Dehehantong has been listed on the "Outstanding Transactions of 2025" by China Business Law Journal
On March 4, 2026, the well-known legal media "China Business Law Journal" released the list of "Deals of the Year 2025". The "La Chapelle Bankruptcy Reorganization" project handled by Dehehantong Law Office won the "Outstanding Transaction of 2025" award in Commercial law.
Project Introduction and Service Team
According to the project situation introduced in "Commercial Law", La Chapelle, as A former A+H share listed clothing company, has entered the reorganization process after delisting due to operational difficulties. As confirmed by the administrator, the scale of the creditor's rights in this case exceeds 4.7 billion yuan. The core of the reorganization plan is that the investor consortium will invest 220 million yuan to subscribe for new shares, obtaining approximately 65% of the controlling stake, and simultaneously provide 199 million yuan in liquidity support.
The solution resolved the problem of mandatory offer under the Takeovers, Mergers and Share Repurchases Code triggered by the company's continued status as a public company in Hong Kong and was granted a cleansing exemption by the Hong Kong Securities and Futures Commission. In April 2025, the draft of the reorganization plan was voted through by all creditor groups and investor groups, and was approved by the court on May 16 of the same year.
This case is the first successful reorganization case involving A delisted company with an A+H share structure. It has innovatively addressed challenges such as cross-border regulatory coordination, multi-party interest balance, and the application of the "debt-to-equity swap" model in complex equity structures, providing an important model for the risk resolution of listed companies with similar cross-border legal issues.
Service team: Lawyer Qiu Wenyu, Director of the Shanghai Management Committee of Dehehantong, and Lawyer Yang Yiqin, Partner of the Shanghai Office of Dehehantong
The "Outstanding Transaction of the Year" is a significant annual award under the Commercial Law, covering areas such as litigation, bankruptcy reorganization, and corporate business. The award is selected from a vast amount of application materials based on multiple factors including the importance, complexity, innovation, and transaction scale of each project, and thus is representative, instructive, and authoritative.
This award is another significant honor that Dehehantong has gained in the field of bankruptcy reorganization. In the future, Dehehantong will continue to adhere to the philosophy of "diligence, craftsmanship and excellence", leverage its professional advantages, enhance service standards, provide customers with more efficient and high-quality legal support, and contribute Dehe's strength to the high-quality development of the legal service industry.
