Yong Xiao

Yong Xiao

Yong Xiao

Partner, Dechert LLP, Senior Legal Manager in Hong Kong

Hong Kong | Dechert, 31/F Jardine House, One Connaught Place, Central, Hong Kong
+852 3518 4705 | +852 3518 4777

Beijing | 24/F, North Tower, Beijing Kerry Centre, 1 Guanghua Road, Chaoyang District, Beijing, China 100020
+8610 5829 1318 | +8610 5829 1313

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Yong Xiao practices in the area of corporate law, with a focus on the energy and natural resources, mining and metals, oil and gas sectors. Mr. Xiao has significant experience in assisting clients with cross-border transactions.

Mr. Xiao represents multinational companies on PRC-related corporate matters, including mergers and acquisitions, foreign direct investment, private equity, venture capital, regulatory, and general corporate matters. His practice also includes seeking approvals from high-level government agencies and conducting anti-monopoly filings. He has represented clients from various sectors and industries, including energy, financial services, manufacturing, franchising, healthcare, food and beverage, and technology. 

Mr. Xiao also acts for Chinese companies, including a number of China’s largest state-owned businesses, on international mergers and acquisitions and foreign direct investments.

Mr. Xiao has been consistently recognized as a leading lawyer for energy and natural resources in China by Chambers Asia Pacific and Chambers Global, noting that he is "very knowledgeable about joint venture formation issues and governmental approvals", and described him as a “prominent figure in the [energy] market, recognized for his abundant experience advising Chinese state-owned entities on overseas investments”. He is also recommended in The Legal 500 Asia Pacific 2017 and 2018, IFLR1000 2016 and 2017, and Who’s Who Legal 2016. Mr. Xiao has presented at events such as All Things China, a seminar presented by Dechert and Singapore Corporate Counsel Association, and China Energy Assembly: Enabling China's Energy Transition.

Prior to joining Dechert, Mr. Xiao served as head of the China practice and partner in the energy transactions and projects group at Vinson & Elkins. His previous experience also includes working as the Assistant Chair of the Foreign Investment Law Division of the Department of Treaty and Law of the Ministry of Foreign Economic Trade and Cooperation (MOFTEC, now Ministry of Commerce) of the People’s Republic of China.

Experience

Foreign Direct Investment

  • TerraPower LLC, a U.S. nuclear reactor design company, in its joint venture with China National Nuclear Corporation for the development of Traveling Wave Reactor (TWR) that promote clean energy growth.
  • Anadarko Petroleum Corp in its US$1 billion divesture of Kerr-McGee China Petroleum Ltd., which owns Anadarko’s non-operating interest in two blocks in the offshore Bohai Bay field in northeast China to Chinese oil trader Brightoil Petroleum Holdings Ltd.
  • Shaanxi Non-Ferrous Metal Group in its joint venture with a US company to develop polysilicon manufacturing facility in China.
  • Energy Development Corporation (China), Inc. in its sale of EDC (subsidiary of Noble Energy Inc.)’s interest in the Chengdaoxi Contract Area in China, in relation to the producing oil fields in the shall water of Bohai Bay under a Petroleum Contract with China Petrochemical Corporation, to Genting CDX Singapore Pte Ltd., a subsidiary of Genting Oil & Gas Limited.
  • A Texan energy developer in the establishment of a joint venture for the acquisition of a 400 MW power facility and the development of a 600 MW expansion of the existing power plan in Henan Province, China.
  • An Asian energy company in the establishment of a foreign-invested commercial enterprise (FICE) in China, the first foreign-invested commercial enterprise able to conduct wholesale and retail business in the Chinese lubricants industry.
  • A Singapore Listed Company in a stock swap with a Chinese company, the first of its kind between a foreign listed company and a Chinese company in China.

Oil and Gas

  • Sinopec International Petroleum Exploration and Production Corporation, one of China’s largest state-owned petroleum and petrochemical companies, in connection with its acquisition of a 10% stake in SIBUR, Russia’s largest vertically integrated gas processing and petrochemicals company, as a strategic investor.
  • Sinopec as international counsel in connection with the estimated US$2.9 billion acquisition of Daylight Energy Ltd., a Canadian oil and gas company traded publicly on the Toronto Stock Exchange with assets in Canada.
  • Sinopec in connection with its US$5.5 billion acquisition from Galp Energia SGPS, S.A. (Galp), through new share subscriptions, of 30% of its upstream interests in Brazil.
  • ZhenHua Oil, as international counsel, in connection with the acquisition by its wholly owned subsidiary of Kuat Holding Company and its subsidiary, which owns significant petroleum interests in Kazakhstan.
  • Andes on the purchase of companies owning the oil and pipeline interests in Ecuador of EnCana Corporation, including net proved reserves of approximately 143 million barrels and a 36% stake in a 500 kilometer export pipeline with transport capacity of 450,000 barrels per day for approximately US$1.42 billion.
  • A Chinese state-owned oil and gas company in connection with the proposed development of a new LNG regasification facility in south China.
  • Sinopec as international counsel, in connection with the US$2.1 billion acquisition by Sinopec’s wholly owned Canadian subsidiary of Canada-based Tanganyika Oil, with shares listed on the Canadian and European stock exchanges, and oil and gas exploration and production operations in Syria.
  • A Chinese oil and gas company in connection with a US$615 million bid for an interest in the Kashagan oil field in the Kazakhstan sector of the Caspian Sea.
  • A Chinese company in connection with the bid for and attempt to acquire an interest in Central Asian oil fields.
  • China Oil of CNPC in connection with the Sino-Russian Crude Oil Pipeline project, involving the proposed construction of a pipeline to bring Siberian crude oil to northeastern China.
  • A Chinese oil and gas company on the proposed development of LNG regasification facilities in northeast China.
  • A Chinese oil and gas company in negotiating purchases of LNG from Sakhalin LNG sellers.
  • A Chinese sovereign wealth fund in negotiating purchases of 40% of GDF Suez’s upstream assets for €4.5 billion.

Mining and Metals

  • Power Mighty Limited (BVI), an indirect subsidiary of Polytec Assets Holding Limited, a Hong Kong listed company, in the US$139.6 million acquisition through its subsidiaries of all the shares of Caspi Neft TME, a Kazakhstan company owned by Chapter 11 debtors, that holds oil and gas production rights and assets in Kazakhstan and intercompany debt owed by Caspi Neft TME.
  • A Chinese sovereign wealth fund in connection with a US$700 million investment in an Asian mining company.
  • China Minmetals in connection with the establishment of a joint venture in Ukraine with respect to the development of iron ore mines.
  • Capital Steel in connection with the acquisition of an interest in an iron ore concern in Western Australia and a technology licensing arrangement into China.
  • Capital Steel in connection with the acquisition of certain equity interests in a mining joint venture in the Republic of Mongolia.
  • China Minmetals in connection with an arbitration in Hong Kong and related Rule B attachment litigation in the U.S. arising out of disputes over a contract of affreightment.

Arbitration

  • A Chinese state-owned oil and gas company in connection with a dispute in Nigeria.

Private Equity

  • A large private equity fund in connection with the structuring, financing, and acquisition of distressed debt and other asset portfolios in various Asian markets, including formation of a joint venture and other corporate entities, and preparation and negotiation of shareholder agreements.
  • A U.S. energy-focused private equity fund in the proposed acquisition of an interest in a Chinese state-owned energy company with coal assets.
  • Silkroad Fund in the proposed acquisition of an interest in a Kazakhstan oil and gas company.
  • Hopu Fund in the proposed acquisition of an interest in West Africa gas assets.

Includes matters handled at Dechert or prior to joining the firm.

Education
  • Wuhan University School of Law, B.A., LL.B., 1985
  • University of California, Berkeley, School of Law, LL.M., 1999
Admissions
  • People’s Republic of China
Memberships
  • Fellow, China Law Society