Hong Kong SAR

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.

Highlights

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.

Over the past year, the firm has been actively engaged in the equity capital market, particularly in Hong Kong IPOs, providing advisory services to issuers, underwriters, and sponsors based in China. Furthermore, the firm was also engaged in corporate M&A as well as related regulatory matters. 

Key Clients

Key client of the firm includes Concord Healthcare Group, China Securities (International) Corporate Finance Company, China Merchants Securities (Hong Kong), Beijing Luzhu Biotechnology, CEB International Investment Corporation, and ZONQING Environmental.

A&O Shearman was formed in 2024 via the merger of two historic firms, Allen & Overy and Shearman & Sterling. It’s greater China team provide a full suite of legal services from offices in Beijing, Shanghai and Hong Kong SAR. Lawyers have the capability to advise on Hong Kong SAR, English, and U.S. law, advising clients on a broad range of domestic, cross-border and multidisciplinary transactions.

Highlights

The firm has a very strong debt capital markets practice in Hong Kong advising on investment grade and high yield capital markets transactions across the region. It is also recognized for its work in M&A, project finance, project development and equity capital markets. The firm is also strong in the investment funds area and recognized for its work in hedge funds, private equity funds and real estate funds.

Key Clients

Key clients of the firm include China National Petroleum, Clear Media, Investcorp, PTT Oil and Retail, Bank of America Securities, Bank of China International, Citigroup Global Markets, Credit Suisse, JP Morgan Securities, Nomura International and UBS.

White & Case is an international law firm based in New York City with 46 offices in 31 countries worldwide. The firm established its first office in Hong Kong in 1978 and has been practicing in China for more than 40 years. The Firm has a strong track record advising multinational, regional and Hong Kong businesses on their inbound and outbound legal needs, and particularly adept at assisting with accessing Hong Kong's financial markets.

Highlights

The firm's top practices include banking, leveraged finance, project finance, capital markets, private equity, and funds. The firm provides legal advice to financial institutions, alternative capital providers, and corporate borrowers on a variety of financing transactions, as well as advises on cross-border mergers and acquisitions involving both public and private companies in Hong Kong.

The firm has expanded its Global Capital Markets Practice with the addition of Ryan Tou as corporate finance partner in Hong Kong in 2024.

Established in 1992, Sullivan & Cromwell’s Hong Kong office serves as a strategic point for significant transactions that involve Greater China and Asia Pacific companies or assets. The Firm also advises clients on significant cross-border transactions in the rest of Asia and elsewhere in the world. Headquartered in New York, the firm has more than 875 lawyers who serve clients around the world through a network of 13 offices, located in leading financial centers in Asia, Australia, Europe and the United States.

Highlights

Equipped with a dedicated, highly skilled team of lawyers in Sullivan & Cromwell’s Hong Kong and Beijing offices, the firm regularly provide U.S., Hong Kong and English law advice to clients in Greater China, the Asia-Pacific region and around the world. Recent deal highlights include advises Underwriters in Fangzhou Inc.’s Hong Kong IPO and Global Offering with a market capitalization of $1.4 billion.

Key clients

Clients of the Firm are nearly evenly divided between U.S. and non-U.S. entities. They include industrial and commercial companies; financial institutions; private funds; governments; educational, charitable and cultural institutions; and individuals, estates and trusts. S&C’s client base is exceptionally diverse, a result of the Firm’s extraordinary capacity to tailor work to specific client needs.

Cleary Gottlieb Steen & Hamilton is an international white shoe law firm headquartered in New York.  Cleary Gottlieb’s Hong Kong office opened in 1980. With integrated U.S., Hong Kong and English law capability, lawyers in Cleary’s Hong Kong and Beijing offices represent clients in international securities offerings and financial transactions, mergers and acquisitions, private equity transactions, restructurings, privatizations, project finance matters, regulatory and antitrust matters and other corporate transactions.

Highlights

The firm has gained well-known recognition for its expertise in private equity, frequently representing prominent international and local private equity firms in their most intricate and demanding transactions. Within the fund space, the firm has acted for sponsors of some of the largest Asia-focused funds ever established, including providing counsel to TPG during the creation of its most recent flagship Asia private equity fund, TPG Asia VIII.

In addition to private equity, the firm is also active in capital markets and corporate M&A, having participated in major transactions including Shark Ninja Inc.'s $286 million follow-on offering of ordinary shares on a secondary market registered with the SEC. 

Key Clients

Key clients of the firm include Brookfield Asset Management, DCP Capital, Hillhouse, L Catterton, Morgan Stanley Private Equity, Mubadala, PAG Asia, Silk Road Fund, Temasek Holdings, TPG, and KKR.

Han Kun Law Office is a leading full-service law firm in China. In 2014, Han Kun entered the Hong Kong market through an association with a Hong Kong law firm. Han Kun Hong Kong, as Han Kun's branch law firm in Hong Kong, is duly licensed and eligible to independently provide legal services in Hong Kong SAR, China.  

Highlights 

With a particular focus on the Hong Kong listing and capital markets industry, Han Kun Hong Kong offers legal services on public offerings, private equity financing, cross-border mergers and acquisitions, establishing funds, monitoring financial services, ensuring regulatory compliance, and resolving disputes for both domestic and international clients. 

The firm has rich experience in the Hong Kong stock capital market and regularly advises Chinese issuers on listings and IPOs on the HKSE. As well as local knowledge, the partners at the firm are all imbued with an excellent understanding of international issues gleaned from their previous roles at many high-profile US and UK firms. Notable transactions in 2024 included acting on a TMT company’s US$1.6 billion non-cumulative intra-group perpetual securities private placement and the issuance of US$330 million senior notes due 2028 by China Hongqiao Group. 

Over the past year, the firm bolstered its Capital markets and corporate team with hiring of lists of partners including King Yu (Bonnie) Yung, Yilun (Allen) Zhang, Yu Wang, Bang (Steve) Lin, Liang (Alex) Tao and Melody He.  

Key clients 

Key clients of the firm include ABCI Capital, China CITIC Bank International, Crédit Agricole CIB, UBS, Barclays, Guotai Junan Securities, TCMTech, Jiangsu Lopal Tech, Yeahka, and CCB International Capital. 

Testimonials  

“Their team demonstrated profound expertise, meticulous diligence, and unwavering dedication throughout our engagement.” (Financial services regulatory client) 

“Deep knowledge, good legal service.” (Capital markets client) 

“Good legal advice and detail-oriented l, very professional.” (Capital markets client) 

Allen Zhang 

“Very professional and knowledgeable in the debt capital market.” 

Ethle Tang 

“She consistently provided clear, pragmatic advice, fostering confidence and achieving a highly favourable outcome.” 

Jianping Wang 

“Good knowledge.” 

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."

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.

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.

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. It is also worth mentioning that Baker’s French Desk in Hong Kong is staffed by French lawyers, French-speaking lawyers, and lawyers who regularly work with French-speaking clients across the Baker McKenzie platform. 

Highlights

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

In the past year, the firm’s PE team has remained active advising sponsors, pension and sovereign wealth funds and their portfolio companies on some of the most complex, cross-border investment, divestment and other transactions. Recent highlights including represented EQT in a successful sale and advised Subway on its master franchise agreement to expand presence in Mainland China.

Key Clients

Key clients of the firm include Bain Capital, EQT, Gaw Capital Partners, M3 Capital Partners, and Vitruvian Partners.

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.”

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.

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.

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. 

Highlights 

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 Securities and Futures Commission 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. 

Testimonials 

"Timothy Loh and Mary Lam of Timothy Loh LLP have proven their ability to deal with the most difficult matters of Hong Kong law within a very tight timeline and regardless of the difficulty of the questions asked. Timothy and Mary are always my first choice when it comes to Hong Kong SAR." (Equity capital markets client) 

"Timothy Loh is a perfect lawyer to deal with complex matters that require creativity and unique solutions. We worked with Timothy on a number of corporate projects (from ECM to corporate disputes) and every single time Timothy's help was invaluable." (Equity capital markets client) 

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.

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

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.”

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 

Skadden Arps Slate Meagher & Flom was one of the first law firms to establish a Hong Kong-based corporate practice.  The firm’s Hong Kong office focuses on a full range service and often work in tandem with teams in Beijing, Seoul, Shanghai, Singapore, Tokyo, the United States and Europe to serve clients in Asia.

Highlights

A key area of expertise for the firm is its corporate mergers and acquisitions and capital markets practice. In the Capital Markets, the firm advised issuers on listings and offerings in Hong Kong and the US, including participating in the J&T Express IPO and advising NIO Inc. on convertible senior notes totaling $1 billion. The firm also regularly represents sellers, targets and financial investors in inbound and outbound cross-border M&A and PE activities. A recent highlight included advising Blackrock on its $12.5 billion acquisition of Global Infrastructure Partners.

Additionally, the firm's Hong Kong team provides legal advice on project energy, infrastructure and project finance, real estate, restructuring and insolvency, structured finance, and regulatory matters.  

Key Clients

Key clients of the firm include NIO, Bilibili, BlackRock, Baidu, DiDi, E-House, JD, Li Auto, Lotus Technology, SHEIN, TikTok and Weibo.

and further representative offices in Shanghai and Guangzhou. It is also a member of Meritas, a global alliance consisting of 181 independent law firms.

Highlights

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.

Apart from notable banking, real estate and litigation work, Gallant’s China practice is particularly known for cross-border legal services between Hong Kong and Mainland China. In the past year, the firm was also active in advising Open-ended Fund Company (“OFC”) structure funds under Securities and Futures Commission (SFC) scheme.

Key Clients

Key clients of the firm include Asia Financial Holdings, Bank of China (Hong Kong), Bank of Communications (Hong Kong), China CITIC Bank International, Nanyang Commercial Bank, Ping An Bank, and Soochow Securities International Asset Management.

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. The firm’s Hong Kong office has served as a major hub for clients operating across the region, acting as a conduit between Asia and the rest of the world.

Highlights

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. 

Recent deal highlights include advised on the largest corporate in India's power sector, Adani Energy Solutions’ $1 billion Qualified Institutional Placement and advised Clifford Capital on $508 Million Infrastructure Asset-Backed Securities Issuance Through Bayfront Infrastructure Capital V.

The firm’s Hong Kong-based lawyers regularly work on complex cross-border transactions and collaborate on a daily basis with colleagues in the US, Europe, and beyond to service the firm’s long-standing global clients operating in the region, as well as major Asian players seeking to do business overseas.

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.

London-based “magic circle” law firm, Clifford Chance has 34 offices across 23 countries. The firm established Hong Kong office in 1980 and operates in its Beijing and Shanghai offices. In addition, the firm has more than 150 lawyers and 400-plus lawyers in seven other Asia Pacific offices including Australia, Japan, Korea and Singapore.

Highlights

The firm's Hong Kong offices remain on top tier in 15 practice areas. Among these, the firm’s champion practices include banking and finance, capital markets, restructuring and insolvency, financial regulatory services and corporate M&A. 

Industry strengths for the firm include work in the oil and gas industry, technology media and telecommunications and transport.

In the past year, the firm participated in numerous landmark transactions including advises EV maker Leapmotor on equity financing and strategic joint venture with Stellantis N.V. and advises on Bayfront Infrastructure's US$508.3 million infrastructure asset-backed securities issuance.

Key Clients

Key clients of the firm include Alvarez & Marsal, CICC, CLSA, China Construction Bank, China Merchants Bank, Huatai Securities, Leapmotor, Morgan Stanley, and FTI Consulting.

Testimonials

Banking and Finance

“CC has a very strong team, and their ability would be among the best in business. Handling partners are very hands on, providing quick and precise responses.”

Capital markets: Equity

“Professional, Timing, and constructive.”

“They are quite familiar with the listing rules and the industry practice for our industry, i.e. consumer industry.  They provide the advice which not only follows the listing rules but also is practical for the company to take.”

"I like their professional, practical and timely service.”

“Clifford Chance boasts top-notch experts across a full spectrum of corporate law and all key jurisdictions globally.”

“Practical, business savvy and good turnaround time.”

“Practical, good turnaround, good business acumen.”

Capital markets: Debt

“Clifford Chance offers exceptional services in the debt capital markets space. They acquit themselves admirably in both the New York law and English law space. In particular, I would highlight the work of Mark Chan, Gareth Deiner, Connie Heng, Johannes Juette, David Tsai, Torrance Shi and Matt Fairclough, who regularly offer top-tier counsel on investment grade issuances, liability management and emerging markets issuances.”

“Quite responsive, senior members of the teams deliver quality service.”

“Their team is professional and efficient and provides timely feedback to our company’s questions; they are very clear about the regulatory requirements and market practices for bond issuance, which saves our company time and effort in bond issuance.”

Capital markets: Structured finance and securitization

“I like the service provided by Clifford Chance.”

Financial services regulatory

“Responsive, strategic.”

“Creative pricing, very responsive, great expertise in the regulatory space, very business minded and practical in their advice."

Investment funds

“Responsive. Hard-working and client focused.”

“Our partner is Viola Lui. She and her team are extremely knowledgeable in this subject matter and have communicated valuable insights for our consideration during the process of drafting the offering documents. In addition, and probably most importantly, they have been extremely responsive and professional in our communication. Last but not least, they have stick to the quotation provided to us at the start of the project which is always helpful for people in my position where budget planning is very important.”

Leveraged finance

“Content depth, knowledge of our firm's procedures and result oriented team."

“Very sharp and commercial team that is always market leading on latest terms, structuring, and commercial dynamics in the leveraged finance market. The team is professional, efficient and communicates well with clients and counterparties - Edith Leung in particular stands out for her sponsor-side work, we always feel the work has been completed efficiently and we've achieved the best legal and commercial outcomes in our transaction, often on a very expedited timeline.”

M&A

“Knowledge on local regs and market practise, familiarity with the client.”

Restructuring and Insolvency

“Clifford Chance has a balanced team mix which enabled them to deliver quality work with costs well managed. Their R&I team could also leverage on the knowledge from their counterparts to advise us on HKEX compliance related issues.”

“Readily available.  Pragmatic and timely advice, which is technically sound but with a commercial overlay.  The team has good bench-depth and a wide range of experience, which has seen Hong Kong's evolving legal landscape and can react to it.”

“The team is diligent, responsive, commercially astute and a pleasure to work alongside. We are very much ad idem on client service delivery.”

“Every member of the HK restructuring team is responsive, hard-working and solution orientated."

“Clifford Chance have sector expertise and provide partner-led, commercial and timely advice.”

Amy Ho

“Adaptive, accessible."

Christine Xu

“Expert Rights and Problem Solving.”

Connie Heng

“Always value-added service and outstanding responses around the clock, from deal structure to documentation.”

Dauwood Malik

“Highly respected, technically very strong and extremely commercial. He's a pleasure to work with.”

Donna Wacker

“Responsive, easy to work with."

Edith Leung

“Sharp, commercial, market leading. Able to advise on complex transactions at a very early stage, bringing foresight and structuring innovation to the table which is highly value additive for our overall investment process. Edith is also a very diligent hard worker able to meet very tight timelines which is hugely appreciated.”

Jean Thio

“Jean is always responsive when needed and selflessly share her wealth of knowledge and experience.”

Jonathan D. Wong

“Excellent lawyer, strong black letter knowledge coupled with very good commercially minded and practical advice. Able to offer good rates and very responsive. A true trusted advisor.”

Mark Chan

“Mark Chan offers top-tier counsel on investment grade issuances, liability management and emerging markets issuances.”

Matthew Truman

“He is solution oriented and thorough in his domain. He always has a good network, including partner firms, which he leverages well. He is also well reputed among industry participants like lenders.”

Phoebe Lo

“Phoebe managed to leverage on her firm's resources and expertise effectively to assist me on various insolvency and restructuring scenarios.”

“Phoebe is technically astute, commercially focused on meeting client needs and objectives and makes herself readily available on matters. These attributes and her easy-going demeanor make working with her a real pleasure.”

“Phoebe Lo is technically very sound and able to find pragmatic solutions at speed.  She is well known for her ability to work for Asian and Western clients alike, being one of only a handful of lawyers in the region with the depth of experience and ability combined with business-fluent Chinese language skills.”

“Phoebe is a next generation partner, very capable, multi-lingual, clear in her communication and fantastic client (and intermediary) management skills. "

“Phoebe is an extremely knowledgeable lawyer - her ability to understand and navigate complex issues is market-leading.  Phoebe has an ability to stay calm under pressure and can identify the crux of the problem and find a commercial solution for it.”

“Phoebe is technically excellent and approaches stakeholder management with pragmatism and timely advice.  She is one of the best practitioners in town in my opinion.”

Rocky Mui

“Client-focused. Responsive. Friendly.”

Tianning Xiang

“He's very comprehensive and pragmatic, the best counsel I've ever worked with.”

Tim (Yanfeng) Wong

“Co-operate with him in many IPO case, like CALB.”

“He is familiar with the listing rules and willing to provide different solutions to the Company.  He can easily coordinate and involve other legal counselors within the firm to provide advice.”

Torrance Shi

“Professional and friendly.”

Vicky Ma

“Vicky has a good grasp of key issues and people dynamics and has a strong commercial acumen as well. Her truly versatile skillset helps us navigate and resolve complex issues effectively.”

Viola Liu

“Highly experience partner in Clifford Chance and very knowledgeable about our hedge fund industry's trends and best practices. She is extremely responsive and professional in our conversation. Very commercial from a business perspective.”

Virginia Lee

“Technical, professional and very hands on.”

“Practical, business savvy and innovative advice. Always available 24/7 and great turnaround. Concise and clear thinker.”

“Practical, business savvy, efficient, knowledgeable.”

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. 

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."

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."

Katherine Liu

"Responsiveness."

"Responsive, professional. "

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

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. "

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.

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.

Highlights

The firm specializes in financial regulatory services, corporate mergers and acquisitions, restructuring, and insolvency. It handles both contentious and non-contentious aspects of financial services regulation and restructuring. 

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

Over the past year, the firm has been proactive in offering regulatory guidance concerning fintech and cryptocurrency, as well as restructuring and insolvency area, encompassing the licensing and regulation of Virtual Assets Trading Platforms, the establishment of cryptocurrency investment funds, and cross-border liquidations.

Key Clients

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

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.

Highlights

The firm specializes in financial regulatory services, corporate mergers and acquisitions, restructuring, and insolvency. It handles both contentious and non-contentious aspects of financial services regulation and restructuring. 

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

Over the past year, the firm has been proactive in offering regulatory guidance concerning fintech and cryptocurrency, as well as restructuring and insolvency area, encompassing the licensing and regulation of Virtual Assets Trading Platforms, the establishment of cryptocurrency investment funds, and cross-border liquidations.

Key Clients

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

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 

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."