Kirkland & Ellis > Hong Kong, Hong Kong > Firm Profile

Kirkland & Ellis > The Legal 500 Rankings

Hong Kong > Capital markets (equity) Tier 1

With a strong team of New York and locally-qualified practitioners  based in Hong Kong and also able to leverage significant resources on the mainland, Kirkland & Ellis is a popular choice among issuers and underwriters on Hong Kong listings and follow-on offerings, as well as US IPOs and Rule 144A and Regulation S offerings. SPAC-related work is a strength for the firm and in spite of economic headwinds dampening investor demand, the firm advised Vision Deal HK Acquisition Corp on one of the earliest and relatively rare SPAC IPOs following the liberalisation of the market. Team head David Zhang had a key role on this matter and has also been active handling a number of de-SPAC mandates. Mengyu Lu, who has also been active handing SPAC transactions as well as  efforts to fashion a regulatory framework in Hong Kong for the listings of SPACs and potential de-SPAC transactions, has a booming Hong Kong IPO practice, helping many Chinese companies, including within new economy sectors, to list.

Hong Kong > Corporate (including M&A) Tier 1

Kirkland & Ellis houses a broad team with deep experience in the full range of corporate transactional issues, regularly assisting both Hong Kong and US listed companies. In the past year, the group has handled debt financing matters, voluntary share buy-back offers, and privatisations. Joey Chau is particularly adept at advising on take-privates, often handling public M&A issues and share buybacks of listed companies. Nicholas Norris has longstanding expertise in acting for private equity investors and investment banks in buyouts and listings, whilst Jesse Sheley represents a wide range of clients, including SPACs and private equity firms, and advises on PIPEs, and leveraged buyouts. Peng Yu maintains a private equity focused practice, often advising on growth capital investments and divestitures within the healthcare, technology, and infrastructure sectors.

Hong Kong > Investment funds Tier 1

Leveraging deep firm-wide institutional ties with many global private equity heavyweights and also entrenched in the regional market with more regional participants, Kirkland & Ellis maintains a compelling offering for a GP-focused client base across the spectrum of their needs, from fund structuring, advice on co-investment vehicles, secondary transactions, regulatory advice and subsequent downstream transactional work. As well as deep knowledge of the local market, clients also benefit from access to experts in London and throughout the US and thereby to give real time advice to an international investor base. Triple qualified in Hong Kong, US and the PRC, Carol Liu can effectively bridge the cultural gap between Chinese sponsors and international investors, and is a popular choice across a range of high-profile primary fundraisings and secondary transactions. As well as fund formation work, including within the credit fund and real estate front, Damian Jacobs is active on GP and LP-led secondary transactions, an area of considerable activity given recent market conditions. Justin Dolling is another key contact in the group.

Hong Kong > Private equity Tier 1

Kirkland & Ellis houses a broad team which acts for a wide range of notable clients, including Bain Capital and Baring Private Equity Asia. The group is noted for its strength in handling debt financing matters and series financings for a wide variety of real estate funds and SPACs, and is led by Gary Li, who heads the practice alongside Jesse Sheley. Li has broad expertise in leveraged buy-outs, growth equity investments, and take-private transactions; while Sheley assists both domestic and international private equity funds and sponsors with a broad range of transactional issues, including PIPEs and de-SPACs. Peng Yu regularly advises marquee corporates on growth capital investments and divestitures, in addition to the formation of joint ventures.

Hong Kong > Restructuring and insolvency Tier 1

Kirkland & Ellis prides itself in its restructuring capabilities, as is evidenced by its involvement in high-profile regional and pan-Asian cases, representing companies, bondholders, and banks in a wide spectrum of contentious and non-contentious matters. A notable strength of the ‘commercial and solutions-focused’ team is its significant focus on India, where it has played a crucial role in major restructurings, including Essar Steel and Lodha Group. Advising ad hoc committees is also a key specialty of the firm, with recent developments in China leading the team to provide guidance on restructurings related to the real estate industry, often spanning multiple jurisdictions. Leading the group is Neil McDonald, a key contact for multinational corporates seeking advice on a range of insolvency and restructuring issues. Other key names include Kelly Naphtali, who focuses on commercial and insolvency-related disputes, and Wei Yang Lim, who is a key point of contact for leading private equity sponsors in the region. Fergus Saurin is an expert in cross-border litigation with a particular focus on capital markets, M&A, and shareholder disputes.

Hong Kong > Banking and finance Tier 2

Benefitting from capabilities that are ‘second to none in terms of thought leadership and structuring innovation’, the banking and finance team at Kirkland & Ellis specialises not only in debt financing but also in broader interconnected investment and finance matters. The team frequently provides advice to private equity sponsors, credit funds, and corporate investors across a range of debt products. Co-led by Manas Chandrashekar, who is highly sought after by prominent sponsors and borrowers for complex international financing transactions with a focus on acquisition and leveraged financings, and Jacqueline Zheng, who recently represented some of the region’s largest private equity sponsors in high-profile LBO transactions, the practice excels. Other key figures include Karen Ho, who concentrates on advising global private equity sponsors in leveraged finance and structured financing transactions, and Gautam Agarwal, who played a recent role in Baring Private Equity Asia’s (BPEA) take-private of Gonko International, a transaction that stands as the largest Taiwan take-private deal in the consumer sector to date.

Hong Kong > Regulatory: anti-corruption and compliance Tier 3

Led by Cori Lable, the ‘experienced, knowledgeable and responsive’ team at Kirkland & Ellis provides ‘practical and solutions-oriented’ advice to international clients from a range of sectors on government-led and internal investigations throughout APAC, as well as handling a considerable volume of risk analysis work for the firm’s market-leading roster of private equity clients relating to transactions throughout the region. Jodi Wu has ‘good knowledge of the regulatory and compliance landscape in China’, ensuring she is a popular choice among international companies, including many within the pharmaceutical sector, to conduct internal investigations regarding potential improper activity relating to operations on the mainland. As well as the team’s regular collaboration with its Shanghai office, the group is well-placed to represent Chinese entities subject to US SEC and DOJ regulatory scrutiny by virtue of its market-leading government enforcement defence and internal investigations group in New York, Chicago, and Washington DC.

Hong Kong > Dispute resolution: international arbitration Tier 4

Kirkland & Ellis is a market leader in private equity and funds arbitration, active across all aspects from advisory work at the deal stage to pre-arbitration dispute resolution and conducting the arbitrations themselves. Vastly experienced across HKIAC, ICSID, ICC, SIAC and many other major institution rules, the practice also handles a steady stream of international commerce and investor-state arbitrations across key economic sectors including energy, infrastructure, defence and technology. Fergus Saurin heads the practice and commands a strong reputation for multi-jurisdictional arbitration disputes, especially regarding capital markets, M&A and shareholder disputes. Kelly Naphtali is also a key contact for cross-border work, covering numerous jurisdictions including China, Japan, Singapore, Korea and Australia.

China > Restructuring and insolvency: foreign firms

Kirkland & Ellis International LLP’ restructuring team is considered ‘market leaders’ with its contentious and non-contentious restructuring work for companies, banks, and bondholders. The team advises its expanding list of high-profile clients on various restructuring issues such as debt rescheduling and refinancings, receiverships and liquidations, and shareholder disputes. Neil McDonald, who heads the team, advises both domestic and international troubled clients on the full range of issues including advising ‘The Committee’ in respect of aspects of offshore notes issued by Evergrande Group. Kelly Naphtali handles challenging insolvency disputes, often to prevent the dissipation or movement of assets. Other key members include Wei Yang Lim who is considered a ‘stand out lawyer’ for high-profile equity sponsors and regularly advises sponsor portfolio companies with restructurings and distressed investments while Fergus Saurin offers a broad range of expertise including handling complex commercial and insolvency-related disputes.

China > Dispute resolution: Litigation: foreign firms

Kirkland & Ellis International LLP‘s team is routinely instructed by clients facing bet-the-company claims across Greater China. Cross-border dispute specialist Tiana Zhang, who has litigation experience in both the US and China, leads the Mainland China litigation practice from Shanghai, where Yue Qiu also acts in cross-border litigation. The Hong Kong practice is co-led by Paul Quinn, who focuses on professional negligence, cross-border claims, insolvency, fraud, directors’ duties, and shareholder disputes; financial disputes expert Amy Ngan, who is ‘always across the detail‘; and Fergus Saurin, a specialist in capital markets, M&A and shareholder disputes, as well as banking and international trade and investment cases. The other key figures are former practice co-head Kelly Naphtali, whose wide-ranging practice covers asset recovery, professional negligence, borrower default, and fund and shareholder disputes; Cori Lable, who leads the investigations and white-collar practice; and Jodi Wu, an expert in internal investigations, compliance and cross-border litigation.

China > Private equity: foreign firms

Drawing upon the firm’s global network, the China private equity practice at Kirkland & Ellis International LLP regularly handles the largest and most complex PE deals in the region, from joint ventures and PIPEs to LBOs and other M&A transactions. The offering is jointly led from Hong Kong by Gary Li and Jesse Sheley; with the former vastly experienced in complex leveraged buy-outs, take-privates and growth equity investments, and the latter a trusted advisor to PE firms, public and private companies, as well as SPACs and their targets. Peng Yu’s practice focuses exclusively on PE and M&A matters, with notable strengths in the technology, education, healthcare and life sciences sectors, while Joey Chau is highly regarded for her expertise in the Chinese market.

China > Investment funds: foreign firms

Kirkland & Ellis International LLP's Hong Kong-based team specialises in the formation and operation of private funds and has additional expertise in matters relating to buyout funds, credit funds, limited partner representations, distressed debt and restructuring. The practice is co-directed by a trio of experienced partners, comprising Justin Dolling, who handles the restructuring, leveraging and refinancing of private equity funds; Carol Liu, whose broad experience includes fund tender offers and advising on equity stakes transactions; and Damian Jacobs, who majors on the acquisition of portfolios and the restructuring of funds.

China > Regulatory/compliance: foreign firms

‘Experienced, knowledgeable, and responsive‘, the regulatory and compliance practice at Kirkland & Ellis International LLP uses the firms’ international presence to advise on a slew of regulatory and compliance issues for both domestic and international companies. The practice works across a number of industries including global private equity sponsors, asset managers, and multinational corporations. It is particularly adept at managing alleged financial frauds, anti-corruption, anti-money laundering, and economic sanctions. In Shanghai, co-head Tiana Zhang is a ‘leader in the field‘ of regulatory compliance, and is sought out by clients for her skill in US and China cross-border crisis management, including complex financial fraud investigations. Co-leading the team from Hong Kong are Cori Lable and Jodi Wu. Lable is skilled at multijurisdictional matters involving sanctions compliance and securities law, while Wu focuses on cross-border litigation and white collar criminal defence. Yue Qiu is also noted for her litigation skills.

China > Corporate and M&A: foreign firms

Kirkland & Ellis International LLP‘s China team is consistently sought out by public and private companies to advise on high-stakes M&A deals. The multidisciplinary team comprises specialists in public and private M&A, capital markets, finance, private funds and other transactional practices, and it is particularly active in SPAC M&A transactions. The practice is jointly led from the Hong Kong office by Pierre-Luc Arsenault, Joey Chau, David Patrick Eich and Paul Guan, alongside Gary Li, Nicholas Norris, Jesse Sheley, Peng Yu and David Zhang.

China > Banking and finance: foreign firms

‘Offering best-in-class advice and seamless deal execution‘, Kirkland & Ellis‘ banking and finance team in Asia is widely lauded for its representation of private equity sponsors, as well as the practice’s credit fund work. The Hong Kong-based practice is jointly led by Manas Chandrashekar and Jacqueline Zheng, an expert in cross-border acquisition and structured financing, direct lending, and special situations deals. Another active adviser is Karen Ho, who acts for global private equity sponsors on financings.

India > Foreign firms

Regularly instructed by clients from across the life sciences and pharma sectors, Kirkland & Ellis LLP regularly handles both contentious and transactional matters for domestic and international companies and investors. Srinivas Kaushik and Atif Khawaja co-head the team from New York, working alongside co-heads Cori Lable, in Hong Kong, and Asheesh Goel, in Chicago. Kaushik advises financial entities and private equity clients on investments and M&A, and litigator Khawaja is recommended for high-value commercial disputes, while Lable and Goel take point on corruption investigations and risk assessments.