Baker McKenzie advised U.S. fast-food chain Subway on its plan to open 4,000 new sandwich shops in mainland China over the next two decades.

The firm represented Subway on its franchise agreement with Shanghai Fu-Rui-Shi Corporate Development Co. Ltd. (FRS), which is funded by a consortium of private investors, including Asia Investment Capital (AIC), a Greater China-based environmental, social and governance-focused investment fund.