On July 23, 2026, international legal rating directory The Legal 500 released its China Elite list. Watson & Band partners Xiaosu Zhu (Vice Chairman of the Management Committee and Senior Partner) and Binghui Cai (Senior Partner) were recognized in the "Shanghai Elite – Restructuring and Insolvency" category, ranking in Tier 1 and Tier 4, respectively.

About The Legal 500 China Elite
First launched in November 2025, The Legal 500 China Elite highlights senior lawyers practicing at regional firms in major Chinese economic and commercial centers. Evaluations are based on client and peer feedback, practitioner interviews, and a review of significant cases handled over the past year.

Recognized Attorneys

Mr. Xiaosu Zhu

Vice Chairman of the Management Committee & Senior Partner

Mr. Zhu has focused on restructuring, insolvency, and liquidation since the implementation of China’s Enterprise Bankruptcy Law in 2007. His practice covers corporate commercial law, restructuring and insolvency, and entertainment law. A past recipient of titles such as "Outstanding Young Lawyer in Shanghai" and "Master Lawyer of Shanghai," Mr. Zhu is listed in the Ministry of Justice’s database of national foreign-related legal talents and is consistently recommended by Chambers Greater China and LEGALBAND.

Mr. Binghui Cai

Senior Partner

Mr. Cai holds an LL.M. degree from Shanghai Jiao Tong University’s KoGuan School of Law. He specializes in corporate bankruptcy, restructuring, dissolution, and liquidation, with experience advising state-owned enterprise groups, private logistics companies, and regional development projects. He serves on the Insolvency and Liquidation Practice Committee of the Shanghai Bar Association and the Professional Ethics and Discipline Committee of the Shanghai Bankruptcy Administrators Association.

Watson & Band’s Bankruptcy & Restructuring Practice

- Grade I Administrator Status: Appointed as one of the inaugural bankruptcy administrators by the Shanghai High People's Court in 2007, Watson & Band attained Grade I status in 2014, which was renewed in 2022 and 2025.

- Integrated Legal and Financial Team: The practice group consists of nearly 40 professionals with extensive hands-on restructuring experience, including team members holding CPA or Certified Tax Adviser qualifications.

- Peer and Industry Recognition: The firm’s restructuring and insolvency practice is regularly recommended by Chambers, LEGALBAND, China Business Law Journal, and Lvxin Media.

- Out-of-Court Restructuring Services: Watson & Band acts as a designated service provider and independent advisor for the North Bund Enterprise Out-of-Court Restructuring Center, the Yangtze River Delta Out-of-Court Restructuring Center, and the Shanghai Out-of-Court Restructuring Center, and has contributed to drafting regional procedural guidelines.

The recognition from The Legal 500 reflects the professional dedication of Mr. Zhu and Mr. Cai and underscores Watson & Band’s service capabilities in restructuring and insolvency.