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Sheng（Armstrong） Chen
Chen Sheng Senior Partner
Finance
Corporate and M&A
Bankruptcy, Restructuring and Insolvency
Criminal Law
Detailed introduction
Armstrong Chen, a PhD from the Central University of Finance and Economics and a postdoctoral fellow from Fudan University, is a Senior Partner at Dentons Shanghai. He was the head of Dentons Global Banking and Finance Group in China and the head of Dentons Shanghai Insurance and Financial Institutions Group. He is awarded as “Key Lawyers” in the field of “Dispute Resolution: Arbitration” “Insurance” “Fintech” in 2025 Legal 500; "A-List Legal Elite" in the 2024-25 China Business Law Journal; Elite practitioner in Chinese business;"Special Recommended Lawyers" in the field of "Regulation and Compliance" in 2024 Legal 500; "Top 15 Innovative Lawyer" in the 2023 LEGALBAND; "A-List Legal Elite" in the 2022 China Business Law Journal; "Recommended Lawyers" of "Banking and Finance" in 2021 (Asia Pacific) The Legal 500 and "Top 15 Innovative Lawyers" in the 2021 Legal Band; “China Clients' Preferred Compliance Lawyers” on the 2024 GRCD Labour List; 2024 Legal Vision: "Leading Lawyer" in the Field of Banking and Finance; 2024 Legal Vision: "Brand Star Lawyer" in the Field of Global Trade, Overseas Investment and Engineering, M&A, Bankruptcy and Dispute Resolution; LegalOne Blue Ribbon 2024: Regulation and Compliance . Graduated from Chang 'an University, Northwest University of Political Science and Law and Queen Mary University of London, he was awarded a Chevening Scholarship by the British Foreign and Commonwealth Office and China National Civilized Family. He has served as a specially invited professor or co-mentor at Tsinghua University, Renmin University of China, China University of Political Science and Law, University of International Business and Economics, Shanghai Jiao Tong University, Fudan University, Shanghai University of Finance and Economics, East China University of Political Science and Law and Shanghai International Studies University.
He has worked for the China Banking Regulatory Commission (presently the National Financial Regulatory Administration), the People’s Bank of China, and the State Administration of Foreign Exchange. His working responsibilities included managing capital projects and supervising foreign financial institutions, developing policies and regulations, drafting legislation, conducting legal reviews, providing legal advice, and regulating innovative businesses. Armstrong has also researched, drafted, argued, interpreted, and revised numbers of laws, regulations, and documents: Company Law, Enterprise Bankruptcy Law, Anti-Monopoly Law, Anti-Money Laundering Law, Regulation on the Administration of Foreign-Funded Banks, Measures for the Administration of Qualifications for Directors and Senior Managers of Banking Financial Institutions, Guidelines on Compliance Risk Management for Commercial Banks, Guidance on the Work of Legal Advisers for Banking Financial Institutions, Provisional Regulations on the Capital Management of Commercial Banks, Measures for the Administration of the Real Estate of Trust and Investment Companies, Measures for the Administration of Enterprise Group Financial Companies, Automobile Loan Regulations, Pilot Management Measures for Consumer Finance Companies, and Guidelines on Risk Management of Commercial Banks' Real Estate Lending, Regulation of Shanghai Municipality on Promoting the Construction of International Financial Center, etc. He has also drafted and reviewed regulations on the establishment of subsidiaries of commercial banks, such as insurance companies, trust companies, fund companies and pension companies; participated in legislation on the national contingency plan for financial risk emergency and legislation on complaints and reporting of illegal acts of financial institutions; provided legal support for drafting memoranda of co-operation between the regulatory authorities and foreign financial supervisory authorities, as well as the Hong Kong Monetary Authority. He has also provided legal review opinions on the establishment of financial institutions, transfer of equity, and admission of wealth management and financial derivatives, legal review of administrative penalties imposed on financial institutions, and cancellation of the qualifications of directors and senior executives. Armstrong has researched financial institutions' fulfillment of mutual legal assistance obligations, the Government Procurement Agreement (GPA) and social responsibility, and the response to long-arm jurisdiction, and has been invited by the International Monetary Fund, the World Bank, the European Central Bank (ECB), the Financial Services Authority (FSA) (UK), and the Deutsche Bundesbank to give speeches on China's financial sector legal system, regulatory system, and reform and opening up of the financial sector. Armstrong has provided legal services to regulators, financial industry associations, banking and insurance institutions, and financial infrastructure in risk resolution, market access, corporate governance, related transactions, operational compliance, anti-money laundering, consumer protection, etc. .Mr Chen has extensive experience in financing and M&A. He has provided due diligence, compliance advice, contract review, and transaction negotiation services to several banks, insurance institutions, Big 4 asset management companies, and local asset management companies. He has participated in drafting the Master Agreement on Financial Derivatives for NAFMII. He has reviewed the Master Agreement and Annexes of ISDA OTC Derivatives Transactions for many banks and corporations. Mr. Chen has long-term frontline contact with high-risk financial institutions, understands the everyday problems of corporate governance, internal control, and risk management of risky financial institutions, is familiar with the relevant institutional arrangements and processes for risk disposal, and has a deep understanding of the disposal mechanism and market-based disposal initiatives of risky institutions. He has provided legal services to some banking and insurance financial institutions on risk disposal and receivership trusteeship, including legal due diligence, design of overall risk resolution plan for financial institutions, remediation of corporate governance and business compliance for risky institutions, liability consulting for financial institutions' executives, disposal of risky assets, and other legal services.
Armstrong has represented multiple domestic and foreign litigation and arbitration cases among financial peers and between financial institutions and clients. He also devoted himself to arbitration practice for over 20 years as an arbitrator of CIETAC, CMAC, BAC, SHIAC, and SCIA. He was the Initial member of the Shanghai International Arbitration Expert Panel. He was also an arbitrator for the ICC, HKIAC, and other foreign arbitration institutions, including Korea, Russia, Malaysia, etc. Armstrong participated in the trial and adjudication of more than 500 cases.
He was the first legal advisor of the China Banking Association (CBA), advisor of the Hong Kong Institute of Bankers, director of the Banking Law Practice Research Centre of the Shanghai Law Society, and executive director of the Center for Financial Arbitration and Mediation Research, Central University of Finance and Economics. He is now an expert on the Private Banking and Wealth Management Business Professional Committee of the China Banking Association and an advisor of the Legal Compliance Professional Committee of the China Insurance Asset Management Association (CIAMA). He has published books such as Theory and Practice of Banking Openness, Investing in China: A Perspective and Practical Guide to Banking Rules, The Construction of China's Financial Arbitration System, and Research on the Regulatory Framework of Insurance Investment. He is an independent director of AXA Tianping Property and Casualty Insurance Co., Ltd., Chairman of Shenzhen Longyue Charity Foundation.
• Legal consultancy services for the liquidation and risk disposal of a large insurance organization taken over by the CBI
• Legal due diligence, and legal consultancy services for the acquisition of Nan Yue Bank by YUE Holdings
• Legal advice to the Hubei Department of Finance on the capital increase and shareholding of Hubei Bank
• Advised Bank of Beijing on the establishment of a direct marketing bank with Anzhi Bank in the Netherlands
• Advised Cathay Bank on the establishment of its Shanghai branch in China
• Advised Rawbank Bank of the Democratic Republic of Congo on establishing a foreign bank in China.
• Advised Vantone Bank of Nigeria on the establishment of its Chinese branch in China
• Advised Canadian Imperial Bank of Commerce on compliance with international student payment services
• Provided legal support for the establishment of a private bank and its corporate governance
• Provided debt risk resolution legal services for the Bank of Jilin
• Provided legal review of documents entrusted services for the Postal Savings Bank, Tangshan Branch
• Provided legal services for the contract and mortgage registration of the parking project of Dah Sing Bank, Shanghai Branch
• Advised on the establishment of a consumer finance company
• Advised Credit Suisse (Hong Kong) Limited on establishing a wholly foreign-owned company in China and applying for a QDLP quota.
• Advised Qihoo Three Six Zero Investment Management Co. on establishing a fund sales company.
• Advised Transfast, a remittance company, on establishing its Beijing representative office.
• Advised Raiffeisen Bank International AG Beijing Branch on executive admission matters
• Advised CaixaBank S.A. on the replacement of its chief representative in Beijing.
• Provided CaixaBank S.A. Beijing Representative Office with anti-money laundering training materials and related consulting services.
• Advised the Bank of Cyprus on replacing the chief representative of its representative office in China.
• Acting for a payment service company on compliance consulting and dispute resolution cases concerning users' breach of contract
• Acting for the Hong Kong syndicate in the CCB Asia cross-border syndicate dispute
• Acting for ICBC, ICBC Credit Suisse, and ICBC Asia in the arbitration of a cross-border investment custody dispute.
• Acting for the Export -Import Bank of China in a financial loan contract dispute.
• Acting for the Export-Import Bank of China in disputes over financial loan contracts
• Represented the Agricultural Bank of China in a financial loan contract dispute in the second trial and Supreme Court retrial.
• Represented Agricultural Bank of China, Shaanxi Branch, in a retrial in the Supreme Court.
• Acting for Agricultural Bank of China, Lishu Branch over dispute execution case of loan contract
• Represented Ping An Bank in a private equity fund custody contract dispute
• Acting for Gansu Bank in a nonperforming assets liquidation project
• Acting for Ping An Bank, Shanghai Branch in handling financial disputes
• Acting for Wuhai Bank in a dispute over transferring the beneficial rights of an asset management plan.
• Acting for Shaoxing Bank in a dispute over the transfer of notes
• Acting for Ningbo Bank, Shanghai Branch on loan settlement and implementation project
• Acting for Jilin Chuncheng Rural Commercial Bank in financial loan contract dispute
• Represented a domestic and overseas subsidiary of Minmetals in litigation and arbitration concerning cooperation between the subsidiary and its client.
• Represented Huaxia Life in a real estate investment dispute
• Represented a subsidiary of Sinometallurgical in a warehouse receipt pledge dispute.
• Acting for a deputy director of the central bank on suspicion of bribery
• Acting for the chairman of a national joint-stock commercial bank on suspicion of bribery and illegal loan issuance crimes
• Acting for the vice president of a provincial branch of a state-owned bank on charges of embezzlement and bribery
• Acting for a senior executive of a provincial association on charges of illegal loan issuance and bribery
• Provided overseas institutional compliance consulting for the Bank of Communications
• Advised ICBC, CCB, other large banks, and national joint-stock commercial banks on cross-border guarantees.
• Provided legal services for bulk disposal of nonperforming assets and asset securitization of CCB
• Advised Minsheng Bank on cross-border guarantee for its transaction banking department.
• Advised Bank of Shanghai on cross-border guarantee
• Provided legal services for the Bank of Shanghai, Xuhui Branch on cross-border direct loan business
• Advised Bank of China, Bank of Shanghai, and Shanghai Agricultural and Commercial Bank on financial derivatives ISDA agreements
• Advised ICBC Shanghai Branch in signing a business cooperation agreement with a UK company
• Advised Ping An Bank Shanghai FTZ branch on a credit facility project
• Reviewed and issued legal advice to the Bank of Jiangsu on the EMIR agreement
• Reviewed a syndicated loan agreement for Bank of Macau Tai Fung.
• Provided legal services to the City of London
• Advised Bank of Tokyo-Mitsubishi UFJ on regulatory compliance project
• Advised OHL on the cross-border transfer of nonperforming assets
• Advised Morgan Stanley Bank on its regulatory compliance program.
• Advised a Thai bank on its application for RMB business qualification
• Advised the Central Bank of Zambia on issuing a letter of guarantee.
• Advised Ping An Capital Management on domestic and overseas equity investment projects
• Provided legal services to Jianxin Pension Company permanently
• Provided litigation and nonlitigation legal services for Cinda Asset Management Company
• Provided permanent legal advice to 360 on internet finance projects
• Specialised legal services for Volkswagen Finance
• Provided legal opinion on the equity incentive program of a subsidiary of Everbright Group
• Provided legal advice to an enterprise concerning the closure of bank accounts due to Iranian sanctions.
• Provided legal compliance training to the China Banking Association, China Insurance Association, China Finance Companies Association, Microfinance Companies Association, and local banking associations.
• Conducting family trust and inheritance training for ICBC AXA and ICBC Private Banking Department.
2019.08-2019.11 The University of Hong Kong Asia Global Scholar
2016.08-2019.12 Fudan University Applied Economics/Postdoctoral
2011.09-2016.07 Central University of Finance and Economics (CUFE) Jurisprudence/Doctorate
2009.06-2010.10 Queen Mary University of London Master of Laws(LLM)
2009.01-2009.06 Swedish Research Institute Swedish Institute Management Programme Asia (SIMP)
1998.09-2001.07 Northwest University of Political Science and Law Economic Law/Master's Degree
1994.09-1997.07 Chang'an University English and Chinese Secretarial Profession
2019.08 to present | Dentons (Shanghai) Law Firm | Senior Partner |
2015.01-2019.07 | King & Wood Mallesons | Partner |
2006.04-2014.10 | Department of Policies and Regulations and Department of Innovative Business Supervision, China Banking Regulatory Commission (CBRC) | Deputy Director (Presiding)，Public Solicitor |
2003.10-2006.03 | Shanghai Banking Regulatory Bureau, Foreign Bank Supervision Division, Policy and Regulation Division | Chief of Section, Public Counsel |
2001.08-2003.10 | People's Bank of China Shanghai Branch / Foreign Exchange Bureau Shanghai Branch | Section Officer, Deputy Chief Officer |
1997.07-1998.09 | Xi'an Engineering University | Technicians |
• 2025 The Legal 500: mentioned as Key Lawyer of “Dispute Resolution: Arbitration” “Insurance” “Fintech” (Greater China)
• 2024-25 China Business Law Journal: listed as "A-List Legal Elite": China's Business Law Elite
• 2024 The Legal 500: mentioned as Special Recommended Lawyer of "Regulation and Compliance" (Greater China)
• 2024 LegalOne Blue Ribbon : Regulation and Compliance
• 2024 GRCD Labour List : “China Clients' Preferred Compliance Lawyers”
• 2023 LEGALBAND Style List: “Top 15 Innovative Lawyers”
• 2022 China Business Law Journal: listed as "A-List Legal Elite"
• 2021 The Legal 500 (Asia Pacific): Recommended Lawyer in the field of "Banking and Finance"
• 2021 Legal Band: “Top 15 Innovative Lawyers”
• 2024 Legal Vision: "Leading Lawyer" in the Field of Banking and Finance
• 2024 Legal Vision: "Brand Star Lawyer" in the Field of Global Trade
• 2024 Legal Vision: "Brand Star Lawyer" in the Field of Overseas Investment and Engineering
• 2024 Legal Vision: "Brand Star Lawyer" in the Field of M&A
• 2024 Legal Vision: "Brand Star Lawyer" in the Field of Bankruptcy
• 2024 Legal Vision: "Brand Star Lawyer" in the Field of Dispute Resolution
• Company Law of the People's Republic of China
• Securities Law of the People's Republic of China
• Enterprise Bankruptcy Law of the People's Republic of China
• Anti-Monopoly Law of the People's Republic of China
• Anti-Money Laundering Law of the People's Republic of China
• Regulations of the People's Republic of China on the Administration of Foreign-Capital Banks
• Deposit Insurance Regulations
• Regulations on the Administration of Illegal Financial Institutions and Illegal Financial Business Activities
• Regulations on the Withdrawal of Financial Institutions
• Administrative Penalties for Violations of the Financial Industry
• Banking Legislation Plan
• Administrative Licensing Measures for Non-bank Financial Institutions
• Pilot Measures for the Administration of Consumer Finance Companies
• Regulations on Personal Loans
• Regulations on the Qualifications of Directors and Senior Management of Financial Institutions
• Provisional Regulations on the Capital Management of Commercial Banks
• Regulations on the Supervision and Administration of Credit Card Business of Commercial Banks
• Pilot Measures for the Administration of Fund Management Companies Established by Commercial Banks
• Regulations on the Administration of Automobile Finance Companies
• Interim Provisions on the Administration of Derivative Products of Financial Institutions
• Administrative Measures for Electronic Banking Services of Commercial Banks
• Interim Measures for the Management of Fixed Assets Loans of Commercial Banks
• Administrative Penalty Regulations of the China Banking Regulatory Commission
• Regulations on the Administration of Interbank Lending
• Regulations on the Administration of Futures Margin Deposit and Futures Settlement Business by Commercial Banks
• Measures for Land Reserve Administration
• Administrative Measures for the Real Estate Trust Business of Trust Companies
• Regulations on Automobile Loans
• Pilot Measures for the Administration of Money Brokerage Companies
• Interim Measures for the Management of Working Capital Loans of Commercial Banks
• Civil Service Grievance Regulations
• Regulations on the Legal Affairs of the China Banking Regulatory Commission
• Guidelines for the Risk Management of Commercial Banks' Merger and Acquisition Loans
• Guidelines for the Supervision of Commercial Banks' Data Centers
• Guidelines on Commercial Banks’ Due Diligence Performance in Credit Business
• Guidelines for the Risk Management of Personal Financial Business of Commercial Banks
• Interim Measures for the Administration of the Agency Business of the Postal Savings Bank of China
• Regulations on the Transfer of Criminal Cases by the China Banking Regulatory Commission
• Guidelines on the Risk Management of Real Estate Lending by Commercial Banks
• Guidelines for the Internal Control of Commercial Banks
• Guidelines on Outsourcing Risk Management for Banking Financial Institutions
• Guidelines on Risk Evaluation and Classification Supervision of Finance Companies of Enterprise Groups
• Guidelines on Financial Innovation for Commercial Banks
• Opinions of the China Banking Regulatory Commission on Strengthening the Supervision of Village Banks
• Guidance for Banks on the Conduct of Credit Facilities for Small Businesses
• Notice on the Catalog of Application Materials and Format Requirements for Administrative Licensing Matters of Chinese Commercial Banks and Cooperative Financial Institutions
• Guidelines on IT Risk Management for Commercial Banks
• Guidelines on Loan Risk Classification
• Guidelines on Syndicated Loan Operations
• Guiding Opinions of the China Banking Regulatory Commission and the People's Bank of China on the Piloting of Microfinance Companies
• Regulations on the Administration of Local Financial Supervision of Shanghai Municipality
• Regulations of Shanghai Municipality on Promoting the Construction of International Financial Center
• Regulations on the Administration of Single-use Prepaid Consumer Cards of Shanghai Municipality
Books
• Law Press. (2024). Theory and Practice of the Supervision of Insurance Fund Utilisation in China
• Intellectual Property Publishing House. (2022). Review of Maritime Law and Insurance Law (Volume 10) – Research on Influence of Civil Code over the Development of China's Insurance Legal System
• Law Press. (2020). Construction of China's Financial Arbitration System
• Intellectual Property Press. (2015). Theory and Practice of China's Banking Industry Opening Up
• Shanghai Jiao Tong University Press. (2011). The Equator Principles - Best Practices for Sustainable Development in the Banking Industry
• CITIC Press. (2008). Investing in China: A Perspective on Banking Industry Regulations and Practice Guidelines.
• Peking University Press. (2005). Theory and Practice of Central Banking
• China Finance Press. (2004). Manual of On-site Inspection and Rating of Foreign Bank Branches
• China Legal Publishing House. (2004). Operation Manual on On-site Inspection and Risk Evaluation of Legal Entities of Foreign Banks
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