The Legal 500

The ’outstanding’ Allen & Overy reinforced its banking and finance practice in 2011 with the relocation of ’highly qualified’ leveraged and acquisition finance specialist Ian Powell from London to Hong Kong. The ’very thorough and technically strong’ team has continued to work on a number of the region’s headline deals, including advising Hong Kong Exchanges and Clearing Limited on its successful bid for The London Metal Exchange, which involved two credit facilities totalling over $2.5bn. It also represented China Development Bank in connection with the financing of the buy-back of all listed shares in Alibaba.com. The firm remains notably active in pre-IPO financings and offshore RMB financings. It has had considerable success in winning instructions from PRC-based banks including Bank of China International, ICBCI and China Construction Bank International, thanks in part to the efforts of senior figure Joseph Tse. ’Consummate professional’ Vicki Liu heads the team.

Clifford Chance fields one of the largest teams in Hong Kong, and as a consequence provides a distinctly broad spectrum of expertise that ranges from plain vanilla loans to complex structured loans. Pre-IPO financings have featured strongly in recent months, and its capability on the borrower and lender side, most notably in the leveraged and acquisition finance environment, has ensured it remained at the heart of many of the headline deals in the region. In 2011 it advised JP Morgan on a high-profile $200m loan facility for China Hongqiao Group. ’Senior partner’ Anthony Wang is ’very responsive’, ’works non-stop’, and has ’deep insight into facility documentation’. Fellow acquisition and leveraged finance expert Matthew Truman is recommended for sponsor-side representations, and has completed a series of deals for CVC Asia. Acquisition finance specialist Andrew Hutchins is ’extremely responsive’, ’pleasant to deal with’, and provides ’clear and practical advice’. The team also features the seasoned Huw Jenkins and newly elected partner and real estate finance expert, Dauwood Malik.

Linklaters leads the way in lender-side acquisition and leveraged finance matters. It also has a strong profile in structured and secured lending, including pre-IPO financings and growth capital financings. Key institutional clients include JP Morgan, Bank of America Merrill Lynch, and Standard Chartered. The firm recently advised the lead arrangers on the HK$2.95bn financing for the acquisition of Hong Kong Broadband Network by CVC Asia. David Irvine is a leading figure in leveraged and acquisition finance, and was recently joined by former Paris-based partner and experienced figure Nathalie Hobbs. Her arrival offset the relocation of Trevor Clark to London.

The ’professional’, ’knowledgeable’ and ’commercial’ White & Case has earned widespread accolades, most notably in the leveraged finance sector. It recently advised the underwriters on the $3bn financing of Alibaba’s take-private transaction. It also represented the financiers on the financing of Hong Kong Exchanges & Clearing’s $2.2bn bid for the London Metals Exchange. The lender-oriented practice has developed blossoming relationships with banks such as UBS, China Development Bank, Standard Chartered and Deutsche Bank. The ’exceptional’ and ’commercially minded’ John Hartley heads the department.

Baker & McKenzie continues to develop its banking and finance credentials, most notably in relation to China outbound financings for major PRC banks. In this regard, the firm’s peerless international network comes into its own, with a diet of cross-border deals into far-flung jurisdictions such as Columbia. Real estate finance is another key area with it representing Bank of China (Hong Kong) on its HK$5.4bn syndicated construction term loan to a Macau-incorporated property holding company. Andrew Lockhart and Barry Cheng are recommended, as is recently elected partner Sally Hung.

The ’high-quality’, ’commercial’ and ’insightful’ Hogan Lovells boosted its senior echelon with the promotion of ’sophisticated’ and ’smooth operator’ Allan Wardrop, adding further weight to the firm’s already solid status in acquisition and leveraged finance, as well as restructuring. Real estate finance and trade finance are also growing areas for the practice, which represents financial institutions such as Standard Chartered, Mizuho, HSBC, Bank of China and GE Capital. ’Exceptional’ and ’results-driven’ practice leader Gary Hamp is a big name in acquisition and leveraged finance, and Owen Chan continues to play a key role in developing the department’s PRC banking connections.

Norton Rose Hong Kong has maintained its growth in the structured trade and commodity finance environment. Big-ticket bilateral facilities and larger export credit agency (ECA) financings also feature strongly. Close connections to HSBC and a growing body of mandates from institutions such as Standard Chartered, ANZ, Bank of China and Rabobank have maintained its activity levels. In 2011, it represented HSBC on a $350m murabaha facility to Indonesian borrower PT Natrindo Telepon Seluler. Peter Haslam and Davide Barzilai are the remaining two partners in the office following the relocation of Chris Redden to the Sydney office.

As a leading Hong Kong firm, Deacons handles a substantial amount of bank regulatory work, as well as general lending, and gains a substantial flow of referrals from foreign law firms, most notably US firms. It also works with a number of major lenders including Standard Chartered, several Japanese trading houses, and a series of PRC banks, the latter thanks to the efforts of senior figure Lam Wing Wo. In addition, Philip Gilligan is a leading name in structured trade finance. Simon Deane heads the department

Freshfields Bruckhaus Deringer’ David Winfield led the team that advised Alibaba on the $3bn financing of its privatisation and its repurchase of shares from Yahoo!, which was the largest leveraged loan in 2012. The team is experiencing growth in lender-side mandates from institutions such as HSBC, JP Morgan and Macquarie. The arrival of Howard Lam from Linklaters in 2011 has significantly enhanced the firm’s outbound work for PRC banks.

The ’co-operative’, ’professional’ and ’efficient’ Herbert Smith Freehills is going from ’strength to strength’. The firm has developed an impressive following of lender clients including Standard Chartered, RBS, Bank of China, Deutsche Bank and ICBC. On the cross-border side, the team recently represented Bank of China on a €180m export credit facility to a European telecoms and multimedia company. Alexander Aitken is ’a very good technical lawyer with real Asia Pacific knowledge’, especially in relation to PRC matters.

King & Wood Mallesons has continued its upward momentum in the banking and finance arena, and in 2011 it represented Cheung Kong in connection with its £1.5bn bi-lateral loan for the acquisition of the UK’s Northumbrian Water. The firm is also notably active in RMB financings, as illustrated by its advice to China Development Bank on its RMB1.2bn facility to Hong Kong listed Brightoil Petroleum. Paul McBride and David Lam are the lead partners.

Kirkland & Ellis is making headway following the arrival of leveraged finance specialist Ashley Young (’thoughtful and excellent’) and Douglas Murning (’very commercial and responsive’) from Allen & Overy. In 2011 they represented the banks in connection with the buyout of China Fire & Security Group by Bain Capital. Other clients include Citibank, Standard Chartered, and private equity sponsors such as Bain Capital and Carlyle.

Latham & Watkins LLP is recognised primarily for project finance. Oil and gas and natural resources deals are particularly prominent for the practice, which is also noted for its broad reach covering deals throughout the Asia Pacific region. David Miles is recommended.

Still widely associated with asset and real estate finance transactions, Mayer Brown JSM is also developing its standing in commercial lending for local and international banks, as well as outbound deals on behalf of PRC institutions in the asset and project finance sectors. ICBC and HSBC are two of the department’s biggest clients. In 2011, Francis Chen advised the lenders on a HK$3.3bn loan facility to Chow Tai Fook Jewellery Company. Keith Cheung and PRC expert Joe Tam are also recommended.

Paul Hastings LLP is a recognised name in acquisition and leveraged finance, as well as real estate and project finance. In 2011 the firm represented key client JP Morgan and Credit Suisse as lead arrangers on the acquisition financing to Home Inns & Hotel Management for the purchase of Motel 168. Clients highlight the ’excellent’, ’responsive’ and ’proactive’ service, with Brett King recognised for his ’great mind’, ’straightforward construction advice’ and ’good business acumen’. Patricia Tan Openshaw’s ’work ethic and dedication to the job is commendable’.

Reed Smith Richards Butler has done particularly well in developing its lender-side practice, particularly for PRC banks including Bank of China and ICBC, thanks in part to the efforts of Chris Tang. Department head Andrew Brown recently advised Winsway Coking Coal Holdings and Marubeni on their $400m financing for the LBO acquisition of Grande Cache Coal.

Ropes & Gray LLP has made ’a real impact’ on the market since hiring Michael Nicklin from Weil, Gotshal & Manges’ London office in 2011, and it is now considered to be one of the leaders in sponsor-side leveraged finance. He and his team have worked on a series of major leveraged financings for marquee clients such as Bain Capital and TPG. In October 2011 it represented Bain in connection with its $3.3bn acquisition of Skylark. It was the largest Asia Pacific private equity buyout in 2011, and the largest in Japan since 2008. The team is commended for its ’excellent response times, very good business acumen and expertise’ and ’good value for money’.

Simmons & Simmons LLP handles acquisition and pre-IPO financings for institutions such as Standard Chartered. Structured trade finance is another growth area. Richard McKeown is the department head.

The ’very sound’ Simpson Thacher & Bartlett LLP has a leading sponsor-driven, private equity leveraged and acquisition finance practice. Cornerstone clients include KKR, Blackstone and Apax Partners. In 2011 the firm represented Home Inns and Hotels Management in connection with its $470m financing for the acquisition of Motel 168. Sinead O’Shea is a leading name.

Ashurst Hong Kong hired leveraged and acquisition finance specialist Dominic Gregory as a partner in 2012, who joins project finance and structured lending expert Matthias Schemuth. Export credit transactions have been key growth areas.

DLA Piper is developing a fine reputation for structured trade and commodity finance, as well as general banking transactions. In a reflection of its ongoing shift from a borrower orientation to a greater lender focus, the practice has solid relationships with key banks such as Standard Chartered, Standard Bank and China Development Bank. Outbound financings into Africa and other regions by PRC banks is a key growth area. In addition, the arrival of Robert Caldwell from King & Wood prior to becoming King & Wood Mallesons is a boon to its project and structured finance credentials. Paul Lee and Jolyon Ellwood-Russell are also recommended.

Apart from its eminence in structured finance, Orrick, Herrington & Sutcliffe LLP has an impressive track record in the real estate finance sector, which included a number of deals for Standard Chartered. Michelle Taylor is a leading name, and Christopher Stephens is an experienced figure in project finance, notably in South-East Asia transactions.

Skadden, Arps, Slate, Meagher & Flom LLP hired immensely experienced former Freshfields Bruckhaus Deringer partner Clive Rough, to add to its banking and finance credentials. In 2012 he represented Talenthome Management on its HK$320m term loan from Guotai Junan Finance to fund Talenthome’s take-private acquisition of China Grentech.

Slaughter and May has a largely borrower-oriented practice, though it does represent a number of major banks including Standard Chartered, HSBC and Bank of China. In 2011 it represented PT Borneo Lumbung Energi & Metal in connection with a $1bn acquisition financing provided by Standard Chartered. The ’technically sharp’ Peter Lake is the lead partner in Hong Kong, and is ’a safe pair of hands’.

Weil, Gotshal & Manges established a credible finance practice in 2011 when Soo-Jin Shim moved to Hong Kong from the firm’s New York office. With its booming private equity practice, the firm is poised to become a heavyweight in the leveraged finance arena.

Gide Loyrette Nouel has worked hard to develop its standing among major development banks, French banks and corporate borrowers. It has also gained panel appointments for a number of leading PRC banks. The team’s focus is on emerging and frontier markets, with Balbir Bindra and Samuel Chau to the fore.

Asia project finance head Gary Wigmore leads a team at Milbank, Tweed, Hadley & McCloy that is noted for project finance work. Many of Wigmore’s deals have involved South-East Asia, including the GNPower project in the Philippines.

Shearman & Sterling LLP focuses primarily on project finance, with Hong Kong counsel Nick Wang supporting Andrew Ruff and Xiaogang Wang in Shanghai. Clients include International Finance Corporation and Asian Development Bank.

Sidley Austin’s eminent PRC real estate capability has enabled the finance practice to represent a series of developer borrowers, and recently advised Agile Property Holdings on a series of credit facilities. In addition, the team frequently advises on deals that have a strong capital markets element, especially high yield debt. This includes a number of transactions in South-East Asia. Counsel Robert Mason is the key name, alongside structured finance specialist Thomas Albrecht.

Though primarily an asset finance practice, the ’excellent’, ’accessible’, ’responsive’ Stephenson Harwood has developed strong connections to financial institutions, including PRC banks, in the broader lending arena. Clients commend the ’excellent partner access’, ’response times’, and ’knowledge of the industry’. Mark Reed is ’superb’, has ’a very broad range of experience’, and ’a very deep regulatory knowledge’.

Gallant Y. T. Ho & Co is building on its notable banking heritage. PRC banks instructions account for a growing part of the practice. Philip Wong is also recommended.

Woo Kwan Lee & Lo’s real estate finance practice has a peerless developer client base. Henderson Land is a regular client.