Capital Markets: Debt (International Firms)
Greater China Region Guide 2025 : China
Band 2
Contact number
+852 2825 8888Chambers Review
Clifford Chance boasts an excellent track record of taking on large and complex IPOs on behalf of issuers, sponsors and underwriters, as well as handling a range of high-value secondary share offerings. One of the standout ECM teams in the region, it regularly advises on major transactions and also has an enviable DCM practice, assisting on the issuance of a range of products, including hybrid, panda and dim sum bonds.The team is equipped to offer Hong Kong and US legal advice, as well as collaborating closely with its UK and European offices on cross-border matters. It consistently represents leading international and Chinese banks and investment corporations.
Work Highlights
- Clifford Chance advised Zhejiang Huayou Cobalt on its global depositary receipts offering and listing on the SIX Swiss Exchange via theChina-Europe Stock Connect scheme, raising approximately USD582.5 million.
- The debt capital markets team advised multiple branches of China Construction Bank on the issuance of USD500 million 5% Senior Green Notes, USD600 million Floating Rate Senior Green Notes and EUR300 million 3.875% Senior Green Notes across different stock exchanges.
Strengths
Provided by Chambers
"Whether it's navigating intricate regulatory environments or addressing multifaceted challenges, their insights and recommendations are always well informed and actionable."
"A professional team with in-depth knowledge and unparalleled capability to execute deals with limited precedent."
"The firm has a stable and experienced team amid a challenging market backdrop. They are experienced in handling complex transaction structures, especially for capital instruments."
"Whether it's navigating intricate regulatory environments or addressing multifaceted challenges, their insights and recommendations are always well informed and actionable."
"A professional team with in-depth knowledge and unparalleled capability to execute deals with limited precedent."
"The firm has a stable and experienced team amid a challenging market backdrop. They are experienced in handling complex transaction structures, especially for capital instruments."
Notable Practitioners
Connie Heng is head of Clifford Chance's DCM team in Hong Kong and advises domestic and international banks as underwriters, as well as assisting Chinese clients with a range of investment-grade issuances.
"Connie is top-notch in the market."
"Her insights help us navigate through uncertain times with greater confidence and clarity. She also plays a crucial role in helping us understand the intricate dynamics of the bond market."
"Connie is a very experienced practitioner who delivers practical solutions to clients."
Tim Wang is chair of the China practice for Clifford Chance in China and the head of its equity capital markets practice. He is best known for acting for domestic issuers on their SEHK IPOs. He has a wealth of experience representing corporations and financial institutions.
Alan Yeung in Clifford Chance's Hong Kong office remains a recognised top-tier high-yield debt practitioner. He is counsel of choice among financial institutions and corporates.
"Alan is outstanding - technical and responsive. He's one of the better high-yield lawyers."
"Alan is pragmatic andalways attempts to find the middle ground between parties to get a transaction done. He is technically strong and capable of handling complicated high-yield transactions."
"Alan isvery experienced and sophisticated."
Angela Chan regularly advises on the issuance of exchangeable bonds, offshore offerings and MTN programmes, as well as sustainability-linked offerings. She is well placed to assist issuers and underwriters.
"Angela is very client-focused and experienced. She is keen to provide bespoke solutions for complex transactions and has sound commercial judgement."
"Angela is very professional, friendly and considerate."
"She provides good service and industry knowledge, and attends to clients' needs."
David Tsai offers Clifford Chance's clients nearly 15 years' experience advising on a range of transactions associated with investment-grade issuances, including Reg S, dim sum and green bonds.
Jean Thio continues to advise both underwriters and issuers on SEHK listings, as well as London GDR listings. She splits her time between Clifford Chance's Shanghai and Singapore offices.
"Jean is always responsive to clients' needs and is well versed with various common issues for ECM deals in the APAC region."
Fang Liu frequently advises issuers on their Hong Kong IPOs. His clientele includes banks, pharmaceutical companies, entertainment companies and investment holding groups.
Mark Chan is well regarded for advising on a range of bond issuances, including sustainability-linked bonds and dim sum bonds.
"Mark is very supportive in trying to accommodate client needs."
"Mark is very helpful in assisting on our projects and offers valuable advice."
Virginia Lee is a rising ECM partner who advises a number of prominent clients on Hong Kong IPOs, including Chapter 18A listings. She is equipped to advise both issuers and sponsors.
"Virginia is professional and precise in her legal advice."
Xiang Tianning is based in Clifford Chance's Beijing office and is increasingly in demand for his advice on Hong Kong IPOs, often advising sponsors and PRC issuers.
Ranked Lawyers at
Clifford Chance LLP
China