Shearman & Sterling > Hong Kong, Hong Kong > Firm Profile

Shearman & Sterling
21st Floor Gloucester Tower
The Landmark
15 Queen’s Road Central
Hong Kong

Hong Kong > Investment funds Tier 2

Led by the ‘hardworking, tenacious and knowledgeable’ Lorna Xin Chen, Shearman & Sterling has developed a particularly impressive reputation advising institutional investors, including regional sovereign wealth funds investing into a myriad private funds, as well as in cross-border co-investment projects. It is also very adept at handling fund structuring work for GP clients, as well as on the attendant operational work. Chen is involved with numerous major industry associations and is consequently well attuned to market trends and regulatory changes, including on regulatory reform issues relating to the private equity industry. Sean Murphy joined Cooley LLP‘s Singapore office in January 2021.

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Testimonials

The firm has a strong focus on Chinese private equity managers as well as LP representation.’

They operate to very high standards with great visibility in the market.’

Lorna Chen is very dedicated to her clients, hardworking, tenacious and knowledgeable. She is very enthusiastic and energetic and always willing to assist. Always a real pleasure to work with.’

Iris Priddy is an exceptionally capable Counsel.’

Key clients

Asian Infrastructure Investment Bank

China Creation Ventures

China Huarong International Holdings Limited

China Investment Corporation

China Merchants

China Renaissance

CITIC Capital Holdings Limited

ICBC International

International Finance Corporation

Investcorp

Korea Investment Corporation

Noah Holdings

Qatar Investment Authority

SAFE Investment Company Limited

Hong Kong > Capital markets (debt) Tier 3

Benefiting from a ‘deep understanding of the legal and commercial concerns of the client, as well as the prevailing market practice’, Shearman & Sterling is a popular choice among issuers and underwriters across a range of cross-border transactions throughout Greater China and Asia Pacific. The firm’s strong bench of bilingual, New York-qualified practitioners ensures that the ‘highly professional and efficient‘ team is particularly effective at advising on high yield deals, including a large volume of mandates within the real estate sector. Kyungwon Lee heads up the Asia capital markets team that includes the ‘friendly and knowledgeableAlan Yeung, who stands out for his ability to provide ‘practical advice and solutions‘ to issuers and underwriters engaged in Chinese-related offerings of securities into the US market.

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Testimonials

The team is highly professional and efficient.’

The team has substantial experience in the high yield and real estate space and offers great advice to their clients.’

They demonstrate their deep understanding of the legal and commercial concerns of the client as well as the prevailing market practice.’

The friendly and knowledgeable Alan Yeung provides an excellent service.’

Alan Yeung is very experienced and hands on, understands the needs of his clients and offers practical advice and solutions.’

Key clients

China CITIC Bank International Limited

Citigroup Global Markets Limited

CK Hutchison Holdings Limited

CMB International Capital Limited

CMBC Securities Company Limited

Credit Suisse (Hong Kong) Limited

DBS Bank Ltd

Deutsche Bank

Goldman Sachs

Guotai Junan International

Haitong International Securities Company Limited

JP Morgan Securities plc

Morgan Stanley

New Metro Global Limited & Seazen Group Limited

Standard Chartered Bank

The Bank of East Asia, Limited (BEA)

HSBC

UBS

Work highlights

  • Advised CK Hutchison International (21) Limited, as issuer, and CK Hutchison Holdings Limited, as guarantor, in connection with the issuer’s $2.1bn guaranteed notes offering.
  • Advised BIM Land Joint Stock Company, as issuer, on its $200m high yield bond offering.
  • Advised the joint lead managers in connection with CNPC Global Capital Limited’s $2bn bond offering.

Hong Kong > Corporate (including M&A) Tier 3

Leveraging a presence in Hong Kong, Shanghai and Beijing, in addition to a far-reaching global network, Shearman & Sterling caters a roster of PRC state-owned enterprises, financial institutions and prominent corporates; it is most often engaged by entities from the energy, TMT, infrastructure, asset management and financial services sectors and is headed by Li Chen who is principally focused on M&A, corporate affairs, private equity matters and Chinese investments globally; she is supported by Lorna Chen who founded and continues to lead the firm’s Asian asset management and investment fund practice, regularly supporting on regulatory and compliance, fund formation and global co-investment mandates.

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Key clients

China National Petroleum Company International/PetroChina

China Telecom

Investcorp

Leyou Technologies Holdings Limited

Russia-China Investment Fund

SAP

Work highlights

  • Advised Leyou Technologies Holdings on its take-private by Image Frame Investment (HK) by way of a scheme of arrangement under Section 86 of the Companies Law of the Cayman Islands.
  • Acted for CNODC on its acquisition from ExxonMobil of a participating interest in the West Qurna (Phase 1) Oil Field in Iraq.
  • Advised Investcorp on its acquisition of a minority stake in WeDoctor from Goldman Sachs.

Hong Kong > Dispute resolution: international arbitration Tier 3

Shearman & Sterling‘s international arbitration team attracts praise for its ‘deep expertise in oil and gas industry‘ and counts renewables, nuclear, construction and telecoms sector disputes among its other core strengths. Noted as ‘experts in international commercial arbitration and in investment arbitration‘, the group is popular among corporates as well as public bodies in China among its high-profile clients. Practice head Nils Eliasson is experienced in China-related disputes as well as disputes involving Korean and Japanese parties.

Practice head(s):

Nils Eliasson

Other key lawyers:

Emmanuel Jacomy

Testimonials

‘Shearman provides superior legal services in handling complex disputes, they have deep expertise in the oil and gas industry, and they are truly professional, intelligent and client-oriented throughout the proceedings. Not only they know about their work, but also patient in explaining to client and persistent in areas that they believe will truly benefit client and help to win the case.

‘Nils Eliasson (based in Hong and Beijing), and Emmanuel Jacomy(based in Beijing and Singapore). Both are very experienced and hardworking. Nils is very intelligent, logical, thorough and client-friendly. Emmanuel speaks great Mandarin and is absolutely delightful to work with.

The arbitration team based in Hong Kong performs first-class work, they are experts in international commercial arbitration and in investment arbitration.’

Nils Eliasson and Emmanuel Jacomy are outstanding debators, experts in their field in including China foreign-related disputes.’

The international arbitration team is well versed in the Chinese market and understands the needs of Chinese clients. They provide Chinese clients with efficient and practical arbitration advice.

Emmanuel Jacomy’s professional ability in international investment arbitration is very outstanding, and he is highly respected by state-owned enterprises, government departments, scholars and cooperating Chinese lawyers in mainland China. He responds quickly to clients’ problems, analyzes rigorously, and is good at dealing with Chinese witnesses and lawyers. When dealing with expert witnesses, it can be seen that the Chinese clients are very relieved to entrust complicated cases to him.

Nils Eliasson is the leader of Shearman & Sterling’s international arbitration team based in Asia. He is deeply loved by Chinese clients and provides rigorous, precise legal analysis that hits the key points.

Key clients

People’s Republic of China

Electricité de France (EDF), Inc.

Kot Addu Power Company Limited (KAPCO)

Work highlights

  • Representing the People’s Republic of China in an ICSID arbitration brought by German company Hela Schwarz GmbH under the China-Germany bilateral investment treaty.
  • Representing a North American subsidiary of Electricité de France (EDF) in an ICC arbitration in New York initiated by a North American energy company in relation to the implementation of a put agreement.
  • Representing Kot Addu Power Company Limited (KAPCO) in an ICC arbitration in Singapore against the Pakistan Water Power and Development Authority (WAPDA) in relation to power purchase agreements.

Hong Kong > Private equity Tier 4

Shearman & Sterling acts for private equity funds, portfolio companies and investors on transactions, financing, exit strategies and portfolio company management. Li Chen, who splits her time between Beijing and Hong Kong, handles a range of private equity, M&A and corporate matters. Lorna Chen is recommended for cross-border investment funds work. Max Hua left for an in-house role at Bitmain.

Practice head(s):

Li Chen (Beijing/Hong Kong)

Other key lawyers:

Key clients

Investcorp

Russia-China Investment Fund (RCIF)

Work highlights

  • Advised Investcorp on its acquisition of a minority stake in WeDoctor from Goldman Sachs.
  • Advised Investcorp on the completion of its preferred equity investment in Kindstar Globalgene Technology.
  • Advised Russia-China Investment Fund (RCIF) on its minority equity investment in FineEx’s Series D Financing.

Hong Kong > Capital markets (equity) Tier 5

At Shearman & Sterling, team head Kyungwon Leeis an extremely reliable partner on capital markets transactions which have US touchpoints’, including advising underwriters on SPAC IPOs by Asia-based sponsors.

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Testimonials

Kyungwon Lee has a deep understanding of the investment banking business and is able to deliver highly practical advice. He brings a wealth of knowledge and experience in the US securities markets and is an extremely reliable partner on capital markets transactions which have US touchpoints.’

Key clients

Alliance Global Partners

Barclays Capital Inc

BofA Securities Inc.

China Renaissance Securities (Hong Kong) Limited

Cowen and Company LLC

Credit Suisse

Goldman Sachs (Asia) L.L.C.

ICBC International Securities Limited

JW (Cayman) Therapeutics Co. Ltd.

Microvast Inc.

Morgan Stanley & Co. LLC

Work highlights

  • Advising the banks, including Goldman Sachs, who are acting as joint placements agents in connection with Plus’ business combination with special purpose acquisition company (SPAC) Hennessy Capital Investment Corp. V.
  • Advised the underwriters on the $250m IPO and Nasdaq listing of L Catterton Asia Acquisition Corp.
  • Advised the book-running managers in connection with the $276m IPO and NYSE listing of Tiga Acquisition Corp, a special-purpose acquisition company.

Asia Pacific: Regional International Arbitration > Leading firms Tier 3

Shearman & Sterling’s international arbitration practice counts energy, infrastructure and telecoms disputes among its areas of specialism. China disputes experts Nils Eliasson in Hong Kong and Emmanuel Jacomy (who splits his time between Singapore and Beijing), and Singapore-based Daryl Chew are the key names to note.

Practice head(s):

Nils Eliasson

Other key lawyers:

China > Investment funds: foreign firms

Shearman & Sterling LLP‘s Greater China team has extensive experience in assisting fund sponsors and investors across the Americas, Asia, Europe and Africa; and in a recent 12-month period, the Asia investment funds team worked on over 100 fund formation projects, predominantly in relation to private equity, venture capital and co-investment funds. Private equity fund managers consistently look to the team to achieve the most advantageous investment structures from an economic, tax, legal and regulatory perspective, and to advise on private equity M&A, co-investments, capital markets transactions, recapitalisations, and portfolio company financings. The practice also has a strong reputation for its advice to major investors from the global private fund asset class. Drawing on substantial experience from working in both New York and Asia on complex, cross-border mandates, Hong Kong-based Lorna Xin Chen leads the firm’s Asia asset management and investment funds practice.

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Testimonials

Lorna Xin Chen leads a very well resourced and experienced team, providing fast turnarounds even on complex matters.

They operate to very high standards and with great visibility in the market.

Lorna Xin Chen is clearly behind the scenes overseeing everything, with the support of Iris Priddy who is an exceptionally capable counsel.

Key clients

Asian Infrastructure Investment Bank

China Creation Ventures

China Huarong International Holdings

China Investment Corporation

China Merchants

China Renaissance

CITIC Capital Holdings

ICBC International

International Finance Corporation

Investcorp

Korea Investment Corporation

Noah Holdings

Qatar Investment Authority

SAFE Investment Company

China > Private equity: foreign firms

Actively involved in all stages of the private equity life cycle, Shearman & Sterling LLP has an enviable record of working with private equity funds, portfolio companies and investors on China-related private equity transactions involving the infrastructure, logistics and healthcare sectors. The practice can advise on related tax structuring and financing and refinancing matters, including through non-traditional credit providers. Working across the firm’s Beijing and Hong Kong offices, Li Chen‘s client roster includes prominent Chinese and international private equity funds; Lorna Chen heads the Asia investment funds practice.

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Key clients

Investcorp

Russia-China Investment Fund

Work highlights

  • Advised Investcorp on its acquisition of a minority stake in WeDoctor from Goldman Sachs.
  • Advised Investcorp on the completion of its preferred equity investment in Kindstar Globalgene Technology.
  • Advised Russia-China Investment Fund on its minority equity investment in FineEx’s Series D financing.

India > Foreign firms

Shearman & Sterling LLP has built a substantial global team across Asia and Europe in conjunction with its US base, which is dedicated to India-based or India-related transactions. It provides broad expertise in M&A, capital markets, project finance, international arbitration, real estate and fund formations. It has a specialist private equity team based in Singapore for India work and includes infrastructure funds, sovereign wealth and and pension funds among its clients. Andrew Schleider heads the capital markets group in Singapore, and represents both underwriters and issuers in a wide range of corporate finance transactions including some 20 years’ experience of US raisings, high yield and investment grade debt securities, and convertible bonds. Kyungwon (Won) Lee represents both issuers and underwriters on corporate transactions and his experience includes public and private, international and US offerings of common and preferred stock, high yield and investment grade securities. Partner Sanjeev Dhuna joined from Allen & Overy in July 2021; he has extensive experience advising both lenders and borrowers on complex cross-border banking and finance transactions, and is especially known for advising on leveraged finance. Sidharth Bhasin and James Cayton-Payne left in August 2021 to join Latham & Watkins LLP.

Practice head(s):

Sidharth Bhasin

Key clients

Citigroup Global Markets India Private Limited

DSP Merrill Lynch Limited

Work highlights

  • Advised DSP Merrill Lynch in relation to Motherson Sumi Systems Limited’s Group Restructuring and demerger of its Domestic Wiring Harness Business.
  • Represented Citigroup Global Markets India Private Limited, the financial advisor to Retail Ventures Limited, a subsidiary of Reliance Industries Limited in its proposed acquisition of the retail and wholesale business and the logistics and warehousing business of the Future Group for a consideration of INR 24,713 crore ($3.3 billion), pursuant to a composite scheme of arrangement.
  • Advised Greenko Dutch B.V. and Greenko Energy Holdings Limited in connection with the offering of US$940m aggregate principal amount of 3.85% Senior Notes due 2026 guaranteed by Greenko Energy Holdings on a senior basis.

Indonesia > Foreign firms

Shearman & Sterling LLP showcases in-depth knowledge of the local regulatory framework in Indonesia and has a strong presence in the projects and energy infrastructure space. The projects team handles high profile project development and financings of renewable power projects, including solar and hydropower. Ben Shorten heads the Asia project development and finance practice and has extensive experience advising sponsors in the power, oil and gas sectors. Shorten is supported by Bill McCormack and David Clinch, who joined from Herbert Smith Freehills LLP in 2021. Andrew Schleider heads the capital markets offering and Sidharth Bhasin is the lead partner of the M&A team. International arbitration partner Daryl Chew is also noted.

Practice head(s):

Ben Shorten; Sidharth Bhasin; Andrew Schleider

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Testimonials

‘Extremely impressed with the depth of knowledge of Asian energy M&A market. Persuasive and calm in negotiations. Excellent representation of client’s interests. Balanced and fair views. Documentation, advice and management of local counsel were all exceptional. Trusted advisers always going above and beyond duty for the client.’

Key clients

PT Indonesia Asahan Aluminium/MIND ID

BNP Paribas

Barclays Bank

Australia and New Zealand Banking Group Limited

Crédit Agricole Corporate and Investment Bank

Credit Suisse

DBS Bank Ltd

Deutsche Bank

Mizuho Securities Asia Limited

MUFG Securities Asia Limited Singapore Branch

Nomura International (Hong Kong) Limited

Oversea-Chinese Banking Corporation Limited

Standard Chartered Bank

The Hongkong and Shanghai Banking Corporation Limited

UBS

United Overseas Bank Limited

Mandiri Securities Pte. Ltd.

Work highlights

  • Advised Indonesia’s state-owned mining company PT Indonesia Asahan Aluminium in connection with a share purchase agreement to acquire a minority stake of PT Vale Indonesia from Vale Canada and Sumitomo Metal Mining for approximately $370m.
  • Advised the sponsors, Masdar and PJBI, on the development of the 145MW Cirata floating PV project in Indonesia valued at $127.24m.
  • Acted for (Deutsche Bank, Mandiri Securities and Standard Chartered Bank on Indika Energy Capital IV Pte’s offering of $450m 8.25% senior notes due 2025, and the tap offering of $225m 8.25% senior notes due 2025, by PT Indika Energy TBK.

Vietnam > Foreign desks

Shearman & Sterling LLP leverages its wide Asian network to advise clients on all subsets of the energy industry in Vietnam, including oil and gas, renewable energy, electricity and LNG. Reflective of its breadth and depth of resources, the firm is able to advise on project development and finance, M&A and private equity, as well as capital markets transactions. In addition, the firm is instructed in disputes that result in arbitration proceedings. Singapore-based partner Ben Shorten, who is the head of the project development and finance practice in Asia. jointly spearheads the firm's Vietnam offering with Asia capital markets head Kyungwon (Won) Lee , who is based in Hong Kong. Bill McCormack, who is also based in Singapore, is another name to note, as is Anna Chung in Seoul. Jean-Louis Neves Mandelli made partner in 2020. In a more recent development, David Clinch was hired from Herbert Smith Freehills LLP.

Key clients

ACWA Power

BIM Land Joint Stock Company

China Development Bank

Korean Export-Import Bank (KEXIM)

The AES Corporation

Work highlights

  • Advised BIM Land Joint Stock Company as issuer on its high yield bond offering of $200m.
  • Advising KEXIM in relation to the feasibility study for the extension of a metro rail line in Ho Chi Minh City, Vietnam.  
  • Advising Sinosure and a group of PRC lenders in connection with the financing a coal-fired power project.

The firm: The Hong Kong office of Shearman & Sterling was opened in 1978 and it was the firm’s first office in the Asia region. It offers US, Hong Kong and English law capabilities, and is staffed by professionals with diverse backgrounds and language skills. The office services international clients in all jurisdictions in Asia and connects them with markets in every industry sector across the world. Recognised as the go-to international firm, it has successfully closed some of the region’s largest IPOs, innovative debt financings, complex M&A transactions, landmark project development and financing projects, as well as significant private equity and hedge fund transactions. The Hong Kong office also offers litigation and antitrust advice, as well as compliance training to multinational corporations, financial institutions and individuals throughout Asia in shareholder litigation, FCPA/anti-corruption, antitrust, economic sanctions, anti-money laundering and other regulatory and investigative matters.

Shearman & Sterling has represented many of the world’s leading corporations, financial institutions, emerging growth companies, state- owned enterprises, governments and governmental organisations for more than 146 years. It is committed to providing legal advice that is insightful and valuable to clients. The firm distinguishes itself by harnessing the intellectual strength and deep experience of its lawyers across its extensive global footprint. It has the capability to mobilise resources throughout its 23 offices worldwide to provide clients with professional legal advice and support. The firm’s lawyers are fluent in more than 60 languages and they practice Hong Kong, US, English, French, German, Italian, EU, OHADA and Saudi law, as well as Dubai International Financial Centre law and Abu Dhabi Global Market law. The firm is organised as a single, integrated partnership with approximately 850 attorneys in 23 offices located throughout Asia, the Americas, Europe and the Middle East. For more information, please visit Shearman & Sterling’s website at www.shearman.com.

Areas of practice: Shearman & Sterling’s main practice areas include: anti-corruption and Foreign Corrupt Practices Act (FCPA), antitrust, appellate litigation, capital markets, compensation, governance and ERISA, corporate governance, criminal law, regulation and enforcement, derivatives and structured products, emerging growth, environmental, European bank recovery and resolution, finance, financial institutions advisory and financial regulatory, financial institutions investigations and enforcement, financial restructuring and insolvency, intellectual property litigation, intellectual property transactions, international arbitration, international trade and investment, investment funds, Islamic finance, leveraged finance, litigation, mergers and acquisitions, privacy and data protection, private client, private equity and hedge funds, privatisation, pro bono, project development and finance, public international law, real estate, state controlled companies/sovereign wealth funds, structured finance, and tax.

DepartmentNameEmailTelephone
Banking and finance Xiaogang (Sean) Wang
Capital markets Alan Yeung
Capital markets Kyungwon (Won) Lee
Corporate and M&A Xiaogang (Sean) Wang
Corporate and M&A Li Chen
Corporate and M&A Lorna Xin Chen
Investment funds Lorna Xin Chen
International arbitration Nils Eliasson
International arbitration Emmanuel Jacomy
Litigation and investigations Brian G Burke
Private equity/venture capital Lorna Xin Chen
Private equity/venture capital Li Chen
Projects and energy Xiaogang (Sean) Wang
Telecommunications, Media and Technology Li Chen
PhotoNamePositionProfile
Ms Lorna Xin Chen photo Ms Lorna Xin ChenPartner Asia Regional Managing Partner Head of Greater China
Ms Li Chen photo Ms Li ChenPartner
Mr Nils Eliasson photo Mr Nils EliassonPartner
Mr Gary Hamp photo Mr Gary HampPartner
Mr Kyungwon (Won) Lee photo Mr Kyungwon (Won) LeePartnerShearman & Sterling’s Capital Markets-Asia Team Leader
Ms Hae-Ran Song photo Ms Hae-Ran SongCounsel
Mr Paul Strecker photo Mr Paul StreckerPartnerGlobal Head of the Private Capital Industry Group
Mr Xiaogang (Sean) Wang photo Mr Xiaogang (Sean) WangPartner
Mr Alan Yeung photo Mr Alan YeungPartner
Number of lawyers : 850 approx
In China : 40 approx
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