Hong Kong SAR

Established in 1974, international law firm Baker McKenzie’s Hong Kong office boasts a team of over 150 lawyers under the leadership of managing partner Steven Sieker.

Focusses / specialisms 

The firm’s Hong Kong office is best known for its real estate funds work and also boasts strong retail funds, M&A, restructuring and insolvency, and banking and finance offerings.

The banking team advises on a range of financing matters such as project finance, acquisition finance, syndicated loans, and export credit finance. The capital markets team is experienced in advising clients such as issuers and underwriters across a gamut of debt and equity offerings. The private equity team is active in sectors such as healthcare, technology and telecommunication, energy, retail, industrials and manufacturing, and consumer products.

Key clients  

Notable clients include Tencent, Gaw Capital Partners, Abu Dhabi Retirement Pensions & Benefits Fund, Canada Pension Plan Investment Board, HSBC, Manulife Asset Management, Credit Suisse, and Standard Chartered Bank.

Charltons is a Hong Kong-based boutique providing legal services to Hong Kong, Chinese and international clients with an emphasis on the mining sector. The firm has further offices in Shanghai, Beijing, and Yangon.

Focusses / specialisms 

The firm provides legal advice to its clients in corporate finance, capital markets, M&A, financial regulatory and private equity, investment funds, restructuring and insolvency matters.

Key clients 

Key clients of the firm include Beevour Ventures, Amoeba Capital Advisors, Alliance Capital Partners, Velotrade Management, 10T Tech Holdings, and Wing On Company International.

Research period review: 32^nd edition (2022/2023)  

In the research period, the firm kept busy with regulatory work, conventional lending mandates, microfinance, corporate bonds, debt restructuring, Hong Kong IPOs and listings on GEM, capital raisings, share issues and acquisitions, Cayman mutual funds, US feeder funds, SPC funds, SFC authorised funds, biotech funds, and cryptocurrency funds.

The corporate team handled investments, acquisitions, disposals, due diligence, joint ventures, and sales, while the restructuring and insolvency practice advised on corporate restructuring mandates of bookshops, battery businesses, and aluminium producers.

Deal highlights: 32^nd edition (2022/2023) 

Uber International Holding HK$285 million acquisition of HKTaxi App

Gold Peak Industries restructuring

Client Feedback: 32^nd edition (2022/2023) 

Financial services regulatory

"Excellent knowledge of all aspects and requirements in respect of listing procedures and capital markets in general. Good market connections. Timely delivery of advice and recommendations. Skilful team."

"The firm is boutique-sized with commensurate headcount, yet they are able to consistently deliver work on time and with a high degree of detail and accuracy - even in instances where the firm was not involved in portions of discussions/meetings that are the subject of their work. Impressive knowledge and focus and recommendations on crucial points and issues. "

M&A

"Excellent guidance in conducting due diligence works and liaison with other professional bodies."

Calvin Ho

"Meeting deadlines; accessibility; attention to detail; ability to manage and coordinate large groups of participants in meetings and discussions; legal advice based on commercial principles and common sense; strong grasp of details and issues."

Julia Charlton

"Vast experience and high professional knowledge. Good connections and knowledge of the market. Responsiveness and accessibility."

"Sincere, trustworthy and responsible."

Commerce & Finance Law Offices in Association with Eric Chow & Co is a corporate and commercial law firm in Hong Kong providing legal services to Hong Kong, Chinese and international clients. The firm is associated with the red circle law firm, Commerce & Finance in PRC China, which has offices in Shanghai, Hangzhou, Chengdu, Shenzhen, Wuhan and Hong Kong with over 700 lawyers and legal professionals.

Focusses / specialisms

The firm provides legal services to its clients in corporate finance, capital markets, private equity, merger and acquisitions, banking and finance, restructuring and compliance matters in connection with the Hong Kong listing rules.

Key clients

Key clients of the firm include BOCOM International (Asia), CCB International Capital, China Everbright Capital, China XLX Fertiliser, China Securities (International) Finance Company, Beijing Luzhu Biotechnology, Dingdang Health Technology Group, Hubei Port (Hong Kong) International, and Beijing State-owned Capital Operation and Management Company Limited.

Research period review: 33^rd edition (2022/2023)

During the research period, the firm was particularly active in capital markets and corporate M&A.

In the capital markets, the firm represented issuers and underwriters in Hong Kong SAR, British Virgin Islands and China. Active industry sectors include healthcare, biotech, real estate, finance, TMT, consumer products, project and construction, transportation and automotive.

In the M&A market, the firm was active advising both buy and sell side. It has covered a broad range of private and public transactions, domestic and cross-border M&A and other strategic investment transactions. The firm also advised for state-owned companies including advising on Beijing State-owned Capital Operation and Management Company’s $129 million acquisition of 22.35% equity interests in Shoucheng Holdings.

Deal highlights: 33^rd edition (2022/2023)

China XLX Fertiliser’s $510.25 million placement of shares.

Dingdang Health Technology Group’s $43.8 million HKEX IPO.

Beijing State-owned Capital Operation and Management Company’s $129 million acquisition of 22.35% equity interests in Shoucheng Holdings.

The $253.8 million unconditional mandatory cash offer on China Infrastructure & Logistics Group.

Client feedback: 33^rd edition (2022/2023)

M&A

“Strong commercial sense with timely responses.”

“Professional and conscientious.”

Capital markets

“Delivered quality and above-average work done with timely response. Contributed professional and meaningful advice to the project team.”

“They are more often acting for the issuers instead of our bank, but their PRC legal advice is definitely solid.”

Lawyer feedback: 33^rd edition (2022/2023)

Eric Chow

“Problem solver with solid technical knowledge of the regulatory landscape.”

Brandon Chow

“He knows clients well and tailors solutions.”

Priscilla Lee

“Professional advice and timely response.”

“Priscilla is quite professional and conscientious, with excellent analytical and problem-solving skills.”

Founded in 1977, Gallant is an independent full-service Hong Kong firm with over 40 solicitors and further representative offices in Shanghai and Guangzhou. It is also a member of Meritas, a global alliance consisting of 181 independent law firms.

Focusses / specialisms

The firm offers comprehensive legal services to individuals and corporate clients alike, covering various aspects of legal services in corporate, commercial and property-related activities including banking and finance, M&A, joint ventures, project finance, insolvency and Hong Kong IPOs.

Key clients

The firm serves a wide spectrum of corporates from banking and financial institutions and quasi-governmental clients to individual clients. It is also the annual retainer law firm of many listed companies, financial institutions, insurance corporations and trust companies in Hong Kong, Macau, the PRC and Japan.

Research period review: 33^rd edition (2022/2023)

During the research cycle, the firm has been active in the banking and finance and corporate M&A space.

The firm’s banking team was occupied with advising clients on various banking products, financial services and compliance matters under the laws of Hong Kong, including matters relating to the Banking Ordinance, Code of Banking Practice, Listing Rules, Securities and Futures Ordinance, guidelines issued by the Hong Kong Monetary Authority and the Securities and Futures Commission and regulatory requirements on personal data and cybersecurity. The firm also frequently acted for banks in the PRC and Macau as their external counsel for legal services relating to direct lending to Hong Kong or overseas companies.

In the corporate and M&A space, the team kept busy handling public and private acquisitions, divestments, establishing joint ventures, and financial investments. Active Industry sectors range from real estate, banking and financial services, insurance, investment, technology, tourism, healthcare, energy and resources, media, consumer goods manufacturing and retail to public services and education sectors.

Client feedback: 33^rd edition (2022/2023)

Asset finance

“Their legal team's service provided to my company is sincere and high efficiency. Their service fee is quite reasonable.”

M&A

“Proactive dealing with all matters with all parties, including the financial adviser, the buyer side lawyer, and the professional parties over the due diligence. All documents are handled very well and in a timely manner. Professional comments on the documents circulating for all parties for review and consideration.”

“Proactively help us to understand our needs and how to include these in the contract for negotiating with our partners.”

Lawyer feedback: 33^rd edition (2022/2023)

Angela Lau

“Cheerful, sincere and responsible.”

“Open and constructive communications.”

Claudia Kwok

“Cheerful, sincere and responsible.”

Wilson Ko

“Knowledgeable.”

Hauzen is an independent Hong Kong firm established in 2017 with a focus on financial services regulations. It has an association with the Chinese AnJie Law Firm, which specialises in insurance law, competition law, intellectual property, litigation and corporate law. The association is giving the firm reach to mainland China including Beijing, Shanghai and Shenzhen. The firm also operates in affiliation with DWF, a global provider of integrated legal and business services with approximately 4,000 people and offices and associations located across the globe.

Focusses / specialisms

The firm has a traditional strength in financial services regulatory, corporate M&A and restructuring and insolvency practices. It handles both contentious and non-contentious aspects of financial services regulation and restructurings.

In the corporate space, the firm represented clients with all aspects of corporate secretarial services in Hong Kong, BVI and Cayman Islands from company establishment to annual maintenance filings and other filings and coordination with the Companies Registry to the deregistration and winding-up process.

The firm also provides legal advice on fintech and cryptocurrency regulation including licensing and regulation of virtual assets trading platforms, regulation of initial coin offerings, initial exchange offerings, and stablecoin offerings. It has advised on more than 50 fintech transactions and disputes since 2014.

Key clients

Key clients of the firm include financial institutions and clients in the Hong Kong financial markets such as JX Luxventure.

Research period review: 33^rd edition (2022/2023)

During the research period, the firm was very active in the financial services regulatory, M&A, and restructuring and insolvency area.

In the financial and corporate sectors, the firm kept busy providing legal services for financial institutions on the Hong Kong regulatory aspects in relation to insolvency litigation, acquisition and disposals, listings rules, licence application, and virtual asset-related regulations.  

In the restructuring space, the firm was occupied by providing advice to clients in relation to the Marshall Islands law aspects.

Deal highlights: 33^rd edition (2022/2023)

JX Luxventure's 2022 Equity Incentive Plan.

Lawyer feedback: 33^rd edition (2022/2023)

Nickolas Sam

“Nickolas Sam is the most knowledgeable lawyer on Marshall Islands law. He always delivers work product way before the deadline. Amazing to work with.”

Established in California in 1934, Latham & Watkins is an international firm with 2700 lawyers across 29 offices in the United States, Europe, the Middle East and Asia. The firm’s office in Hong Kong leverages off its Asia network of offices in Beijing, Shanghai, Seoul, Singapore and Tokyo.  

Focusses / specialisms

Latham & Watkins traditional strength in Hong Kong is in M&A and capital markets, but in recent times, it has made its presence felt in regional private equity, restructuring and insolvency, regulatory and leveraged finance, where it has a unique practice that acts for lenders, sponsors and borrowers.  

Key clients

Key clients of the firm include Zhengzhou Zhongrui Industrial Group, China National Chemical Corporation, ESR Cayman, Bank of America, Vipshop Holdings, Huachen Energy and China Life Insurance (Overseas) Company.

Research period review: 30th edition (2019/2020)

The firm’s capital markets team kept busy advising on Hong Kong and US IPOs, high-yield bond issuance, corporate and convertible bonds and programme updates. 

In finance the firm acted in a range of conventional finance mandates, lender and sponsor leveraged finance, margin financing and bridge loans. 

The corporate team were busy with take-private mandates, investments, mergers, joint ventures, spin-offs, and acquisitions in the transport, automotive, telecommunications, data centres, healthcare, technology, pharmaceuticals, and food and beverage industries. 

The private equity team assisted clients in various rounds of funding while the regulatory team handled a host of contentious and non-contentious mandates. 

In restructuring and insolvency, the firm acted for bondholders and advised in financial restructuring mandates alongside other matters in energy, mining and medical industries. 

The firm’s corporate team was hit with the departure of its Beijing office managing partner Yilong Du to private equity firm Warburg Pincus. 

Deal highlights: 30th edition (2019/2020)

-China Biologic Products Holdings $4.6 billion take-private

-China National Chemical Corporation $2.5 billion multiple-tranche (3.125%, 3.375%, 3.875%, 4.75%) bond issue 

-Chongqing Sincere Yuanchuang Industrial $230 million 10% high-yield bond issue 

-DouYu International Holdings NYSE IPO

-ESR Cayman HKSE IPO

-Ruangguru $150 million series C financing 

-Shanghai Huaxin insolvency

-Tencent Asset Management $6.5 billion term loan and revolving credit facility 

-Vipshop Holdings Rmb3.4 billion acquisition of Shan Shan Commercial Group 

Mayer Brown is a global law firm with offices in 27 cities across the Americas, Asia, Europe and the Middle East. It has been serving its clients in China since the 1990s with offices in Beijing, Shanghai and Hong Kong where it has more than 200 lawyers specialising in various industries. The firm’s Hong Kong office provides pragmatic and commercial legal advice for both domestic and foreign companies.

Focusses / specialisms

The firm is best known in Hong Kong SAR and China for its restructuring and insolvency, projects, banking, debt and securitization capital markets practice.

The corporate restructuring team is active in cross-border restructurings and insolvency, such as bond restructurings, scheme of arrangement, trust asset claims adjudication, and credit distress.

The firm is also highly regarded with its top-tier debt capital market practice where its high-yield practice is active in representing trustees on bond issuances. Apart from the above, the team also has strong financial regulatory practice.

Key clients

Key clients of the firm include Cathay Pacific, Kerry Properties, HSBC, China Merchants Group, CDB, Caitong Funds, ICBC, Sun Hung Kai & Co., Malayan Banking Berhad, KPMG, Ernest & Young and PwC.

Research period review: 33^rd edition (2022/2023)

During the research period the firm was busy in capital markets, corporate M&A, private equity, investment funds, projects, and restructuring and insolvency transactions.

The firm’s capital markets team was very active in equity, debt and high-yield markets including block trades, REITs, IPOs, investment grade/bond programmes, convertible bond/note programmes, guarantee notes, sustainability bonds and high-yield bond/note issues for clients from jurisdictions such as China, Hong Kong, Mongolia, Singapore, Indonesia and Vietnam.

The firm’s corporate team was occupied by public and private acquisitions advising both buy and sell side with industry specialties in banks, chemicals, real estate, education, and aviation, shipping and transportation.

In the investment funds area, the team kept busy with fundraising, fund formation, fund restructuring, and UCIT advising investors across all asset strategies including private equity funds, hedge funds, real estate and infrastructure funds, venture capital funds, mezzanine funds, distressed debt funds, renewable and traditional energy funds, funds of funds and hybrid funds. The firm also expanded its investment funds team with senior associate Kaile Yang.  

In the project space, the team provided legal advice to lenders, borrowers, agents, creditors, guarantors, equity investors, developers and EPC contractors. Active industry sectors included construction and materials, oil & gas and utilities, and energy and infrastructure such as hydropower, renewable energy and wind power.

In the restructuring and insolvency space, the team continued acting for creditors, issuers and other debtors, insolvency practitioners and corporate trustees, including on bond restructurings, schemes of arrangement including in relation to the resumption of trading in shares of distressed listed companies, trust asset claims adjudication and cross-border enforcement upon insolvency and credit distress, as well as acting for alternative credit providers increasingly active in the market. Registered foreign consultant Benjamin P. McCosker joined the team from Campbells in London in 2022, having previously worked for Walkers.

Deal highlights: 33^rd edition (2022/2023)

Republic of Indonesia’s $1 billion 3.550% bonds due 2032 and $750 million 4.300% bonds due 2052.

HK$5.26 billion debt financing to a JV between ESR and ChinaChem for the acquisition of a logistics site in Kwai Chung, Hong Kong.

$500 million dual currency syndicated social and corporate loan facilities to China Gas Capital Management.

$3.5 billion debt restructuring of Hong Kong-listed Genting Hong Kong.

$600 million restructure and recapitalisation of Cell C.

Client feedback: 33^rd edition (2022/2023)

Bank lending

“Very responsive and able to guide us through the complexity of local regulation. The international/English law team and the Vietnamese team worked well together to ensure linked-up service delivery.”

Capital markets

“Very intelligent and experienced in the DCM space and contributed to the ICMA debt capital market work in Asia.”

“The team are always there and provide professional advice addressing our concerns and most important questions. They consistently deliver high-quality work products.”

“They are able to provide feedback on the company's consulting matters in good time, and give practical legal advice from the perspective of the company's interests.”

“Very responsive with high efficiency.”

Financial services regulatory

“Mayer Brown always responded quickly, provided their advice in detail and set out all possible options to facilitate our consideration.”

Project finance

“Commercial approach and understanding of client need and drivers.”

Project development

“Very responsive. Proactive. Highly knowledgeable about project documentation. Support lenders well.”

Restructuring

“Professional, on time, reliable.”

Insolvency

“They are competent on insolvency law in Hong Kong and very practical.”

“Mayer Brown provides commercial and pragmatic advice and has a deep understanding of the sensitivities and stakeholder management needed to effect a successful restructuring (in and outside of a court-appointed insolvency process).”

Investment funds

“We had a perfect workout with Mayer Brown and everything went smoothly so that the fund could be setup per our expectation. The engagement partner and correspondence lawyer is familiar with both HK laws and Cayman regulations so they can always provide prompt and professional advice. It's very helpful for our decision-making.”

“Attention to detail; global offering, extreme professionalism.”

“They are nice professionals and can be quick with the right answers to questions.”

“They helped us to link to their US litigation team, and the US team gave very valuable advice on what we should/shouldn't do next.”

Lawyer feedback: 33^rd edition (2022/2023)

Bonnie Yung

“Able to provide timely feedback, professional advice and solve problems.”

Ben McCosker

“Ben has made a tremendously positive impact on the MB HK team since his arrival. He is sensible, fair, commercial and across the detail.”

David Harrison

“Commercial approach and knowledge of the jurisdiction.”

“Professional, efficient, reliable and very sharp.”

Guiping Lu

“A very experienced and intelligent lawyer that I can trust. He contributed to our work in Asia substantially.”

“He is best of the best in debt offering practice and a trustworthy professional you could always go to when you have tough questions. Guiping is also very hard-working and is able to manage his team very well to meet the client's expectations perfectly. Always delivers on time with high quality.”

“Responsive with good knowledge of the industry.”

John Marsden

“John Marsden is the longstanding leader of the practice and is incredibly well respected in the industry. He is a go-to individual in the R&I market.”

Matthew Chow

“Very responsive, accurate, thorough and easy to deal with.”

“Good communication. Proactive. Very knowledgeable about documentation. Supports lenders. Strong organisational and follow-up abilities.”

Paul Moloney

“He did very well on sharing his practical experience with us.”

Inez Ma

“Able to respond to company comments in time.”

Seyfarth Shaw was founded in Chicago and has established offices in Shanghai and Hong Kong. The firm provides multi-jurisdictional and cross-border legal advice on employment law, corporate and commercial, transactions and projects to clients including large corporations, investment banks, investment advisers, broker-dealers, private equity funds and institutional investors.

Seyfarth’s Hong Kong office is a local law firm registered with The Law Society of Hong Kong, with lawyers licensed to practice in multiple jurisdictions including Hong Kong, mainland China, Australia, Scotland, Ireland, and England & Wales.

Focusses / specialisms

The firm has a focus on the capital market and corporate M&A practice. The firm’s corporate and commercial practice focuses on a wide range of practice such as cross-border mergers and acquisitions, general corporate and commercial, corporate strategies, IPOs, regulatory compliance, tax and public takeovers in Hong Kong, China, southeast Asia, the US and Europe.

Key clients

Key clients of the firm include China Golden Classic Holdings, EPI (Holdings), Asia Piling Co, JX Energy, C&D Newin Paper & Pulp Corporation, Beng Soon Machinery Services and China Kingstone Mining Holdings.

Research period review: 33^rd edition (2022/2023)

During the research period, the firm kept busy advising on equity capital markets and corporate M&A transactions.

In the equity capital markets, the firm provided legal advice to companies based in Canada, China, Malaysia and Singapore with domestic and international capital markets transactions on both the Main Board and Growth Enterprise Market of the Hong Kong Stock Exchange. Deal types including IPOs and secondary share offerings.

In the M&A space, the firm kept busy advising on public and private acquisitions, asset acquisition, financial investment, joint venture, divestment and restructuring.

The firm’s equity capital markets team promoted Sherman Chan to partner in January 2022.

Deal highlights: 33^rd edition (2022/2023)

C&D Paper’s $385 million insolvency and restructuring.

AP&P Holdings’ HKEX IPO.

Persta Resources' HK$25.3 million worth of warrants.

EPI Holdings’ insolvency.

Timothy Loh is an independent Hong Kong law firm established in 2004 which focuses on corporate law and litigation advising multinational companies, family offices, asset managers and financial institutions in matters of Hong Kong and international law.

Focusses / specialisms

The firm has expertise in the financial services regulatory and investment funds area. The firm was active in the formation of private equity funds and hedge funds and in the authorisation by the SFC of retail funds including unit trusts and mutual funds and investment-linked assurance schemes. Its M&A team was also actively advising financial institutions as the target or involving private equity as the buyer or seller. The firm regularly advises on M&A transactions of asset managers where deep experience in underlying fund structures, fund governance and investment operations are a prerequisite.

Key clients

Key clients of the firm include Animoca Brands, Link Real Estate Investment Trust, GLP Capital Partners, Willis Towers Watson and Kohlberg Kravis Roberts.

Research period review: 33^rd edition (2022/2023)

During the research period, the firm was active in investment funds, financial services regulatory and corporate M&A practices.

In the investment funds space, the firm was very active advising fund formation for clients in Hong Kong and Singapore. In the past 12 months, the firm has advised on fund formations in which total capital committed or raised has exceeded $4.8 billion.

In the M&A sector, the firm was occupied by advising private and public acquisitions, spin-offs and financial investments. In the past 12 months, Timothy Loh advised on M&A transactions the value of which have exceeded $6 billion.

Deal highlights: 33^rd edition (2022/2023)

GLP Capital Partners’ $125 million private equity fund formation.

Willis Towers Watson’s $3.25 billion global spin-off of its Willis reinsurance brokerage operations.

 Kohlberg Kravis Roberts & Co’s €2.3 billion deal for CVC’s insurance broker April.

Withersworldwide is an international law firm headquartered in London with offices in the United States, Europe, Asia and the Caribbean. It has been established in Hong Kong since 2008 offering tax and wealth planning, trust, family law, charity, and corporate advice. 

Focusses / specialisms 

The firm’s transactional practice offers corporate services in real estate, M&A, joint ventures, private equity, reverse takeovers, banking, IPOs, and entity reorganisation.

Key clients 

Key clients of the firm include Anatole Investment Management and Excel Precise International.

Research period review: 31st edition (2020/2021)

The firm kept busy during the research period with acquisitions, disposals, joint ventures, investments, private equity financing, conventional lending and share acquisitions in the investment management, financial services, real estate, beauty, gaming, and consumer goods industries.

Deal highlights: 31st edition (2020/2021)

Anatole Investment Management $15 million series C financing

Anatole Investment Management $30 million investment in PingCap

Strong Day Holdings HK$80 million loan facility

Client feedback: 31^st edition (2020/2021)

Financial restructuring

“Expert knowledge and trustworthy lawyers.”

Project development

“Extremely responsive to issues and High efficiency in terms of feedback and following-up. Professional in providing sensible and practical advice. Client always feel well looked-after.”

Daniel Tang

“Daniel Tang is an experienced partner and knows his area very well. He is always there to offer sound and practical advice in sticky situations.”

Polly Chu

“She always aims to excel herself through the years to improve her knowledge and service. She is extremely responsive, patient, and responsible to her client. She performs diligently and clients feel rest assured that problems are always well taken-care of.”

“Trustworthy and diligent.”

Focusses / specialisms

The firm offers quality legal services to financial institutions, private enterprises and corporate clients in Hong Kong with core practices in the equity capital markets, M&A, restructuring and insolvency. The firm also offers dispute resolution for clients in Greater China and across the world.

Key clients

Key clients of the firm include Ample Capital, Asia Allied Infrastructure Holdings, Bridgestone Electro-Materials, China Chengtong Development Group, China Renewable Energy Investment, CMB International Securities, Greenheart Group, HKC (Holdings), International Alliance Financial Leasing, Li-Ning Company and Red Sun Capital.

Research period review: 33^rd edition (2022/2023)

During the research period, the firm has been very active in equity capital markets, corporate M&A and restructuring sectors.

In the equity capital market, the firm kept busy advising issuers, sellers and initial purchasers in IPOs, block trades and share capital increases.

In the M&A space, the firm acted for corporations and individuals in governance, regulatory and internal investigations, corporate compliance counselling, investments and joint ventures, insolvency, asset-tracing claims, recovery actions and insurance litigation. Active industry sectors include automotive, banking, construction and materials, consumer goods and services, healthcare, TMT, pharmaceuticals and life sciences, and real estate.

In the restructuring space, the firm was active providing legal advice to shareholders, acquirers, administrators, insolvent entities and creditors in financial restructuring and corporate rescue.

The firm strengthened its capital markets practice by recruiting top-rated talent Li Fai as a partner from Jingtian & Gongcheng Hong Kong in January 2022.

Deal highlights: 33^rd edition (2022/2023)

Li-Ning Company’s $1.34 billion equity fundraising.

Fullshare Holdings’ $680 million disposal of 43% equity interest in Nanjing High-Speed Gear Manufacturing.

Asia Allied Infrastructure Holdings’ disposal of a subsidiary holding an indirect 45% interest in parcels of land in Miami in the US.

Majestic’s IPO and application for admission to trading on the Aquis Stock Exchange of the UK.

Parkson Retail Group’s $41 million disposal of the properties in Qingdao City.

Client feedback: 33^rd edition (2022/2023)

Capital markets

“provide high-quality legal services at a reasonable cost.”

“Good and professional.”

Financial services regulatory

“They clarify and explain my enquiries and follow up my task proactively.”

M&A

“Provided legal services with commercial sense.”

Lawyer feedback: 33^rd edition (2022/2023)

Rossana Chu

“Rossana is extremely helpful and experienced. She's always responsive to our enquiries.”

“We have been working with Rossana for more than six years. She is always responsive and responsible. She has great commercial sense and can provide advice based on the client's needs. She is very experienced with strong technical skills.”

“The partner, Rossana Chu, is very responsive and responsible. She always provides advice with strong commercial sense, and she is very experienced in dealing with regulators.”

“Very nice and supportive to my company.”

London headquartered multinational law firm Ashurst opened its Hong Kong office in 2008. Key figures at the firm include partner Chin Chuan Chen.

Focusses / specialisms 

The firm boasts a well-diversified financial and corporate offering and is strongest in capital markets, project finance, financial services regulatory, restructuring and insolvency, and private equity and real estate funds.

Key clients  

The firm acts for the likes of China Development Bank, Bank of China, Deutsche Bank, China Construction Bank, Export Import Bank of China, Agricultural Bank of China, China Minsheng Bank, and China Export & Credit Insurance Corporation.

Eversheds Sutherland is the result of a 2017 merger between law firms Eversheds and Sutherland Asbill & Brennan. It has over 2800 lawyers and 68 offices across 32 countries. The firm serves its clients with China interests from its offices in Hong Kong, Beijing and Shanghai.

Focusses / specialisms 

In Hong Kong the firm is most active in handling structured finance and securitisation mandates and has expertise in contentious and non-contentious restructuring and insolvency-related matters.

Key clients  

Key clients of the firm include Hong Kong Capital Finance Corporation, Meritz Securities, Oceanwide Holdings, DBS Bank, HSBC, Gibson Innovations and Liberty Group.

Client feedback: 31st edition (2020/2021) 

Banking and finance

"Client and solution-oriented. Prompt and responsive."

"Eversheds Sutherland's wide specialisations within the HK office and its broad capabilities across different jurisdictions enables clients to more easily obtain all-round advice to manage legal risk. "

Capital markets

"Aside from being knowledgeable and responsive, brings a practical approach to transactions. Kingsley Ong is always available and prompt with his feedback."

"Mr Kingsley Ong and his team are very approachable, responsive and professional."

"Great commercial grasp of the transaction - deal-making attitude - legally sound and practical advice."

"Kingsley's team did an excellent job in leading the transaction as Hong Kong counsel and providing legal expertise as well as practical solutions to various issues throughout the transaction. "

"They are very commercial in trying to solve legal/structure issues to get a good faith compromise between lender and borrower."

Restructuring and insolvency

"Mr Kingsley Ong and his team are very approachable, responsive and professional. Their advice is practical and easy to understand."

"The lawyer and his team are very prompt and meticulous."

Founded in 1993, Fangda Partners is a full-service law firm advising on PRC and Hong Kong laws. The firm is headquartered in Shanghai and is among the largest China-based law firms, with approximately 700 lawyers in Shanghai and further offices in Beijing, Guangzhou, Shenzhen and Hong Kong.

Focusses / specialisms

The firm has a traditional strength in private equity. It was one of the earliest entrants into the PRC fund formation market and its team has the dual capacity to advise on renminbi and offshore US dollar fund formation matters.

Capital markets and corporate M&A are the core focuses of the firm. The firm stays active in this competitive market with an expertise in TMT sectors and experience in both Hong Kong Listing Rules and the Hong Kong Takeovers Code. The finance team is especially potent in acquisition financing.

Key clients

Key clients of the firm include Apollo Future Mobility Group, Alibaba and Ant Group, Crédit Agricole, Deutsche Bank, WuXi Biologics, JW Therapeutics, PAG Capital Limited, Hillhouse Capital, China Resources Property, Huadian Power International Corporation, Ping An of China Capital (Hong Kong) Company, Softbank Vision Fund and IDG Capital.

Research period review: 33^rd edition (2022/2023)

During the research period, the firm was particularly active in corporate M&A, debt and equity capital markets.

The firm’s debt capital market practice was active representing underwriters and issuers in debt issuance programmes, preference shares, hybrid securities offerings, investment grade bond offerings, private placements and panda bond offerings.

In equity markets, the firm kept busy with a number of IPOs, take private and general tender transactions as well as PIPE and securities transactions.

In corporate and M&A, the firm regularly advises in cross-border transactions with China elements. Advising both buy and sell side, the firm is experienced in providing industrial knowledge in a wide spectrum of fields including manufacturing, automobile, chemical, consumable, TMT, logistics, retail, healthcare, education, and energy and resources.

Deal highlights: 33^rd edition (2022/2023)

Deutsche Bank’s Rmb1 billion panda bond programme.

Apollo Future Mobility Group’s $2 billion reverse takeover of the EV business operated by WM Motor Holdings.

China Resources Property Limited’s HK$145 million acquisition of the entire issued share capital of Pioneer Alliance.

Thematic Bridge Investment’s HK$4.763 billion voluntary conditional general cash offer on Jinke Smart Services Group.

WuXi Biologics’ HK$4 billion block trade

Client feedback: 33^rd edition (2022/2023)

M&A

“They lead the drafting and negotiation as the deal counsel. Sound knowledge of both tech and finance, good at identifying issues and providing balanced approach.”

Investment funds

“Professional, responsive, resourceful.”

Financial services regulatory

“Very professional, knowledgeable and insightful.”

“Fangda always provides timely advice, taking into account the company's best interests.”

Capital markets

“Valuable experience in the debt market, good network, excellent communication skills with clients with different background, responsive and diligent services.”

Lawyer feedback: 33^rd edition (2022/2023)

Raymond Chan

“Managed the deal well.”

Tianyi Chen

“Smart and responsive, and good with management of fees.”

Zhang Yue

“Professional, responsive, resourceful and flexible.”

Christina Fu

“Very professional, knowledgeable and insightful. Thorough work, sharp mind.”

“Christina always demonstrates her professionalism, is attentive to clients' needs and provides practical and constructive recommendations.”

Christine Chen

“Christine has in-depth knowledge and experience in advising sophisticated international issuers on local law issues. By providing practical and thoughtful solutions to complicated or tricky legal issues in the course of bond issuance, Christine has gained our deep trust and respect. Her advice and constant contribution are immensely helpful to the successful execution of cutting-edge debt offering transactions.”

Founded in 1992, Haiwen & Partners is a 200-lawyer-strong PRC firm with offices in Beijing, Shanghai, Shenzhen and Hong Kong. The firm is a fully integrated partnership with a modified lockstep compensation system.

Focusses / specialisms 

Compared to other PRC law firms, Haiwen & Partners is relatively small and focused on cross-border securities, M&A transactions, private equity, investment funds, restructuring and insolvency.

Key clients 

Key clients of the firm include Citigroup Global Markets, Huaneng Guicheng Trust, eWTP Tech Innovation Fund, Syngenta Group, Kuaishou Technology, DCP Capital, and China International Capital Corporation.

Research period review: 31st edition (2020/2021)

In the past 12 months, the firm’s capital markets team has been busy with overseas bonds, green bonds, convertible notes, exchangeable bonds, education bonds, private placements, and IPOS in New York, Hong Kong, Luxembourg and Singapore.

The funds team have handledLP work, investments, mixed ownership, and funds in Singapore and in logistics, manufacturing, and real estate.

M&A continues to be a core area for the firm wo were preoccupied with consolidation mandates, debt-for-equity transactions, acquisitions, mergers in agriculture, technology, education, insurance, financial services, and oil and gas. The private equity team facilitated its clients various funding rounds, investments,  and fund raising.

Haiwen & Partners strengthened its corporate team with the hire of partner Ye Taoye from Allen & Overy. Its capital markets practice welcomed of counsel Zhang Fan from CITIC Securities.

Deal highlights: 31st edition (2020/2021)

5G Fund

China Merchants Bank $800 million green bond issue

Kuaishou Technology HKSE IPO

PipeChina Rmb123 billion acquisition of Sinopec oil and gas pipeline business

Shenyang Machine Tool restructuring

Yuanfudao $1 billion G series financing

Jeffrey Mak Law Firm is a Hong Kong-based corporate finance law firm focusing on deal structuring, corporate compliance and financial inclusion. The firm’s principal, Jeffrey Mak was a partner with a large international law firm for more than eight years and is ranked as highly regarded in multiple practice areas including banking and finance and capital markets.

Focusses / specialisms

The firm specialises in corporate finance matters including debt and equity capital markets, M&A and financial services regulatory.

Key clients

Key clients of the firm include Beijing Enterprises Clean Energy Group, Century Icon Holdings, ChengDu JingKai GuoTou Investment Group, Gaush Meditech, and SSY Group.

Research period review: 33^rd edition (2022/2023)

During the research period, the firm was active in corporate and equity capital markets including representing acquirers, targets and issuers in public acquisitions, IPOs, spin-offs, public takeovers, whitewash transactions and bonds issuance. Active industry sectors include healthcare, energy, social infrastructures, consumer goods and services, and TMT.

Deal highlights: 33^rd edition (2022/2023)

China Shandong Hi-Speed Financial Group’s $600 million takeover of Beijing Enterprises Clean Energy Group.

Gaush Meditech’s HK$672 million HKEX IPO.

JunHe is a top-tier firm in transactional law in China. Headquartered in Beijing, JunHe has grown to encompass 12 offices across the world. In mainland China, it has offices in cities such as Shanghai, Guangzhou, Shenzhen, Hangzhou and Chengdu. The firm is a member of Lex Mundi and Multilaw, two international networks of independent law firms.

With a total of 15 partners and more than 40 legal professionals, the firm’s Hong Kong office offers quality and cost-effective services and capabilities to practise law in different jurisdictions including Hong Kong, the UK, New York, Australia and mainland China.

Focusses / specialisms

JunHe’s Hong Kong office has a focus on corporate finance and capital markets, with extensive capabilities in banking. The branch has advised companies, sponsors and underwriters in securities offerings, contributing to the successful listings of Chinese enterprises and other companies on the HKEX. The firm also advised on pre-IPO investments through IPOs, share placements, rights issues and fund raising, and in respect of dispute resolution and regulatory compliance matters.  

Deal highlights: 33^rd edition (2022/2023)

The firm’s recent highlights includes representing a leading state-owned waste management enterprise in acquiring 100% of a top provider of waste management services in Singapore; representing a state-owned ship finance and leasing company in a highly structured ship finance project; and representing a leading agricultural state-owned enterprise in the PRC on the establishment of a fund as an exempted limited partnership under the laws of the Cayman Islands.

Client feedback: 33^rd edition (2022/2023)

Banking

“Responsive and proactive in solving clients' queries.”

“JunHe has a strong finance team. They are hard-working and proactive and have a strong bench of associates. JunHe are well respected in the industry and good to work with.”

M&A
“Professional, efficient, highly motivated.”

“The antitrust analysis is very comprehensive and pragmatic.”

“Given the fact that we used to be a subsidiary of our UK company, the deal involved restructuring of the company and handling the legal matter with a relatively large number of investors. It was quite complex and JunHe has helped us through the entire process.”

Private equity

“They advise on deal structure and documentation.”

“Very client orientated. Responds to the client's needs.”

“Strong legal expertise, responsiveness and strong commercial awareness.”

Investment funds

“Advice is practical.”

Lawyer feedback: 33^rd edition (2022/2023)

Alex Lee

“Always responds to client's email promptly and is helpful.”

“Alex is a leading finance lawyer in Hong Kong. He has a wealth of experience, having worked both in-house and in private practice for a number of years. Alex is technically strong but also bears in mind the commercial imperatives on transactions. He has a good bench of associates. Alex is friendly, easy to work with and is a fluent in English and a Mandarin speaker. He has strong relationships with both international and PRC banks. I recommend Alex highly.”

“Alex has been extremely helpful in supporting our company, especially throughout our Series A fund-raising exercise. His professional advice and support have been instrumental in the fund-raising exercise.”

Jacqueline Qiao

“Jacqueline is the name partner of our company. She makes sure all our legal needs are served and responded to in a timely manner.”

K&L Gates is a US-based international law firm with 45 further offices across Asia, Australia, Europe, the Middle East, and South America. The firm assists its clients with Greater China interests from its offices in Beijing, Shanghai, Hong Kong and Taipei. 

Its lawyers instruct on cross-border transactional, regulatory, and contentious matters, but are especially active in corporate and M&A. 

Key clients of the firm include Koppers, TCL Holdings, Greentown Education Investment, Luye Medical, KaiOS Technology, Bluescope Steel and DIC Corporation. 

Over the research period the firm kept itself busy with corporate advice and restructuiring mandates, joint ventures, investments, stake sales and acquistions in the chemicals and financial services sectors. 

In 2019, the firm hired partner Guiping Lu from Haiwen & Partners and saw Grace Fan-Delatour depart for White & Case. 

Deal highlights

-Greentown Service Group A$67 million acquisition of 56% stake in Montessori Academy Group

-Fangda Carbon New Material and C-Chem $107 million acquisition of Koppers (Jiangsu) Carbon Chemical Company 

-KaiOS Technology restructuring 

Established in 2015, Kejie Associates is a boutique transactional law firm specialised in advising domestic and international companies, financial institutions and governments.

The firm has a global network of offices across 57 countries and works with its member firms to provide cross-jurisdictional legal services for Chinese enterprises on outbound investments, M&A and other cross-border matters.

Kejie’s legal services focus on M&A, private equity, financing and investment matters, investment funds and capital markets.

Focusses / specialisms

The firm has a focus on corporate M&A and capital markets. The team regularly advise in the fields of mergers and acquisitions, strategic investments, corporate and securities law, securities issuance and corporate governance transactions in the People's Republic of China.

Kwok Yih & Chan is an independent corporate law firm based in Hong Kong specialising in the Hong Kong and mainland Chinese markets.

Focusses / specialisms

The firm is experienced in commercial, corporate and M&A, and capital markets. With in-depth knowledge of the Hong Kong securities market, the firm has an extensive understanding of the cultural, linguistic and practical problems of dealings in mainland China as well as Hong Kong. The firm also offers dispute resolution practice to clients in commercial sectors.

Key clients

Key clients of the firm include Hidili Industry International Development, Good Sign, Loto Interactive, Manful Kingdom, and Haichang Ocean Park Holdings.

Research period review: 33^rd edition (2022/2023)

During the research period, the firm has been particularly active in the corporate M&A sector and provides regulatory advice to clients including representing both acquirers and sellers in Hong Kong and PRC mergers and acquisitions transactions. The firm also advised issuers in capital markets and provided legal services for joint venture establishment.

Deal highlights: 33^rd edition (2022/2023)

Hidili Industry International Development’s HK$1.48 billion debt restructuring.

Good Sign’s Rmb556 million proposed disposal of 60% interest in Hunan Daoyue Expressway Industry.

Loto Interactive’s HK$37 million disposal of the entire equity interest in Brighten Express.

Manful Kingdom’s HK$58 million acquisition of 51% of the issued share capital of Loto Interactive.

Client feedback: 33^rd edition (2022/2023)

Capital markets

“They did well and were responsive.”

Lawyer feedback: 33^rd edition (2022/2023)

Ronnie Bow

“Very responsive and provides feasible solutions.”

Maples and Calder is an international law firm, headquartered in the Cayman Islands. The international firm has more than 330 lawyers and 17 offices including Asia-Pacific offices in Hong Kong, Singapore and Shanghai. The Asia team collaborates with its lawyers based in the BVI, Cayman Islands, Dubai, London and Luxembourg offices with 18 partners based in the Hong Kong and Singapore offices.

Focusses / specialisms

The firm has expertise in corporate and finance and is particularly active in capital markets from pre-IPO financing to IPO, dual listings, special purpose acquisition company (SPAC) IPOs and follow-on offerings involving the Cayman Islands and BVI companies in particular involving securities exchanges in the US, Hong Kong and PRC.

The firm is also active in offshore funds and investment management, and actively serves clients in the TMT sector. The firm’s international dispute resolution and insolvency practice covers a wide variety of international commercial disputes, insolvencies and restructurings.

Key clients

Key clients of the firm include 51job, Ara Asset Management, Aquila Acquisition Corporation, Axiom Asia, Baring Private Equity Asia, Citigroup First Investment Management, CIFI Holdings (Group), Ginko International, MINISO Group Holding, PlayNitride and Zhihu.

Research period review: 33^rd edition (2022/2023)

During the research period, the firm was active in handling transactions in corporate M&A, finance, investment funds, insolvency and restructuring space.

In the finance space, the firm was active in acquisition and leveraged financing, special situations financing, structured finance, aviation finance, private debt, capital markets, fund finance and derivatives.

In the caproate sector, the firm continued to be active in advising SPAC deals with a high transaction recorded in Asia. In capital markets, the firm was very active in both IPOs and bond issuances. Most recently, the team has advised on the first ever Hong Kong SPAC IPO, Aquila Acquisition Corporation, as well as the first SPAC listing in Singapore, namely Vertex Technology Acquisition Corporation.

In the private equity and investment funds space, the firm was busy advising leading private equity funds on their fund financing and Chinese companies and financial institutions on a range of corporate finance-related transactions.

In the restructuring space, the firm was involved in a wide variety of international commercial disputes, insolvencies and restructurings. The firm acted for the company on two of three Cayman Islands schemes of arrangement undertaken by PRC real estate companies during 2022.

Finance partner James Kinsley left the firm in 2023.

Deal highlights: 33^rd edition (2022/2023)

$4.3 billion take-private of 51job.

Ginko International's $976.43 million take-private transaction.

GoGoX's HK$670 million HKEX IPO.

EQT's €6.8 billion acquisition of Hong Kong-based Baring Private Equity Asia.

Modern Land (China)’s $1.34 billion restructuring of its bondholder debt.

Client feedback: 33^rd edition (2022/2023)

Investment funds

“Deep knowledge of the hedge fund market and clarity in communicating what they know.”

“They are responsive, commercial and knowledgeable about Cayman legal issues and the interplay between Cayman law and regulations in local Asian jurisdictions.”

Financial services regulatory

“The written advice provided by Maples was clear and very useful. All practical difficulties that we might encounter were clearly envisaged and laid out by Maples, leaving no stone unturned. Also, Maples is always very responsive to my queries.”

Lawyer feedback: 33^rd edition (2022/2023)

Aisling Dwyer

“Very technically proficient. Highly organised and task-orientated. She has extremely good communication skills, is responsive and transparent.”

“Aisling is reliable, responsive and she gives clear and practical advice. Aisling has assisted me in various legal tasks over the years. Regardless of the size of the tasks, she is serious about your instructions and would put in her best effort to accomplish them.”

“She is extremely pragmatic, practical and knows her stuff. She is very organised and diligent and would have no hesitation going to her for any insolvency, restructuring and general commercial disputes work for Cayman Islands and BVI.”

Ann Ng

“Highly experienced in hedge funds and has a really commercial understanding of how hedge funds operate.”

Dan Won

“Dan is responsive and knowledgeable and, as a fluent Korean speaker and one of the very few at a Cayman law firm, he is uniquely positioned to advise my Korean private equity clients on Cayman law issues.”

Sharon Yap

“She is commercial, responsive and one of the most knowledgeable Cayman lawyers in the Asian market. She knows how my team and my client operate, and she has become my go-to partner for Cayman matters.”

Mayer Brown is a large international law firm with offices in 27 cities across the Americas, Asia, Europe, and the Middle East. It has been serving its clients in China since the 1990s with offices in Beijing, Shanghai, and Hong Kong where it has over 200 lawyers.

Focusses / specialisms 

The firm is best known in Hong Kong and China for its restructuring and insolvency, projects, banking, and debt capital markets practice where it is ranked highest—its high-yield practice is active often representing trustees on bond issuances.  It also has a strong regulatory practice.

Key clients 

Key clients of the firm include Mongolian Mortgage Corporation HFC, China Gas Capital Management, Jiu Zun Digital Interactive Entertainment Group Holdings, Leapfrog Investments, Maybank, and Asian Development Bank.

Research period review: 31st edition (2020/2021)

The firm’s finance team has had a very busy year acting in pro bono emergency loans in response to Covid-19, water-related development and education financing, and other financing, refinancing, and restructuring mandates in agriculture, real estate, chemicals, biologics, logistics and financial services. 

In projects the firm handled PPPs and a range of outbound mandates in transport, aviation, pulp, tourism, telecommunications, hydropower, and conventional energy in jurisdictions such as Brazil, Kenya, Benin, Peru, Ukraine, Ivory coast, Uganda, and Nigeria. 

The regulatory team assisted virtual banks setting up in Hong Kong, financial crime reviews, whistleblowing allegations, market misconduct, investigations, and compliance matters. 

In debt capital markets, the team were preoccupied with sustainable bond offerings, sovereign bonds, high-yield offerings in Mongolia and Indonesia, programme establishment and updates, catastrophe bonds, ESG bonds, and convertible bonds, while the equity team handled Hong Kong IPOs, top up shares, conditional cash offers, rights issue, and privatisations. 

The funds team handled fund formation, VC funds, investments, real estate funds, technology funds, and compliance matters; the M&A practice advised on domestic and overseas acquisitions, disposals, restructuring, and joint ventures in commercial real estate, retail, private equity, aviation, and construction. 

In restructuring and insolvency, the firm acted in restructurings, insolvency, and liquidation issues of entities in the cruise and resort businesses, food and beverage, manufacturing, and construction industries. 

The firm strengthened its corporate practice in the research period with the hires of partner Steven Tran from Hogan Lovells and Sheng Wu and Paul Chen from DLA Piper. Its restructuring team was boosted with the hire of partner Adam Paul from Kirkland & Ellis and partners Michael Fiddy and Amy Jacks from DLA Piper. 

In the research period the firm was hit with the departures of finance partner Ben Sandstad to Asian Development Bank and restructuring partner Tom Pugh to offshore law firm Walkers.  

Deal highlights: 31st edition (2020/2021)

Government of Mongolia $600 million 5.125% sustainable bond issue

Huiyuan Juice restructuring

Link REIT £380 million acquisition of The Cabot

New Hope International $400 million syndicated term loan facility

Onstar Express (SiCepat) $170 million series B financing

Sino-Entertainment Technology Holdings HKSE IPO 

Client feedback: 31^st edition (2020/2021) 

Banking and finance

"Committed professionals."

"Pragmatic advice on the disputed issues, abundant experience with similar transaction, prompt response on the queries and generous help with the frequent questions."

Capital markets

"Good professional advice. Good and prompt communication."

Restructuring and insolvency

"Responsive. Experience. Knowledge. Client-centric. Competitive pricing."

Investment funds

"Creativity regarding fund structuring and deep experience/expertise in technical aspects and process."

Private equity

"Highly knowledgeable and very client-friendly."

"Mayer Brown's private equity team provides timely and consistently high-quality legal advice to ensure our interests are protected, while at the same time acknowledging the commercial realities of our transactions. This helps us get deals done quickly, cost-effectively and with solid legal and commercial foundations."

"Very detailed-oriented yet commercial. "

Billy Au

"Frank and professional."

Boya Shen

"Advises on the drafting and negotiation of finance documents. Rich experience with market and documentation."

Hallam Chow

"Advises on the drafting and negotiation of finance documents. Rich experience with market and documentation."

John Marsden

"Client-centric. Experienced. Commercial. Flexible. Personable."

Mark Uhrynuk

"Very hard working and attentive to our needs. I am very happy with the relationship and help that Mark has provided."

"Very creative, solution-driven approach. "

"Highly skilled and knows exactly the right person to assign to the task within the firm."

"Mark is a key adviser to our business. He helps us navigate transactions on solid legal footing, with attention to the commercial realities of our deals."

Formed in 1866, Sidley Austin is a Chicago-based international law firm with over 2000 lawyers across 20 global offices. In Asia-Pacific the firm has 200 legal professionals in Hong Kong, Shanghai, Beijing, Singapore, Sydney and Tokyo. Its Hong Kong office was established in 1994. 

Focusses / specialisms

The firm offers US, Hong Kong and English legal advice to its clients and excels transactionally in the equity capital markets, the debt—especially high-yield bond issuances—capital markets, investment funds, M&A and private equity. 

Key clients

Key clients of the firm include Springland International Holdings, Vivo Capital, CanSino Biologics, Kaisa Group Holdings Company, Standard Chartered Bank, DBS Bank and Fosun International. 

Research period review: 30th edition (2019/2020)

The firm’s equity capital markets practice was very active during the research period advising on Hong Kong IPOs, share placements and rights issues; while the debt team handled corporate bond issuances alongside high-yield, convertible and green bond issues. 

The M&A team acted in take-privates, joint ventures, disposals and acquisitions in the transport, real estate and construction industries. In private equity the firm assisted clients in various rounds of funding and in investments.  

Deal highlights: 30th edition (2019/2020)

-China Evergrande Group Rmb13.2 billion acquisition of Shengjing Bank

-Fosun International €400 million 4.35% high-yield bond issue 

-HiFiBiO Therapeutics $67 million series C financing

-Kaisa Group Holdings $400 million 11.95% high-yield bond issue

-Shanghai Henlius HKSE IPO

-Springland International Holdings HK$4.5 billion take-private 

-Vodafone Idea $3.5 billion rights issue 

-Zhongliang Holdings HKSE IPO 

Stephenson Harwood is a London-headquartered law firm with nine offices across Asia, Europe, and the Middle East. The firm has offices in Shanghai, Hong Kong and an association—with PRC law firm Wei Tu—in Guangzhou catering to its clients’ interests involving Greater China.

Focusses / specialisms 

The firm’s Hong Kong office offers multi-lingual English and Hong Kong law advice, especially in regulatory, banking and funds matters, projects, infrastructure, real estate, and restructuring and insolvency mandates since 1979.

Key clients 

Key clients of the firm include China Development Bank, Bank of China, PricewaterhouseCoopers, Eurofins Scientific, PwC, and Madison Pacific.

Research period review: 32^nd edition (2022/2023)    

During the research period, the firm advised various financing mandates such as asset finance, syndicated lending, structured finance, fintech, secured and unsecured lending, and trade finance often acting for lenders, borrowers, arrangers, and facility agents.

The M&A team kept busy in public and private acquisition, joint ventures, and divestments and mainly advised acquirers, sellers, joint venture partners, and investors across different regions such as Hong Kong, China, Singapore, the United States, Indonesia, Sweden, and the British Virgin Islands.

The restructuring and insolvency team was active in a range of mandates advising on provisional liquidations and insolvencies acting mainly for liquidators.

Corporate and M&A partner Paul Westover has relocated to Thailand.

Deal highlights: 32^nd edition (2022/2023)   

China Merchants Bank Rmb$12 billion PRC on-shore guarantee and on-shore loans

Unitas Group Company HK$1.182 billion financing through secured term loan facilities

Eurofins Product Testing LUX Holding Sarl $159 million acquisition of the Modern Testing Services (MTS) Group

Shanghai Huaxin Group HK$30 billion insolvency proceedings

Client Feedback: 32nd edition (2021/2022)    

Banking and finance

"Very professional, detail-oriented with timely completion."

"They are very positive and they know clients well."

"Very helpful and responsive; good quality work for a reasonable cost."

Financial services regulatory

"Very responsive and has dedicated experience in financial industry."

"Well-balanced with commercial sense."

Investment funds

"Good attention to detail, thorough approach; exceptional value for money."

"Its partners are professional and maintain communication with clients on the latest industry updates from a legal professional point of view. The advice and opinions are timely and relevant. "

"Familiar with the Hong Kong regulatory environment and has good network with Cayman legal counsels."

Insolvency

"Boutique with a global presence. Practical, refined and commercial."

"Technically sound and competent."

"The firm is highly responsive, detail-oriented and pragmatic in their approach (in particular dealing with senior management)."

"They are responsive and their fees are reasonable."

"They are very commercial and easy to work with. Responsive and provide practical advice. The lawyers in the firm are very approachable. Most importantly, their charges are very reasonable with such a high quality of professional service."

"Timely and constructive advice."

"We have built a long relationship with the firm and they have always been a very reliable adviser. Given their knowledge of local market and language capabilities, it was particularly helpful in handling such a high profile local case in HK. Their team is very commercial minded and worked in a flexible time to meet the urgent deadline, which played a very important role in this engagement.

"I find the firm good value for money. They have a select group of legal professionals dedicated to assisting clients, and are client focused."

"Proactive. Good research."

M&A

"Its counsellors are meticulous and conscientious. They do well in listing-related matters."

"They have depth in technical expertise and with good resources on tap."

Private equity

"Friendly, helpful, responsive and meticulous."

"Very efficient with fast communication, patient explanation to client with little law background, and very good quality since I tried to find another law firm to do the same job, but they could not handle it in time."

Restructuring

"I have found the firm to be good value for money. They are able to deliver the work quickly and efficiently, and within budget."

Anthony Wong

"Detail-oriented, provides professional advice."

Alexander Tang

"Good at understanding the client's needs and problems. Able to deliver practical solutions. "

"He is very technical and detail-oriented. He can always think ahead and mitigate risk going forward."

"Very commercial and approachable."

"Friendly, willing to listen and prompt response."

"He is very experienced and delivers practical solutions to clients."

"We are very happy with his advice and service overall. He would go extra mile to remind us on matters that we have no time to think about. He is very attentive and committed throughout the engagement."

"Attention to detail and ability to deliver his advice and services to clients in a cost-effective manner."

"Understands client's needs."

Eloise Matsui

"Practical and commercial."

Ivan Ng

"Very smart, practical advice, manages difficult client very well, thinks outside the box."

Jamie Stranger

"Strong dealing with senior management and pragmatic approach to problem-solving."

Jane Ng

"She is professional, technically able and personable."

"She is technically able, professional and personable."

Karen Cheng

"Responsive, efficient and kind."

Katherine Liu

"Responsiveness."

"Responsive, professional. "

"Very helpful and responsive to questions; acted as a good coordinator between various departments within the firm."

Michelle Chung

"All-round legal knowledge."

"Very responsive and she knows the law inside out. Pricing is very reasonable."

"She is very patient to listen to feedback and explain terms for me, good communication, very efficient and punctual to deliver her work, even solving my problems beyond working hours. Good communication skills. Good judgement. Analytical skills. Research skills. People skills. Perseverance. Creativity. Everything you want in a lawyer."

Penelope Shen

"Penelope is dedicated and responsive. She demonstrates a great willingness and aptitude to understand the business in all its subtleties. We can rely on Penelope and her team to understand the complexities of the transaction and also give good, considered advice."

"She is highly knowledgeable in legal and regulatory-related perspectives and issues by having an insatiable open mind in learning new things to contribute and share with clients from time to time for the benefit of both the clients and her firm, which is particularly important for an ever-changing landscape in the hedge fund industry with compliance issues from multiple fronts with different jurisdictions. She also maintains efficient and effective communication flows with clients in a timely and friendly manner. Most importantly, she proposes relevant and practical solutions tailored to clients, literally the most value-added element in the business relationship, which makes the best value for money . "

"Friendly, knowledgeable and responsive."

"Providing solutions but not complications in a timely manner. "

"She is the handling partner of our matter. I must say that we have had nothing but exceptionally fine dealings with her in this matter. She has given a solid and various introduction to fund establishment in the Cayman Islands and Hong Kong jurisdictions and has let us to decide which is the most appropriate products for our management's selection. "

"She is familiar with our firm and our products. "

Tiang & Partners is a single office firm in Hong Kong that specializes in corporate matters. Despite only have one office, the firm has a global reach thanks to its collaboration with global firm PwC.

Focusses/specialisms   

The firm is best known for its work in M&A and structured finance and securitizations. The M&A team acts on the buyer side in private acquisitions. It also represents companies in joint ventures, strategic investments, restructurings and incorporations.

The structured finance and securitization team represents arrangers in ABS and securitizations. It specializes in credit card, aviation, mortgage and auto backed receivables.

Key clients 

Key clients of the firm include LifeTech, EXOR, CargoSmart, ZhongAn Online P&C Insurance and DBS Bank.

Established in 2015, Vivien Teu & Co is a boutique independent Hong Kong law firm.

The firm is specialised in asset management and financial services. The firm has strong experience on a range of investment funds and strategies, including retail, securities, hedge, private equity and real estate funds.

Key clients of the firm include SingAlliance, Guotai Global Investments, ABC-CA Fund Management, China Southern Asset Management, Yinhua Fund Management and Vistra Trust.

In the past year, the firm has been active in fund structuring and formation, and regulatory matters. It has also strengthened the ESG focus of its investment funds and corporate practice, and works with charities, foundations, social enterprises and impact investors in this regard.

Watson Farley & Williams (WFW) is a London-based international firm with 15 offices across Europe, Asia and USA. Its Hong Kong office was established in 2012 and in 2015 it established an association with Hanoi-based boutique firm LVN & Associates.

Focusses/specialisms   

The firm is traditionally known for its shipping and shipping finance practice but has since developed its energy and infrastructure, natural resources, real estate and transport expertise. From Hong Kong it is most active in banking, project development, project finance, and restructuring and insolvency.

In banking and finance, the team acts for borrowers and lenders in asset financings, largely related to the shipping industry, as well as refinancing matters.

The restructuring and insolvency practice represents creditors in out of court restructuring matters.

Key clients 

Key clients of the firm include China Merchants Commerce Financial Leasing, Asian Development Bank, CMB Financial Leasing, Vietnam Ministry of Industry and Trade and Toyo Ink.

Founded in the Cayman Islands in 1978, Travers Thorp Alberga is a boutique firm specializing in Cayman Islands and British Virgin Islands financial law. It maintains four offices in the Cayman Islands, Hong Kong, BVI and Australia. Its Hong Kong office has been open since 2009.

Focusses/specialisms   

The firm only practices Cayman Islands and BVI law. It is focused on securities and regulatory matters.

Client feedback: 31^st edition (2020/2021)

Capital markets: Equity

"TTA has provided very good legal advice for us, especially during the IPO; their response was very prompt and the quality was very good."

Investment funds

"Generally responsive. "

"Responsive and experienced with issues. Jos Briggs in particular is excellent."

"Very supportive, responsive and reasonably priced."

Investment funds: Real estate funds

"TTA is extremely responsive and client-oriented. They provide an excellent client experience and appear to be pushing hard to provide great service."

M&A

"TTA were very responsive to our requests given the very tight timeline to the transaction. The amount of partner time of this file from TTA was also noted and appreciated."