Changrong Xu, Senior Attorney (Admitted to Chinese Bar) at Dentons Lee, received a plaque of appreciation from Ilyang Pharmaceutical Co., Ltd. on September 15, 2026, in recognition of his contribution to the successful resolution of a shareholder dispute involving Ilyang Pharmaceutical’s joint venture in China.
In this matter, Dentons Lee, led by Changrong Xu, served as the central coordinator overseeing the overall strategy and response throughout the dispute. Working closely with Dentons Dacheng’s Changchun, Beijing and Fuzhou offices, the team effectively coordinated litigation, enforcement proceedings, engagement with relevant authorities and negotiations to resolve the complex and multifaceted dispute.
As a result, Ilyang Pharmaceutical recovered approximately KRW 70 billion in profit distributions and damages, with the funds successfully remitted to Korea. The company also recovered, at no cost, 29 trademarks relating to Wonbi-D, valued at approximately KRW 200 billion, together with key manufacturing technologies. In addition, the team successfully defended against the Chinese shareholder’s KRW 16 billion damages claim and claims for the transfer of core technologies. The joint venture relationship was ultimately concluded through the transfer of Ilyang Pharmaceutical’s equity interest to the Chinese shareholder, avoiding a separate and potentially lengthy liquidation process and enabling Ilyang Pharmaceutical to achieve a clean exit from the joint venture.
These achievements also paved the way for Ilyang Pharmaceutical to resume its business activities in China. Leveraging the recovered brands and technologies, the company has resumed exports of Wonbi-D to China and is pursuing the construction of a Wonbi-D health food manufacturing facility in the China-Korea International Cooperation Demonstration Zone in Changchun through an independent investment of KRW 18 billion.
Through the plaque of appreciation, Ilyang Pharmaceutical expressed its gratitude for Changrong Xu’s thorough legal analysis, strong sense of responsibility and commitment to standing alongside the client throughout the matter. The company also recognized his contribution to restoring its legitimate rights and interests and laying the groundwork for a new chapter in its business in China.
This recognition reflects Dentons Lee’s capabilities in resolving complex China-related disputes and the value of legal services grounded in a deep understanding of each client’s circumstances and business objectives. Dentons Lee will continue to provide practical solutions to legal challenges faced by Korean companies operating in China and support clients in protecting their interests and maintaining stable business operations.
Where the legal industry reads first.
Enjoyed this article? Get the biggest legal industry updates, deals, appointments, insights and expert interviews in your inbox, free.
No spam. Unsubscribe anytime.From Legal Desire
Is your firm the one being cited, or the one being skipped?
We ran the test. On several everyday legal questions, software companies are answering and law firms are not. We help firms fix that, and we build the technology behind the practice.
