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Even as dealmaking slowed down in the first half of 2023, the Asian region still recorded a number of notable M&A transactions. In its annual Asia M&A Rankings, ALB spotlights the leading law firms for M&A work, shedding light on the top players driving the region’s most impactful and intricate deals.

Despite plenty of opportunities for M&A across Asia in 2023, the first half of the year proved to be somewhat disappointing, with the value of deals down significantly from a year earlier.

The value of deals in Asia Pacific in the first half of the year fell almost 40 percent year-on-year to $173 billion, according to GlobalData. The drop has been generally attributed to an uncertain geopolitical environment and unstable macroeconomic conditions. Also contributing to the drop has been the slower-than-expected growth in consumer spending in mainland China along with concerns about the property market there, two big factors that have gone a long way towards denting sentiment for dealmaking in the region in the first six months of 2023.

Several unexpected crises further afield may have also had an impact on dealmaking in the region. These crises included the fall of Credit Suisse (and its acquisition by UBS) as well as liquidity issues that led to a number of failures among smaller regional banks in the U.S., most notably Silicon Valley Bank. Continuing and rapid interest rate hikes in the U.S. and other major markets as part of efforts to tame inflation also had a hand in sending dealmaking to the backburner.

Most of the more visible deals in Asia Pacific took place in the industrial sector, according to Refinitiv, which tracks such deals. The sector accounted for 21.1 percent of all deals in H1 2023, an 11.5 percent rise year-on-year. The materials sector saw the second largest number of M&A deals, accounting for 17.8 percent of the total and worth $61 billion in the first half of the year. In contrast, M&A activity in the often-ebullient technology sector plunged 60 percent in terms of deal value to $35 billion.

GlobalData’s league table shows that JPMorgan and UBS were the top advisers by deal volume and value in the region for the first half of 2023. JPMorgan was on the top of the table in terms of deal value, with $25 billion worth of deals under its belt. UBS led the pack in terms of deal volume by advising on 18 deals.

These were the only two companies with deals worth more than $20 billion, with no other deal coming close to this level in the first half of the year. Morgan Stanley was in third place in terms of deals it was involved in by advising on deals worth $5.7 billion, followed by Moelis & Co and Goldman Sachs, both at $4.9 billion.

One type of deal that is increasingly common in Asia is acquisitions via special purpose acquisition companies (SPACs). There were 25 SPAC combinations announced in the first six months of 2023 worth an average of $34 billion, representing a 145 percent rise in value compared to the same period in 2022. In terms of numbers, SPAC deals rose 56 percent over the same period, according to Refinitiv.

Also impacting the total number and value of deals was a drop in private equity (PE) fundraising. According to London-based research firm Perqin, PE fundraising in Asia Pacific could hit a 10-year low in 2023, as investors move away from China-focused funds. Their quarterly report indicates that funds raised in the area in the first half of the year accounted for 22 percent of 2022’s total. Average capital targeted by China-focused funds was down to $116 billion at the end of Q2 2023, from $142 billion on a quarter-on-quarter basis. PE fundraising was also weak at $5.6 billion in the second quarter, although the figure was almost two times the $3 billion raised in the first quarter.

Refinitiv data shows deal value in Asia Pacific M&A transactions in the first half of the year fell 38 percent to a decade low of $340 billion, with JPMorgan being the top M&A adviser. M&A fees in the same period fell 46 percent on a year-on-year basis to just over $1 billion.

GlobalData research shows a total of 2,765 M&A deals were announced in the region in H1 2023, a decline of 16.3 percent on a year-on-year basis. They believe that several key markets in the Asia Pacific region saw subdued M&A action due to recession fears and macro-economic concerns, in line with the rest of the world, which dented dealmaking sentiment.

SMALLER DEALS

M&A activity in 2023 has not been attention-grabbing grabbing with not a single mega-deal announced during the first half of the year. A mega-deal refers to deals worth more than $25 billion. Bankers believe large deals involving organisations with a presence in several geographies are becoming more and more difficult to pull off due to higher scrutiny from regulators around the world.

One notable change is that antitrust lawyers are being brought into the M&A process much earlier than before, which is also slowing down deals. Nevertheless, there has been a healthier level of mid-market deals as companies pursue strategic growth agendas.

Smaller deals also help companies with transformation and growth plans, and mid-market transactions are expected to dominate the market in the remaining months of the year.

CHINA LEADS THE DROP

The decline in deal volumes in the region was triggered by a fall in M&A activity in China, traditionally Asia’s biggest deals market ahead of Australia and South Korea.

Refinitiv data shows deals involving Chinese companies fell 35 percent compared to a year earlier, which is a decade low. Outbound M&A plunged to the lowest level since 2006. China’s outward direct investment touched $75.4 billion, a 9.6 per-cent growth on a year-on-year basis, according to E&Y, a global consulting and accounting firm. Chinese companies declared total overseas M&A value of $11.7 billion, a 14 percent fall from a year ago, and the lowest in a decade.

E&Y says 224 deals were announced in the first half of 2023, indicating a 13 percent decline on a year-on-year basis. Sector-wise, E&Y data shows the power and utilities sector was at the top in terms of deal value, financial services ranked second, and advanced manufacturing and mobility came in third. These three sectors accounted for 54 percent of total deal value in H1 2023, with power and utilities seeing the biggest surge.

One of the big transactions that took place in the second quarter of this year was a Chinese organisation acquiring two Peruvian companies in the power distribution and energy service sectors. Another large deal involved a Chinese enterprise buying a real estate investment trust (REIT) in the United Kingdom worth approximately $1 billion.

An E&Y report shows that M&A deal value by Chinese companies in Europe stood at $3 billion in H1 2023, a decade low. The UK and Germany bucked the trend, with M&A deal values involving Chinese companies rising 117 percent and 91 percent, respectively.

The increase in deals follows a similar increase in high-level diplomatic visits between European countries and China during the period, as China ramps up efforts to cooperate with Germany and France in the fields of auto manufacturing, new energy, semiconductors and the digital economy. North America was the only continent where Chinese M&A deal volumes increased, but deal values declined 28 percent in H1 2023 on a year-on-year basis.

JAPAN: RISING INTEREST

With low inflation and low interest rates, Japan has created a stable investment environment. Japanese M&A action in H1 2023 was similar to H1 2022, and the country has seen rising interest from global investors.

The total value of outbound deals had plunged to the lowest in seven years in 2022, but 2023 has seen a gradual revival of overseas acquisitions by Japanese conglomerates.

 

“This year has also been a strong for equity issuances in Japan, with $17 billion being raised in the first six months of 2023. This figure is a four-fold rise from the year before and a five-year high for the country.”

 

S&P Global research, however, shows transaction value of PE and venture capital deals plunged in the first half of this year, but deal volumes remained relatively flat. One big deal that is attracting attention involves Japanese conglomerate Toshiba, which is set to go private in a $15 billion deal that is expected to conclude at the end of 2023.

This year has also been strong for equity issuances in Japan, with $17 billion being raised in the first six months of 2023. This figure is a four-fold rise from the year before and a five-year high for the country, says Refinitiv.

INDIA BUCKS TREND

India was another market that bucked trends with the busiest-ever six months in terms of the number of deals announced, with an increase of 5 percent in H1 2023, according to Refinitiv. However, Refinitiv says that while deal volumes were up, deal values slumped, and there were few large deals.

PwC, another Big Four accountancy and consulting firm, expects the latter half of 2023 to remain active in India from a dealmaking perspective on the back of a strong economic growth outlook, a stable business environment and interest in the country’s startup ecosystem. In terms of equity issuance, Refinitiv says India enjoyed growth of 14 percent to $10 billion in H1 2023.

There are several factors that are working in India’s favour and driving interest from the foreign investment community. As economic growth slows in developed nations, a weaker export scenario is being offset by strong domestic demand.

SMALLER MARKETS SHINE

Smaller markets like Thailand and Vietnam have experienced an increase in M&A activity, pushing the number of Southeast Asian deals up 4 percent year-on-year. This was one of the few regions in the world to experience growth in the first half of 2023.

PwC expects Thailand’s M&A activity to recover further in the second half of this year, after several businesses that had paused M&A activities due to an economic slowdown, inflation and geopolitical concerns return to the market.

Meanwhile, Vietnamese electric SUV manufacturer, VinFast Auto’s US$27 billion reverse U.S. listing was the big talking point this year as it is the biggest Vietnamese M&A deal in history.

AUSTRALIA: LAND OF TWO TALES

Dealmakers down under faced a unique situation with falling home-grown activity but rapidly rising foreign deals.

Domestic activity saw a 55 percent decline while outbound deals saw a 70 percent plunge in H1 2023, according to Refinitiv. The equity market raised $7.7 billion in the first half of the year, a 20 percent year-on-year rise. Australia’s M&A outlook is proving to be resilient to the headwinds on local and global economic concerns. A Deloitte survey shows that while activity levels are not likely to boom to the levels of 2021, but most M&A leaders expect the number of deals they pursue to rise or remain stable over the next few months.

WHAT ’S IN STORE FOR H2

Buzz in investment banking circles is that dealmaking in Southeast Asia will lift Asian deal activity in the remaining months of 2023, as several sectors in local markets consolidate.

PwC believes deal flow is likely to open up in H2 2023, particularly if sellers focus on pre-sale preparation and readjust pricing expectations. For many buyers, financing is getting increasingly difficult and a lot more expensive, which is placing more importance on alternative funding and trying to create value from a deal.

Many believe the uptick seen in restructuring activity in H1 2023 will continue in the second half as financing pressures are growing for many, including higher cost of debt, tight credit and challenges in raising capital.

PwC sees a need for market players to go deeper into M&A targets and identify levers of value that can help realise the potential of each transaction. This is already happening with more interest and greater focus on strategic repositioning as well as specific drivers of value like energy efficiency, green tax credits and sustainable financing.

Going by the green shoots that are sprouting in multiple markets, there is optimism that the rest of 2023 will see some transformational M&A activity. While current macroeconomic conditions are likely to influence dealmaking activity, a more stable interest rate environment will make it easier to price transactions.

CHINA DOMESTIC

TIER 1

TIER 2

TIER 3

NOTABLE FIRMS

Commerce & Finance Law Offices

Haiwen & Partners

Han Kun Law Offices

Jingtian & Gongcheng

JunHe

King & Wood Mallesons

Tian Yuan Law Firm

Zhong Lun Law Firm

AllBright Law Offices

Dahui Lawyers

DeHeng Law Offices

Dentons China

Global Law Office

Grandall Law Firm

Guantao Law Firm

Jia Yuan Law Offices

Jincheng Tongda & NealLaw Firm

Llinks Law Offices

AnJie Broad Law Firm

Co-effort Law Firm LLP

East & Concord Partners

FenXun Partners

Grandway Law Offices

Hui Ye Law Firm

Long An Law Firm

Merits & Tree Law Offices

Shihui Partners

T&D Associates

Tahota Law Firm

V&T Law Firm

Beijing DHH Law Firm

Beijing Docvit Law Firm

China Commercial Law Firm

HHP Attorneys-At-Law

Hylands Law Firm

JunZeJun Law Offices

Kangda Law Firm

Zhejiang L&H Law Firm

 

CHINA INTERNATIONAL

TIER 1

TIER 2

TIER 3

NOTABLE FIRMS

Clifford Chance

Freshfields Bruckhaus Deringer

Linklaters

Skadden, Arps, Slate, Meagher & Flom

Allen & Overy

Baker McKenzie FenXun

Davis Polk & Wardwell

DLA Piper

Hogan Lovells

Norton Rose Fulbright

Paul, Weiss, Rifkind, Wharton & Garrison

Simpson Thacher & Bartlett

White & Case

Cleary Gottlieb Steen & Hamilton

Kirkland & Ellis

Morgan, Lewis & Bockius

Morrison & Foerster

Orrick, Herrington & Sutcliffe

Paul Hastings

Shearman & Sterling

Slaughter & May

Sullivan & Cromwell

Weil, Gotshal & Manges

Ashurst

Bird & Bird

CMS

Dorsey & Whitney

Eversheds Sutherland

Gibson, Dunn & Crutcher

Gide Loyrette Nouel

Herbert Smith Freehills

Jones Day

K&L Gates

Latham & Watkins

Mayer Brown

Milbank

Nishimura & Asahi

O’Melveny

Reed Smith

Ropes & Gray

Seyfarth Shaw

Simmons & Simmons

Winston & Strawn

 

HONG KONG

TIER 1

TIER 2

TIER 3

NOTABLE FIRMS

Clifford Chance

Freshfields Bruckhaus Deringer

Kirkland & Ellis

Linklaters

Skadden, Arps, Slate, Meagher & Flom

Slaughter and May

Allen & Overy

Davis Polk & Wardwell

Herbert Smith Freehills

Latham & Watkins

Norton Rose Fulbright

Simpson Thacher & Bartlett

Sullivan & Cromwell

Weil, Gotshal & Manges

Ashurst

Baker McKenzie

Deacons

Debevoise & Plimpton

Gibson, Dunn & Crutcher

Hogan Lovells

King & Wood Mallesons

Mayer Brown

Morrison & Foerster

Paul, Weiss, Rifkind, Wharton& Garrison

Reed Smith

Shearman & Sterling

White & Case

Akin Gump Strauss Hauer & Feld

Bird & Bird

Charltons Law

Cleary Gottlieb Steen & Hamilton

CMS

Dechert

Dorsey & Whitney

Eric Chow & Co. in Association with Commerce & Finance Law Offices

Eversheds Sutherland

Fangda Partners

Gallant

Georgiou Payne Stewien

Goodwin

H.M Chan & Co. (Taylor Wessing)

Howse Williams

K&L Gates

LC Lawyers (EY)

Milbank

Minter Ellison

Morgan, Lewis & Bockius

Oldham Li & Nie

O’Melveny

Paul Hastings

Proskauer Rose

Ropes & Gray

Seyfarth Shaw

Sidley Austin

Simmons & Simmons

Stephenson Harwood

Stevenson Wong & Co

Tanner De Witt

Winston & Strawn

Vivien Chan & Co

 

INDIA

TIER 1

TIER 2

TIER 3

NOTABLE FIRMS

AZB & Partners

Cyril Amarchand Mangaldas

DSK Legal

Economic Laws Practice

IndusLaw

J Sagar Associates

Khaitan & Co.

Kochhar & Co.

Luthra & Luthra Law Offices

Majmudar & Partners

S&R Associates

Shardul Amarchand Mangaldas & Co

Trilegal

Argus Partners

Bharucha & Partners

Desai & Diwanji

HSA Advocates

Link Legal

Nishith Desai Associates

Phoenix Legal

Samvad Partners

Saraf and Partners

Talwar Thakore & Associates

Touchstone Partners

TT&A

Veritas Legal

ALMT Legal

Chadha & Co

Chandhiok & Mahajan, Advocates & Solicitors

Clasis Law

Dhir & Dhir Associates

Fox Mandal & Associates

Hammurabi & Solomon Partners

Juris Corp

Krishnamurthy & Co. (K Law)

LexCounsel

P&A Law Offices

Rajani & Associates

Sarthak Advocates & Solicitors

Singh & Associates

Singhania & Partners

Spice Route Legal

Tatva Legal

Vertices Partners

Wadia Ghandy & Co

Ahlawat & Associates (NEW)

AKS Partners

Archer & Angel

Begur & Partners

Burgeon Law

Caibre Legal

Dua Associates

Gravitas Legal

Khaitan & Khaitan

• Lakshmikumaran & Sridharan, Attorneys

Mansukhlal Hiralal & Co

NovoJuris Legal

Pioneer Legal

Sagus legal

Stratage Law Partners, Advocates & Solicitors

Tempus Law Associates

Vaish Associates, Advocates

 

INDONESIA

TIER 1

TIER 2

TIER 3

NOTABLE FIRMS

ABNR Counsellors at Law

Assegaf Hamzah & Partners

Ginting & Reksodiputro in association with Allen & Overy

Hadiputranto, Hadinoto & Partners, a member firm of Baker McKenzie

Hiswara Bunjamin & Tandjung in association with Herbert Smith Freehills

SSEK Legal Consultants

Dentons HPRP

Lubis Ganie Surowidjojo

Makarim & Taira S.

Makes & Partners

Melli Darsa & Co

Oentoeng Suria & Partners in association with Ashurst

Soemadipradja & Taher

Walalangi & Partners (in association with Nishimura & Asahi)

Widyawan & Partners

AYMP Atelier of Law

Christian Teo & Partners

Hogan Lovells DNFP, in association with Dewi Negara

Fachri & Partners

Mochtar Karuwin Komar

Roosdiono & Partners

UMBRA – Strategic Legal Solutions

Adisuryo Dwinanto & Co

(ADCO Law)

Adnan Kelana Haryanto & Hermanto

Azwar Hadisupani Rum & Partners

Budiarto Law Partnership

Budidjaja International Lawyers

FKNK Law Firm

Hendra Soenardi

Hutabarat Halim & Rekan (HHR Lawyers)

IABF Law Firm

Imran Muntaz & Co

Leks&Co

Sutedja & Associates

TNB & Partners in association with Norton Rose Fulbright Australia

TnP Law Firm

 

JAPAN DOMESTIC

TIER 1

TIER 2

TIER 3

 

Anderson Mori & Tomotsune

Mori Hamada & Matsumoto

Nagashima Ohno & Tsunematsu

Nishimura & Asahi

TMI Associates

Atsumi & Sakai

Ushijima & Partners

City-Yuwa Partners

Hibiya-Nakata

Kojima Law Offices

Miura & Partners

Oh-Ebashi LPC & Partners

Southgate

Tokyo International Law Office (TKI)

 

 

JAPAN INTERNATIONAL

TIER 1

TIER 2

NOTABLE FIRMS

 

Allen & Overy Gaikokuho Kyodo Jigyo Horitsu Jimusho

Baker McKenzie (Gaikokuho Joint Enterprise)

Herbert Smith Freehills

Morrison & Foerster / Ito & Mitomi

Shearman & Sterling

Simpson Thacher & Bartlett

Clifford Chance

Davis Polk & Wardwell

DLA Piper

Freshfields Bruckhaus Deringer

Hogan Lovells Horitsu Jimusho Gaikokuho Kyodo Jigyo

Linklaters

Paul, Weiss, Rifkind, Wharton & Garrison

Skadden, Arps, Slate, Meagher & Flom

White & Case - White & Case Law Offices (Registered Association)

Ashurst

Jones Day

King & Spalding

Latham & Watkins Gaikokuho Joint Enterprise

Mayer Brown GJBJ

Milbank

Morgan, Lewis & Bockius

Norton Rose Fulbright

Orrick, Herrington & Sutcliffe

Paul Hastings

Ropes & Gray

Simmons & Simmons

Squire Gaikokuho Kyodo Jigyo Horitsu Jimusho

 

 

MALAYSIA

 

 

TIER 1

TIER 2

NOTABLE FIRMS

Christopher & Lee Ong

Rahmat Lim & Partners

Shearn Delamore & Co

Skrine

Wong & Partners (member firm of Baker McKenzie)

Abdullah Chan & Co

Adnan Sundra & Low

Kadir Andri & Partners

Lee Hishammuddin Allen & Gledhill

Mah-Kamariyah & Philip Koh

Zaid Ibrahim & Co. (in association with KPMG Law)

Zain & Co

Albar & Partners

Azmi & Associates

Chooi & Company + Cheang & Ariff

Donovan & Ho

Halim Hong & Quek (NEW)

Jeff Leong, Poon & Wong

LAW Partnership

Lim Jo Yan & Co

MahWengKwai & Associates

Mohamed Ridza & Co

Naqiz & Partners

Peter Ling & van Geyzel

Raja, Darryl & Loh

Ramesh Dipendra Jeremiah Law

Tay & Partners

Wong Beh & Toh

Zul Rafique & Partners

 

PHILIPPINES

TIER 1

TIER 2

NOTABLE FIRMS

 

ACCRALAW

Picazo Buyco Tan Fider & Santos

Quisumbing Torres (member firm of Baker McKenzie)

Romulo Mabanta Buenaventura

Sayoc & De Los Angeles

SyCip Salazar Hernandez & Gatmaitan

Villaraza & Angangco (V&A Law)

Castillo Laman Tan Pantaleon & San Jose

Cruz Marcelo & Tenefrancia

Gatmaytan Yap Patacsil Gutierrez & Protacio (C&G Law)

Puno & Puno

Puyat Jacinto & Santos Law Offices

Cochingyan & Peralta Law Offices

DivinaLaw

Gorriceta, Africa, Cauton & Saavedra

Gulapa & Quicho / Gulapa & Lim (Gulapa Law)

Insights Philippines Legal Advisors

Kua Sy & Yeung Law Offices (“SKY Law”)

Martinez Vergara Gonzalez & Serrano

Morales & Justiniano

Platon Martinez Flores San Pedro & Leaño

Sarmiento Loriega Law Office

Siguion Reyna, Montecillo & Ongsiako

 

 

SINGAPORE DOMESTIC

TIER 1

TIER 2

TIER 3

NOTABLE FIRMS

Allen & Gledhill

Rajah & Tann Singapore

Morgan Lewis Stamford

WongPartnership

Drew & Napier

TSMP Law Corporation

Baker McKenzie Wong & Leow

Bird & Bird ATMD

CNPLaw

Dentons Rodyk

Duane Morris & Selvam

Harry Elias Partnership

RHTLaw

Shook Lin & Bok

Atlas Asia Law Corporation

Eng & Co

Oon & Bazul

Prolegis

Quahe Woo & Palmer

Virtus Law (Member of the Stephenson Harwood (Singapore) Alliance)

Withers KhattarWong

 

SINGAPORE INTERNATIONAL

TIER 1

TIER 2

TIER 3

NOTABLE FIRMS

Allen & Overy

Clifford Chance

Linklaters

Milbank

Freshfields Bruckhaus Deringer

Herbert Smith Freehills

Hogan Lovells Lee & Lee

Jones Day

Latham & Watkins

Norton Rose Fulbright

Morrison & Foerster

Skadden, Arps, Slate, Meagher & Flom

White & Case

Ashurst

Dechert

DLA Piper

Gibson Dunn

HFW

K&L Gates Straits Law

King & Spalding

King & Wood Mallesons

Pinsent Masons MPillay

Shearman & Sterling

Sidley Austin

Stephenson Harwood (Member of the Stephenson Harwood (Singapore) Alliance)

Bryan Cave Leighton Paisner

Clyde & Co

CMS Cameron McKenna Nabarro Olswang (Singapore)

Eversheds Sutherland

LNT & Partners

Mayer Brown PK Wong & Nair

Nishimura & Asahi-Bayfront Law Alliance

Reed Smith

 

SOUTH KOREA DOMESTIC

TIER 1

TIER 2

 

Bae, Kim & Lee

Kim & Chang

Lee & Ko

Shin & Kim

Yulchon

Barun Law

DR & AJU

Hwang Mok Park

Jipyong

KL Partners

SEUM Law

Yoon & Yang

 

 

SOUTH KOREA INTERNATIONAL

TIER 1

TIER 2

 

Cleary Gottlieb Steen & Hamilton

Paul Hastings

Ropes & Gray

White & Case

Ashurst

Baker McKenzie

DLA Piper

Herbert Smith Freehills

Latham & Watkins

Milbank

O’Melveny

Simpson Thacher & Barlett

Skadden, Arps, Slate, Meagher & Flom

 

 

TAIWAN

TIER 1

TIER 2

TIER 3

 

Baker McKenzie

Jones Day

Lee and Li, Attorneys-at-Law

Tsar & Tsai Law Firm

Eiger Law

Formosa Transnational Attorneys at Law

K&L Gates

LCS & Partners

Lexcel Partners

Lin & Partners Attorneys-At-Law

Winkler Partners

Chen & Lin

Dentons

DTT Attorneys-At-Law

Formosan Brothers Attorneys at Law

Innovatus Law

Lee, Tsai & Partners

Liang & Partners

Nishimura & Asahi

PricewaterhouseCoopers Legal, Taiwan

 

 

THAILAND

TIER 1

TIER 2

NOTABLE FIRMS

 

Allen & Overy (Thailand)

Baker McKenzie

Linklaters (Thailand)

Weerawong, Chinnavat & Partners

Chandler MHM

Hunton Andrews Kurth

Siam Premier International Law Office

Thanathip & Partners

Tilleke & Gibbins

Axis Legal

Blumenthal Richter & Sumet

DFDL

DLA Piper

ILCT

KPMG Law Thailand

Kudun & Partners

Norton Rose Fulbright

Rajah & Tann Thailand

SCL Nishimura & Asahi Limited

Silk Legal

SRPP

The Capital Law Office

Watson Farley & Williams

 

 

VIETNAM

TIER 1

TIER 2

NOTABLE FIRMS

 

Allen & Overy

Allens

Baker McKenzie

Frasers Law Company

Freshfields Bruckhaus Deringer

Vilaf

YKVN

DFDL

Duane Morris Vietnam

Hogan Lovells

LNT & Partners

Mayer Brown

Nishimura & Asahi

Rajah Tann LCT Lawyers

Tilleke & Gibbins

Vision & Associates

Allen & Gledhill

Global Vietnam Lawyers

Indochine Counsel (NEW)

MHM Vietnam

 

 

METHODOLOGY

OUR RESEARCH

 

       The research covers the period spanning from August 2022 to July 2023. This includes both ongoing work and matters that were closed during this timeframe.

       ALB will draw results from firm submissions, Thomson Reuters M&A data, interviews, editorial

·       resources and market suggestions to identify and rank the top firms for M&A in Asia. Interviews will be conducted only if needed.

       The rankings will be divided into tiers, with the first tier identifying the strongest M&A firms in each jurisdiction.

       The rankings will cover the following jurisdictions: China, Hong Kong, India, Indonesia,

·       Japan, Malaysia, Philippines, Singapore, South Korea, Taiwan, Thailand and Vietnam.

·       there will be no Asia-wide table.

       The rankings will feature both domestic and international firms.

·       The following jurisdictions will have separate tables for domestic firms and international firms: China, Japan and South Korea.

·       Our research does not cover Australia and New Zealand.

 

OUR RANKINGS

 

Our rankings are based on the following metrics:

       The volume, complexity and size of work undertaken

       Presence across Asia and in individual jurisdictions • Key personnel hires and growth of the practice group

 

 

TO CONTACT EDITORIAL TEAM, PLEASE EMAIL ALBEDITOR@THOMSONREUTERS.COM

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