On August 6, 2013, AllBright completed a months-long due diligence investigation into 121 borrowers from the Shanghai and Hefei branches of China Everbright Bank, involving debt in the amount of RMB1.5 billion (US$246 million). AllBright issued a total of 125 legal opinions during the process.

China’s steel trading industry is confronting tough times amid an economic slowdown and industry-wide overcapacity, resulting in cash flow problems and bad loans to banks that lend to the sector. AllBright conducted due diligence investigations into China Everbright Bank’s steel trading clients to obtain an understanding on the status of the relevant bad assets.

AllBright advised China Everbright Bank on the project between July 11 and August 6, 2013. The AllBright team was led by partner Mellena Zou and associate Zhu Jiping, members of AllBright’s Financial Services Committee, and they were commended for their completion of the investigation in light of the tight schedule.