The Legal 500

Clifford Chance has excellent connections to major Hong Kong corporates, but has also represented a number of mainland institutions on major outbound transactions. The firm is particularly well known for financial institutions M&A. It recently advised Rabobank on its cornerstone investment in Agricultural Bank of China’s IPO and strategic co-operation agreement. Furthermore, the firm has a stronger emphasis on private equity than many of its immediate rivals. The immensely experienced Roger Denny heads the large department.

Freshfields Bruckhaus Deringer has a strong emphasis on North Asia, particularly in the PRC. It has had considerable success in acting for PRC entities on outbound M&A. This includes advising China’s Lenovo on its landmark joint venture with NEC, and representing Zhejiang Geely on its $1.8bn acquisition of Volvo. The firm is also a leader in public M&A involving Chinese institutions. Asia managing partner Robert Ashworth and China chairman Teresa Ko have magnificent reputations.

The departure of the highly valued Ashley Alder to become CEO of the Securities and Futures Commission, leaves Herbert Smith without one of Hong Kong’s premier public M&A experts. Even so, the firm is still recognised for its M&A expertise and it has made the best of its focus on Hong Kong IPOs, which have led to flourishing relationships with major Chinese corporates, including the large state-owned enterprises (SOEs). On the corporate and M&A front, the firm is singled out by clients for its expertise in the energy and resources sector. It is ‘very professional’, with Tommy Tong and Matt Emsley commended for being ‘very experienced’ and ‘hands on’. Managing partner of Greater China Andrew Tortoishell is also recommended.

Linklaters has a particularly strong reputation in the financial institutions sector, notably with its advice to RBS on the disposal of many of its assets across Asia. The firm also advised Lone Star on the politically charged sale of its 51% stake in Korea Exchange Bank to Hana Financial Group, and represented Shenzhen Development Bank in its merger with Ping An Bank. Keith Johnson, Christopher Kelly, Samantha Thompson and Betty Yap provide a powerful senior echelon that was recently enhanced by the arrival of senior figure Tien-yo Chao from Morrison & Foerster.

With one of the largest corporate teams in Hong Kong, Slaughter and May has an impressive history of acting for many of Hong Kong’s most prestigious corporates and has successfully achieved the same in mainland China. Much of this is down to its efforts to act for PRC issuers on their Hong Kong listings. The firm is immensely capable in relation to public takeover work, with Neil Hyman and Richard Thornhill very much to the fore. The firm recently advised Diageo on its headline acquisition of a controlling interest in its existing Chinese joint venture, Sichuan Chengdu Quangxing, and $1bn mandatory tender offer for Sichuan Shui Jing Fang.

Allen & Overy has taken great strides forward since the loss of a large team to Latham & Watkins LLP in 2008. Former Beijing partner Mark Roppel (‘high-level and professional’, ‘provides a comprehensive legal service’) has played an integral role in developing the firm’s PRC client base, including acting for Sinopec on its first acquisition of overseas upstream assets, in Angola. The firm also retains a fervent PRC inbound practice. The Hong Kong practice was also further buoyed by the return of ‘good operator’ Chris Swift from Tokyo.

Baker & McKenzie has real regional credibility and is a genuine one-stop-shop in Hong Kong. Clients acknowledge the firm’s ‘excellent knowledge of local best practices’ and ‘practical legal advice’, with Dorothea Koo and Yuk Tong Cheung singled out for particular praise. The firm has a formidable China-facing practice, illustrated by its advice to Disney on its joint venture with Shanghai Shendi in connection with the Shanghai Disneyland project. At a regional level, it represented SEEK on its acquisition of a controlling stake in Asia recruitment website operator Jobs DB. Nancy Leigh is also recommended.

Davis Polk & Wardwell LLP established a prestigious Hong Kong law team in 2010 by hiring Bonnie Chan from the Listing Division of HKSE, Antony Dapiran from Freshfields Bruckhaus Deringer and Paul Chow from Linklaters. They join a powerful and well-connected US team that recently advised China Investment Corporation (CIC) in connection with its investment in Indonesia’s PT Delta Dunia Makmur.

Having worked on the Hong Kong elements of numerous international deals, Deacons continues to act for a range of Hong Kong-listed and international clients. It recently acted for Heineken-APB on its proposed divestment of its 21.37% stake in Kingway Brewery Holdings Limited. It also acted for Hong Kong-listed Minmetals Resources on its $1.85bn acquisition of Album Resources. Alexander Que, Eugina Chan and Rhoda Yung are all highly recommended. Clients highlight the ‘personalised service’ delivered on a ‘timely basis’.

Latham & Watkins LLP is eminent in cross-border and multi-jurisdictional transactions involving Greater China. In 2010, the firm represented Repsol in the $17.8bn sale of a significant interest in Repsol Brasil to Sinopec. Kenneth Chan, Cathy Yeung, Simon Berry, Michael Liu and Stanley Chow are all highly recommended.

Mayer Brown JSM still benefits from its connections to many of Hong Kong’s blue-chip corporates. In 2010, it represented Li & Fung in connection with its proposed acquisition of Integrated Distribution Services by way of scheme of arrangement. The firm is also active in relation to cross-border deals involving US entities, including advising ACE Limited on its $425m acquisition of the Hong Kong and Korean life insurance operations of New York Life.

Norton Rose Hong Kong is particularly strong in financial institutions and natural resources M&A. The firm is ‘having a good run’ and has completed a series of deals for HSBC, including its acquisition of RBS’s retail and commercial banking business in India. On the natural resources front, it advised Chongqing Chonggang Minerals on its acquisition of 60% of Asia Iron Holdings. The immensely experienced David Stannard heads the department that includes Richard Crosby and Jon Perry.

With its lengthy history of working with major Hong Kong-listed companies, Reed Smith Richards Butler is widely regarded as the ‘go-to’ firm for Hong Kong Takeovers Code issues. PCCW and Lippo Group are examples of high-profile clients. The firm recently acted for the Hsu Family in connection with the headline joint-venture between Nestlé and Hsu Fu Chi. Graham Winter, Christopher Williams and Denise Jong are highly recommended. David Norman has retired.

Sullivan & Cromwell LLP’s M&A practice has a heavy private equity weighting. In 2011, it represented Goldman Sachs on its $1.2bn acquisition of a stake in Taikang Life Insurance. In 2010, it acted for China Investment Corporation (CIC) on its minority investment in Triana Energy Investments. Michael DeSombre is a major Hong Kong name, while Chun Wei has excellent connections to PRC institutions.

With its prestigious Hong Kong-listed company client base, most notably major property developers, Woo Kwan Lee & Lo has a steady diet of corporate and M&A work. In 2010, the firm acted for Shanghai Industrial Holdings in connection with its acquisition of a majority stake in Shanghai Industrial Development. Clients value the ‘professional’ and ‘Chinese style’ advice delivered with a ‘personal touch’. Carmelo Lee is ‘very experienced’, ‘sharp’ and has ‘wide connections’.

Having launched a Hong Kong law practice in February 2011 through the hire of Freeman Chan from Norton Rose Hong Kong, Cleary Gottlieb Steen & Hamilton LLP is poised for even greater things. At the same time, senior Frankfurt partner Christof von Dryander relocated to Hong Kong. The newly enhanced team will be seeking to build on such deals as TPG’s landmark investment in CICC, the first foreign private equity investment in a Chinese securities firm.

DLA Piper has a strong focus on foreign direct investment into China and Hong Kong, although outbound deals on behalf of China corporates such as Ping An is a growing segment of the practice. The firm recently represented Shanghai-listed Qingdao Haier on its $250m acquisition of a controlling stake in Hong Kong-listed Haier Electronics. Mabel Lui is ‘professional’ and ‘understands’ her clients’ businesses. Jeffrey Mak is recommended for ‘cross-jurisdictional listing compliance matters’.

Though heavily focused on IPOs, Hogan Lovells’ corporate practice features a healthy flow of M&A instructions, principally in the mid-market arena. This included acting for Hong Kong-listed Mascotte Holdings on its acquisition of a majority stake in Sun Materials Technology. Jamie Barr is the lead partner.

Kirkland & Ellis International LLP will be a major player on the strength of the recent recruitment of ‘good operator’ Nicholas Norris from Skadden, Arps, Slate, Meagher & Flom LLP. He is widely considered to be one of Hong Kong’s elite public M&A experts and has a good standing amongst Hong Kong regulators. With Dominic Tsun on the ECM side, the firm is poised to become a leading practice.

Mallesons Stephen Jaques has notable strength in China FDI and private and public M&A. The firm has completed a series of Asian deals on behalf of cornerstone client Telstra over the years and also has a fine record in the mining sector. Clients highlight the team’s ‘expertise’, ‘proactive approach’, ‘responsiveness’ and ability to get deals ‘cleared with the HKSE’. Stuart Valentine, Simon Milne, Larry Kwok and Conrad Chan (‘thinks ahead’, ‘outlines the issues and problems’) are all recommended.

While much of Paul, Weiss, Rifkind, Wharton & Garrison’s transactional activity is in the private equity sector, it also has a massive presence in the TMT environment. In November 2010, the team, led by Jeannette Chan, represented the Shanghai Government and Shanghai Shendi on its landmark joint venture with Walt Disney to build its first mainland theme park.

Compared to many of its Wall Street rivals, Shearman & Sterling LLP handles an impressive volume of public M&A and with a well-established Hong Kong law team, it is one of the more convincing “one-stop-shops” in the jurisdiction. The firm recently acted for Hong Kong-listed Shanghai Forte Land on its proposed privatisation by its controlling shareholder Fosun International. Colin Law, Peter Chen and Gregory Puff are recommended.

After losing its market leading status, Simmons & Simmons has now attained a period of relative stability over the last three years. As a result, its reputation has grown, particularly amongst PRC clients. Much of its work centres on energy and resources, financial markets, life sciences and TMT. The firm recently acted for China’s Sinochem on its acquisition of 50% interest of the anti-infectives business of Koninklijke. Tom Deegan heads the China corporate group.

Simpson Thacher & Bartlett LLP’s corporate practice was dramatically enhanced by the arrival of Christopher Wong and Celia Lam from Freshfields Bruckhaus Deringer and Linklaters respectively to establish a Hong Kong law practice in 2010. Historically, much of the practice has centred on private equity for cornerstone clients such as Blackstone and KKR as well as locally generated clients including CDH Investments. The firm is now regularly engaged in strategic M&A on behalf of private equity portfolio companies.

Skadden, Arps, Slate, Meagher & Flom LLP’s loss of ‘good operator’ and leading public M&A specialist Nicholas Norris and a broader team to Kirkland & Ellis International LLP is a considerable blow, particularly to its Hong Kong law credentials. Even so, its team of experienced US lawyers will inevitably keep the firm in the frame for international deals. In 2010, Jonathan Stone represented Vanship Holdings on its $576m sale of seven crude oil carriers to Navios Maritime Acquisition Corporation.

With an intense focus on M&A and private equity, Weil, Gotshal & Manges now has some 20 lawyers in Hong Kong. Henry Ong has brought the firm connections to some of Hong Kong’s leading corporates. It recently acted for PCCW in the restructuring of Reach, its 50/50 international connectivity joint venture with Telstra. Akiko Mikumo and Peter Feist add to the firm’s standing in cross-border M&A and private equity.

Ashurst Hong Kong in association with Jackson Woo & Associates made considerable progress in 2010 and 2011 with a series of instructions, which were led by Robert Ogilvy Watson (‘very hands on’, ‘extensive experience on public takeovers’). The ‘very responsive’ firm, which provides ‘a lot of senior coverage’, has also worked on a number of outbound transactions by Chinese SOEs, thanks in no small part to the efforts of Jackson Woo and the firm’s connections with China’s Guantao Law Firm. This includes CGNPC Uranium Resources $1.23bn possible offer for Kalahari Minerals. Key sectors are insurance and energy and resources.

Fried, Frank, Harris, Shriver & Jacobson re-invigorated its corporate and M&A practice in 2011 with the hire of experienced Asia specialists Douglas Freeman and Victor Chen from O’Melveny & Myers LLP. The two have a particularly strong record in going private transactions involving New York-listed Chinese companies.

Leading the way in energy and infrastructure, Fulbright & Jaworski LLP has an unrivalled reputation for upstream oil and gas work. It now represents a series of Chinese SOEs on major outbound deals across the world. Jeffrey Blount is the lead partner.

Closely aligned with the firm’s global focus on industrial clients, Jones Day’s Hong Kong office acted for China Electronics Corporation and its wholly owned subsidiary CEIEC (HK) on a consortium takeover bid with Mitsui & Co for TPV Technology Limited. Though the deal was led by Barbara Mok who has since moved to Minter Ellison, the firm retains genuine senior talent in Carson Wen and Donald Hess.

Now with a combined Hong Kong law practice through the hire of Dieter Yih, Milbank, Tweed, Hadley & McCloy is able to build on its reputation for cross-border deals, including advising State Grid International Development on its $1.8bn acquisition of seven power transmission projects in Brazil. Anthony Root has a magnificent reputation.

Minter Ellison has excellent contacts in the PRC, particularly following the hire of Anne Ko, Katherine U and Barbara Mok from Jones Day. Much of the firm’s focus has been on China-outbound deals, particularly into Australia and New Zealand.

Morrison & Foerster has a strong private equity heritage, while building a prominence in TMT and healthcare. It recently acted for Harbin Pharmaceutical on its acquisition of Pfizer’s swine vaccine business in China. Thomas Chou is the lead partner. Senior name Tien-yo Chao left to join Linklaters.

Orrick, Herrington & Sutcliffe LLP’s practice is principally focused on inbound deals into China, but has experienced an upswing in PRC clients investing offshore. The firm has exploited its Silicon Valley heritage to great effect with a noticeable emphasis on the technology, clean technology and entrepreneurial environments. GCL-Poly Energy Holdings is one such example of its formidable clean technology client base.

Paul Hastings LLP’s Hong Kong-based M&A practice is heavily weighted towards that of the Korean department, including its advice on Samsung Electronics’ $1.37bn acquisition of Seagate Technology and Hanwha Chemical’s equity investment in Solarfun Power. In this regard, Daniel Kim is recommended.

Though better known for its capital markets expertise, Sidley Austin is naturally well equipped in relation to M&A involving Hong Kong-listed companies. In this regard, Constance Choy is experienced.

Led by Hilda Chiu, Stephenson Harwood has a broad corporate practice. The firm recently advised Prosperity International Holdings on the HK$3.8bn sale of its Chinese cement business to Taiwan’s TCC International. Managing partner Voon Keat Lai is commended for his ‘professionalism’ and ‘industry knowledge’.

Troutman Sanders LLP is focused primarily on Hong Kong-listed companies making overseas acquisitions, including in China and the Asia Pacific region. Olivia Lee is also a prominent name in the private equity industry.

White & Case’s loss of Seung Chong and Jeremy Leifer to Proskauer Rose LLP is a considerable blow and the firm will have to work hard to restore its reputation in corporate and M&A; it has sought to do so with the hire of Virginia Tam from Jones Day. Even so, it continues to work on headline deals including Nestlé’s acquisition of a 60% stake in Hsu Fu Chi.

At Allens Arthur Robinson, the ‘can-do’ Campbell Davidson returned to Sydney in February 2011, but this was after David Wenger relocated to Hong Kong to head the firm’s North Asia corporate practice. He continues to advise Chevron on its natural gas development project at Chuangdongbei in Sichuan.

With its distinct energy emphasis, Baker Botts L.L.P. has done well representing major Chinese institutions on their overseas investments, as well as foreign energy companies on their interests in the PRC. It recently acted for Sinochem in relation to its purchase of offshore crude oil assets in South America. John Kuzmik is the lead partner.

Barlow Lyde & Gilbert has an impressive list of blue-chip clients, for which is normally advises on mid-cap transactions. Despite the firm’s insurance emphasis, the department led by Pádraig Walsh is notable for the amount of non-insurance-related instructions.

Bird & Bird’s natural focus is on the TMT sector. It recently acted for Sonepar Asia on its joint venture in Thailand with Polytechnology. Matthew Wong heads the department.

Clyde & Co handles a considerable amount of non-insurance-related work. Even so, William Tsang is a genuine corporate insurance specialist.

Debevoise & Plimpton represented AIG in connection with AIA’s spin-off from AIG and its subsequent $20.51bn IPO. The team in Hong Kong was led by Edward Drew Dutton, with support from Thomas Britt.

Dewey & LeBoeuf LLP is recommended for China-outbound deals, most notably in the energy and insurance sectors. It has created an impressive roster of Chinese SOE clients, thanks to the work of partners such as Heng Loong Cheong, who is ‘experienced’, ‘dedicated’ and ‘effective’.

Eversheds LLP has a blossoming corporate practice, representing such prestigious names as New World China Land and Chow Tai Fook Enterprises. The firm recently advised the latter on its acquisition of 70% of the ownership control of the Four Seasons Hotel in Shanghai. Stephen Mok and Stephen Chan are the lead partners.

Gide Loyrette Nouel has steadily built its resources in Greater China, including a Hong Kong law team. This has enabled further exposure to headline deals in the region. Rebecca Silli is the lead partner.

Kennedys historically focused on the life insurance sector, but advises a broad range of general insurers. With an emphasis on licensing issues, regulation and compliance, the team is regarded as ‘very competent’, ‘responsive’ and ‘business savvy’. Richard Bates is ‘commercial’ and ‘technically competent’.

Pinsent Masons is a private equity-oriented practice, led by experienced Asia stalwart Dale Fischer. Much of the practice centres on regional and international private equity funds.

Proskauer Rose LLP has now assembled a potent senior team with the recent arrival of Seung Chong and Jeremy Leifer from White & Case. They have linked up with the seasoned and high-profile Hong Kong stalwart James Chapman.

SJ Berwin LLP’s Daniel Liew is a prominent figure in the energy, infrastructure and TMT sectors. He recently represented COSCO Group on its proposed acquisitions of six iron ore mines in the Philippines and a toll expressway project in China.

Tanner De Witt’s Richard Tanner is a well-known figure in Hong Kong and has an impressive client base of local SMEs and investment funds. The firm now has a three-partner corporate department.

Vinson & Elkins L.L.P.’s potent energy credentials bring it a number of impressive transactions in the region. In February 2011, it represented India’s Reliance Industries in the $7.2bn sale of a 30% stake in 23 oil and gas production sharing contracts to BP. James Cuclis and Gary Kotara were the lead partners.

Winston & Strawn is ‘very capable’ according to clients, particularly in relation to acquisitions in China. Much of the department’s work is in the industrial and manufacturing sector. Simon Luk is singled out for praise.

Long part of Hong Kong’s legal fabric, Gallant Y. T. Ho & Co retains a solid and weighty practice led by the well-known Philip Wong.

With its strong focus on China, even from its home-base in the US, K&L Gates has made solid progress in Hong Kong, most notably in the private equity and venture capital segments.

PRC titan King & Wood is steadily building its presence in Hong Kong. Senior figure Ching-Wo Ng has a strong reputation and has able support from Jeremy Wong.

Oldham, Li & Nie is making steady progress in Hong Kong thanks to its ‘professional advice’ and ‘prompt responses’. The firm’s fine connections in Hong Kong has enabled it to represent some major names in the jurisdiction, while also advising foreign clients on their investments in the region.

Robertsons is another domestic firm with strong local connections and an impressive transactional record. Christopher Gordon, Chris Lambert and Warren Ko are the lead partners.

Vivien Chan & Co acts for a variety of local family businesses, locally listed companies and foreign multinationals. Compliance advice is a growing area.

Weir & Associates is well-connected in the financial institutions, IT, manufacturing and energy sectors.

Wilkinson & Grist continues to develop stronger connections to mainland China with Raymond Chan to the fore.