Macao SAR

asialaw Analysis

General business law
Ai & Wong Lawyers

A new entry into the asialaw rankings in this edition, Ai & Wong Lawyers was co-founded four years ago by Linzhi Ai, Chi Kong Wong, Wai Meng Ku and Ka Ian Pang. The firm is active in commercial law, construction, dispute resolution and intellectual property.

Work highlights 

Acted for a local consortium on the HK$1 billion ($127 million) acquisition of hotel projects. This transaction is the largest hotel project acquisition in Macau since the epidemic. 

CFB Lawyers

CFB Lawyers often works for banks, as well as acting for one of the gaming concessionaires in Macau. Intellectual property, labour and employment, and insurance are some other areas the firm is also well versed in. One of the founding partners to note is Hugo Maia Bandeira, who focuses his practice on banking and finance, corporate, gaming, leisure and hospitality. Before setting up the firm, he was a partner at Manuela António – Lawyers and Notaries. 

Client feedback 

Hugo Maia Bandeira 

“Hugo can always find an easy way to solve complex problems and has deep knowledge about Macau law.” 

Victor Castro 

I mostly dealt with Victor Castro, who showed he is well-versed in various aspects of the law with communication on point, being effective by providing clear and concise legal advice and guidance. He took the time to understand my needs and provided legal solutions that met my specific requirements. Responsiveness is also an extremely important point and he always responded quickly. 

Victor’s positive attributes are expertise and knowledge in his area of practice, good communication and attention to detail. 

Work highlight 

Acted for a consortium of banks on the issuance of floating rate notes due 2024. This ground-breaking deal in Macau was the first of its kind, aiming to support business cooperation with Portuguese-speaking countries and Belt and Road Initiative partners while strengthening Macau's role as a China-Lusophone economic and trade platform. The complex deal spanned multiple jurisdictions, banking institutions and regulatory frameworks, representing potential issues across borders. 

Acted as Macau counsel to Comba Telecom Macau in connection with the secondary listing of Comba Telecom Systems Holdings on the Singapore Stock Exchange

Jorge Neto Valente Advogados

Established in Macau in 1970, ‘Outstanding’ firm Jorge Neto Valente Advogados is experienced in banking, gaming, insurance and real estate. Founding partner Jorge Neto Valente has extensive experience advising on court cases, real estate projects, cross-border transactions, corporate reorganisations and investments. He has profound legal knowledge and experience of gaming laws and operations in Macau. Pedro Branco and Rui Sousa are other key figures at the firm. The firm recently hired Nicole Ng, while Beatriz Segorbe and Rita Rebelo have left the firm. 

Work highlights 

Acted as Macau external counsel to a group of companies of one of Macau’s largest gaming operators on all aspects of the companies’ operations in Macau, which include several sites, notably hotels and gaming integrated resorts. 

Acted as external counsel assisting a gaming operator in the tender process for the granting of gaming licences in Macau.  

Acted for the lenders of a HK$19 billion ($2.42 billion) refinancing transaction for the development of an integrated resort in Macau 

José Lupi

José Lupi is recognised as a premier full-service law firm with a leading litigation department. The firm advises Chinese and international state-owned enterprises, private clients and investment funds across all Macau industry sectors including financial services, consumer and retail, industrials, gaming, fintech, automotive, government, healthcare, real estate and resources. The business law practice focuses on securities, banking and finance, M&A, debt capital markets, and private equity funds as well as arbitration and dispute resolution. Managing partner José Lupi and senior partner Pedro Leal are key figures. 

Client feedback 

“They are professional, proactive, can not only provide legal service regarding Macau market requirements, but also go beyond and provide practical solutions based on their deep understanding of the mainland market.” – Technology and telecommunications 

José Lupi 

“He is professional, proactive, always available. The legal advice he provided with his team members including but not limited to Pedro Leal and Ella U are really practical and can not only solve our legal issues, but also protect our company's business interest.” 

Work highlights 

Advised Industrial and Commercial Bank of China (ICBC) Macau on the issuance of the first tranche of Rmb2 billion ($274 million) two-year bonds in 2022 in China, with an annual coupon rate of 2.58%. This is ICBC Macau’s first panda bond issue in the national inter-bank bond market. The raised funds will be used for ICBC Macau's business operations in China or Macau. 

Advised China Jinmao Holdings Group on the legal restrictions, relevant disclosures and feasibility of extending the offering of shares of Jinmao Property Services to its Macau shareholders in connection with its HK$825 million ($105 million) initial public offering on the main board of the Hong Kong Stock Exchange. 



Manuela António – Lawyers and Notaries

Manuela António – Lawyers and Notaries has established a strong reputation for its expertise in aviation, banking and finance, and gaming. Partner Hugo Ribeiro Couto specialises in litigation, handling disputes in civil, corporate, real estate, insurance and administrative matters. Couto's advisory scope extends to banking, tax, construction, real estate, corporate, and public contractual issues, offering invaluable expertise in navigating complex arrangements across multiple jurisdictions. 

Work highlights 

Advised a bank on a term loan granted to a borrowers group and the related security package on a Macau law perspective. 

Advised a bank on a multi-jurisdictional questionnaire regarding financial products and services to be eventually provided by the bank on a cross-border basis and the respective licensing and regulatory issues. 

Rato Ling Lei & Cortés

With a global presence spanning Macau, Zhuhai, Shenzhen and Portugal, Rato Ling Lei & Cortés is renowned for its specialisation in banking and finance, capital markets, corporate and M&A, and dispute resolution. The firm consistently delivers exceptional legal services tailored to the unique needs of its clients. Its industry strengths lie in the gaming, IT and real estate sectors, where the firm has established a strong track record. Recently, the firm enhanced its team by welcoming Beatriz Segorbe as a senior counsel, further enriching its expertise.

Client feedback 

They work extensively with us, including communications and negotiations as well as preparation of all transaction documents, from signing to closing, including placing agreement, trust deed, information memorandum, paying agency agreement, global certificate vis-a-vis Macau law and issuing the legal opinion.” – Banking and finance  

Calvin Tinlop Chui 

“He has a very in-depth knowledge of law and is very well respected in the Macau financial sector. He brings excellent work ethics, effective solutions, and we can always count on him when decisive moments come.” 

Work highlights 

Acted for Boardware Information System on its listing on the main board of the Hong Kong Stock Exchange. This unique deal entails the listing of a Macau-based company on the Hong Kong Stock Exchange, drawing intense scrutiny from Hong Kong regulators. 

Acted for Wynn Macau on its issuance of $600 million 4.5% convertible bonds due 2029 

Acted for Agricultural Bank of China Macao Branch in their issuance of 1.15% notes due 2023 under a medium term note programme. This is the first transaction with green bonds in Macau to be priced based on the Macau Interbank Offered Rate (Maibor). It explores new ideas for the pricing mechanism of the Macau bond market and effectively promotes the development of the Macau bond market. 

Key clients 

Messerschmitt, Micro Connect, MUFG Bank.

Riquito Advogados

Riquito Advogados is ranked ‘Outstanding’ in general business law. Led by managing partner João Nuno Riquito, the firm’s core practice areas include corporate and M&A, intellectual property and litigation. The firm has been expanding its IP and gaming practice in order to follow the development of Macau SAR as a gaming hub.

Client feedback

Bruno Almeida

“Good understanding of our business, excellent skills in contract drafting and negotiating ability in dealing with lawyers from our buyers.”

Work highlights

Advised one of the six casino gaming concessionaires on all matters related to the revision of the Macau Gaming Law.

Advised the major shareholder of a casino gaming concessionaire in structuring a transaction for the transfer of rights over the real estate of some of the so-called ‘satellite casinos’.

Advised one of the shareholders of the Macau flag air carrier on the drafting and negotiation of a shareholders’ agreement.