Capital Markets: Equity (International Firms)
Greater China Region Guide 2025 : China
Band 2
About
Provided by Herbert Smith Freehills
Herbert Smith Freehills has world class capital markets teams in China, providing full legal services in capital markets with a strong track record of advising issuers, underwriters and shareholders on public offerings (including IPOs) and private placements across a wide range of industry sectors in jurisdictions around the world.
We have been at the forefront of many innovative IPOs, including spin-off listings, A to H listings and A and H dual listings. We also advised on the listings on the Hong Kong Stock Exchange of companies incorporated in different jurisdictions, including Singapore and England and Wales. We also have a US securities team based in Hong Kong which provides support on US securities laws and liability issues.
In the debt capital market, our teams in China have extensive experience in advising governments, SOEs, banks and enterprises involving bond issuance in energy, biotechnology, finance, real estate, consumer, state-owned asset management, infrastructure and other key sectors.
Our expertise includes medium-term note programmes, sovereign bonds, convertible bonds, perpetual bonds, credit enhancement bonds, exchangeable bonds, “dim sum” bonds, secured bonds, high-yield bonds, SBLC-backed bonds, secured bonds and subordinated bonds, covering denomination in various global and regional major currencies.
Chambers Review
Herbert Smith Freehills has a respected ECM team spanning Hong Kong IPOs and secondary offerings. The team is familiar with acting on large-scale rights issuances and is additionally well regarded in debt matters, advising issuers and underwriters on investment-grade bonds and MTN programmes. Its expertise spans convertible and exchangeable issuances, as well as trustee representation. The firm frequently represents clients in the healthcare, technology and biopharma sectors.
Work Highlights
- Herbert Smith Freehills acted as the Hong Kong legal adviser to Hua Hong Semiconductor on listing on the STAR Market of the Shanghai Stock Exchange.
- The firm advised the Hong Kong Monetary Authority on the Hong Kong government's green bond programme and the issuance of retail green bonds due in 2026.
Strengths
Provided by Chambers
"HSF is among the most reliable counsels in terms of Hong Kong IPOs. The team are knowledgeable, very client-oriented and helpful. They have proven their capabilities to handle complex legal issues."
"HSF can quickly give the solution when facing sophisticated matters."
"Herbert Smith Freehills always maintains a high quality of work. The team are very professional in terms of legal advice and I can always trust their judgement."
"HSF is among the most reliable counsels in terms of Hong Kong IPOs. The team are knowledgeable, very client-oriented and helpful. They have proven their capabilities to handle complex legal issues."
"HSF can quickly give the solution when facing sophisticated matters."
"Herbert Smith Freehills always maintains a high quality of work. The team are very professional in terms of legal advice and I can always trust their judgement."
Notable Practitioners
Matt Emsley is the head of Herbert Smith Freehills' ECM team in Hong Kong and a trusted adviser to banks and funds on a variety of ECM work.
"Matt is the Hong Kong IPO guru. He's really experienced, skilful, and has an amazing work ethic and devotion to helping clients."
William Ku is head of Herbert Smith Freehills' DCM team and is recognised for his focus on advising Chinese clients on debt issuances.
Jason Sung offers clients two decades' experience advising on Hong Kong IPOs, most frequently for sponsors and underwriters.
"He's very responsible. He will follow the case closely and can deliver valid and firm advice when we ask him about some problem."
Ranked Lawyers at
Herbert Smith Freehills
China
Members
Provided by Herbert Smith Freehills
Jeremy Shen
Jin Kong
Maisie Ko
Head of Department
Stanley Xie
Head of Department
Industries
Provided by Herbert Smith Freehills
Financial Investors
Financial Services
Government and Public Sector
Health and Life Sciences
Retail and Consumer
Technology, Media and Telecoms (TMT)