Capital Markets: Equity (International Firms)
Global Guide 2024 : China
Band 1
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 firm is able to offer Hong Kong and US legal advice on cross-border offerings and consistently represents leading international and Chinese banks and investment corporations, with key clients including ICBC International, China Minsheng Bank and JP Morgan.
Work Highlights
- Clifford Chance advised Bank of China (Hong Kong) and HSBC as joint lead managers on the issuance of Hong Kong SAR Government's inaugural retail green bonds under the Government Green Bond Programme.
- Clifford Chance advised the joint sponsors Credit Suisse, JP Morgan, CICC and CMB International, and the underwriters on the USD106 million IPO and dual primary listing of Zhihu on the Main Board of the SEHK.
Strengths
Provided by Chambers
"We have established a positive and collaborative working relationship with the team and they have consistently provided sound advice as needed. Clifford Chance's constructive suggestions have been helpful in navigating complex legal matters related to bond issuance."
"Their level of service has been exceptional, with the team members displaying a deep understanding of the business and industry. They have been proactive in anticipating our needs and providing timely guidance and advice. Their attention to detail and thoroughness have instilled confidence."
"We have established a positive and collaborative working relationship with the team and they have consistently provided sound advice as needed. Clifford Chance's constructive suggestions have been helpful in navigating complex legal matters related to bond issuance."
"Their level of service has been exceptional, with the team members displaying a deep understanding of the business and industry. They have been proactive in anticipating our needs and providing timely guidance and advice. Their attention to detail and thoroughness have instilled confidence."
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.
"I have deep respect for Connie. Her expertise is really outstanding and she has deep knowledge in both the investment-grade and high-yield spaces. She's very commercial and tries to find solutions."
"She is a trusted and experienced legal adviser, and well liked by banks and issuers."
Tim Wang is co-managing partner 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.
"Tim is a very seasoned lawyer with extensive exposure in dealing with large-cap SOE and private corporates in capital market fund-raising projects."
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 has a good understanding of clients in the PRC. He's very nice, close to the client and very client-oriented; he's always considering the client and is very cost-conscious."
"Alan is always my go-to person for Hong Kong."
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.
"We have a longstanding relationship with Angela Chan; she's a very good lawyer."
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.
"We have worked with David on a number of debt capital markets transactions and he has consistently delivered great support. He is very hands-on and accessible, and possesses good expertise in debt capital markets in the Greater China region."
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.
Fang Liu frequently advises issuers on their Hong Kong IPOs. His clientele includes banks, pharmaceutical companies, entertainment companies and investment holding groups.
"Fang Liu is dedicated and professional."
"He excels in client service, displaying a high level of sophistication in his legal expertise and demonstrating exceptional commercial awareness and vision. His commitment to client satisfaction, strategic thinking, and ability to navigate complex legal and commercial landscapes make him a highly valuable asset."
Mark Chan is well regarded for advising on a range of bond issuances, including sustainability-linked bonds and dim sum bonds.
"Mark is very knowledgeable and understands clients' needs and constraints. He is able to prepare clients well to ensure smooth execution of transactions."
"Mark has been very resourceful and demonstrates good commercial awareness."
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.
"She is very responsive and can give in-depth 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.
"He is very experienced in Hong Kong IPOs and helpful in dealing with issues. He also has good communication skills to advise clients on listing rules and related matters, and works well with other professional parties."