Global China Capital Markets: Equity (International Firms)

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, regularly advising on major transactions. Additionally has an enviable DCM practice, assisting on the issuance of a range of products, including hybrid, panda and dim sum bonds. Able to offer Hong Kong and US legal advice on cross-border offerings. Consistently represents leading international and Chinese banks and investment corporations, with key clients including JD.com, CICC and HSBC.

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. Experienced adviser on international ADS offerings in the USA. Also well known for its debt work, representing issuers and underwriters on major note and equity-linked bond offerings. 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. Robust bench of Hong Kong-based partners advising clients on matters involving US, English and Hong Kong law. Familiar with US regulatory bodies and the requirements of jurisdictions around the region. Regularly advises on transactions relating to infrastructure, real estate and key commodity markets. Key clients include New Horizon Health, Adegene and Provident Acquisition.

Freshfields Bruckhaus Deringer 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. Respected for advising both Chinese and foreign issuers and bookrunners on IPOs, H-share spin-off listings and block trades. Also skilled on the DCM front, acting for issuers and underwriters on both US dollar and renminbi-denominated offerings. Active on a range of sizeable work under medium-term note programmes, as well as on convertible and green bond issuances. Often active on transactions relating to the transport, pharmaceutical and healthcare industries, with key clients including Alibaba Health Information Technology, Budweiser Brewing Company and Agricultural Bank of China.

Integrated team which is highly commended across the board and has a significant track record of work in Hong Kong. Skadden, Arps, Slate, Meagher & Flom & Affiliates is highly sought after for ECM expertise, and the team is frequently instructed on market-leading US and Hong Kong IPOs, as well as follow-on offerings. Known for its excellent high-yield expertise and offers an accomplished investment-grade debt practice. Active on a wide range of offerings, including project bonds, convertible notes and ADS issuances. Services clients in a wide range of industries including tech, fintech, healthcare, renewables, consumer goods and education. Key clients include Grab Holdings, E-House Holdings and Meituan.

Simpson Thacher & Bartlett maintains its very strong reputation for complex and high-value ECM work. Experienced in handling IPOs and follow-on offerings, as well as ADS offerings. Depth of experience assisting clients, including both issuers and underwriters, with listings on the SEHK, as well as the Nasdaq and NYSE. Frequently represents major Mainland Chinese entities on outbound deals. Fields a balanced Hong Kong and US law practice, and also advises clients on Taiwan-related offerings. Often acts on deals in the technology, e-commerce and consumer retail sectors. Key clients include 51job, Alibaba and Athenex.

Linklaters' Hong Kong-based debt team boasts a very strong reputation for its work on both straight and hybrid bond offerings. Notable experience on large green and sustainability bond issuances. Also well known for its specialist focus on commercial paper and renminbi bond offerings. Increasingly prominent in handling complex high-yield note offerings. Additionally, fields a well-respected equity practice which often handles significant IPOs, follow-on offerings and block trades. Unified practice advises clients on English, US and Hong Kong law issues. Regularly acts for major Chinese and international banks and Hong Kong-listed companies, as well as a robust stable of SOEs. Key clients include China Aoyuan Group, the Ministry of Finance of the People’s Republic of China and ICBC.

Highly active ECM practice regularly advising PRC clients on IPOs and secondary offerings in Hong Kong. Paul Hastings' ECM expertise includes advising on global offerings and H-share listings for both Chinese and international underwriters and issuers. Regularly advises financial institutions, property developers and healthcare clients. Key clients include Morgan Stanley, Credit Suisse and HSBC.

Well-rounded team with an exceptional reputation for handling complex and high-value high-yield debt work, regularly acting as issuer's counsel. Sidley Austin is skilled at advising on investment-grade debt offerings, including hybrid products, green bonds and dual-currency offerings. 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. Regularly engaged by international banks, as well as PRC and Hong Kong financial intermediaries. Particularly active on issuances in the property, energy, biotech and pharmaceutical sectors, with key clients including Fosun International, China Evergrande Group and Kaisa Group Holdings.

Well-known practice with a core strength in advising on Hong Kong IPOs. Sullivan & Cromwell LLP's additional capabilities include representing underwriters on rights issues and H-share offerings. Also able to advise on complex hybrid securities offerings. Continues to advise a broad portfolio of PRC clients, with recent work spanning the TMT, fintech and biotech sectors, as well as acting for healthcare and education sector clients. Works closely with its branches across the world to provide a comprehensive cross-border service. Key clients include Goldman Sachs, CLSA and Morgan Stanley.

Morrison & Foerster is well respected and active in the equity sphere, regularly advising major Hong Kong and PRC companies on their IPOs and secondary offerings. Also assists clients with major rights issuances. Experienced team able to provide both Hong Kong and US legal advice. Maintains solid relationships with PRC investment banks, earning plaudits for its understanding of the PRC legal context. Handles a range of ECM-linked cross-border transactions involving companies listed in Hong Kong. Key clients include Greenland Hong Kong Holdings, the controlling shareholders of Shenzhou International Group Holdings and Alibaba Group Holding.

Norton Rose Fulbright is best known on the ECM side, where it acts for a range of underwriters and issuers on IPOs and secondary offerings from its Hong Kong office. Particularly active advising issuers on private placements and offerings to institutional subscribers. Additionally advises on spin-off listings, top-up placings and rights issues for issuers and placing agents. Focuses on acting for clients in the technology, real estate, energy, finance and life science industries. Also well known for working with major PRC investment banks. Advises on cross-border deals relating to China, as well as countries in South and South-East Asia. Key clients include BOC International, China Galaxy International Securities and CICC.

High-quality equity capital markets practice offering Hong Kong, UK and US law capability. Slaughter and May advises an impressive roster of Hong Kong and PRC clients on IPOs, secondary block trades and share placements. Wins plaudits for strong working relationships with regulators. Frequently acts for banks and clients in the financial services sector. Key clients include Huatai Financial Holdings, UBS and China Renaissance Securities.

Fangda Partners offers an increasingly prominent ECM practice with a growing team of experienced international capital markets lawyers based in Hong Kong. Recognised for notable activity assisting clients with IPOs. Also well equipped to advise on debt issuances, with a notable expertise in panda bond issuances. Key clients include Asian Infrastructure Investment Bank, Crédit Agricole and Huatai Securities.

Hogan Lovells offers clients a Hong Kong-based equity capital markets team with regional capabilities. Primarily noted for a strong track record of advising issuers, sponsors and placing agents on Hong Kong IPOs, with additional expertise in US IPOs. Also well equipped to handle rights issues and listing transfers. Key clients include China Everbright Capital, Ballas Capital and DBS Asia.

Wilson Sonsini Goodrich & Rosati fields a recognised team with a profile for advising clients in the technology, life sciences, healthcare and education sectors, as well as acting for banks and financial services clients as underwriters. Well regarded for handling the US listings of Chinese clients. Regularly handles IPOs, spin-off listings and follow-on offerings. Key clients include Credit Suisse, Deutsche Bank and Goldman Sachs.