Sidley Austin > Hong Kong, Hong Kong > Firm Profile

Sidley Austin > The Legal 500 Rankings

Hong Kong > Capital markets (debt) Tier 2

A ‘market leader in the PRC property sector’, Sidley Austin‘s involvement for real estate companies on the Mainland on their primary issuances has now led to the team being very active on formal restructuring and liability management efforts, following well-publicized economic head winds impacting the sector. Combining ‘superb knowledge and experience in the context of market practice, with strong technical skills’,  Renee Xiong and Carrie Li are pivotal to this work, at times forming a part of a multi-disciplinary, multi-office team with lawyers on the Mainland and London. The team has also handled some notable new issuances outside of the property sector, with Li recently advising The Export-Import Bank of China on its $1.5bn bond issuance, the first time in several years it has returned to the overseas debt capital market to issue bonds publicly. Splitting his time between Singapore and Hong Kong, Matthew Sheridan leads the overarching Asia capital markets offering.

Hong Kong > Capital markets (equity) Tier 2

Positioning itself very much at the forefront of the new economy space, the ‘technically strong’ team at Sidley Austin delivers ‘high-quality work’ for an issuer-focused client base seeking to list on the HKEX. The team has been at the vanguard of the new listing rules affecting both pre-revenue healthcare and specialist tech companies, having had a key role in actually shaping the 18C listing rules through its interactions with the regulator. The ‘very commercial’ Claudia Yu, who is ‘particularly capable at advising on novel rules and pioneer transactions’, has been key to much of this work, including her lead role for QuantumPharm Inc., in what is the first specialist technology company expected to list under the new Chapter 18C. Himself a former scientist, Meng Ding has deep industry understanding and is also key to much of this work, excelling in drafting the underlying prospectuses. The ‘technical, commercial and responsive’ Sherlyn Lau is also key to the firm’s growing success and co-heads team alongside Constance Choy.

Hong Kong > Investment funds Tier 2

The ‘very responsive and technically competent’ team at Sidley Austin has proactively kept abreast of fluctuating market conditions, successfully adapting and modifying its approach to best-suit its GP-focused client base. While fund raisings for private equity buyout funds have suffered somewhat of a hit due to economic headwinds, the firm has been front and centre in offering tangible solutions to GPs, whether it be in the form of establishing continuation funds, spin-off deals, as well as helping to restructure existing portfolios. The team has also, for example, been involved in an increasing number of credit fund mandates, a reflection of higher interest and tightening bank regulation. The ‘outstanding’ David Lee has been integral to many of the strategic solutions for GP clients where he is effectively able to combine fund structuring and M&A expertise, for example, in the context of a manager spin-off.

Hong Kong > Restructuring and insolvency Tier 2

Showcasing extensive expertise on both the debtor and creditor sides, Sidley Austin is described as ‘experienced and effective’ when handling cross-border restructurings, primarily concerning companies’ offshore debt. Additionally, the practice is well equipped to manage winding up petitions and Hong Kong schemes of arrangement. Leveraging her ‘extensive knowledge’, Renee Xiong is a key contact for negotiating structuring terms for debt securities, Carrie Li is a capital markets expert, while Desmond Ang stands out for his work on insolvencies and distressed scenarios. Olivia Ngan and Joshua Oeij are both highlighted as key ports of call.

Hong Kong > Banking and finance Tier 3

Noted for its expertise across the life sciences, real estate, energy and retail sectors, Sidley Austin provides representation to borrowers and handles hybrid fund financing and debt financing mandates, with additional experience in sustainable bonds. Practice leader Olivia Ngan acts for Chinese borrowers and lenders, boasting demonstrable expertise in credit finance transactions in China. Ngan is ably supported by Alan Wong, who focuses on direct lending by funds, structured lending, acquisition finance, and real estate finance.

Hong Kong > Fintech and financial services regulatory Tier 3

Sidley Austin’s multi-disciplinary investment funds team provides ‘comprehensive, clear and pragmatic advice’ to many of the largest fund managers establishing funds throughout Asia. In this context, clients benefit from the knowledge that not only will they be well-served on sophisticated fund structures but also receive the regulatory overlay on these mandates. The ‘approachable and responsive’ Dominic James provides risk management/compliance advice and is also well-versed at handling attendant regulatory enforcement actions. Outside of the asset management arena, Stephanie Chan provides ‘practical and strategic advice’ to Hong Kong-listed companies facing down regulatory investigations, regularly working alongside ‘very committed and dedicated’ senior associate Adrian Tang.

Hong Kong > Dispute resolution: international arbitration Tier 4

Sidley Austin often acts for a lucrative client base of blue-chip clients, Chinese corporates and state-owned enterprises on major bet-the-company multi-jurisdictional mandates. Yan Zhang regularly represents multinational clients across a wide variety of industries, including healthcare, TMT and financial services, while Desmond Ang has a growing restructuring and insolvency practice, representing both debtors and creditors.

Hong Kong > Corporate (including M&A) Tier 5

Regularly collaborating with the firm’s US and China groups, Sidley Austin continues to be active within the tech and automotive industries. Practice co-head Constance Choy is recommended for her broad expertise spanning the life sciences and financial services sectors, while co-head Raymond Oh is well-placed to assist with public and private M&A and fund formation mandates, in addition to de-SPAC transactions. Noted for providing ‘clear, persuasive and practical‘ advice, Christopher Cheng also stands out due to his vast knowledge of public takeovers and share buy-back mandates.

Hong Kong > Private equity Tier 5

Regularly collaborating with the firm’s US, China, and Singapore teams, Sidley Austin is recommended for its strong focus on private equity driven transactions within the life sciences and tech sectors. The group’s workload primarily consists of series financing, investment, and acquisition mandates. Practice head Raymond Oh maintains a broad practice spanning pre-IPO investments and PIPE transactions.

India > Foreign firms Tier 3

China > Life sciences and healthcare: foreign firms

Sidley Austin LLP's lawyers ‘give clients very practical advice’. The practice has a significant market reputation for life sciences regulatory work; and it is home to specialists in licensing-related deals, series financings, M&A, IPOs, and fundraising. The practice additionally assists multinational pharmaceutical and healthcare companies with both government and internal investigations. Chen Yang in Beijing routinely acts for international pharmaceutical, medical device, agricultural, food, and cosmetics companies. Working across the Beijing and Hong Kong offices, Lei Li advises on product registration, clinical trials, distribution, licensing, co-marketing, M&A and spin-offs; and Ruchun Ji acts for emerging and innovative life sciences sector companies throughout their life cycles. Based in Hong Kong and Singapore, Yuet Ming Tham is the firm’s Asia-Pacific compliance and investigations practice head.

Singapore > Capital markets: equity and debt: foreign firms

Sidley Austin LLP is a major player in Asia capital markets with two senior figures in Singapore; Asia capital markets head Matthew Sheridan and Manoj Bhargava. Sheridan has been at the forefront of high-yield debt in Asia Pacific over the last two decades and remains a force in the Greater China high-yield market. Bhargava is a leader in India equity and debt offerings, advising on 10 offerings for Indian companies in 2023. Elected to the partnership in 2022, Alexius Chong has built a fine reputation in Southeast Asia debt and equity transactions. With the depth of talent in the Singapore office, the firm has established itself across multiple debt and equity product areas, including IPOs, convertible bonds, investment grade debt, high-yield bonds, liability management, distressed debt restructurings and going private transactions. Key markets include Singapore, India, Indonesia, Japan, Malaysia, the Philippines and Vietnam. In headline deals, the office advised on the largest IPO in Indonesia in 2023 (PT Amman Mineral Internasional) and the largest India IPO in 2023 (Mankind Pharma).

Singapore > Investment funds: foreign firms

The team at Sidley Austin LLP in Singapore is well-placed to collaborate with the firm's offices in Hong Kong, Beijing, Shanghai, Tokyo and Sydney on fund formation mandates, showcasing notable expertise in private equity funds and hedge funds. Based in Hong Kong, Effie Vasilopoulos leads the APAC investment funds group. Key contacts on the ground include Josephine Law, who focuses on registered fund transactions and regulatory matters, and Patrick Liu, whose relocation to Singapore strengthens the team's private equity fund formation offering.

Asia Pacific: Regional International Arbitration > Leading firms

Sidley Austin covers international arbitration from its offices in Singapore and Hong Kong, where it handles a full spectrum of commercial disputes, including ones sitting against a backdrop of US-China relations. Tai-Heng Cheng in Singapore has a track record of claimant-side investor-state arbitration work. Greater China related disputes are key areas of activity for Desmond Ang, Friven Yeoh  and Yan Zhang, all of whom are based in Hong Kong.