Clifford Chance LLP

Capital Markets (International Firms) Department

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What the team is known for Excellent track record of taking on large and complex IPOs, as well as handling a range of high-value secondary share offerings. One of the standout ECM teams in the region, regularly advising on major transactions. Additionally has an enviable DCM practice, assisting on the issuance of a range of products, including hybrid, panda and dim sum bonds and MTN programmes, and has a reputation for handling 'first in the market' offerings. Also recognised for expanding capabilities in high-yield products. Consistently represents leading international and Chinese banks and investment corporations.

Strengths Clients appreciate the range of resources the firm offers, with one stating: "I'm very very comfortable working with them. They can bring the full 'magic circle' experience to bear, and have great depth. They can cover a huge range of different issues and specialties, providing a huge degree of support and safety. The client service is exceptional, very responsive."

Another client adds: "We chose the firm due to their professionalism, dedication and strong execution capabilities. There is technical strength to their legal advice, and they focus on key issues in providing excellent advice on controversial points while protecting our interest. They offer excellent 'after-sales service', and are responsive and prompt in execution."

Work highlights Represented Chong Hing Bank in an exchange offer to the holders of existing Tier 2 subordinated notes and the issuance of USD383 million of new Tier 2 subordinated notes.

Advised the joint sponsors and underwriters on China Literature's USD1.1 billion IPO on the Hong Kong Stock Exchange.

Notable practitioners

Alexander Lloyd is well regarded for his ability to handle large-scale high-yield issuances. A client says: "I work with him on a great deal of work. He's a very commercial lawyer, and available all the time."

Described by peers as "one of the best Hong Kong lawyers in the market," Amy Lo is a leading ECM practitioner advising on IPOs and share subscriptions. "She handles the executions, she's skilled," remarks one commentator.

Angela Chan is praised by clients for being "very customer-oriented, and highly committed." She assists clients with a broad variety of DCM issuances.

Head of capital markets Connie Heng is an outstanding DCM lawyer, regularly advising on market-leading issuances. A client says: "We work with Connie very frequently. She's extremely responsive, an expert who will swiftly come back with a well thought-out answer."

Shanghai-based Jean Thio maintains a solid practice assisting underwriters with Hong Kong IPOs. Additionally, one source remarks: "We work with her on US law elements, which is a good collaboration."

Clients seek out Matt Fairclough for advice on subordinated note issuances and because of his "technical expertise with banking regulations." Another pleased interviewee comments: "Matt Fairclough is excellent, he is an amazing capital markets lawyer."

Tim Wang remains highly rated for advising underwriters on significant IPOs from Beijing. Commentators highlight his extensive experience acting for PRC issuers.