Tapping into the expertise of lawyers with ‘deep market knowledge’ in Hong Kong and China, Clifford Chance is well-positioned to handle a wide range of equity capital market (ECM) work for issuers and underwriters. Despite a challenging market, the team has picked up lead mandates for a high proportion of IPOs on the main board of the HKSE, with the ‘technical, commercial and responsive’ Virginia Lee and Tianning Xiang both being central to many of these. The Greater China team, which is led from Beijing by Tim Wang, has also handled a raft of global depositary receipt (GDRs) offerings under the expanded China-Europe Stock Connect scheme, where it often works closely with the London office. US and Hong Kong-qualified partner Fang Liu is also a key member of the team, and as well as handling Hong Kong IPOs, including for TMT issuers, is also skilled at handling SEC-registered offerings.

Resourced out of Hong Kong by lawyers with local and New York qualifications (and also able to leverage a sizeable presence in Beijing), Davis Polk & Wardwell LLP has a strong reputation advising Chinese companies on their Hong Kong IPOs and affiliated Reg S/Rule 144A international offerings, as well as on their US listings. In spite of a continued antagonistic relationship between US and China and an uncertain regulatory environment, notably Li He advised ZEEKR Intelligent Technology Holding on its $441m IPO on the NYSE – in what was the largest IPO by a Chinese company in the US since July 2021. Many of the life sciences IPOs (including all the 18A listings handled by the firm) are led by Steve Wang, who provides added industry insight by dint of his academic qualifications which includes a Phd in cell biology. James Lin co-heads the team alongside He and Wang.

Kirkland & Ellis maintains a solid roster of New York and locally-qualified practitioners based in Hong Kong, who work closely with PRC-based lawyers to provide a ‘very strong’ service to both issuers and underwriters on Hong Kong listings and follow-on offerings, as well as US IPOs and Rule 144A and Regulation S offerings. Mengyu Lu heads the team from Hong Kong, following David Zhang’s departure in January 2024, and draws upon vast experience assisting Chinese companies go public on the HKSE, including under the relatively newly enacted Rule 18A aimed at helping pre-revenue biotech companies go public. Lu is also one of a number in the team, including Joey Chau and Brian Ho, who have real world expertise of handling mandates under the newly enacted Hong Kong SPAC regime, with all three recently being involved in the first announced de-SPAC transaction since the introduction of the new listing regime in 2022.

Latham & Watkins LLP, both independently and often in partnership with mainland lawyers, continues to manage a substantial number of IPOs and subsequent offerings for underwriters and issuers in both Hong Kong and the US. The team has gained particular acclaim for its work on behalf of Chinese TMT and life sciences companies wishing to go public, with clients in the space often benefiting from a one-stop-shop service by virtue of the firm’s broader industry-wide practice groups in those areas. Benjamin Su is also key to the firm’s success in the TMT space, regularly taking the lead for issuers and underwriters on listings in Hong Kong and the US, including for Taiwanese semiconductor companies.

Led from Hong Kong by Lipton Li and Donnelly Chan, and also able to draw upon considerable strength on the Mainland and throughout its international network of offices, Linklaters remains a compelling offering for issuers and underwriters on China-related issuances in Hong Kong and in other global venues. The recent arrival in July 2024 of both Christine Xu and Oliver Zhang from Clifford Chance and Sidley Austin respectively has further enhanced the firm’s capabilities, and lays the framework for an increased level of ECM instructions within the thriving new economy sectors – in light of both practitioners’ focus on transactions within the space. Splitting his time between Shanghai and Hong Kong, John Xu regularly advises Chinese issuers raise capital via the international markets and continues to excel at GDR listings via the Stock Connect scheme. As well as transactional expertise, clients also benefit from significant overarching regulatory knowledge, most notably in the form of Roger Cheng, who joined the firm in August 2023 from the Hong Kong Securities and Futures Commission (SFC).

The ‘very knowledgeable’ team at Simpson Thacher & Bartlett Hong Kong excels in advising large Chinese issuers (including most notably Alibaba) and underwriters across a myriad big-ticket and sophisticated listings, in Hong Kong and abroad. In this regard, the team, which is led by Christopher Wong excels in resolving ‘complicated and innovative issues’, oftentimes advising parties on first-of-kind transactions to avoid falling foul of increasingly stringent regulatory requirements. At the vanguard of transactions under the Chapter 19C listing rules since Alibaba was the first US-listed Chinese company to raise capital via a secondary Hong Kong listing, the team remains active on these so-called “homecoming” listings, helping to advise a myriad hi-tech companies on secondary or dual-primary listings. Daniel Fertig, who is a key relationship partner for Alibaba, has been at the forefront of many of these secondary listings and is a pivotal member of the team that also includes Marjory Ding, who excels in advising clients from a range of industry sectors on their Hong Kong IPOs.

Drawing upon lawyers in Hong Kong and the Mainland with local law as well as US and English law capability, Skadden, Arps, Slate, Meagher & Flom LLP remains well-positioned to advise a Chinese issuer-focused client base seeking to list on the HKSE as well as abroad. The team is at the forefront of evolving market trends, and as well as continuing to handle some homecoming listings, it also remains active for Chinese corporates seeking to list on the NASDAQ as well as through alternative means – including by dint of a de-SPAC or a reverse takeover. The ‘practical and solutions-oriented’ Paloma Wang is key to much of this work, including on behalf of a considerable number of large TMT companies seeking to access capital in Hong Kong and in the US. New York and Hong Kong-qualified partner Shu Du works ‘effectively and efficiently’ with counterparties and fellow team mates on a varied mix of ECM matters, running the gamut from domestic IPOs, through to homecoming listings and Hong Kong/US de-SPAC transactions. Splitting her time between Hong Kong and Shanghai, Haiping Li  co-heads the China corporate practice alongside Wang, and is particularly noted for her work for new economy Chinese companies on US and Hong Kong IPOs.

With a strong presence throughout Greater China, which was further enhanced by the recent merger with legacy Shearman & Sterling, A&O Shearman provides ‘reliable and cost-effective advice’ to issuers and underwriters on a myriad IPOs, listings, and follow-on offerings. Jonathan Hsui provides ‘solid and responsive advice’ to sponsors/underwriters and issuers, both in the context of Hong Kong IPOs as well as international offerings, where he is particularly skilled at advising on GDRs for Chinese companies on the Switzerland Stock Exchange (facilitated by the China-Switzerland Stock-connect regime). Hong Kong and UK-qualified partner Lina Lee regularly handles underwriter-side work on Hong Kong listings, including her current role for the banks on the first domestic  de-SPAC transaction since the new regulations were introduced, as well as work for issuers, both on the transactional front and on ongoing compliance matters. New York and Hong Kong-qualified partner Kyungwon Lee, who joined the firm following the recent merger, co-heads the team alongside Lee, and as part of his comprehensive capital markets offering (which also includes DCM work) is particularly skilled at advising SEC registered and Rule 144A/Regulation S offerings of equity securities.

Leveraging ‘a sound understanding of the listing rules as well as latest market practice’, Ashurst provides ‘best-in-class client service and responsiveness’ to issuers and underwriters across a wide range of ECM-related work on the HKEX, including in targeted industry sectors such as TMT and biotech. ‘Very responsive and experienced’ team head Frank Bi is skilled at advising Chinese SOEs and private corporates on their offshore ECM activity, from pre-IPO financing, through to listing and post IPO compliance. Praised for her ability to ‘think outside of the box and deliver reasonable and creative solutions’, New York and Hong Kong-qualified practitioner Li Jiang excels at handling complex international capital markets matters.

Leveraging deep transactional and regulatory expertise and appreciated for its ‘client-centric, responsive, and helpful’ approach, Herbert Smith Freehills Kramer LLP has, over the years, forged strong relationships with international and local banks, ensuring that has a seat at the table on many high-profile Hong Kong IPOs. ‘Very hands on and approachable’ team head Matt Emsley has been central to this success and has gained particular acclaim for his ability to help navigate complex transactions, particularly within the biotech (including for pre-revenue issuers on 18A listings), healthcare and TMT sectors. Jeremy Shen handles work for both banks and issuers, including on IPOs and follow-on offerings, and is also well-versed in regulatory matters, as evidenced by his ongoing assistance to the Asia Securities Industry & Financial Markets Association (ASIFMA)’s ECM committee on drafting the industry form of placing agreement for issuance of primary/treasury shares by Hong Kong-listed companies. Recently promoted to of counsel, Maisie Ko ‘is meticulous in providing high-quality legal advice’ to banks, in particular, on biotech and healthcare listings, and is also recognised for her extensive knowledge of the Hong Kong listing rules.

Working alone as frequently alongside Mainland practitioners, the ‘very professional and analytical’ Hong Kong-based team at King & Wood Mallesons provides ‘constructive and practical solutions’ to Chinese issuers and underwriters across a wide array of Greater China-related ECM mandates including, inter alia, IPOs, block trades, and follow-on offerings. Team head Candy Chan combines regulatory and transactional knowledge to good effect on both M&A-related securities work, as well as IPOs; notably she recently advised global luxury yacht maker, Ferretti S.p.A., on the dual primary listing on the Euronext Milan, becoming the first company to be dual-listed in Hong Kong and Italy. John Baptist Chan and Corey Zhang are also key members of the team, with both recently advising Vision Deal HK Acquisition Corp on its de-SPAC transaction, involving a business combination with target Quwan Holding Limited, marking Hong Kong’s first-ever dual track de-SPAC transaction.

Led from Hong Kong by Psyche Tai and also drawing upon strength on the Mainland and across its international network of offices, Norton Rose Fulbright provides ‘very professional and practical advice’ to local and international issuers/underwriters seeking to access the Hong Kong capital markets. The scope of the work is broad and includes listings on the main board and the GEM board, as well as spin-off listings and secondary offerings, in addition to general listing compliance work (including through its annual retainer service). Tai ‘thinks outside of the box while also being practical’ and is key to the firm’s success in the area, which has included a number of tech-related IPOs. New York and Hong Kong law-qualified practitioner Harold Tin spearheads the firm’s US securities practice in Asia, regularly advising on Rule 144A/Regulation S and SEC-registered offerings and listings of ordinary and global/American depositary shares.

Handling work for banks as underwriters, O'Melveny has continued to forge a particularly impressive furrow advising China-based technology and life sciences/healthcare companies seeking to list on the HKSE and in the US. Key to the firm’s success in the area is the work of Ke Geng whose biochemistry phD ensures he is able to provide added insight on deals in the sector, including a large proportion of the 18A listings in Hong Kong. Geng is noted for his ‘solutions-oriented approach’, which also ensures that he is appreciated by clients seeking to execute “first-of-kind” transactions, including his recent work alongside PRC and US practitioners for life sciences company Adlai Nortye, the first US IPO of a China-originated company since the CSRC adopted new measures.

Leveraging a strong relationship with Hong Kong’s securities regulators, and able to apply best-market practice as a result of strong deal flow, Paul Hastings LLP provides ‘strategic and commercially focused’ advice to issuers and underwriters/sponsors on IPOs and global offerings, right issues and follow-on offerings. The ‘motivated and experienced’ Peter Cheng is key to the firm’s success and as well as handling many IPOs on the main board of the HKEX (including in the TMT space), is also a ‘market expert when it comes to advisory matters regarding the HKEX’. New York-qualified partner Steven Hsu also regularly handles HKEX IPOs and associated US SEC registered offerings and is also a key member of the team that is co-headed by Chaobo Fan and Raymond Li.

Positioning itself very much at the forefront of the new economy space, the ‘technically strong’ team at Sidley Austin delivers ‘high-quality work’ for an issuer-focused client base seeking to list on the HKEX. The team has been at the vanguard of the new listing rules affecting both pre-revenue healthcare and specialist tech companies, having had a key role in actually shaping the 18C listing rules through its interactions with the regulator. The ‘very commercial’ Claudia Yu, who is ‘particularly capable at advising on novel rules and pioneer transactions’, has been key to much of this work, including her lead role for QuantumPharm Inc., in what is the first specialist technology company expected to list under the new Chapter 18C. Himself a former scientist, Meng Ding has deep industry understanding and is also key to much of this work, excelling in drafting the underlying prospectuses. The ‘technical, commercial and responsive’ Sherlyn Lau is also key to the firm’s growing success and co-heads team alongside Constance Choy.

Highly attuned to regulatory changes affecting the capital market in Hong Kong, in part due to several senior members’ former high-ranking in-house regulatory roles, Slaughter and May consistently ‘delivers high-quality work’ to issuers and sponsors/underwriters on often very challenging listings and secondary offerings. The team also handles a considerable amount of standalone capital markets regulatory work, including its recent work for industry association Asia Securities Industry and Financial Markets Association (ASIFMA) on its interactions with the HKEX to help shape the new listing regime in Hong Kong for Specialist Technology Companies, which is now in force. Clara Choi and John Moore have a ‘deep and solid understanding of the market’, with the former particularly skilled at advising blue chip companies on the spin-offs of their subsidiaries in Hong Kong. Moore co-heads the team alongside the vastly experienced Benita Yu.

Sullivan & Cromwell’s cohesive Greater China practice provides a ‘very efficient and knowledgeable’ service across US, Hong Kong and English law, pertinent to international, Chinese and regional clients seeking to execute a variety of equity transactions – from IPOs, follow-on and secondary offerings to equity-linked securities and equity derivatives. The team, which is co-headed by Kay Ian NG and Ching-Yang Lin, is particularly effective at advising banks as underwriters/sponsors and has been active of late on Hong Kong IPOs/global offerings relating to Chinese tech and healthcare companies. The team also has niche expertise advising on Taiwanese deals, including in the context of GDS offerings.

Leveraging strong relationships with the SFC and the HKEX, Baker McKenzie has ‘unique insights into local regulations and market dynamics’, ensuring that is well-placed to advise clients on complex transactional ECM work, as well as on standalone regulatory and compliance matters. Brian Wong’s ‘technical knowledge and unique commercial sense’ is much appreciated by both banks and issuers, including on Hong Kong listings, ongoing compliance matters as well as public M&A mandates. Capital markets Asia Pacific team head Christina Lee has ‘strong knowledge in listing rules’, which she leverages to good effect on transactions and standalone regulatory compliance post-listing. She is also very active on public M&A work and was recently appointed to the Takeovers and Mergers Panel and the Takeovers Appeal Committee for the SFC.

Leveraging the expertise of lawyers with US and Hong Kong expertise, the ‘very professional and responsive’ team at Cleary Gottlieb Steen & Hamilton advises issuers and underwriters across a broad swathe of ECM work, including Hong Kong-listed IPOs, SEC-registered and Reg S/Rule 144A IPOs, and follow-on offerings. Shuang Zhao and Miao Zhang ‘are well-trusted advisers among leading corporates and investment banks’ and co-head the capital markets team alongside Freeman Chan, with all three also being well-versed in advising on complex regulatory matters and equity capital markets issues associated with public M&A/takeovers.

Abreast of regulatory changes and able to resource matters utilising Hong Kong and PRC-qualified practitioners, both offshore as well as on the Mainland, Deacons has a solid reputation advising Greater China-based issuers and underwriters/sponsors on main and GEM board HKEX listings. Team head Ronny Chow has ‘strong professional knowledge’ across a myriad ECM transactional matters and also excels at handling compliance/regulatory matters, an area that he is particularly well-placed to advise due to his role on the Listing Review Committee of the HKEX. Maynard Leung is also recommended.

Drawing upon the expertise of Hong Kong, UK and US-law qualified experts, the ‘client-centric’ team at Dentons Hong Kong ‘leverages its deep industry insights and experience to provide practical advice’ to issuers and underwriters on Hong Kong IPOs (on the main board and the GEM), red chip, H-share projects and securities laws issues associated with public M&A transactions. ‘Very professional, helpful and insightful’ team head Norman Hui has excellent traction among Chinese banks and corporates, which are appreciative not only of his commerciality on transactions but also his overarching regulatory nous. Gordon Ng is a ‘knowledgeable legal professional’ who handles some ECM work, including for Korean issuers, as part of his broad-based corporate finance offering.

With a sizeable presence in Hong Kong as well as on the Mainland, Red Circle heavyweight law firm Fangda Partners provides ‘insightful and precise guidance’ to PRC issuers across a variety of fundamental ECM tasks, as well as in public M&A scenarios. The firm leverages its solid foundation in regulatory matters to ensure complex transactions are managed effectively and that listed clients receive continual compliance support as needed. Key to the firm’s success in the area is the work of corporate head Colin Law, who is appreciated for his ability to nurture long lasting client relationships and excels at providing ‘practical and effective solutions’, including to Chinese biotech companies seeking to list on the HKEX.

Combining ‘unparalleled technical expertise, with a deep commercial understanding and an unwavering client-centric approach’, Hogan Lovells provides ‘solutions-oriented advice’ to issuers and underwriters/sponsors on IPOs and follow on offerings on the the HKSE. Drawing upon vast experience in private practice as well as in-house at an investment bank, Sammy Li is effectively able to ‘navigate complex regulations, and devise highly pragmatic solutions’ to clients engaged in  IPOs, global offerings and rights issues. Nelson Tang is ‘well-prepared and resilient’, traits which are appreciated by clients on ECM transactions, public takeovers and post-listing compliance work. New York-qualified partner Stephanie Tang co-heads the team alongside Li and Tang and regularly advises regional clients seeking to list in the US.

The ‘experienced’ team at Morgan, Lewis & Bockius provides ‘extremely commercial’ and ‘cost effective’ advice to  issuers and underwriters in IPOs, follow on offerings, private investments in public equity (PIPEs), as well as corporate/regulatory work for listed companies. The team, which is led by Edwin Luk, has built up a strong track record over the years advising on education-related IPOs on the HKEX, and has also recently handled work in the sports, life sciences and TMT industries. Other key practitioners include the ‘extremely hardworking and accessible’ Keith Cheung and the ‘very meticulous’ William Ho.

Morrison & Foerster delivers ‘high-quality work’ to Chinese banks and issuers on Hong Kong listings. Drawing upon the firm’s core TMT and biotechnology sector strengths, the team is particularly visible in relation to IPOs and follow on offerings in these industries. Since publication, former practice head Vivian Yiu has left the firm.

As a component of the integrated Greater China offering, which also boasts a substantial presence on the Mainland, the Hong Kong team at DLA Piper is adept at counselling both issuers and underwriters on domestic and international ECM transactions, leveraging the expertise of attorneys proficient in domestic, English, and US securities law. Christina Loh has experience at advising corporates and banks on HKEX IPOs for issuers across a range of industry sectors, and also regularly assists issuers on follow-up listing compliance matters. New York-qualified partner George Wu is adept at advising on Rule 144A, Regulation S and SEC-registered equity offerings. Luke Gannon heads up the overarching corporate team which houses the ECM offering. Beijing-based Yang Ge who has extensive experience with U.S. IPOs and Hong Kong IPOs, is another name to note.

The ‘approachable, practical and extremely knowledgeable’ Dickson Ng heads up Eversheds Sutherland’s broader corporate team which houses its ECM offering. Although the firm handles some Hong Kong IPOs and secondary offerings, a significant proportion of the deal flow is for Hong Kong-listed clients on their compliance obligations and their M&A activity. Senior consultant Stephen Mok specialises in the corporate restructuring of Chinese companies, as well as assisting such enterprises to list on the HKEX.

Leveraging ‘excellent local knowledge, connectivity and sensitivity to local culture and customs’, Milbank’s Hong Kong capital markets team has gained particular acclaim for its work for issuers and underwriters in relation to Korean ECM matters. Under the guidance of James Grandolfo, the team also continues to pick up work with a nexus to other Southeast Asian countries, including Vietnam and Thailand, with Paul Pery and Ari Singzon also key members of the team.

Drawing upon a ‘deep understanding of the Hong Kong listing rules and regulations’, Reed Smith Richards Butler LLP is a popular choice among Chinese corporates as issuers on Hong Kong IPOs, follow-on and secondary offerings, as well as privatisations/delistings. UK, Hong Kong and Australia-qualified partner Anthony Woo has built up a strong reputation handling equity transactions in the transportation and technology fields and is appreciated for his ability to ‘communicate legal advice in a clear and concise manner’. Vastly experienced team head Denise Jong regularly advises on Hong Kong IPOs, in addition to regulatory mandates. The team expanded with the hire of Arthur Tso who joined from DLA Piper in November 2024.

Since its founding in 2018, Commerce & Finance Law Offices has made strong in-roads into the Hong Kong market, leveraging very effectively off the firm’s mainland China offices to provide cohesive ‘solutions-oriented advice’ to issuers and underwriters listing on the HKEX. Founding partner Eric Chow is ‘technical and responsive’, and has been involved in a number of high-profile healthcare listings alongside the ‘hands-on’ Brandon Chow.

Under the leadership of Brian Ho and Chris Williams, Howse Williams has established a strong reputation among small to mid-cap companies, in particular, across a range of Hong Kong ECM work, including IPOs and secondary offerings. In this regard, the team is appreciated for its insight into the regulator’s mindset, keeping clients abreast of market developments. The ‘knowledgeable and efficient’ Chia Ching Tan regularly takes the lead on the highest-profile work handled by the team, with expertise across a range of industry sectors, including mining.

At Johnson Stokes & Master, Hong Kong and UK-qualified team head Billy Au has strong connections with Chinese SOE and POE corporates, as well as underwriting/sponsoring banks ensuring that he is able to provide a very balanced perspective on Hong Kong listings (including IPOs and follow-on offerings) across a range of sectors.

K&L Gates’ Hong Kong ECM offering advises a broad range of clients operating across key regional industries. It acts for issuers and underwriters on listings of PRC and multinational companies in Hong Kong and other major global financial centres.  The practice is led by Virginia Tam.

Independent corporate finance boutique Kwok Yih & Chan has a ‘good business understanding and a strong connection with the regulators’ ensuring that it is well-placed to advise both sponsor banks and issuers on Hong Kong-related ECM work and ongoing compliance matters. The ‘influential’ Dieter Yih provides ‘insightful and solutions-oriented’ advice on HKEX IPOs, where he provides a compelling combination of international smarts framed in a domestic setting. Yih co-heads the team alongside fellow name partners Larry Kwok and Conrad Chan, who are also well-versed in a range of securities transactional and regulatory work.

Loeb & Loeb LLP’s principal ECM focus from its Hong Kong office is centred around advice to Asia-based corporates seeking to raise capital from the US capital markets, including the Nasdaq. Clients benefit from the expertise of team head Lawrence Venick and Roy Choi, who regularly team up with firm-wide lawyers based in Los Angeles and New York to assist Asia clients on their US corporate finance activity, including on de-SPAC transactions.

Spearheaded from Hong Kong by Hank Lo and also benefitting from a strategic association with mainland firm AllBright Law Offices for advice on Chinese law matters, Stevenson, Wong & Co provides a comprehensive service to issuers and underwriters on global offerings and listings on the HKEX. Gordon Tsang is also a key member of the team who regularly advises underwriters in relation to Asian companies’ efforts to list on the Nasdaq in the US.

Displaying an ‘efficient, pragmatic and down-to-earth’ work ethic, the ‘outstanding’ team at Tian Yuan Law Firm provides a cohesive and integrated service, alongside the firm’s large Mainland offering, for both sponsors and issuers on the listing of Chinese enterprises seeking to raise capital via the HKEX. Team head Nan Li is central to much of this work and has an excellent understanding of the appropriate listing rules and regulatory dynamics.