Capital Markets: High-Yield Products (International Firms)
Greater China Region Guide 2024 : China
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Provided by Davis Polk & Wardwell LLP
For more information about Davis Polk’s practices, please visit https://www.davispolk.com/capabilities.
Chambers Review
Davis Polk & Wardwell is a capital markets powerhouse with a superb reputation in high-value, cross-border equity matters, including some of the top IPOs and follow-on offerings in the region. An experienced adviser on international ADS offerings in the USA, the firm is also well known for its debt work, representing issuers and underwriters in major note and equity-linked bond offerings. It is additionally highly respected for its work in the high-yield space, with a steady flow of repeat and debut issuances from clients in the real estate, education, oil and gas, and automotive sectors. A robust bench of Hong Kong-based partners advises clients on matters involving US, English and Hong Kong law. Familiar with US regulatory bodies and the requirements of jurisdictions around the region, the team regularly advises on transactions relating to infrastructure, real estate and key commodity markets. Key clients of the firm include New Horizon Health, MedSci Healthcare and Tianfeng Securities.
Work Highlights
- Davis Polk & Wardwell advised iQIYI on a series of debt restructuring and corporate finance transactions, consisting of a USD550 million private placement of convertible senior notes to PAGAC IV-1 (Cayman), a USD600 million convertible senior notes offering and concurrent privately negotiated repurchases of a portion of its existing convertible senior notes due 2026, and a USD442 million SEC-registered equity offering of 76.5 million American depositary shares.
- Davis Polk advised ZJLD Group on its HKD5.3 billion IPO and listing on the SEHK and an international offering in reliance on Rule 144A/Reg S.
- Davis Polk advised the dealer managers on exchange offers of 10.875% guaranteed senior notes due 2022 and 12.00% guaranteed senior notes due 2022 conducted by Haimen Zhongnan Investment Development (International) as offeror and Jiangsu Zhongnan Construction Group as guarantor.
Strengths
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"Davis Polk has a very strong team that we have worked with for a long time. Partner and senior levels are attentive, with strong support from the junior levels. The team are extremely responsive, with very clear and comprehensive advice given."
"Their global partners are very keen to help the Asia team on cross-border matters. They produce top-quality associates too, so it's not just the partners that are high quality."
"Davis Polk has a very strong team that we have worked with for a long time. Partner and senior levels are attentive, with strong support from the junior levels. The team are extremely responsive, with very clear and comprehensive advice given."
"Their global partners are very keen to help the Asia team on cross-border matters. They produce top-quality associates too, so it's not just the partners that are high quality."
Notable Practitioners
Gerhard Radtke co-leads Davis Polk's China DCM practice and an expert on a range of debt mandates, with particular emphasis on high-yield issuances.
"Gerhard offers great attention to detail and is able to balance the commercial aspects and risk."
"His expertise and his ability to explain complex ideas are so strong."
He Li is a linchpin of Davis Polk's equity capital markets team in Hong Kong and regularly acts for domestic clients on ADS issuances. He remains a popular choice among issuers.
"He Li has deep experience guiding companies through their critical milestones, from pre-IPO financing through listing and beyond. He is particularly noted for his understanding of key verticals, especially in the technology sector."
"He Li is the best lawyer I've ever worked with."
James Lin is an adept adviser on IPOs and follow-on offerings on the SEHK, NYSE and Nasdaq. He has experience advising on SPAC and ADS IPOs for a range of issuers.
"James keeps abreast of legal and regulatory developments and explains complex issues thoroughly and succinctly. His breadth of legal knowledge and awareness of developments in our industry, together with his commitment to his clients, make him a very strong advocate."
Chu Yang is primarily focused on handling SEHK listings for both underwriters and issuers, with noted strength in the biotech and healthcare sectors.
"He demonstrated excellent professionalism to us by providing great legal and commercial opinions, and also liaised with different regulators and stakeholders to provide the best and most optimal suggestions."
Jason Xu is a partner based in Davis Polk's Beijing office. His practice focuses on Hong Kong IPOs, most frequently acting for issuers.
"Jason Xu is reputable and active."
Pan Bingqing is an increasingly prominent piece of the Davis Polk debt practice, with a notable focus on high-yield debt. She is equipped to advise issuers and underwriters.
"Bingqing is very creative and able to come up with solutions during difficult situations."
"I knew nothing about high-yield covenants and she's the one that taught me everything. She's highly recommended and has the patience to explain issues."
Wang Xuelin has a noteworthy practice in the capital markets sphere. He is increasingly visible handling a range of Hong Kong and US IPOs, particularly for clients in the healthcare, pharmaceutical and biotechnology sectors.
"I've done a number of deals with him and he's a very sensible lawyer who is very good on healthcare."
"He's a problem solver with a great attitude who is really great to work with."
Ranked Lawyers at
Davis Polk & Wardwell LLP
China
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