Capital Markets: Equity (International Firms)
Greater China Region Guide 2025 : China
Band 4
Contact number
+852 2842 4888Chambers Review
Linklaters' Hong Kong-based debt team boasts a very strong reputation for its work on both straight and hybrid bond offerings, as well as notable experience in large green and sustainability bond issuances. The team is also well known for its specialist focus on commercial paper and renminbi bond offerings, and is increasingly prominent in handling complex high-yield note offerings. Additionally, the firm fields a well-respected equity practice which often handles significant IPOs, follow-on offerings and block trades. The unified practice advises clients on English, US and Hong Kong law issues and regularly acts for major Chinese and international banks and Hong Kong-listed companies, as well as a robust stable of SOEs.
Work Highlights
- Linklaters acted for the Ministry of Finance of the People's Republic of Chinaon its CNY5 billion sovereign bond offering in Macau SAR.
- The firm advised China International Securities as the sole sponsor for Laopu Gold’s HKD906 million IPO and listing on the Main Board of the Hong Kong Stock Exchange.
Strengths
Provided by Chambers
"Linklaters has a market-leading Chinese capital markets practice which adapts itself to the latest regulatory regime more swiftly than most."
"As one of the most established law firms in Asian DCM markets, Linklaters has consistently provided top-notch services, offering global expertise with local insights."
"They have a smart team with solid knowledge and practical skills. The team are quick to respond and have an accurate understanding of clients' needs."
"Linklaters has a market-leading Chinese capital markets practice which adapts itself to the latest regulatory regime more swiftly than most."
"As one of the most established law firms in Asian DCM markets, Linklaters has consistently provided top-notch services, offering global expertise with local insights."
"They have a smart team with solid knowledge and practical skills. The team are quick to respond and have an accurate understanding of clients' needs."
Notable Practitioners
Sim Hwang Hwa is head of Linklaters' global capital markets practice and has a broad DCM practice spanning convertible bonds, foreign currency-denominated notes and panda bonds.
"Hwang Hwa is always very helpful and the breadth of his knowledge is unprecedented."
"Hwang Hwa is highly responsive and accommodative. He takes a pragmatic approach when advising on issues in grey areas."
Michael Ng regularly acts for Linklaters' Chinese banking and financial institution clients on offshore bond offerings, as well as advising on MTN programmes and assisting with debt restructuring and transactions.
"Michael is very hands-on and technically excellent. His expertise in DCM is unmatched. His advice is always clear and comprehensive."
"Michael has been the debt guru for all these years. He is very responsive and to the point in his responses."
William Liu of Linklaters' Hong Kong office offers clients deep expertise in investment-grade DCM mandates, with additional strengths in high-yield products.
"William is the most innovative and visionary lawyer in the market."
"William is a rainmaker and in demand by every single client. Despite this, he is still very approachable. Equipped with state-of-the-art industry knowledge, he will find solutions for everything."
"He is a king in the DCM business."
Terence Lau is noted for his investment-grade DCM practice, which includes advising on offshore and green bond issuances. He typically advises banks and private equity investors.
"Terence has very solid technical skills and is able to provide high-quality services to resolve the most complex legal issues."
"A very experienced counsel who is always willing to discover creative deal structures."
"Terence demonstratesexcellent commercial awareness, providing strategic counsel that seamlessly balances legal considerations with pragmatic business insights."
Donnelly Chan advises issuers, underwriters and sponsors on listings and secondary offerings on the Hong Kong Stock Exchange.
"He is very responsive and hands-on, and is always able to provide bespoke solutions to our issues. He is also very commercial and has very strong technical skills."
"Donnelly has good communication skills and is equipped with excellent legal knowledge. He is always eager to help and provides in-depth insight."
"He is very dedicated to providing timely and quality advice, goes the extra mile and is a specialist in Hong Kong IPOs and placing matters."
Gloria Cheung often advises Hong Kong and PRC financial institutions and government entities on a variety of debt capital markets transactions, including government green bond issuances and issuances under MTN programmes.
"Gloria has strong technical knowledge as well as great commercial sense, always thinking for both issuers and banks. She always provides great advice and responds super quickly."
"Gloria has a deep understanding and extensive experience in debt capital markets transactions and can deliver highly practical advice. She is extremely reliable, super diligent and very responsive."
"Gloria's advice is always comprehensive and to the point."
Yu Hanwen has a growing reputation and is deemed an up-and-comer in the DCM space. He has experience advising banks and financial institutions on bonds and securities transactions, including green bond issuances and MTN programmes.
"Yu is a client-oriented, commercial and very user-friendly partner. He thoroughly understands the requirements of the commercial parties, identifies key issues and provides practical solutions."
"The transaction will always be on track under Yu Hanwen's leadership."
"Hanwen is very practical and has strong commercial sense."
Sherry Cui is a rising Linklaters partner whose native Mandarin proficiency is a great asset to public and private clients alike. She regularly handles both onshore and offshore CNY offerings.
"She is one of the most responsible, skilled and empathetic senior lawyers I have met. Sherry possesses strong problem-solving and learning abilities."
Ki Taiki has an increasingly visible DCM practice, with a particular focus on convertible bonds. His recent matters include advice for solicitation agents on consent solicitations and advising bondholders on the restructuring of convertible bonds.
"Taki has very good commercial sense, is responsive and provides timely advice."
"He is technically strong and responsive when addressing questions."
"He is very, very detail-oriented yet also commercial. He strikes a good balance with clients."
Lipton Li has a notable ECM practice and is regularly mandated to handle Hong Kong IPOs, as well as GDR listings, including a number of deals on the SIX Swiss Exchange.
Jiang Shan is a New York-qualified lawyer based in Linklaters' Hong Kong office who is well regarded for advising both banks and underwriters on the issuance of high-yield products.
"Shan has very strong commercial awareness, a high level of problem-solving skills and comprehensive consideration on behalf of clients."
"His familiarity with local regulatory market developments enables him to provide commercially efficient and effective advice, even under tight timetables."
"Shan has a strong commercial sense for getting problems solved."