Capital Markets: Equity (International Firms) | Greater China Region

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 team is equipped to offer Hong Kong and US legal advice, as well as collaborating closely with its UK and European offices on cross-border matters. It consistently represents leading international and Chinese banks and investment corporations.

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, advising on repeat and debut issuances, as well as liability management. 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 the TMT, healthcare and consumer industries.

Freshfields maintains its reputation as a stellar ECM practice, handling some of the largest and most complex deals in the market from its Hong Kong office. The team is respected for advising both Chinese and foreign issuers and bookrunners on IPOs, H-share spin-off listings and block trades. It is also skilled on the DCM front, acting for issuers and underwriters on both US dollar and renminbi-denominated offerings. The team is also active on a range of sizeable work under medium-term note programmes, as well as on convertible and green bond issuances. It handles transactions relating to the transport, pharmaceutical and healthcare industries.

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.

Kirkland & Ellis has a strong track record of acting for international and local businesses and investment banks on US and Hong Kong IPOs. It additionally handles a range of secondary offerings in Hong Kong and New York and maintains strong relationships with regulators. As a Hong Kong and New York-qualified team with Chinese language capabilities, Kirkland & Ellis is well placed to advise on listings on a variety of stock exchanges. It often advises on significant deals in China's TMT and life sciences sectors.

Latham & Watkins has a well-balanced practice assisting clients on ECM, investment-grade debt and high-yield work. The firm continues to act on a wide range of debt transactions, working on deals originating in China and abroad, regularly assisting Chinese SOEs and private companies and often acting for property developers and industrial clients. It is notably active advising on convertible bonds and other hybrid issuances, as well as sustainability-linked issuances and private placements. The ECM team has a strong track record of acting on significant IPOs for clients in the healthcare, technology, real estate and finance industries. The firm offers an integrated team with US, Hong Kong and UK law capabilities.

With a well-rounded team with an exceptional reputation for handling complex and high-value high-yield debt work, Sidley Austin is also skilled at advising on investment-grade debt offerings, including hybrid products, green bonds and dual-currency offerings, regularly acting as issuer's counsel. The DCM team is also frequently sought out to advise on a range of debt restructuring mandates. The firm also maintains a very busy ECM practice, acting on a high number of IPOs and share placements and representing a range of issuers and underwriters. It is regularly engaged by international banks, as well as PRC and Hong Kong financial intermediaries, and is particularly active on issuances in the property, energy, biotech and pharmaceutical sectors.

Simpson Thacher & Bartlett maintains its very strong reputation for complex and high-value ECM work. The team is experienced in handling IPOs and follow-on offerings, as well as ADS offerings, with deep experience assisting clients, including both issuers and underwriters, with listings on the SEHK, as well as the Nasdaq and NYSE. It frequently represents major Mainland Chinese entities in outbound deals. The practice fields a balanced Hong Kong and US law practice, while also advising clients on Taiwan-related offerings. It often acts on deals in the technology, transportation and automotive sectors.

Offering a well-known practice with a core strength in advising on Hong Kong IPOs, Sullivan & Cromwell's additional capabilities include representing underwriters in rights issues and H-share offerings. The team is also able to advise on complex hybrid securities offerings and continues to advise a broad portfolio of clients in Mainland China and Taiwan, with recent work spanning the TMT, fintech and biotech sectors, as well as acting for healthcare and education sector clients. It works closely with its branches across the world to provide a comprehensive cross-border service.

A&O Shearman has a highly experienced Hong Kong-based debt team working on complex cross-border investment-grade matters and panda bond issuances. It additionally advises on social bond offerings and large MTN issuances. Its solid equity practice advises issuers and underwriters on cross-border IPOs and secondary issuances. The firm represents an enviable roster of international banks, Chinese financial entities and sovereign issuers.

Deacons has a solid practice with extensive local expertise and a long history of acting on equity matters. The team regularly advises sponsors and underwriters on IPOs and listings on the SEHK, as well as on share placement transactions. The firm also demonstrates experience handling cross-border debt issuances and is active on issuances ranging from MTN programmes to sovereign and silver bonds. Deacons has an established record of acting for clients in the energy and natural resources, tech, construction and finance industries.

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.

Offering a high-quality equity capital markets practice with Hong Kong, UK and US law capabilities, Slaughter and May advises an impressive roster of Hong Kong and PRC clients on IPOs, secondary block trades and share placements. The team wins plaudits for strong working relationships with regulators and frequently acts for banks and clients in the financial services sector.

Baker McKenzie fields a robust team in Hong Kong that frequently collaborates with the firm's offices across the globe to offer clients coordinated advice on cross-border equity transactions. The team is frequently mandated to act for foreign and domestic clients on their Hong Kong IPOs, with additional capabilities in Swiss GDR offerings, privatisations by scheme of arrangement and rights issues.

Cooley fields a well-respected team that covers US and Hong Kong listings, private placements, and secondary and follow-on offerings. Its team acts for issuers, sponsors and underwriters and is particularly renowned for handling IPOs in the tech, healthtech and life sciences sectors.

Fangda Partners offers an increasingly prominent ECM practice with a growing team of experienced international capital markets lawyers based in Hong Kong. Recognised for significant activity assisting clients with IPOs, the firm is also well equipped to advise on debt issuances, with notable expertise in panda bond issuances.

King & Wood Mallesons enjoys a solid reputation for its work representing a range of clients in straight debt and convertible offerings, as well as tender offers and consent solicitations. The firm is able to advise on panda bonds, as well as euro and Singapore dollar-denominated offerings, and also enjoys a growing reputation for representing Chinese issuers in high-yield work. Additionally, the team remains active on notable Hong Kong IPOs and is able to provide US, UK, PRC and Hong Kong law advice. It has a particularly strong reputation in PRC-related matters due to its network of offices there.

Morgan, Lewis & Bockius has notable recognition in the Greater China region, with an expanding network of offices, serving clients from its base in Beijing, Shanghai, Shenzhen and Hong Kong. The team advises on a range of domestic and cross-border matters in the equity space, and is particularly active on Hong Kong IPOs, follow-on offerings and PIPEs.

Tian Yuan Law Firm offers a rapidly growing Hong Kong team with a strong track record of handling Hong Kong IPOs. The team regularly advises both issuers and sponsors on listings in the pharmaceutical, healthcare and TMT sectors.