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Hong Kong > Legal market overview
- Legal market overview
- Asset finance
- Banking and finance
- Capital markets (debt)
- Capital markets (equity)
- Corporate (including M&A)
- Dispute resolution
- Intellectual property
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After several years of fluidity, Hong Kong’s legal market remained fairly stable in 2012 and 2013. The preceding years involved a series of lateral partner moves, with Hong Kong qualified partners departing Magic Circle firms for US competitors. This was largely in the corporate and corporate finance sector, as US firms sought to exploit the buoyancy in the Hong Kong capital markets and an expectation that M&A, including People’s Republic of China (PRC) outbound acquisitions, would grow. However, since 2011, Hong Kong’s capital markets have been far from lively, particularly on the equity side. Even so, US firms such as Davis Polk & Wardwell LLP are clearly developing a greater market share and are eating into the traditional hegemony of Magic Circle practices such as Clifford Chance, Freshfields Bruckhaus Deringer and Linklaters.
At the end of 2012, Davis Polk & Wardwell LLP made another huge splash by hiring celebrated litigator and financial institutions regulatory specialist Martin Rogers and his right-hand-man James Wadham from Clifford Chance. This precipitated a series of headline lateral moves in the financial institutions regulatory space, with Tim Mak leaving Herbert Smith Freehills for Freshfields Bruckhaus Deringer. These moves illustrate a recognition that regulatory issues and investigations are now big business for firms on a global basis and also that this area provides a counter-balance to a lethargic corporate finance segment.
International firms are on the whole still committed to Hong Kong, in part because of the attraction of it as a location for PRC and other Asian companies to raise money. Enterprises that list on the Hong Kong Stock Exchange will often continue to access the capital markets, whether through equity or debt transactions. In addition, they will be party to M&A transactions, disputes and all manner of matters that will come under Hong Kong law. And so for this reason, Hong Kong’s legal profession should remain in rude health for many years to come. At the time of going to press, King & Wood Mallesons and SJ Berwin LLP are set to merge in November 2013.
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After years of debate, on 14 June 2012 and in its last days of office, the Legislative Council finally enacted Hong Kong’s first cross- sector competition law.
The Hong Kong Personal Data (Privacy) Ordinance Has Been Amended: Are Your Data Protection PracticesThe Personal Data (Privacy) Amendment Ordinance (the "Amendment Ordinance") was passed on 27 June 2012.
The Ministry of Commerce of the People's Republic of China (“MOFCOM”) passed the Provisional Measures on the Investigation and Handling of Concentrations between Business Operators which were Not Notified in accordance with the Law (the “Provisional Measures”) on 30 December 2011, and uploaded them on its website on 5 January 2012.
will it emerge (relatively) unscathed or is its very survival threatened?
Article by Timothy Loh and Sherry Xiao
Are the Courts sealing the fate of struggling hedge funds too early or should they be given further time to recover and realize their potential for investors?
The long-awaited Securities and Investment Business Bill, 2010 (commonly referred to as “SIBA”) received its first reading by the BVI House of Assembly on 18 March 2010. This follows public consultation in Summer 2009.
The United States’ Bankruptcy Court for the District of Delaware has recognised the liquidation of a Cayman company, Saad Investments Finance Company (No5) Limited (“SIFCO5”) (an SPV established to operate as an investment company), as a “foreign main proceeding” under Chapter 15 of the United States’ Bankruptcy Code.
As the British Virgin Islands continues to play a vital role in facilitating global trade and investment, it turns its attention to helping its more than 60,000 new companies per year build a business environment where innovation can be a key economic driver. Towards this end, the BVI Financial Services Commission (the “FSC”), which is the public body with responsibility for, among other things, administering the intellectual property laws of the BVI, announced on 5 January 2010 the establishment of a Focus Group to review and revise the existing IP laws
With a global economic downturn in full swing, companies around the world are looking for ways to safeguard their future existence. The strategies employed to do so are numerous and varied but a number of companies have employed the use of corporate arrangement schemes entered into with their creditors, investors and other stakeholders as a way to refocus and preserve their business.
On September 23, 2014, VEGAS LEX partner and head of the International Projects Group Yuriy Bortnikov spoke before an audience of major venture funds and IT companies including Facebook, LinkedIn and Survey Monkey in Palo Alto, California. His presentation Doing Business in Russia: Essential Legal Matters was devoted to the legal specifics of the Russian environment for business.
Hengeler Mueller advises arrangers and underwriters on financing of planned acquisition of Sigma-AldMerck, a leading company for high-tech products in the pharma, performance materials and life science sectors, and Sigma-Aldrich, also a leading life science and technology company, today announced that they have entered into a definitive agreement under which Merck will acquire Sigma-Aldrich for €13.1bn (converted). A USD 15.6bn bridge financing has been secured for the all-cash transaction. The final financing structure will comprise a combination of cash on Merck's balance sheet, bank loans and bonds. Deutsche Bank, J.P. Morgan and Société Générale acted as arrangers and underwriters in respect of the financing transaction. Closing is expected in mid-year 2015, subject to regulatory approvals, approval by a special shareholders' meeting of Sigma-Aldrich and other customary closing conditions.
AstapovLawyers is pleased to announce it has become an official legal partner of the Ukrainian Tennis Federation. AstapovLawyers will provide full legal support to the Federation including advice on on-going matters, drafting and negotiating contracts, employment, tax and corporate issues. AstapovLawyers has become the first law firm to act as an official legal partner of the Ukrainian Tennis Federation.
The plenary session of the PharmaStrategies-2015 conference focused on several key issues including a planned international pharmaceutical market information system for anti-monopoly regulators, changes in the federal law o n circulation of medicines and the application of the law on public procurement contracts system.
On September 29, 2014, the Government of the Russian Federation and RT-Invest Transport Systems signed a concession agreement on one of the largest investment projects in Russia to introduce a tolling system for vehic les heavier than 12 metric tons.
VEGAS LEX managing partner Alexander Sitnikov spoke at a conference sponsored by the Khanty-Mansiysk Non-State Pension Fund focused on Russia's pension system and relevant federal legislation earlier this month.
This Client Briefing has been prepared for the assistance of directors of investment funds listing "equity securities" as defined in Chapter I of the listing rules (the Listing Rules) of the Channel Islands Securities Exchange (the Exchange) under Chapter VII of the Listing Rules. This Briefing sets out certain of the continuing obligations which an issuer is required to observe once any of its securities have been admitted to listing. This Client Briefing should be read in conjunction with the ‘Channel Island Securities Exchange - Listing of Securities of Investment Funds' Briefing.- Ogier
Following the opening of our offices in Lugano in 2013, Walder Wyss has further expanded its operations with the opening of new offices in Basel. We warmly welcome our new team which consists of 12 experienced legal professionals and 9 staff members.
The Delhi High Court in case of DIT v Panalfa Autoelektrik Ltd: 49 taxmann.com 412 , held that export commission for arranging export sales could not be considered as consideration for providing managerial, consultancy or technical services, and therefore would not be taxable in India.
Boult Wade Tennant is delighted to announce the firm has maintained our top tier rankings in leading industry directory: The Legal 500 in both the patent and trade mark categories.