Led from Hong Kong by John Lee and also able to leverage substantial wider pan-Asian resources, most notably from the firm’s Singapore and PRC offices, A&O Shearman is a popular choice for issuers (including sovereigns) and underwriters across a range of APAC-originated debt capital markets products, running the gamut from high yield and investment grade issuances, through to corporate hybrid securities and equity-linked transactions. Drawing upon excellent ties with regulators, the team is frequently at the vanguard of cutting-edge trends in the market, including in relation to digital assets and green/sustainable bond issuances. In this regard, Agnes Tsang recently combined both strengths to good effect for the Hong Kong government on its HK$800m tokenised green bond offering, which was notable for being the first tokenised green bond globally. Splitting her time between Singapore and Hong Kong, Jaclyn Yeap has also been a pivotal member of the team advising the Hong Kong government as issuer of green bonds, work which she combines with significant PRC-led deal flow, for issuers and underwriters, transactions she is well-placed to handle in part due to her Cantonese and Mandarin language fluency. Of counsel Nathan Wong has a particularly strong reputation advising underwriters across a wide variety of debt transactions, where he brings an excellent perspective on transactions in part due to a previous tenure on secondment at a major investment bank. As a result of a merger between A&O and Shearman & Sterling in May 2024, the team now includes Kyungwon Lee who regularly advises clients on high yield, investment grade and convertible bond issuances within the tech, healthcare, energy and telecoms sectors.
Capital markets (debt) in Hong Kong
A&O Shearman
Practice head(s):
John Lee
Other key lawyers:
Agnes Tsang; Jaclyn Yeap; Nathan Wong; Regina Lui; Kyungwon Lee; Wanda Woo; Hae-Ran Song;
Testimonials
‘A&O Shearman has over the years appeared on some headline and landmark deals. During the execution I can tell they are relatively good in terms of breadth since it is easy for them to relate to similar deals as precedents.’
Key clients
HKSAR government
Industrial and Commercial Bank of China
Bank of China
Bank of Communications
Hong Kong Airport Authority
PT GoTo Gojek Tokopedia Tbk
BNI Securities Pte. Ltd
CIMB Investment Bank Berhad
CK Hutchison
Deutsche Bank
Merrill Lynch
HSBC
Barclays
Citigroup
MUFG Securities Americas Inc.
Morgan Stanley
Mandiri Securities Pte. Ltd.
Standard Chartered Bank
Clifford Chance
Drawing upon excellent product knowledge, geographical diversity (including a strong mainland presence) and local, as well as internationally-qualified lawyers, Clifford Chance is well-positioned to advise issuers and underwriters across a broad swathe of DCM work both locally, and in relation to global offerings. Combining her administrative roles as regional managing partner across APAC with a compelling transactional practice, team head Connie Heng leads from the front and continues to handle a range of international securities, including on Rule 144A/Reg S offerings, as well as significant recent experience in RMB capital markets products. Angela Chan has a strong and varied practice which includes a considerable amount of work for Chinese clients on offshore bond issuances, as well as international offerings, including her work for China Merchants Bank on its novel issuance of floating rate blue notes. Mark Chan is also very adept at handling ESG-related bond issuances, including social and green bonds, while vastly experienced US-qualified partner Alan Yeung excels at advising on debt offerings of securities into the US.
Practice head(s):
Connie Heng
Other key lawyers:
Angela Chan; Alan Yeung; David Tsai; Mark Chan; Fang Liu; James Booth; Torrance Shi
Testimonials
‘The team provides solutions-focused, high quality and pragmatic advice.’
‘The team is close to the market and is very well-versed in latest market and industry developments.’
‘One of the market leaders for legal advice on investment grade debt and high yield debt.’
‘Alan Yeung is very practical and commercial and provides solid legal advice. He is approachable and is willing to accept feedback given during execution of difficult transactions.’
Key clients
CICC
China Minsheng Bank
CLSA
Huijing Holdings Company Limited
ICBC International
J.P. Morgan
TF International Securities Group Limited
UBS AG
Yuexiu Property Company Limited
Bank of America
China Jinmao Holdings Group Limited
CMBI
Far East Horizon
Greatwall Asset Management
Credit Suisse
Bank of China (Hong Kong)
China Ping An Insurance Overseas (Holdings)
CITIC Pacific
PCCW Limited
Shangri-La Asia Limited
China Everbright International
Shanghai Commercial Bank
Credit Agricole
HSBC
Work highlights
- Acted as international legal counsel to China Merchants Bank Co., Ltd. for its $5bn medium term note programme update, and to China Merchants Bank for its drawdown of blue notes ($400m Floating Rate Notes due 2026) under the programme. This issuance was the first issuance of floating rate blue notes in the world.
- Advised The Hong Kong Mortgage Corporation Limited on the dual-tranche issuance of its inaugural social bonds, comprising a series of HK$8bn notes and a series of CNY3bn notes, issued under its $30bn MTN programme. This transaction is the world’s first dual-tranche social bond issuance denominated in Hong Kong dollar and offshore Renminbi.
- Advised Haitong International Finance Limited on its RMB4bn 3.4% guaranteed China (Shanghai) Pilot Free-Trade Zone (Shanghai FTZ) bonds due 2026, unconditionally and irrevocably guaranteed by Haitong Securities Co. Ltd.
Davis Polk & Wardwell LLP
In spite of the relative dearth of work flowing from Davis Polk & Wardwell LLP's traditionally strong high yield offering (in light of well-publicized difficult market conditions), the firm’s well-hedged practice, which also includes expertise on investment grade offerings, equity-linked offerings, as well as a robust liability management offering, has ensured that the firm has maintained solid deal flow for both issuers and underwriters. Team head Gerhard Radtke has been pivotal to the firm’s traditional high-yield prowess, developed over many years’ experience advising issuers from a range of sectors, including real estate. This degree of market-leading expertise has led to him being sought out by issuers on the rarer recent examples of work in the space (including within the TMT space), work which he combines with a broader practice that includes advice on Regulation S credit enhanced bond offerings, green bond offerings and advice in the context of program offerings. ‘Proactive and responsive’ counsel Bingqing Pan regularly works alongside Radtke on deals and has developed a strong reputation among both issuers and underwriters across high-yield, investment-grade and convertible bond offerings. Although he is perhaps better known for his equity work, James Lin also handles a fairly sizeable volume of debt work, including high-yield bond issuances and convertible bond mandates.
Practice head(s):
Gerhard Radtke
Other key lawyers:
Bingqing Pan; James Lin; Yang Chu; Jennifer Liu
Testimonials
‘The firm is very solid and has very high standards. They will not cut corners because of other business counterparties that don’t look into it or just push the deals out.’
‘Bingqing Pan is proactive and responsive and is always willing to guide whenever she could.’
Linklaters
Leveraging the firm’s ‘strong know-how support and connections in multiple jurisdictions’, Linklaters‘ ‘high-calibre’ team is well-positioned to advise issuers and underwriters across a range of standalone and program offerings covering an eclectic mix of products, including as it relates to equity-linked and convertible bond issuances throughout the region. Co-headed by the vastly experienced William Liu and Hwang Hwa Sim, the firm’s deep expertise and knowledge of “what is market” has ensured that it has been a valued adviser to clients as they seek to navigate turbulent economic challenges, both on new money deals, as well as in the context of liability management exercises. As well as advising on corporate debt raisings, the firm has excellent traction within the sovereign space, with Liu leveraging particularly strong ties with PRC central and municipal government entities, as well as for policy banks, which he advises on offshore bond issuances. The firm has also been at the cutting-edge of ESG-related offerings, with Gloria Cheung recently advising the joint lead managers and the trustee in relation to the Hong Kong government’s high-profile and ground-breaking successful offering of HK$800m tokenised green bond. Able to call upon a wide-range of product expertise, including as it relates to investment grade, high yield and panda bonds, as well as being a safe pair of hands on DCM restructuring issues, native Mandarin speaker Sherry Cui is also a key member of the team.
Practice head(s):
William Liu; Hwang Hwa Sim
Other key lawyers:
Michael Ng; Terence Lau; Gloria Cheung; Sherry Cui; Hanwen Yu; Taiki Ki; Shan Jiang
Testimonials
‘The high-calibre team is very approachable and knowledgeable, and has strong know-how support and connections in multiple jurisdictions.’
‘The team provides a very efficient and professional service.’
Key clients
The Ministry of Finance of the People’s Republic of China (MOF)
The People’s Bank of China (PBOC)
Shenzhen Municipal Government
Department of Finance of Guangdong Province
Bank of China
China Construction Bank
Bank of Communications
Industrial and Commercial Bank of China (ICBC)
New World Development Company
Haitong Securities Company Limited
Work highlights
- Advising the Ministry of Finance of the PRC on its RMB3bn sovereign bond offering in Macau.
- Advising the Hainan Provincial Government on its RMB5bn offshore multi-series bond issuance on what was the first blue bond and the first sustainability bond issued by a local government in mainland China.
- Advising the joint lead managers and the trustee on the Hong Kong SAR’s HK$800m tokenised green bond issuance; the world’s first tokenised green bond issued by a government entity.
King & Wood Mallesons
Drawing upon a deep bench of Hong Kong-based lawyers with local, English and US law DCM expertise in addition to a well-established mainland presence, King & Wood Mallesons has a compelling offering on behalf of Chinese SOEs and POEs issuers and international banks on cross-border debt offerings. The firm remains very active in relation to bond issuances within the Free Trade Zone (FTZ), and also continues to work with China Central Depository & Clearing to help further improve the infrastructure to facilitate better ease of deals. US and Hong Kong-qualified team head Hao Zhou has strong relationships with underwriters and PRC corporate issuers and is consequently regularly leading on investment grade and high-yield bond issuances. Song Yue is also very active on international DCM matters, regularly handling work on issuances across the credit spectrum, ranging from sovereign issuers through to high-yield private companies. Other key members of the team include Richard Mazzochi, who as well as regularly advising on liability management issues also has a strong grounding in trustee work, and Michael Lu, who has been particularly active of late advising on green bond issuances.
Practice head(s):
Hao Zhou
Other key lawyers:
Richard Mazzochi; Michael Lu; Song Yue
Testimonials
‘The debt team works closely with other practice areas in other jurisdictions, thereby enabling a one-stop-shop service on complicated cross-border matters.’
‘It is a very competitive firm with a high degree of proficiency in advising DCM clients. They are also very adaptive to changes and can provide customised solutions to meet clients’ special needs.’
‘Zhou Hao and Michael Lu are two very helpful lawyers who have provided great assistance to our team over the past year in many areas.’
Key clients
Lingang Wings Inc; Shanghai Lingang Economic Development (Group) Co., Ltd.
Suzhou Industrial Park State Capital Investment and Operation Holdings
CLP Power Hong Kong Limited and The Hongkong Electric Company, Limited
SAIC-GMAC Automotive Finance Company Limited
New Metro Global Limited
Seazen Group Limited
China Reform Holdings Corporation Ltd.
China Tourism Group Corporation Limited
Dr.Peng Holding Hongkong Limited; Dr.Peng Telecom&Media Group Co., Ltd.
AAC Technologies Holdings Inc.
HNA Aviation Group Co., Ltd.
Global banks: Deutsche Bank AG, Singapore Branch, Crédit Agricole Corporate and Investment Bank, UBS AG
PRC banks: Bank of China (Hong Kong) Limited, Industrial Bank Co., Ltd., ICBC International Securities Limited, China International Capital Corporation Hong Kong Securities Limited, CMB International Capital Limited
Asian banks: The Hongkong and Shanghai Banking Corporation Limited, Standard Chartered Bank, The Bank of East Asia, Limited, DBS Bank Ltd.
As Trustees: Bank of China Trustees, Bank of Communications Trustee, The Bank of New York Mellon, China Construction Bank (Asia), Citicorp, CMB Wing Lung Trustee, and HSBC
Credit Guarantee and Investment Facility
Work highlights
- Advised Shanghai Lingang on its issuance of CNY1bn 2.98% guaranteed green bonds due 2025 and EUR50 million 3.00% guaranteed green bonds due 2023 in the China (Shanghai) Pilot FTZ.
- Advised HSBC on the Hong Kong Government’s ground-breaking pilot issuance of HK$800m tokenised green bonds recorded in tokenised securities accounts on a distributed ledger technology-based platform provided by Goldman Sachs (Asia) L.L.C as an extension of the Central Moneymarkets Unit.
- Advised leading telecom operator and internet service provider in China Mainland, Dr.Peng Telecom & Media Group Co., on the restructuring of $256m bonds.
Latham & Watkins LLP
US finance heavyweight Latham & Watkins LLP is able to draw upon the expertise of a strong bench of US and UK-qualified practitioners based out of Hong Kong who are adept at advising on deals throughout the credit spectrum (including for Chinese SOEs) originating in China and abroad. The team, which is led by the vastly experienced Ji Liu, is also very well-versed in handling underwriter mandates, and it is this balanced offering which ensures that clients benefit from a very well-rounded view of the market. As well as handling conventional bond issuances (both standalone and program offerings), the team is also very well-versed at handling equity-linked transactions, chiefly as a result of Posit Laohaphan's strong credentials both with regard to US-listed and non-US listed companies in the region. Noted for his TMT-focused IPO practice, Benjamin Su also handles some bond issuances for clients in the sector and is also adept at advising underwriters for convertible bond issuances.
Practice head(s):
Ji Liu
Other key lawyers:
Posit Laohaphan; Benjamin Su; Derek Chua; Tingfei Fan
Key clients
Sunny Optical Technology (Group) Company
CNCB Capital / CNCB (Hong Kong) Investment Limited
China CITIC Bank International
Huatai International Finance
Goldman Sachs
Bank of America
Shenwan Hongyuan Securities (H.K.) Limited
Shaoxing Shangyu State-owned Capital Operation Co. Ltd.
Guotai Junan Securities (Hong Kong) Limited
Shangyu Urban Construction Group
Yiwu State-owned Assets Operation Co. Ltd.
Changde Urban Construction Investment Group Co.
Lishui Economic and Technology Development District Industrial Development Co.
Bank of China, ICBC (Asia)
ABC International
China Securities International
CICC
Citigroup
Milbank
The ‘professional and efficient’ team at Milbank handles a range of DCM work for issuers and underwriters both in relation to Hong Kong and China, as well as across numerous other Southeast Asian capital markets regimes. Alex Tao has been pivotal to growing the amount of China-related work handled by the firm and since arriving in mid-2020 has effectively targeted real estate high yield issuers, as well as handling an increasing volume of investment grade mandates. James Grandolfo co-heads the team alongside Tao and continues to thrive on behalf of underwriting banks, in particular, on Philippines-related DCM work.
Practice head(s):
James Grandolfo; Alex Tao
Other key lawyers:
Paul Pery; York Wu
Testimonials
‘The team is professional and efficient.’
‘They provide us with the latest legal advice on the latest market conditions at any time.’
‘Alex Tao has deep industry knowledge and provides high-quality advice.’
Key clients
JPMorgan
Morgan Stanley
UBS
Deutsche Bank
Barclays
Goldman Sachs
HSBC
BPI Capital
CLSA
Credit Suisse
Citigroup
Bank of America Merrill Lynch
Mizuho Securities
SMBC Nikko
Standard Chartered Bank
BNP Paribas Securities (Asia) Limited
Australia and New Zealand Banking Group Limited
Haitong Securities
Yanlord Land (HK) Co., Limited
Limak İskenderun Uluslararası Liman İşletmeciliği A.Ş.
Glory Land Holdings
GCL New Energy Holdings Limited
Shandong Gold Group Co., Ltd
SMC Global Power Holdings Corp.
China Vanke
Work highlights
- Represented BPI Capital and Credit Suisse with respect to an all cash tender offer for 5.125% guaranteed undated notes issued by Ayala Corporation up to a tender cap of $100m.
- Representing Shandong Gold Financial Holdings Group (Hong Kong) Co., Limited on the proposed issuance of USD perpetual bonds by its wholly-owned SPV which will be guaranteed by Shandong Gold Group Co., Ltd.
- Acted for Vanke Real Estate (Hong Kong) in the 2022 annual update and drawdown offerings under its $9.5bn medium term note programme.
Sidley Austin
Sidley Austin's involvement for Chinese real estate issuers in many of the highest-profile offshore high-yield offerings in recent years has subsequently led to a considerable amount of restructuring and liability management exercises as that sector has been impacted by a raft of economic headwinds. The ‘phenomenal’ Renee Xiong has been at the heart of much of this work, including acting alongside the firm’s acclaimed London restructuring team on a number of distressed situations. As well as also being involved in a number of real estate-related restructuring/liability management scenarios, Carrie Li has also handled new bond issuances in other sectors, including her work for the lead managers in relation to China Cinda Asset Management’s issuance of FTZ bonds. Singapore based Matthew Sheridan heads up the overarching Asia capital markets offering.
Practice head(s):
Matthew Sheridan
Other key lawyers:
Carrie Li; Renee Xiong; Oliver Zhong
Testimonials
‘The team continues to be well known for its strength in the China property market.’
‘Renee Xiong is perhaps the best legal adviser on debt issues for China real estate.’
‘The team has rich experience in the real estate industry and provides practical advice on our deal dynamics.’
Key clients
ABC International
Bank of Communications
BOC International
China Construction Bank
Central China Real Estate Limited
China Fortune Land Development Co., Ltd
China Water Affairs Group Limited
Cinda International
Country Garden Holdings Company Limited
Goldman Sachs (Asia) L.L.C.
Guangdong – Hong Kong Greater Bay Area Holdings Limited
Guangzhou R&F Properties Co., Ltd.
KWG Group Holdings Limited
Logan Group Company Limited
Modern Land (China) Co., Limited
Powerlong Real Estate Holdings Limited
Redco Properties Group Limited
RiseSun Real Estate Development Co., Ltd.
Shanghai Fosun High Technology (Group) Co., Ltd
Shimao Services Holdings Limited
The Export-Import Bank of China
Xinchang County Transportation Investment Group Company Limited
Zhenro Properties Group Limited
Zhongliang Holdings Group Company Limited
Work highlights
- Represented China Fortune Land Development Co. in the restructuring of its $4.96bn offshore debt by way of English scheme of arrangement.
- Represented Modern Land (China) Co. in the restructuring of its $1.34bn offshore dollar-denominated notes.
- Represented ABC International, Bank of Communications, BOC International, China Construction Bank, Cinda International as Joint Lead Managers in connection with China Cinda (2020) I Management Limited’s offering of CNY1.5bn 3.7% FTZ bonds due 2026 guaranteed by China Cinda (HK) Holdings Company Limited, pursuant to Regulation S.
Skadden, Arps, Slate, Meagher & Flom LLP
The ‘highly technical, client focused and professional' team at Skadden, Arps, Slate, Meagher & Flom LLP has strong overarching capital markets capabilities, ensuring that it is fairly active for issuers and underwriters on Greater China-related DCM matters. Edward Lam is at the forefront of much of this work, utilising his US qualifications to good effect in connection with SEC-registered and Rule 144A/Regulation S debt offerings. On the high yield front, although new money transactions have been impacted by wider market travails, Lam has also been active in relation to handling liability management exercises (including exchange offers) for real estate issuers. Corporate head Jonathon Stone also handles some high yield and investment grade offerings, including SEC-registered offerings and Rule 144A and Regulation S transactions.
Practice head(s):
Jonathan Stone; Edward Lam
Other key lawyers:
Vincent Sze
Testimonials
‘The team is highly technical, client focused and professional.’
Key clients
ZTO Express (Cayman) Inc.
Bilibili Inc.
Yuzhou Group Holdings Company Limited
Nufarm Limited
PT Medco Energi Internasional Tbk
Work highlights
- Advised ZTO Express (Cayman) Inc. (China) in its $1bn Rule 144A offering of convertible senior notes.
- Advised Bilibili Inc. in its equity underwriting and notes exchange agreement with Goldman Sachs (Asia) L.L.C. in relation to Bilibili’s issuance of 15,344,000 American depositary shares.
- Advised Nufarm Limited in a $350m Rule 144A/Regulation S high-yield offering of senior notes in two tranches.
Ashurst
Ashurst’s wide-ranging DCM practice, across both product lines and clients (which include issuers, underwriters, trustees and credit enhancement providers), ensures that relevant stakeholders receive a ‘very comprehensive and knowledgeable service’, which is cognisant of both legal and commercial considerations. ‘Fantastic’ team head Jini Lee is emblematic of this diversified approach, being as comfortable handling bonds across all currencies and MTN and commercial paper programmes, as she is advising on liability management exercises (buybacks, tender offers and consent solicitations) and equity-linked transactions. ‘Seasoned veteran’ Jessica Li is also a very important part of the team, particularly in light of her skill at handling novel transactions, including as it relates to FTZ and Lotus bonds.
Practice head(s):
Jini Lee; Patrick Phua
Other key lawyers:
Jessica Li; Frank Bi; Melody He; Li Jiang; Janet Ouyang
Testimonials
‘The team provides a very comprehensive and knowledgeable service.’
‘The team has a lot of experience on public issuances in Hong Kong involving PRC issuers. They also have the requisite language skills to advise PRC clients on complex structures.’
‘Jini Lee is fantastic and very hands on.’
Key clients
CITIC Securities International Company Limited
Hong Kong Huafa Investment Holdings Limited
Bank of China Limited
China Industrial Securities International Brokerage Limited
China Construction Bank (Asia)
Bank of Communications Co., Ltd. Hong Kong Branch
Luso International Banking Limited
OCBC Wing Hang Bank Limited
Goldman Sachs
Credit Guarantee and Investment Facility
HSBC
Maybank Securities Pte. Ltd.
Kunming Traffic Investment Co., Ltd.
Xiamen ITG Holding Group Co., Ltd.
XMXYG Corporation
Guangzhou Development District Investment Group Co., Ltd
ABCI Capital Limited
BOCOM International Securities Limited
Central Wealth Securities Investment Limited
Essence International Securities (Hong Kong) Limited
TF International Securities Group Limited
Haitong International Securities Company Limited
Orient Securities (Hong Kong) Limited
Pulsar Capital Limited
Work highlights
- Advising the Joint Lead Managers on the issuance of CNY500m bonds by HUAFA INVESTMENT HOLDING 2022 I COMPANY LIMITED unconditionally and irrevocably guaranteed by ZHUHAI HUAFA GROUP CO.
- Advising the Joint Lead Managers in relation to the issuance of CNY2.4bn bonds by BOCOM LEASING MANAGEMENT HONG KONG COMPANY LIMITED with the benefit of a Keepwell and Asset Purchase Deedprovided by Bank of Communications Financial Leasing Co., Ltd.
- Advising Goldman Sachs on the use of their new tokenisation platform, GS DAPTM, in respect of the first tokenised green bond issued by a government globally.
Deacons
Drawing upon strong local connections developed over many years’ existence in the local market and also able to leverage resources on the mainland, independent Hong Kong firm Deacons continues to pick up good market flow for domestic and PRC-based issuers and underwriters across a broad swathe of bond issuances. Team head Kevin Tong is pivotal to the firm’s success in the market, including as it relates to green/sustainable bonds and his work in relation to PRC Ministry of Finance’s offshore sovereign issuances in Hong Kong. Icarus Yuen regularly works alongside Tong on high-profile mandates, including on sovereign issuances, and also has strong traction among Chinese SOEs, which he regularly advises on their offshore bond issuances.
Practice head(s):
Kevin Tong
Other key lawyers:
Icarus Yuen
Key clients
AVIC International Leasing Co., Ltd.
Bank of China (Hong Kong) Limited
Bank of Communications Co., Ltd. Hong Kong Branch
Guangzhou Metro Group Co., Ltd.
The Bank of East Asia, Limited
The Wharf (Holdings) Limited
Wharf Real Estate Investment Company Limited
Wheelock and Company Limited
Zhejiang Provincial Energy Group Company Limited
Chongqing International Logistics Hub Park Construction Co., Ltd.
Tianjin Rail Transit Urban Development Co., Ltd. and Tianjin Rail Transit Group Co., Ltd.
Shandong Guohui Investment Holding Group Co., Ltd.
Xi’an Municipal Infrastructure Construction Investment Group Corporation, Ltd
Guangxi Communications Investment Group Corporation Ltd.
Yangzhou Economic and Technological Development Zone Development (Group) Co., Ltd
Zhuzhou City Construction Development Group Co., Ltd.
Weifang Urban Construction and Development Investment Group Co., Ltd.
Longkou Urban Rural Construction Investment Development Co., Ltd
Ningbo Beilun Modern Service Industry Development Co., Ltd.
Nanjing Jiangbei New Area Industrial Investment Group
China International Capital Corporation Hong Kong Securities Limited
Central Wealth Securities Investment Limited
Zhongtai International Securities Limited
Pulsar Capital Limited
China Construction Bank (Asia) Corporation Limited
Jinghe New City Development and Construction (Group) Co, Ltd of Xixian New Area, Shaanxi Province
Wuxi Hengting Industrial Co., Ltd.
Xinjiang Transportation Construction Investment Holding Co., Limited
Work highlights
- Advised The Bank of East Asia, Limited on its issuance of $500m 6.75 per cent. Non-Preferred Loss Absorbing Notes due 2027.
- Advised Bank of Communications Co., Ltd. Hong Kong Branch as the Issuing and Lodging Agent on the Sovereign Bond issuances by the Ministry of Finance of the People’s Republic of China in Hong Kong in 2022.
- Advised Bank of China (Hong Kong) Limited as the Issuing and Lodging Agent on the RMB bill issuances by The People’s Bank of China in Hong Kong in 2022.
Mayer Brown
Deeply embedded into the local ecosystem, both from a regulatory, cultural and business view point, as a result of the legacy firm’s longstanding roots in Hong Kong, Mayer Brown effectively combines regional sensibilities with an international mindset to good effect for underwriters and issuers engaged in DCM transactions under New York, English and Hong Kong law. New York-law qualified partner Jason Elder has a strong reputation advising on global offerings of high yield and investment grade debt, as well as advising on mandates within developed economies, and is also well-versed at handling work within emerging and frontier market jurisdictions, including Mongolia and Indonesia. Thomas Kollar also excels at cross-border mandates (including Rule 144A/Regulation S) involving a breadth of DCM products, and has a similarly wide geographical reach as Elder, including work in relation to Indonesian, Mongolian and Vietnamese sovereign bond issuances. Guiping Lu has an excellent reputation advising banks as underwriters on debt raised by PRC companies, including his involvement on the first Shanghai FTZ bond offering involving an offshore trustee.
Practice head(s):
Jason Elder; Thomas Kollar
Other key lawyers:
Nishrin Hussain; Cindy Kao; Guiping Lu; Philip Hyde; April Liu
Testimonials
‘It is a relatively large and dedicated team, which is therefore able to provide a responsive service to issuers.’
Key clients
Citigroup, Deutsche Bank, Mandiri Securities, Société Générale Corporate & Investment Banking, Standard Chartered Bank, PT BRI Danareksa Sekuritas and PT Trimegah Sekuritas Indonesia Tbk
Bank of America, Deutsche Bank, Credit Suisse, HSBC, J.P. Morgan, PT BRI Danareksa Sekuritas and PT Trimegah Sekuritas Indonesia Tbk
BOSC International Company Limited, Hung Sing Securities Limited, Southwest Securities (HK) Brokerage Limited, Industrial Bank Co., Ltd. Hong Kong Branch, CMB Wing Lung Bank Limited, Dingxin (Securities) Limited, Shanghai Pudong Development Bank Co., Ltd., Hong Kong Branch and Huafu International Securities Limited
Haitong International Securities Company Limited, Shanghai Pudong|Development Bank Co., Ltd., Hong Kong Branch, CMB International Capital Limited, and China Industrial Securities International Brokerage Limited
JQ Securities (Hong Kong) Limited, China Industrial Securities International Brokerage Limited, Haitong International Securities Company Limited, Hung Sing Securities Limited, Shanghai Pudong Development Bank Co., Ltd., Hong Kong Branch and Southwest Securities (HK) Brokerage Limited
HLP Finance Limited and Hang Lung Properties Limited
China Industrial Securities International Brokerage Limited, BOSC International Company Limited, Industrial Bank Co., Ltd. Hong Kong Branch, China Zheshang Bank Co., Ltd. (Hong Kong Branch), Central Wealth Securities Investment Limited, Guosen Securities (HK) Capital Company Limited, Sinolink Securities (Hong Kong) Company Limited and Fosun Hani Securities Limited
CLSA Limited, China Securities (International) Corporate Finance Company Limited, J.P. Morgan Securities Plc, Shanghai Pudong Development Bank Co., Ltd., Hong Kong Branch, China International Capital Corporation Hong Kong Securities Limited
Guosen Securities (HK) Capital Company Limited, Eddid Securities and Futures Limited, AMC Wanhai Securities Limited, JA Securities Limited, CMB International Capital Limited, China Industrial Securities International Brokerage Limited, China Zheshang Bank Co., Ltd. (Hong Kong Branch), Cinda International Capital Limited and Oversea-Chinese Banking|Corporation Limited
China Zheshang Bank Co., Ltd. (Hong Kong Branch), Guotai Junan Securities (Hong Kong) Limited, China Minsheng Banking Corp., Ltd., Hong Kong Branch and ABCI Capital Limited
Huatai Financial Holdings (Hong Kong) Limited, China Securities (International) Corporate Finance Company Limited, China CITIC Bank International Limited, China International Capital Corporation Hong Kong Securities Limited, China Zheshang Bank Co., Ltd. (Hong Kong Branch), China Everbright Securities (HK) Limited, Shanxi Securities International Limited, Guotai Junan Securities (Hong Kong) Limited, Haitong International Securities Company Limited and CLSA Limited
Orient Securities (Hong Kong) Limited, BOSC International Company Limited, ABCI Capital Limited, Industrial Bank Co., Ltd. Hong Kong Branch, CLSA Limited, China Industrial Securities International Brokerage Limited, TradeMaster Securities (Hong Kong) Limited, CNCB (Hong Kong) Capital Limited, ICBC International Securities Limited, Haitong Bank, Macau Branch, China International Capital Corporation Hong Kong Securities Limited, Central Wealth Securities Investment Limited, Zhongtai International Securities Limited and Haitong International Securities Company Limited
Orient Securities (Hong Kong) Limited, China Zheshang Bank Co., Ltd. (Hong Kong Branch), Dingxin (Securities) Limited and Sigma Capital Management Limited
Suzhou City Construction Investment Group (Holding) Co., Ltd(宿州市城市建设投资集团(控股)有限公司)
Zhongtai International Securities Limited
Orient Securities (Hong Kong) Limited, BOSC International Company Limited, China International Capital Corporation Hong Kong Securities Limited, Industrial Bank Co., Ltd. Hong Kong Branch, China Zheshang Bank Co., Ltd. (Hong Kong Branch), Bank of Communications Co., Ltd. Macau Branch, Hua Xia Bank Co., Limited Hong Kong Branch, CNCB (Hong Kong) Capital Limited, Regan International Securities Limited, JQ Securities (Hong Kong) Limited, Initial Capital Securities Limited, Guotai Junan Securities (Hong Kong) Limited, CEB International Capital Corporation Limited and Essence International Securities (Hong Kong) Limited
Hefei Gaoxin Development & Investment Group Company (合肥高新建设投资集团公司)
Orient Securities (Hong Kong) Limited, BOSC International Company Limited and China Industrial Securities International Brokerage Limited
GF Securities (Hong Kong) Brokerage Limited, China CITIC Bank International Limited, Industrial Bank Co., Ltd. Hong Kong Branch, Shenwan Hongyuan Securities (H.K.) Limited, Hua Xia Bank Co., Limited Hong Kong Branch, CMBC Securities Company Limited, Guotai Junan Securities (Hong Kong) Limited, China International Capital Corporation Hong Kong Securities Limited, China Industrial Securities International Brokerage Limited, Bank of China Limited, Haitong Bank, Macau Branch, Shanxi Securities International Limited, China Everbright Securities (HK) Limited and Haitong International Securities Company Limited
Work highlights
- Advised the underwriters on the The Republic of Indonesia’s combined $1.75bn bond offering.
- Advised the underwriters on Franshion Brilliant Limited’s issuance of $200m Guaranteed Senior Notes (guaranteed by China Jinmao Holdings Group Limited).
- Advised the underwriters in relation to Zhejiang Changxing Financial Holdings Group’s issuance of RMB98m credit-enhanced green bonds due 2025 backed by an irrevocable standby letter of credit issued by Bank of Shanghai Co., Ltd., Hangzhou Branch.
White & Case
Led from Hong Kong by Jessica Zhou and able to call upon additional resources on mainland China and Singapore, in particular, White & Case provides a compelling offering to issuers and underwriters on international DCM mandates throughout the region. Among its recent highlights, the team advised issuers and investors in a number of private placement, liability management, and restructuring transactions.
Practice head(s):
Jessica Zhou
Other key lawyers:
Xuan Jin
Key clients
BOC International
China Merchants Securities (HK) Co., Limited
China Zheshang Bank Co., Ltd.
CLSA
CMB International Capital Limited
Credit Suisse
Deutsche Bank
Fosun Hani Securities Limited
Guotai Junan Securities (Hong Kong) Limited
Haitong International Securities
HSBC
Huatai Securities
Industrial Bank Co., Ltd.
Maxeon Solar Technologies, Ltd.
Peng Ying International Development Company Limited
UBS
Valuable Capital Limited
Work highlights
- Advised Maxeon Solar Technologies, Ltd. in its issuance and sale of $207m Convertible First Lien Senior Secured Notes.
- Advised Haitong International Securities Group Limited on the issuance of its $200m subordinated perpetual securities, which represents the issuer’s first subordinated perpetual securities.
- Advised UBS and Guotai Junan Securities (Hong Kong) Limited as the financial advisors in the exchange offer and consent solicitation and the subsequent reopened exchange offer by Zhongliang Holdings Group Company Limited of its two tranches of notes due 2022 with aggregate principal amount of $729.3m.
Fangda Partners
Combining its deep knowledge of the Mainland capital markets regulatory framework with an international outlook that includes US-qualified lawyers, Fangda Partners is a popular choice for Chinese issuers (including LGFVs) issuing offshore debt and for foreign issuers targeting domestic PRC investors through the issuance of Panda bonds. ‘Very experienced’ PRC and New York-qualified team head Christine Chen provides ‘solid advice’ to foreign issuers in mainland China, as well as to Chinese companies raising offshore debt, as well as in the context of Rule 144A and Regulation S debt offerings.
Practice head(s):
Christine Chen
Other key lawyers:
Annie Shen
Testimonials
‘The team is very experienced in the offshore debt capital market especially for LGFV’s issuers in the PRC.’
‘The team provides a consolidated packaged service representing both the underwriter side and trustee side, both comprising great and responsive talents.’
‘Christine Chen is very experienced and provides solid advice on our standard transactions as well as ad-hoc complex questions.’
Key clients
Asian Infrastructure Investment Bank
Deutsche Bank Aktiengesellschaft
Hungary (represented by Government Debt Management Agency Private Company Limited by Shares)
BMW China Capital B.V. and BMW AG
CSSC (Hong Kong) Shipping Company Limited
International Far Eastern Leasing Co., Ltd.
China Construction Bank (Asia) Corporation Limited
Xinjiang Zhongtai (Group) Co., Ltd.
China Industrial Securities International Brokerage Limited
Fosun International Securities Limited
Work highlights
- Advised Deutsche Bank on its CNY1bn debut panda bond offering, the first panda bonds issued by a German bank.
- Advised CSSC (Hong Kong) Shipping Company on its CNY1bn debut panda bond offering, the first sustainability-linked panda bond.
- Advised Xinjiang Zhongtai (Group) Co., Ltd. on its CNY760m credit enhanced bonds offering, the first FTZ bonds subscribed by foreign investors.
Herbert Smith Freehills
Herbert Smith Freehills has a good reputation in the market advising across a range of high yield, investment grade, convertible and credit enhanced bonds for a varied mix of clients including Chinese SOEs, arrangers and trustees. As well as the traction he has with Chinese entities advising on offshore bond issuances, team head William Ku also continues to represent the Hong Kong government on its retail bond programmes, including its recent inaugural green bond.
Practice head(s):
William Ku
Other key lawyers:
Marcus Wong; Sarah Shen
Key clients
Hong Kong Monetary Authority
Standard Chartered Bank
Shenwan Hongyuan Securities (H.K.) Limited
China Construction Bank (Asia) Corporation Limited
Taizhou Urban Construction Investment Development Group Co., Ltd
DB Trustees (Hong Kong) Limited
Bank of China Limited, Macau Branch
Central Wealth Securities Investment Limited
Fosun Hani Securities Limited (now known as Fosun Wealth International Holdings Limited)
The Bank of New York Mellon
Jinan Industry Development Investment Group Co., Ltd
Kunming Public Rental Housing Development Construction Management Co., Ltd
Taizhou State-owned Assets Investment Group Co., Ltd.
Huatai International
Citicorp International Limited
Haitong Bank, S.A.
Jiangxi Zhengbang Technology Co., Ltd.
Zhuzhou Geckor Group Co., Ltd
CMB Wing Lung (Trustee) Limited
Bluestar Finance Holdings Limited
Yankuang Group (Cayman) Limited.
Beijing Gas Singapore Capital Limited
Work highlights
- Acted for the Hong Kong Monetary Authority on The Government of the Hong Kong Special Administrative Region of the People’s Republic of China’s Government Green Bond Programme and the issuance of its inaugural HK$20bn retail green bonds.
- Acted for the Hong Kong Monetary Authority on The Government of the Hong Kong Special Administrative Region of the People’s Republic of China’s retail bond programme and the issue of the HK$45bn Silver Bond Series retail bonds.
- Acted for Central Wealth Securities Investment Limited, Shanghai Pudong Development Bank Co., Ltd., Hong Kong Branch, Pulsar Capital Limited and Dingxin (Securities) Limited on the issuance of CNY385m 4.3% credit enhanced bonds by Sichuan Liquor Group Co. backed by an irrevocable standby letter of credit to be issued by Bank of Tianjin Co., Ltd.
Paul Hastings LLP
Paul Hastings LLP’s ‘efficient and responsive’ Greater China capital markets group, which includes lawyers on the ground in Hong Kong and the mainland, provides ‘high-quality work’ to underwriters and issuers on high yield and investment grade bond issuances. James Ma is a key member of the team and has been particularly active of late advising Chinese SOEs on the issuance of credit enhanced bonds. The ‘approachable and hands on’ Vivian Lam has ‘substantive experience in bond issuances’, including for Chinese issuers.
Practice head(s):
Raymond Li; Vivian Lam; James Ma
Other key lawyers:
Jeff Lee; Hulka Lo
Testimonials
‘The efficient and responsive team provides high-quality work. Chinese language capability is one of their key strengths.’
‘Vivian Lam is approachable and hands on and has substantive experience in bond issuances. She is very experienced and always come up with sound ideas for the client.’
Key clients
COSCO Shipping
Haitong International Securities Group Limited
Contemporary Amperex Technology
Guotai Junan Securities
ICBC International
CLSA Limited
China Merchants Securities
Sino-Ocean
PingAn Trust
Hwabao Trust
Zhongyuan Bank
Sheng Yuan Securities
Zhongtai International
Wuxi Nengda Thermoelectricity
Wanhai Securities
Redsun Properties
Techtronic Industries
Haier Financial Services
Work highlights
- Advised Mapletree Pan Asia Commercial Trust, which includes Mapletree North Asia Commercial Treasury Company (HKSAR) Limited, MPACT Treasury Company Pte. Ltd. and Mapletree North Asia Commercial Trust Treasury Company (S) Pte. Ltd, in the establishment of $5bn Euro Medium Term Securities Programme.
- Advised Wuxi Chengkai Industrial Development Group Co. on its €160m 2.25% credit enhanced bonds backed by an irrevocable standby letter of credit issued by Bank of Ningbo.
- Advised Wuxi Nengda Thermoelectricity Co., Ltd., a state-owned enterprise in Wuxi City, PRC, as the guarantor in the issuance of RMB750m 4.2% credit enhanced guaranteed bonds.
Reed Smith Richards Butler LLP
Able to mobilise local expertise, including that of the ‘innovative and commercial’ Vivian Ji following her arrival in February 2023 from Jeffrey Mak Law Firm, as well as international resources by dint of its global network, Reed Smith Richards Butler LLP is well positioned to advise issuers and underwriters across a variety of domestic and cross-border capital-raising transactions. As part of his broad corporate offering, team head Gregory Wang is adept at advising Chinese issuers raising debt in Hong Kong, including for companies within the real estate sector.
Practice head(s):
Gregory Wang
Other key lawyers:
Vivian Ji; Delpha Ho; Anthony Woo
Testimonials
‘The team is able to mobilise the expertise not only locally but via its network worldwide. This does provide us solutions in new matters we did encounter before.’
‘Vivian Ji impresses with her innovative and commercial approach to legal issues.’
‘Vivian Ji is willing to explore and advise clients on various solutions in the most efficient way.’
Slaughter and May
Reflective of the firm’s impressive corporate client base, the majority of Slaughter and May's DCM work is on the issuer side, including on deals in highly regulated sectors that require a deep understanding of the capital markets regulatory landscape. Lisa Chung regularly advises Hong Kong-listed companies on bond matters, including on the establishment and updating of MTN programmes. Clara Choi is also a key member of the team and regularly advises financial services clients seeking to raise money on the debt capital markets. Benita Yu heads up the overarching corporate team which houses the capital markets offering.
Practice head(s):
Benita Yu
Other key lawyers:
Jason Webber; Lisa Chung; John Moore; Clara Choi
Testimonials
‘The firm displays an exceptional level of professionalism and dedication, ensuring that all legal aspects were well handled.’
‘Lisa Chung has a deep understanding of our company’s needs and her ability to provide professional, tailored advice made the entire process seamless and successful.’
Key clients
Cathay Pacific Airways
MTR Corporation Limited
MTR Corporation (C.I.) Limited
Prudential plc
Sands China Ltd
Standard Chartered Plc
Swire Pacific
Swire Properties
Westpac Banking Corporation
Work highlights
- Advised Sands China on its 2022 exchange offer by way of issuance of US SEC registered notes in exchange of its $1.95bn unregistered notes issued in 2021.
- Acted as Hong Kong and English legal adviser to MTR on its issuance of CNY260m 3.25% Fixed Rate Notes due 2025 under its $7bn Debt Issuance Programme.
- Advised Standard Chartered Plc on the redemption and delisting from the Hong Kong Stock Exchange of its existing 7.5% Fixed Rate Resetting Perpetual Subordinated Contingent Convertible Securities and its issue of new Fixed Rate Resetting Perpetual Subordinated Contingent Convertible Securities.