Keep moving forward and keep striving. On November 22, 2025, the third meeting of the first National Management Committee of Dehehantong in 2025 was successfully held at Xianghu Xiaoyao Manor in Hangzhou. Lawyers Zhang Hengtong and Jiang Chun, founding partners of Dehehantong, Lawyer Zhang Wencan, the first chairperson of the National Management Committee of Dehehantong, and lawyers Wang Cong, Zhu Guangzhong, Qiu Wenyu, Zhang Yong, Zhang Li, Zhou Zhan, Hou Jie, Yuan Nan, Sheng Gaoya, Zeng Tao and Xue Jie, members of the first National Management Committee, attended the meeting. Lawyer Hou Jie presided over the meeting.

Lawyers Jiang Chun and Zhang Hengtong, founding partners of Dehehantong, and Lawyer Hou Jie, managing partner of The Shanghai office, were selected for the 2026 The Legal 500 China Elite Lawyers Dispute Resolution Lawyers List in Shanghai region. Lawyer Qiu Wenyu, The director of the Shanghai Management Committee of Dehehantong, and Lawyer Guo Xianhao, the managing partner of the Shanghai Office, were selected for the 2026 The Legal 500 China Elite Lawyers Shanghai Region Corporate and M&A Lawyers List.

On November 19, 2025, The Legal 500, an internationally renowned legal rating agency, released the 2026 Asia-Pacific Greater China ranking list. Dehehantong Law Firm was selected for The 2026 The Legal 500 list of notable law firms in the Greater China region of the Asia-Pacific region in Shanghai. Meanwhile, the labor employment field of Dehehantong was nominated as a notable area for Chinese-funded law firms in this list. Lawyers Jiang Chun and Zhang Hengtong, founding partners of Dehehantong, Lawyer Qiu Wenyu, director of the Shanghai Management Committee of Dehehantong, lawyers Hou Jie, Guo Xianhao and Bai Fangrong, managing partners of the Shanghai office, and partner Zhang Jianing have been nominated as recommended lawyers for the Shanghai region.

Recently, Dehehantong Law Firm, with its outstanding professional capabilities and rich practical experience, successfully entered the database of Guosen Securities Co., Ltd. and provided legal services for litigation disputes for it. This entry into the database was led by Senior Partner Wei Feng and Partner Lu Weipeng of the Shanghai office of Dehehantong.

In the previous articles, we have systematically interpreted several common investor priorities, including the right of first refusal, the right of joint sale, the right of first refusal, the right of first refusal, the right of anti-dilution, the right of liquidation priority, and the right of first refusal. This article will further focus on the right of first dividend and the right of first refusal, which, although not universally applicable, are of great significance in specific transactions. And deeply analyze the underlying logic and key points of the negotiation.

Lawyers Sun Hong, Li Yuancao and Wang Liwen, partners of the Shanghai office of Dehehantong, as well as lawyers Jiang Yichen and Wang Jielan from the Shanghai office, served as professional volunteers throughout the foreign-related legal services.