A celebration of excellence

Last year, we wrote that Norton Rose partner Ian McCubbin called China's state-owned enterprises (SOEs) “global players that behave like any other company”, and this year's showcase of outbound achievements reflects his statement perfectly.

“The shift from public to private wasn't as great as everyone predicted a decade ago,” said Anthony Root, the Asia managing partner of Milbank Tweed Hadley & McCloy. “SOEs are now acting like private companies.” Root led a global team that helped State Grid Corporation of China become the first Chinese corporate to acquire complete control of a foreign electricity grid asset, the winning transaction of CLP's Outbound category. “This deal is a road map of where the Chinese are heading. Corporate China is seeing increasing opportunities to invest outside of China as well as in China,” he said. Not only are the Chinese starting to win bids against local players in offshore destinations, they are flexing their muscles and becoming more strategic and eager to secure assets. One of our other shortlisted outbound deals saw PRC mining company Minmetals Resources attempt a hostile takeover of Canada's Equinox Minerals, the largest-ever unsolicited overseas takeover attempt by a Chinese corporate.