The Legal 500

In an illustration of its leading financial services M&A capability, Clifford Chance advised HSBC and Hang Seng Bank on the $1.23bn sale of their general insurance business in Hong Kong, Singapore, Argentina and Mexico. Aviation, healthcare and life sciences are other key areas of expertise. The ever-growing team is at the forefront of PRC outbound investments, and continues to represent numerous foreign investors in their Asian transactions. The seasoned Roger Denny heads the department.

Freshfields Bruckhaus Deringer has significantly boosted its senior ranks in Hong Kong and mainland China through a series of partner promotions, lateral hires and relocations from London. It continues to represent a large number of PRC corporates, and recently advised Alibaba Group on the landmark privatisation of Alibaba.com. The team also represented Yum! Brands on its $570m takeover of Hong Kong listed Little Sheep Group. Asia managing partner Robert Ashworth heads the department.

’A clear leader in this market’, Herbert Smith Freehills has refocused its sights on M&A with the relocation of Austin Sweeney from Singapore to Hong Kong. His arrival marks an effort to build beyond the firm’s eminent standing in natural resources, energy and TMT deals. The merger with Australia’s Freehills is also expected to enable a great flow of trans-regional deal activity. In 2011, the firm advised CNOOC on its $1.5bn acquisition of Tullow Oil’s one-third interest in exploration areas in Uganda. Andrew Tortoishell, Matt Emsley (’one of the most impressive lawyers in this market’) and the ’very knowledgeable’ and ’responsive’ Tommy Tong are also recommended.

Linklaters is ’excellent’ and its record on post-crisis financial institutions M&A in Asia has been outstanding. This includes advising AXA on its acquisition of HSBC’s general insurance business in Hong Kong and Singapore, and its representation of Lone Star on the sale of a 51% stake in Korea Exchange Bank to Hana Financial Group. Mining and energy are the other key sectors for the practice, which recently advised Minmetals Resources on its $1.3bn acquisition of Anvil Mining. ’Experienced heavyweight’ Keith Johnson, Chris Kelly, Samantha Thompson, Peggy Wang (’particularly good for China/Taiwan M&A transactions’) and Betty Yap are key figures, along with co-global head of M&A Matthew Middleditch who has recently transferred to Hong Kong from London.

The ’excellent’ Slaughter and May has a substantial team in Hong Kong, and has a long history of working on headline deals such as MTR Corporation’s merger with Kowloon-Canton Railway Corporation, and Prudential’s proposed $35.5bn merger with AIA Group. More recently, the team represented Diageo in its mandatory tender offer for Shanghai-listed Sichuan ShuiJingFang. Its growing PRC practice has brought it even more credibility in Hong Kong, as has the arrival of David Watkins from the London office. The ’strongly recommended’ Neil Hyman and Richard Thornhill are two of its senior figures, and Benita Yu is applauded for her knowledge of listing rules, as well as her ’commercial sense’ and ’practical solutions’.

The ’excellent’ Allen & Overy has ’strong business acumen and commerciality’. It recruited Hutchison Whampoa’s deputy head group general counsel Bernadine Lam in 2012, and relocated energy sector specialist Paul Griffin to Hong Kong from London. The firm has one of the broadest and largest practices in the Asia Pacific region, and this has enabled it to work on numerous intra-regional transactions, as well as a growing number of outbound PRC deals. It recently represented Jinchuan on its $1.36bn bid for South Africa based Metorex. Will McAuliffe is ’a world-class international lawyer’, particularly in the technology sector, and Chris Swift provides ’excellent advice’.

Baker & McKenzie’s excellent China practice has enabled it to advise on a growing number of PRC outbound deals, as well as a series of transactions in the oil and gas sector. In 2011 it represented a consortium of Chinese companies, including CITIC Group, on its $1.95bn acquisition of a 15% stake in Brazil’s Companhia Brasileira de Metalurgia e Mineração. On the energy side, it advised Hong Kong listed China Gas Holdings on the unsolicited proposed $2.2bn offer made by Sinopec and ENN Energy. Real estate and TMT are other key sectors for the practice. Dorothea Koo, Yuk Tong Cheung, Nancy Leigh and Tracy Wut are key members of the Hong Kong practice.

Latham & Watkins LLP has demonstrated notable expertise in Hong Kong regulatory matters, including listing rules and the Takeover Code. In 2012, the firm advised Hong Kong listed City Telecom on the HK5bn sale of the Hong Kong Broadband Network and IDD businesses to Metropolitan Light Company. In an illustration of its expertise on outbound deals, the firm also represented China-based Bright Food on its $516m acquisition of Australia’s Manassen Foods. In addition, the firm is at the heart of the take- private trend involving US-listed PRC companies. Senior figures Michael Liu, Stanley Chow, and Cathy Yeung are recommended, as are regulatory expert Simon Berry and PRC specialist Kenneth Chan.

Davis Polk & Wardwell LLP’s recent development of a Hong Kong law team has certainly paid dividends. In 2012, Antony Dapiran represented the chairman and controlling shareholder of Winsway Coking Coal Holdings on his disposal of a 29.9% interest in Winsway to Aluminum Corporation of China. Paul Chow is also making an impression in Hong Kong, and Howard Zhang is playing an impressive anchor role in Beijing.

Deacons is ’prompt’, ’commercial’ and ’practical’, with renowned capabilities on Takeover Code and listing rules issues. Its Hong Kong eminence was illustrated by its role as counsel to Li & Fung (Retailing) on the voluntary conditional cash offer for Hong Kong listed Hang Ten Holdings. The ’very level-headed’ Alexander Que, Eugina Chan and Rhoda Yung are the leading partners in the department.

Mayer Brown JSM has steadily built its cross-border M&A capability, with Mark Stevens and Jeremy Cunningham recently transferring to Hong Kong from the London office. The firm recently represented AkzoNobel on its HK$1.6bn pre-conditional cash offer to take Hong Kong listed Schramm Holding private. The firm continues to exploit its prestigious Hong Kong heritage, with a growing flow of instructions coming from Hong Kong giants such as HSBC and Li & Fung. Martin Robertson also has a fine reputation.

Norton Rose Hong Kong has maintained its active focus on the financial institutions and mining sectors. It advised longstanding client HSBC on a series of transactions, which included the sale of its retail banking and wealth management business in Thailand. It has also represented Hao Tian Resources on a number of transactions. Richard Crosby, Jon Perry and Phillip John are the lead partners. Senior figure Julian Chung has joined Ropes & Gray LLP.

Reed Smith Richards Butler provides ’a very commercial’ and ’value-for-money’ service, and is ’knowledgeable on stock exchange and SFC matters’. The firm lost senior figures Christopher Williams and Graham Winter to Howse Williams Bowers and Gibson Dunn in 2011. Even so, it sustains a large and buoyant practice, with a fine list of PRC issuer clients as well as Hong Kong family-owned businesses. The firm recently advised the Hsu Family on its $1.7bn joint venture with Nestlé in mainland China. Denise Jong and Michael Pepper are now the senior members in the team, and the ’committed’ Delpha Ho has ’good technical and business knowledge’.

The ’excellent’ Skadden, Arps, Slate, Meagher & Flom LLP continues to rank highly in Asia Pacific M&A league tables, thanks in part to the strength of the Hong Kong office. Take-private deals have been a particularly solid source of instructions in 2012, as has PRC outbound M&A. The firm represented Yahoo! in connection with its proposed $7.1bn sale of a 40% stake in the Alibaba Group back to Alibaba itself. In 2012 it represented American Express on its operating agreement with Chinese payment services provider Lianlian Group, and its minority equity investment in Lianlian Pay. Jonathan Stone and John Adebiyi are the leading figures in Hong Kong.

Sullivan & Cromwell LLP’s expanded corporate practice continues to make considerable headway. New partner Kay Ian Ng represented CST Mining on the $505m sale of its 70% stake in Marcobre in Peru. The well-connected Chun Wei also advised PRC company China Cinda Asset Management on a $1.64bn investment from several financial institutions. Michael DeSombre and William Chua are the other senior names.

Weil, Gotshal & Manges’ Hong Kong team has a strong M&A focus, with a rich mix of multinational clients, such as General Electric, and Asia-based corporates. The Hong Kong team also has a leading reputation for take-private deals, and advised the special committee of the board of directors of Shanda Interactive Entertainment on its landmark $2.3bn take-private merger. Akiko Mikumo has ’a wealth of knowledge in take-privates’. Peter Feist and Henry Ong, who has ’good Hong Kong experience’, are also recommended.

Praised for its ’hands-on approach’, ’slick service’, ’unfailing enthusiasm’ and ’commitment’ to the client, Ashurst Hong Kong continues to grow across Asia Pacific, and is gaining greater exposure to cross border deals within the region. In 2012, it represented Qantas on its joint venture with China Eastern Airlines to create Jetstar Hong Kong. The practice also has a particularly strong record in the financial services and energy and resources sectors, as well as having strong public M&A credentials. The ’very approachable’ Robert Ogilvy Watson is ’very knowledgeable on Hong Kong public takeover matters’, and leads the team, which includes Jackson Woo and Lina Lee. Counsel Jonathan Hsui is ’motivated’, ’professional’ and ’empathetic’.

In an Illustration of its expertise in outbound PRC deals, Cleary Gottlieb Steen & Hamilton LLP’s Mike Preston and Christof von Dryander represented China’s Sichuan Hongda Group in its headline $3bn joint venture with Tanzania’s National Development Corporation. The firm also worked on the China GrenTech take-private transaction.

DLA Piper’s expertise in the corporate and transactional insurance sector was reinforced by the arrival of Heng Loong Cheong and Joyce Chan, who joined following the closure of Dewey Lebouef. Ping An Insurance remains a key client of the firm, and Mabel Lui recently advised it on the sale of a $2.5bn stake to Chow Tai Fook. It also acted for Era Mining Machinery on selling a $887m stake to Caterpillar.

Hogan Lovells is ’more client-focused and attentive on deals than other major firms’, according to one client. It has also upped its emphasis on M&A, and has built on global client relationships and blossoming connections to major investment banks. In 2012, the Hong Kong team advised Goldman Sachs on its acquisition of a 4.8% stake in Trade & Development Bank of Mongolia. Jamie Barr heads the department.

With its mighty Asia Pacific presence and an extensive presence in Mainland China and Hong Kong, King & Wood Mallesons is developing a fine reputation for PRC inbound and outbound M&A. In 2011, the firm represented Australian client Telstra on the $300m restructuring of its joint venture with PCCW. It also advised SOE-controlled China Nuclear Industry 23 Construction on its HK$380m takeover bid for Tack Hsin Holdings. Stuart Valentine, Larry Kwok, Josh Cole and Conrad Chan are among its standout partners.

Kirkland & Ellis represents a number of special committees on take-private deals, with David Zhang singled out in this regard. In addition, the firm has one of the leading Hong Kong public M&A experts in Nicholas Norris. In 2012 he represented CITIC Securities on its proposed $1.3bn acquisition of CLSA from Crédit Agricole.

Paul, Weiss, Rifkind, Wharton & Garrison is a major force in the TMT sector. In 2011, Jeanette Chan represented the Astro Group on the merger of Celestial Television with Tiger Gate Entertainment. In 2012, she advised DreamWorks Animation on its joint venture with China Media Capital.

Shearman & Sterling LLP is a powerful force in going-private transactions, though the departure of Gregory Puff to Akin Gump Strauss Hauer & Feld LLP is a considerable blow. In 2011, Hong Kong partner Paul Strecker represented the financial adviser to the Special Committee of Harbin Electric’s $750m buyout. The team in Beijing advised the chairman of Shanda Interactive Entertainment on its $705m going-private transaction.

Simmons & Simmons LLP has been extending its presence in Shanghai and Beijing, leading to a greater flow of instructions from Chinese SOEs such as Sinopec, Shenhua Group and China-Africa Investment and Development. Tom Deegan heads the department, which was joined by natural resources expert Vivien Yang from Clifford Chance in 2012.

Having established an impressive Hong Kong law practice, Simpson Thacher & Bartlett LLP demonstrated its capabilities on deals including Hop Hing Group’s $450m acquisition of Summerfield Profits. The firm has also proven its expertise through a series of take-private transactions, including that of Funtalk China Holdings. Christopher Wong, Celia Lam and Kathryn King Sudol are the key names in Hong Kong, with Douglas Markel being pivotal in Beijing.

Woo Kwan Lee & Lo has ’a large, successful and long-established practice’ with a particularly strong record in representing major Hong Kong developers and substantial Hong Kong listed companies, including Henderson Land. It recently represented Sino Land Company in the disposal of interests in commercial property in East Kowloon. Frank Yuen and Carmelo Lee are notable names.

Akin Gump Strauss Hauer & Feld LLP entered the Hong Kong fray with the hire of the esteemed Gregory Puff and Andrew Abernethy. The former is a dominant figure in take-private transactions, and recently advised on the headline Zhongpin $418m take-private deal. Energy and minerals, financial services and telecoms are key sectors for the practice.

Debevoise & Plimpton LLP impressed in 2011 and 2012 with its representation of AIG in connection with its $6bn sale of a controlling stake in AIA, and its $2.16bn sale of a 97% interest in Nan Shan Life Insurance. The firm also advised Alibaba on its $1.6bn sale of an equity stake to a consortium of investors. Drew Dutton and Thomas Britt are the key partners in Hong Kong.

Fried, Frank, Harris, Shriver & Jacobson hired Douglas Freeman from O’Melveny & Myers LLP in 2011. It has strengthened its standing in cross-border M&A, particularly deals involving US-listed companies.

Fulbright & Jaworski LLP still leads the way in energy sector M&A, with a track record on deals for Chinese SOEs and other Asia-based energy giants. It recently advised Sinopec International Petroleum Exploration and Production Corporation on its $2.2bn acquisition of US shale oil and gas assets from Devon Energy Corporation. Beyond the energy sector, it is renowned for its logistics and transport expertise. Asia veteran Jeff Blount leads the practice in Hong Kong.

Jones Day represents a multitude of major multinational clients in Greater China and Asia. In 2011, Don Hess led a team that advised Schneider Electric on its $650m acquisition of Leader Harvest Power Technologies. The firm also represented Toys "R" Us on its acquisition of a majority stake in the Asia-based Toys "R" Us business operated by Li & Fung.

Milbank, Tweed, Hadley & McCloy’s mighty Hong Kong presence covers much of Asia. In 2012 it represented Mongolian Mining Corp (MMC) during its potentially $950m acquisition of QGX Coal from Kerry Mining. Dieter Yih and Anthony Root are the key names in Hong Kong.

Minter Ellison has steadily built its corporate practice over the last three years, and now boasts a solid record in mid-cap deals in Hong Kong, the PRC and throughout Asia, with minerals, natural resources and infrastructure being key sectors. The department has worked on a series of outbound deals into Western Australia and South-East Asia. Fred Kinmonth, Katherine U and Barbara Mok are the senior names.

Though better known for private equity deals, Morrison & Foerster has genuine credibility in Hong Kong, including in relation to PIPE deals. In 2011, Thomas Chou led a team that advised Kirin on its headline joint venture with China Resources Enterprise. The firm also represented NTT DOCOMO on its joint venture with Baidu Holdings.

O’Melveny & Myers LLP’s strong focus on China has led it to work on a number of pre-IPO investments. It has a notable financial investor client base that includes a series of Chinese banks. Gordon Ng is the lead partner.

Orrick, Herrington & Sutcliffe LLP enhanced its presence in 2012 with the arrival of experienced partner Seung Chong from Proskauer Rose LLP. The firm has a solid record in the technology and renewable energy sectors, and has become increasingly active in relation to outbound M&A for Asia-based SOEs and other businesses. The firm recently advised India’s SK Technology and SK Innovation in their joint investment in US-based HelioVolt Corporation. Maurice Hoo heads the practice.

Paul Hastings LLP has a strong record on cross-border deals involving China and Korea, and it has particular expertise in real estate sector transactions. In 2011 it advised Mapletree on its $2.4bn acquisition of Festival Walk in Hong Kong. Vivian Lam and Daniel Kim are highly reputed.

With its effervescent capital markets practice, Sidley Austin has developed strong links to growth companies in China. Real estate is a key sector for the practice, and it also handles technology acquisitions on behalf of PRC clients. Constance Choy recently advised Tingyi on its joint venture with PepsiCo.

Stephenson Harwood reinforced its corporate practice with the hire of Matthew Wong from Bird & Bird in 2011. The sizeable team has a fine mid-market standing, and a strong portfolio of Hong Kong listed clients. Hilda Chiu heads the department.

Troutman Sanders LLP has a strong record in mid-market transactions for Hong Kong listed corporates and North American companies. Olivia Lee and Shirley Lau are the senior names.

Vinson & Elkins L.L.P.’s Hong Kong office has built a mightily impressive practice focusing on Chinese and Indian inbound and outbound deals, most notably in the energy sector. In 2011 it represented India’s Reliance Industries in its $7.2bn sale of a 30% stake in oil and gas production-sharing contracts to BP. Jay Cuclis and Xiao Yong are the key figures in Hong Kong.

White & Case is developing its corporate standing with Virginia Tam at the helm. The growing team is well equipped to handle public M&A and PIPE deals, and has completed a series of deals in the mining sector, as well as outbound transactions for PRC clients. Anthony Vasey recently transferred to Hong Kong from the London office.

Baker Botts L.L.P.’s rich oil and gas heritage has enabled it to represent numerous energy giants, including Qatar Petroleum International on its acquisition of 25% of the Long Son Petrochemical Company. Russell Wilkinson and John Kuzmik are the key names in Hong Kong.

Bird & Bird hired Pádraig Walsh from Clyde & Co, as well as energy specialist and former Baker Botts L.L.P. partner David Renton in 2012 after losing Matthew Wong to Stephenson Harwood. The expanded team remains noted for its work in the TMT sector, as well as the broader corporate environment.

Clyde & Co has been steadily building its standing with corporate insurance expert Andrew Holderness relocating from London, and energy specialist Lynia Lau joining from King & Wood Mallesons. It has experienced growth in energy sector work, although the insurance industry remains its primary focus. William Tsang provides further senior credibility.

Eversheds LLP represents a number of impressive listed corporates such as New World China Land and Chow Tai Fook Enterprises. It has completed a number of deals in the real estate sector, including advising Chow Tai Fook on its acquisition of 70% of the ownership control of the Four Seasons Hotel in Shanghai. Stephen Mok and Stephen Chan are the primary partners.

Gide Loyrette Nouel has an impressive record in the luxury and retail goods sector, as well as in energy, natural resources and manufacturing. It recently represented Balmain on two joint ventures with Hong Kong listed Stella International Holdings. Rebecca Silli is ’full of energy’ and ’100% dedicated to clients’.

Kennedys’ Richard Bates has a very impressive reputation for corporate insurance matters, and handles licensing, regulation and compliance matters.

Pinsent Masons is developing beyond its core focus of private equity transactions. The broader practice now includes recent hire Kenneth Chong, who is recommended alongside the immensely experienced Dale Fischer.

Proskauer Rose LLP has continued its evolution in Hong Kong, with senior names Jeremy Leifer, Jim Chapman and Gene Buttrill singled out. The team has excellent Hong Kong connections, and represented Shun Tak-China Shipping Investments in its acquisition of the passenger ferry operations between Hong Kong and Macau.

Tanner De Witt’s three-partner corporate department has a fine record in mid-market transactions for local and international businesses. Richard Tanner leads the team.

Winston & Strawn’s fast developing practice has credibility in both inbound and outbound transactions. Simon Luk is an exceptional practitioner.

Dechert is known for mid-market deals, primarily in the financial services industry, and for US and Singapore corporates. Basil Hwang is the lead partner.

Hong Kong stalwart Gallant Y. T. Ho & Co retains a strong profile, with much credit going to Philip Wong.

K&L Gates is recognised for both PRC inbound and outbound deals, including numerous intra-regional transactions.

Oldham, Li & Nie is noted for its strength in Hong Kong and PRC mid-market deals, with Gordon Oldham and Christopher Hooley recommended.

Established Hong Kong firm Robertsons is also recognised for Hong Kong mid-market deals. Christopher Gordon, Chris Lambert and Warren Ko are the lead partners.

With its strong presence in Mainland China and Hong Kong, Vivien Chan & Co is well equipped to handle mid-market transactions for local and international businesses.

Hong Kong giant Wilkinson & Grist has developed a credible PRC practice, with managing partner Raymond Chan singled out.