongqiang (YY).
JunHe uses its expertise and strategic vision across different jurisdictions to handle complex international transactions. JunHe understands the detailed rules of cross-border transactions and constructs innovative and practical transaction structures, thereby transforming cutting-edge business concepts into legally rigorous and commercially viable outcomes.
