COVER STORY

20I8 RANKINGS BY ASIAN LEGAL BUSINESS

DURING THE FIRST HALF OF 2018, THERE WERE excluding Japan included the energy and power, indus- 6,484 DISCLOSED M&A DEALS WITH ASIAN trials, and financials, which made up a market share of 42.2 INVOLVEMENT AMOUNTING TO $540.4 BILLION, percent altogether. In particular, REPRESENTING AN INCREASE OF 23.5 PERCENT compared to the first six months of last year, energy and power COMPARED TO THE FIRST HALF OF 2017, recorded a surge of 147.3 percent ACCORDING TO DATA FROM THOMSON REUTERS. in deal value to $80 billion. This was due to the top two announced deals involving Asian Despite an increase in M&A In terms of deal count, among companies. In May 2018, China activity this year compared to the 10 Asian countries and territories Three Gorges’ proposed $28.6 first half of 2017, Asia’s global counted, China ranked first, billion takeover of energy firm share dropped to 19.1 percent followed by Japan, South Korea, EDP Energias de Portugal was this year from 27 percent in 2017, Hong Kong, and Singapore. The the biggest in this category. said research firm Mergermarket. country also recorded the highest This was the first time a Chinese The firm’s data also showed that deal value, before Hong Kong and involvement deal exceeded during the previous 12 months, Japan. $20 billion in Europe since the China was the most active in M&A Sectors that saw the most deal between ChemChina and activity. M&A activity this year in Asia Syngenta in 2016.

14 ASIAN LEGAL BUSINESS – SEPTEMBER 2018 WWW.LEGALBUSINESSONLINE.COM COVER STORY

OUR RESEARCH

— The research covers the period spanning from July 2017 to July CHINA 2018. This includes both ongoing work and matters that were closed during this timeframe. DOMESTIC — ALB drew results from firm CHINA TIER 1 submissions, Thomson Reuters M&A data, interviews, editorial IN THE FIRST SIX MONTHS of 2018, China — Haiwen & Partners resources and market suggestions saw an 18 percent decline in deal value to — Han Kun Law Offices to identify and rank the top firms $348 billion, while deal count was still — JunHe LLP for M&A in Asia. holding up, according to PwC. — King & Wood Mallesons — Zhong Lun Law Firm OUR METRICS Domestic strategic M&A — which means acquiring companies for integrating TIER 2 — The volume, complexity and size of them in existing business—also dropped 27 work undertaken percent in value. The half-year period saw — AllBright Law Offices — Presence across Asia and in 24 deals valued over $1 billion compared to — Global Law Office individual jurisdictions — Grandall Law Firm — Key personnel hires and growth of 32 deals in the same period last year. Such — Guantao Law Firm the practice group a trend reflected the Chinese government’s — Jincheng Tongda & Neal Law Firm — Key clients and new client wins effort to deleveraging. — Jingtian & Gongcheng — Firm’s visibility and profile in the Outbound M&A deal value was also on — Llinks Law Offices region the decline for the fourth six-month period, — Tian Yuan Law Firm even though the level still maintained a third higher than that before 2016. The The second one is Hong decline might have to do with the Chinese Kong-based CK Hutchison government’s restriction on outbound CHINA Holdings’ bid in June 2018 for investment in “sensitive sectors” such as Australian gas pipeline operator real estate, hotels, cinemas, and sports APA Group for $9.8 billion. This clubs in February. INTERNATIONAL is the group’s biggest overseas This was consistent with the downward TIER 1 acquisition and the second largest trend in outbound investment throughout — in Asia excluding Japan. 2017, given that the Chinese government — Freshfields On the other hand, private tightened control over capital outflow. In — equity-related deals rose to $119.6 particular, investment into the U.S. has — Simpson Thacher & Bartlett billion by 32.7 percent in deal been falling, which accounted for a signif- — Skadden, Arps, Slate, value year-on-year, according to icant proportion of the overall decline in Meagher & Flom — Bloomberg. outbound M&A. The largest deal in this As the trade war between China and TIER 2 category announced in Asia the U.S. cast a shadow over the market, a during the first half of 2018 was more protectionist mood would mean deals — Allen & Overy — Baker McKenzie FenXun Walmart’s pending acquisition that are very large or commercially sensitive Joint Operation Office of India-based Flipkart Online would come under heavier scrutiny in the — Davis Polk & Wardwell Services for around $16 billion. U.S. and Europe. — DLA Piper In terms of overseas As for deals targeting Chinese — investment, Asian companies companies during the first half of 2018, the — Kirkland & Ellis were stepping up their game in biggest one was Singaporean GIC’s offer to — 2018. In early May, Japan’s Takeda acquire stake in Zhejiang Ant Small & Micro — Paul, Weiss, Rifkind, Wharton & Garrison made an offer to acquire Irish Financial Services Group for $14 billion in — Sullivan & Cromwell biopharma firm Shire for $79.7 May. — Weil, Gotshal & Manges billion, followed by China Three Another significant deal was the acqui- — White & Case Gorge’s proposed $27.4 billion sition of China-based Ele.me by Alibaba takeover of energy firm EDP Group. and Ant Financial in April, which For the full rankings, visit Energias de Portugal. involved $9.5 billion. www.legalbusinessonline.com

WWW.LEGALBUSINESSONLINE.COM ASIAN LEGAL BUSINESS – SEPTEMBER 2018 15 COVER STORY HONG KONG TIER 1

— Clifford Chance — Linklaters — Freshfields Bruckhaus — Skadden, Arps, Slate, Deringer Meagher & Flom — Kirkland & Ellis — Slaughter and May

TIER 2

— Allen & Overy — Paul, Weiss, Rifkind, — Ashurst Wharton & Garrison — Baker McKenzie — Shearman & Sterling — Davis Polk & Wardwell — Simpson Thacher & — Deacons Bartlett — Freehills — Sullivan & Cromwell — Latham & Watkins — Weil, Gotshal & Manges — Norton Rose Fulbright

TIER 3

— Cleary Gottlieb Steen & — Mayer Brown JSM Hamilton — Morrison & Foerster — Debevoise & Plimpton — Reed Smith Richards HONG — DLA Piper Butler — Hogan Lovells — White & Case — King & Wood Mallesons KONG For the full rankings, visit www.legalbusinessonline.com DURING the past 12 months, new measures to clarify holders in November 2017. Hong Kong recorded the “encouraged”, “restricted” Other top sectors that second highest deal value and “prohibited” outbound saw active M&A deals were INDIA in Asia at $61.5 billion, activities, which helped financial services as well as even though only 174 deals improve the investors’ energy and infrastructure. were made in the period, appetite. Consumer and telecommu- ranking fourth in deal count, This was followed by nications and technology according to Mergermarket. mainland Chinese companies sectors also gained some A prominent deal during acquiring interests in Hong attention from investors. the first half of this year was Kong property and insurance In addition, the Hong CK Hutchison Holdings’ bid firms. One notable deal was Kong government has been in May for Australian pipeline the offer by Yunfeng Financial promoting the fintech devel- company APA Group for $9.8 Group, a company associated opment in the city, which billion. Not only is this the with Alibaba’s founder Jack boosted investment in this group’s biggest overseas Ma, to buy Hong Kong insurer sector. This could be a new acquisition, but also the MassMutual Asia for $1.7 field for increasing M&A second largest in Asia billion in August 2017. activity. excluding Japan. Real estate was the Furthermore, the Belt Last year, the Chinese top sector for M&A deals. and Road initiative means government’s controls on A noteworthy deal was new opportunities for Hong capital outflows hampered Wharf (Holdings)’s $23.3 Kong companies to expand mainland investment billion spin-off of the share overseas, especially in the into Hong Kong. Then in capital of Wharf Real Estate infrastructure and resources August, China introduced Investment to its share- sectors.

16 ASIAN LEGAL BUSINESS – SEPTEMBER 2018 WWW.LEGALBUSINESSONLINE.COM COVER STORY

THROUGHOUT 2017 AND 2018, M&A activity in India has been robust and consistent, according to Kunal Thakore, partner at Talwar INDIA Thakore & Associates. TIER 1 There were 78 announced inbound deals totalling $26.1 billion that represented 46.4 — AZB & Partners — Luthra & Luthra Law Offices percent of the foreign investment in the region, — Cyril Amarchand Mangaldas — Shardul Amarchand — Economic Laws Practice Mangaldas & Co making India a top destination in terms of deal — IndusLaw — Trilegal value and deal count. — J Sagar Associates Multinational companies are looking — Khaitan & Co. to step up their presence in India, which — Kochhar & Co. has driven up the inflow of foreign direct TIER 2 investment to the country. One prominent example was global retailer Walmart’s $16 — Bharucha & Partners — Phoenix Legal billion deal to buy stake in Flipkart, India’s — DSK Legal — S&R Associates largest online retailer. This is also the biggest — Desai & Diwanji — Talwar Thakore & Associates deal in Asia during the first half of 2018. — Dua Associates — Vaish Associates — HSA Another example was France’s Schneider — Majmudar & Partners Electric SE and Singapore’s Temasek offering — Nishith Desai Associates $2.1 billion to buy the electrical unit of Larsen — Platinum Partners & Toubro, India’s biggest engineering and construction company, in May 2018. For the full rankings, visit www.legalbusinessonline.com

WWW.LEGALBUSINESSONLINE.COM ASIAN LEGAL BUSINESS – SEPTEMBER 2018 17 COVER STORY

INDONESIA FROM JULY 2017 to June 2018, the country recorded 66 deals totalling $9.7 billion, data from Mergermarket shows. Sectors that saw the strongest announced and completed M&A activity included mining, financial INDONESIA services, fintech and TIER 1 consumer goods. Some of the notable deals involving — Ali Budiardjo, Nugroho, Indonesian firms included Reksodiputro Temasek’s $1.1 billion — Assegaf Hamzah & divestment of its stake in Partners Indonesian Bank Danamon to — Ginting & The Bank of Tokyo-Mitsubishi Reksodiputro UFJ in December 2018, and JAPAN in association with mining company Amman Allen & Overy — Hadiputranto, Mineral Nusa Tenggara PT’s M&A ACTIVITY in Japan Hadinoto & Partners, acquisition of a 44.3 percent was strong for the first six a member firm of stake in Australian mining months in 2018, with the Baker McKenzie contractor Macmahon deal value reaching a fresh — Hiswara Bunjamin & Holdings Limited for $145 high to $240.9 billion. This Tandjung in million in July 2017. represented a surge of 267.8 association with Home to more than 260 percent compared to the JAPAN million people, Indonesia first half of 2017, according — SSEK Legal is the biggest economy in to Thomson Reuters. DOMESTIC Consultants Southeast Asia with a fast- The number of TIER 1 growing e-commerce sector announced deals also rose TIER 2 that attracted Chinese to 2,025, up by 15.3 percent — Mori Hamada & Matsumoto — Lubis Ganie investment. In August compared to the first half 2017, China’s Alibaba led in 2017. In addition, there — Nagashima Ohno & Surowidjojo Tsunematsu — Makarim & Taira S. a $1.1 billion investment were 23 deals involving — Nishimura & Asahi — Makes & Partners in Indonesian shopping Japanese firms valued at — TMI Associates — Melli Darsa & Co. platform Tokopedia as over $1 billion. (PwC) part of its effort to tap into The most active sectors TIER 2 — Oentoeng Suria & Southeast Asia. In the same for M&A activity were Partners — Anderson Mori & — Soemadipradja & month, Chinese e-commerce healthcare and telecommu- Tomotsune Taher company JD.com partici- nications, which made up — Atsumi & Sakai pated in an $800 million 57.7 percent of the market For the full rankings, visit funding round of Indonesian share. The healthcare sector For the full rankings, visit www.legalbusinessonline.com ride-hailing startup Go-Jek. CONTINUED ON PAGE 20 www.legalbusinessonline.com

18 ASIAN LEGAL BUSINESS – SEPTEMBER 2018 WWW.LEGALBUSINESSONLINE.COM The Law on Your Side

“Responsive, Efficient & Cost Effective” COVER STORY

FROM PAGE 18 recorded $80.2 billion, repre- senting a 33.3 percent market share, while telecommuni- cations surged by 1,308.8 percent to $58.7 billion in deal value, taking up 24.4 percent of market share. Indeed, the two biggest deals involving Japanese firms in the first half of 2018 were from these two sectors. Takeda Pharmaceutical acquired Shire for $76.9 billion in May, and T-Mobile JAPAN merged with Sprint for $58.7 billion in April. INTERNATIONAL Japanese firms remained TIER 1 active in investing overseas. MALAYSIA Outbound activity recorded — Allen & Overy $117.9 billion in deal value, up Gaikokuho Kyodo DURING the past 12 months, by 249.3 percent compared Jigyo Horitsu Jimusho Malaysia came in second — Baker McKenzie to 2017. This was driven up (Gaikokuho Joint after Singapore in ASEAN by Takeda’s $76.9 billion Enterprise) countries in terms of deal acquisition of Shire, which — Freshfields Bruckhaus count, recording 87 deals was the largest M&A deal Deringer with a total value of $8 billion, made by a Japanese firm — Herbert Smith according to Mergermarket. and the biggest cross-border Freehills The country also saw 20 deal ever seen in the global — Morrison & Foerster public deals amounting to Ito & Mitomi healthcare sector. $2.4 billion in the latter half — Shearman & Sterling MALAYSIA In particular, Japanese — Simpson Thacher & TIER 1 of 2017. firms preferred U.S. targets Bartlett Malaysian companies the most during the first — Skadden, Arps, Slate, — Christopher & Lee Ong continued to make strong half of this year, with 41 Meagher & Flom — Rahmat Lim & contributions to M&A in Asia. deals totalling $15.5 billion, Partners During the past 12 months, TIER 2 according to Mergermarket. — Shearn Delamore & Co one of the notable deals was — Skrine On the other hand, the — Ashurst — Wong & Partners Malaysian telecommunica- country saw the strongest — Clifford Chance tions firm Axiata Group’s domestic M&A activity for a Law Office TIER 2 $940 million acquisition of first-half period, recording — Davis Polk & Wardwell Pakistan telecom towers — Hogan Lovells Horitsu — Abdullah Chan & Co $49.9 billion in total deal firm Deodar in August 2017— Jimusho Gaikokuho — Adnan Sundra & Low value. Kyodo Jigyo — Kadir Andri & Partners one of the biggest deals in A notable deal was — Linklaters — Lee Hishammuddin Pakistan. Itochu Corporation’s proposal — Paul, Weiss, Rifkind, Allen & Gledhill Another one was energy to increase its stake in chain Wharton & Garrison — Mah-Kamariyah & firm Petronas’s sale of convenience stores operator — Ropes & Gray Philip Koh 10 percent interest in its FamilyMart UNY for $1.12 — Sullivan & Cromwell — Shook Lin & Bok subsidiary Petronas LNG 9 to — White & Case – — Zaid Ibrahim & Co billion, the largest deal since an affiliate of Thailand's PTT White & Case Law (ZICO Law) 2015 in the consumer sector. Offices (Registered — Zain & Co Exploration and Production According to a survey by Association) — Zul Rafique & Partners Public Company for around EY, 73 percent of Japanese $500 million in July 2017, executives plan to acquire in For the full rankings, visit For the full rankings, visit boosting the M&A activity in the next 12 months. www.legalbusinessonline.com www.legalbusinessonline.com the energy sector.

20 ASIAN LEGAL BUSINESS – SEPTEMBER 2018 WWW.LEGALBUSINESSONLINE.COM COVER STORY

PHILIPPINES TIER 1 PHILIPPINES — Angara Abello Concepcion Regala & Cruz Law Offices (ACCRALaw) FROM JULY 2017 to June 2018, the Philippines recorded significantly fewer — Picazo Buyco Tan Fider & Santos deals than other Southeast countries, but the deal value was holding up. The — Quisumbing Torres country saw 37 deals with a total value of $11.7 billion, suggested by data from — Romulo Mabanta Buenaventura Sayoc & Mergermarket. De Los Angeles — SyCip Salazar Hernandez & Gatmaitan A notable deal in the country was announced in March 2018. Aboitiz InfraCapital offered to rehabilitate, expand, modernise and operate four regional TIER 2 airports in the Philippines for $2.84 billion over a concession period of 35 years. The World Bank’s June 2018 Global Economist Prospects report named the — Castillo Laman Tan Pantaleon & San Jose Philippines the world’s 10th fastest-growing economy thanks to its “growing — Gatmaytan Yap Patacsil Gutierrez & Protacio consumption, steady remittance inflows, improved government spending and (C&G Law) — Puyat Jacinto & Santos Law Offices (PJS Law) accommodative monetary policy.” — Quiason Makalintal Barot Torres Ibarra Sison & In 2017, the country saw the strongest M&A activity in financial services, Damaso energy and consumer goods sectors, the SGV Transaction Advisory Services — Villaraza & Angangco team noted in an EY publication on private equity in Southeast Asia. These sectors and construction are expected to contribute to stronger M&A activity. For the full rankings, visit www.legalbusinessonline.com

WWW.LEGALBUSINESSONLINE.COM ASIAN LEGAL BUSINESS – SEPTEMBER 2018 21 COVER STORY SINGAPORE FOR THE PREVIOUS 12 months, M&A activity in Singapore was robust with 127 deals recorded, Mergermarket said. SINGAPORE During the first half of 2018, the total value of deals rose to $33.8 billion DOMESTIC by 19.1 percent compared to the same TIER 1 period last year, data from Thomson Reuters shows. — Allen & Gledhill Compared to the first quarter, the — Morgan Lewis Stamford country was more active in M&A from — Rajah & Tann Singapore March to June with a total deal value of — WongPartnership $21.6 billion, driving the M&A activity TIER 2 this year. This represented an increase of SOUTH 76.8 percent and 23.4 percent compared — Baker McKenzie Wong & Leow to the first quarter of 2018 and the same — Rodyk period last year, respectively. — Drew & Napier — Shook Lin & Bok Overall speaking, Singapore saw an uptick in disclosed M&A deals as well as KOREA domestic and outbound M&A activity in the first half of 2018. DURING THE LAST 12 months, South Value of disclosed M&A deals rose Korea recorded the third highest number SINGAPORE to $127.1 million from $86.8 million of deals in Asia following China and compared to the same period in 2017. Japan, with 402 deals totalling $41.2 INTERNATIONAL Domestic M&A activity rose 7.5 billion, Mergermarket said. TIER 1 percent in deal value to $3.8 billion The most active sectors for M&A despite a drop in deal count by 22.9 in 2017 included consumer and — Allen & Overy percent. Meanwhile, outbound M&A technology, and private equity deals — Clifford Chance activity also grew 24.5 percent to $12.4 accounted for a big part. — Freshfields Bruckhaus Deringer — Latham & Watkins billion while witnessing a decline by South Korea’s logistics company — Linklaters 23.2 percent in deal count compared Hyundai Glovis’ $8.8 billion proposed — Milbank, Tweed, Hadley & to the first half of 2017. deal with Hyundai Mobis announced in McCloy In the domestic M&A space, 75 March 2018 could be the biggest trans- percent of the deals involved the action in the first half of 2018. Second TIER 2 property, financial and industrial to come was CJ O Shopping’s bid for CJ — Ashurst sectors. The property sector was the E&M announced in January 2018, which — Baker McKenzie.Wong & Leow most active among all, with a deal value was valued at $3.8 billion. — Herbert Smith Freehills totalling $10.4 billion, representing 30.9 Over the past year, South Korea saw — Hogan Lovells Lee & Lee percent of total activity. easing geopolitical tensions with North — Jones Day However, cross-border deal activity Korea. According to KPMG, there have — Morrison & Foerster saw an 11.8 percent drop in deal value, been more opportunities for M&A in the — Norton Rose Fulbright — Sidley Austin from $19 billion in the first half of 2017 country in recent years. More companies — White & Case to $16.8 billion in the first six months are using M&A as a way to strengthen this year. This could be explained by the themselves in the global economy for For the full rankings, visit weak inbound M&A activity, which saw expanding operations and gaining www.legalbusinessonline.com a 51.9 percent decline to $4.3 billion. synergistic benefits.

22 ASIAN LEGAL BUSINESS – SEPTEMBER 2018 WWW.LEGALBUSINESSONLINE.COM COVER STORY

SOUTH KOREA DOMESTIC TIER 1

— Bae, Kim & Lee LLC — Shin & Kim — Kim & Chang — Yulchon — Lee & Ko TIER 2 TAIWAN — Barun Law — KL Partners — DR & AJU — Yoon & Yang WITH A CHALLENGING 2017 now — Hwang Mok Park over, the value of M&A atransactions — Jipyong in Taiwan is forecast to climb over the next two years, according to a report issued by Baker McKenzie Taipei. Fundamentally dealmaking condi- SOUTH KOREA INTERNATIONAL tions are expected to remain solid, with TAIWAN TIER 1 stable economic growth, low inflation, TIER 1 and low financing costs, the firm said. — Cleary Gottlieb Steen — Paul Hastings It added that domestic and inbound — Baker McKenzie & Hamilton — Jones Day M&A activity are forecast for upticks, — Lee and Li TIER 2 supported by good global growth, reaching a value of $8.7 billion in 2019. TIER 2 — Clifford Chance — Skadden, Arps, Slate, Meanwhile, the value of M&A — Eiger — Herbert Smith Meagher & Flom transactions undertaken by local firms Freehills — White & Case — LCS & Partners — Ropes & Gray investing abroad in 2017 reached a — Lexcel Partners — Simpson Thacher & record high, with $7.25 billion spent — Tsar & Tsai Bartlett across 28 deals, said a report from White & Case. Another great year is For the full rankings, visit For the full rankings, visit www.legalbusinessonline.com set to be in the horizon. www.legalbusinessonline.com

MANILA CEBU HONG KONG www.romulo.com | +632.555.9555 ROMUWWW.LEGALBUSINESSONLINE.COMLO MABANTA BUENAVENTURA SAYOC & DE LOS ANGELES ASIAN LEGAL BUSINESS – SEPTEMBER 2018 23 COVER STORY

Thai law firm Weerawong, Chinnavat & Partners said the average transaction was up to 21 percent during the period and there were more deals with a total value of over $400 THAILAND million. Some of the M&A-active sectors included consumer discretionary, industrial TIER 1 materials, energy, real estate, and technology. — Allen & Overy In the past 12 months, the firm has taken — Baker McKenzie part in several notable deals, including PTT — Chandler MHM Exploration and Production Public Company’s — Linklaters $750 million deal with Shell Integrated Gas — Weerawong, Chinnavat & Thailand and Thai Energy Company for stake Partners in Bongkot Project, as well as PTT Public TIER 2 Company’s $771 million deal with PTT Global THAILAND Chemical Public Company for transferring — DLA Piper its petrochemical, propane and bioplastic — Hunton Andrews Kurth THAILAND’S M&A ACTIVITY during the businesses. — Siam Premier — Thanathip & Partners previous 12 months was as busy as other Other key developments in the country — Tilleke & Gibbins ASEAN countries. According to Mergermarket, that could impact investor appetite are the the country saw 66 deals amounting to $11.2 coronation of King Maha Vajiralongkorn For the full rankings, visit billion. There were also seven public deals expected this year and the general election www.legalbusinessonline.com worth of $1.8 billion in the second half of 2017. coming up in November.

W EER AW O N G , C H INN AV A T & P A R T NERS L T D .

“Beyond” Combining local expertise and international standards of excellence

WEERAWONG, CHINNAVAT & PARTNERS LTD. 22nd floor, Mercury Tower, 540 Ploenchit Road, Lumpini, Pathumwan, Bangkok 10330 THAILAND Tel: +662 264 8000 Fax: +662 657 2222 Email: [email protected] www.weerawongcp.com

24 ASIAN LEGAL BUSINESS – SEPTEMBER 2018 WWW.LEGALBUSINESSONLINE.COM COVER STORY

VIETNAM VIETNAM TIER 1 MERGERMARKET’S DATA shows that the country recorded 46 deals totalling $6.9 billion during the past 12 months. — Allen & Overy — Freshfields Bruckhaus As the country’s economy grew at over 7 percent year-on-year, — Allens Deringer foreign investors have shown interest in Vietnam’s market, the real — Baker McKenzie — VILAF estate sector in particular. M&A activity in this sector remained robust, — Frasers Law Company — YKVN accounting for 66.7 percent of the total value of M&A transactions in TIER 2 the first half of 2018, according to figures presented at the recently held M&A Forum 2018. — Audier & Partners — Russin & Vecchi A notable deal was the offer by Phu Long Real Estate Company, an — DFDL — Tilleke & Gibbins affiliate of airline Vietjet’s owner Nguyen Thi Phuong Thao, to acquire 50 — Duane Morris Vietnam — Vision & Associates percent of South Korean Posco E&C, which would make it a 50 percent — Hogan Lovells — ZICO Law — LNT & Partners investor at Splendora in Hanoi, one of the first large-scale real estate — Mayer Brown JSM projects in the city. — Rajah & Tann LCT Another one was Singaporean wealth fund GIC’s $1.3 billion Lawyers investment in Vietnam’s Vingroup and its real estate arm Vinhomes to develop high-end real estate projects in Vietnam. For the full rankings, visit www.legalbusinessonline.com

WWW.LEGALBUSINESSONLINE.COM ASIAN LEGAL BUSINESS – SEPTEMBER 2018 25