Capital Markets

We have a leading international capital markets practice, which handles offerings and issues of equity and debt securities throughout the world. Our issuer and underwriter clients are active in a wide range of sectors and include many household names with business operations across the globe. We have close working relationships with stock exchanges, regulators and other market participants.

Over the last 20 years we have advised on some of the most significant listings, placings and other capital markets transactions in London, Hong Kong, the PRC and the Asia Pacific region.

We practise English and Hong Kong law and provide a US securities law capability for capital markets transactions in Hong Kong.

Key experience

Haitong and DBS

We advised Haitong and DBS as joint sponsors on the Hong Kong IPO of Beijing Enterprises Urban Resources Group.

Prudential and M&G

We advised Prudential and M&G on the demerger of M&G by way of a dividend in specie. The transaction was one of the largest and most complex demergers undertaken in the UK, and the M&G prospectus was one of the first to be published under the new Prospectus Regulation.

Morgan Stanley Asia, CMB International Capital, BOCI Asia and Citigroup Global Markets Asia

We advised Morgan Stanley Asia, CMB International Capital, BOCI Asia and Citigroup Global Markets Asia on the dual listing in Hong Kong and Australia of Yancoal Australia. This was the first dual primary listing in Hong Kong by an Australian incorporated company; and the offer included an accelerated renounceable entitlement offer of shares to existing shareholders in Australia.

Aston Martin Lagonda

We advised Aston Martin Lagonda on its UK Main Market IPO. Aston Martin was among the first issuers to float under the new FCA rules relating to IPOs. As well as an offer to institutional investors, the IPO included an offer to UK retail investors who were either Aston Martin customers or employees.

Cineworld Group

We advised Cineworld Group on a four for one rights issue to fund the acquisition of Regal Entertainment Group. The acquisition was a reverse takeover for Cineworld.

China Re

We advised China Re on its IPO, which was the first listing in Hong Kong by a reinsurance company and one of the largest IPOs in Hong Kong.

Westpac Banking Corporation

We advised Westpac Banking Corporation on the issue of AUD 2,760 million Class A Notes due August 2050.

Swire Properties

We advised Swire Properties on the first green bond issue by its wholly-owned subsidiary, Swire Properties MTN Financing Limited, of US$500 million 3.50% Guaranteed Notes due 2028.

Ocado Group PLC

We advised Ocado Group PLC on a £600 million convertible bond offering.

Just Group plc

We advised Just Group plc on its debt issuance of Tier 2 capital and tender offer.