We have a long-standing presence in Asia and opened our office in Hong Kong in 1974.
We have extensive experience of a wide range of work involving Hong Kong, the People's Republic of China and Asia.
We act for many of the world's leading companies who choose us because we share their ethos of excellence and because we consistently deliver outstanding results.
We practise English and Hong Kong law and provide US securities law capability for capital markets transactions in Hong Kong. We have a well established team of fluent Chinese US qualified securities lawyers who can advise on all aspects of Rule 144A offerings.
Our main areas of practice include:
- Asset Management
- Capital Markets
- Corporate and Commercial
- Debt Capital Markets
- Dispute Resolution
- Equity Capital Markets
- Infrastructure, Energy, Natural Resources (IEN)
- Mergers and Acquisitions
- Private Equity
- Real Estate
- PRC Practice
There’s good partner participation throughout deals and it’s very responsive. The quality of senior associates is better than competitors, and the firm is perceptive and has a good understanding of commercial goals and intricacies. IFLR1000 Asia-pacific - Hong Kong M&A, 2018
Our day-to-day involvement with the market enables us to provide sophisticated advice of the highest quality.
We act for domestic and international clients and advise on Hong Kong and English law and provide US securities law capability for capital markets transactions in Hong Kong.
Our key experience includes advising:
Cathay Pacific Airways on its proposed acquisition of 100% of the issued share capital of Hong Kong Express Airways for a consideration of HK$4.93 billion, comprising a cash consideration of HK$2.25 billion to be paid in cash and a non-cash consideration of HK$2.68 billion to be settled through the issue and novation of promissory loan notes
Standard Chartered Bank (Hong Kong) on its strategic joint venture to build a new standalone digital retail bank in Hong Kong. The joint venture is among the first three successful applicants to have obtained a virtual bank licence from the Hong Kong Monetary Authority. Standard Chartered Bank will be the majority shareholder in the joint venture with a 65.1% shareholding, with PCCW, HKT and Ctrip.com holding 10%, 15% and 9.9%, respectively
China Power New Energy (CPNE), acting as the offeror, in relation to the proposed delisting of China Power Clean Energy Development Company (CP Clean Energy) from the Hong Kong Stock Exchange. The proposed delisting will be implemented by way of a scheme of arrangement pursuant to the Companies Ordinance of Hong Kong. The scheme consideration includes a cash alternative and a share alternative. An irrevocable undertaking to vote in favour of the proposed delisting has been obtained from China Three Gorges Corporation. Upon completion of the delisting, CPNE will own 100% of the shares of CP Clean Energy and CP Clean Energy will apply for the withdrawal of the listing of its shares on the Hong Kong Stock Exchange. The proposal was announced on 28 March 2019
the Airport Authority Hong Kong in relation to the HK$900 million acquisition of all rights and equity interest in Hong Kong IEC held by IEC Investments and of the ownership of AsiaWorld-Expo Management. Hong Kong IEC is the joint venture company formed in 2003 by the Hong Kong SAR Government, the Airport Authority Hong Kong and IEC Investments in order to develop AsiaWorld-Expo, Phase 1 of which opened in December 2005 and occupies 11 hectares of land on the airport island, providing over 70,000 square metres of space for conventions and exhibitions, as well as sports and entertainment events
MTR Corporation Limited (MTR), the operator of the Hong Kong metro system, on the operational and financial arrangements for the HK$84.4 billion (US$10.7 billion) Guangzhou-Shenzhen-Hong Kong Express Rail Link (XRL). Scheduled to open in September 2018, the XRL comprises a 26 km high speed rail link connecting Hong Kong to the 25,000 km Mainland high speed rail network with connections from Hong Kong to 44 Mainland destinations, including Beijing and Shanghai. In place is also a customs and immigration co-location arrangement implemented between the Hong Kong and Mainland Governments which will enable passengers to clear Hong Kong and PRC formalities in Hong Kong, further providing for faster and more convenient cross-boundary travel. MTR has been appointed the operator of the Express Rail Link for a concession period of ten years
the joint sponsors on the dual primary listing and global offering of shares of Yancoal Australia, Australia’s largest pure-play coal producer, on the Main Board of the Hong Kong Stock Exchange, raising approximately US$151 million. Yancoal Australia is the first dual primary listed company on the Australian Securities Exchange and on the Hong Kong Stock Exchange. In connection with the global offering, an accelerated renounceable entitlement offer of shares to existing shareholders of Yancoal Australia is being undertaken in Australia. Slaughter and May advised Morgan Stanley Asia, CMB International Capital and BOCI Asia, as well as the joint global coordinators, including Morgan Stanley Asia, CMB International Capital, BOCI Asia and Citigroup Global Markets Asia as to Hong Kong and U.S. laws on the global offering. Dealings in the shares of Yancoal Australia commenced on the Hong Kong Stock Exchange on 6 December 2018
Stelux Holdings International in relation to the strategic disposal of its optical retail, optical wholesale and related healthcare businesses in Hong Kong, Macau, the PRC, Singapore, Malaysia and Thailand to Joseph C.C. Wong, the Chairman, CEO and controlling shareholder of Stelux. Stelux currently operates its Optical Business under the ‘Optical 88’, ‘eGG’ and ‘Thong Sia’ brands.
CIMB Group Holdings Berhad, one of ASEAN’s leading universal banking groups, on a joint venture with China Galaxy Securities, one of the PRC’s leading integrated service providers in the securities industry. On 18 January 2018 CIMB and China Galaxy completed the sale by CIMB to China Galaxy of a 50 per cent. interest in CIMB Securities International Pte (CSI), the holding company of CIMB’s ex-Malaysia stockbroking business, which comprises institutional and retail brokerage, equities research and associated securities businesses across Indonesia, Singapore, Thailand, Hong Kong, South Korea, India, the United Kingdom and the United States of America. CSI will be rebranded as CGS-CIMB Securities once relevant regulatory approvals are obtained. The 50:50 joint venture marks the first foray by a Chinese stockbroker into Southeast Asia and enables the development of a Pan-Asian brokerage to capitalise on increasing cross-border investments under China’s Belt and Road Initiative.
Marks & Spencer (M&S) on the sale and franchise of its retail business in Hong Kong and Macau to its long-established franchise partner, Al-Futtaim. The sale, which completed on 30 December 2017, sees Al-Futtaim become the new sole franchisee for M&S in Hong Kong and Macau. The sale follows M&S’s strategic review of its international business in November 2016, where M&S proposed to have a greater focus on its established franchise and joint venture partnerships and operate with fewer wholly-owned markets.
Wing Tai Properties on the disposal of the ‘Winner Godown Building’ in Tsuen Wan, Hong Kong. On 1 December 2017 Wing Tai announced that it had entered into a provisional sale agreement with Sunny Global Development Limited in respect of the sale for a consideration of HK$2,162,460,000. The sale is a ‘major transaction’ under the Listing Rules of HKEx and the sale is conditional on shareholders’ approval
Alibaba on their US$2.9 billion stake in Hong Kong-listed Sun Art Retail Group, an operator of hypermarkets and e-commerce platform in the PRC
Alibaba on the US$2.6 billion privatisation, through wholly-owned subsidiary Alibaba Investment Limited, of Intime Retail, together with Intime International Holdings as joint offerors
Ideal Jacobs (Malaysia) Corporation Berhad (Ideal Jacobs) on the Hong Kong aspects of the proposed disposal of Ideal Jacobs (HK) Corporation Ltd and Ideal Jacobs (Xiamen) Corporation to Oriental Dragon Incorporation Limited for a total cash consideration of RM28.0 million. Ideal Jacobs is listed on the ACE Market of Bursa Malaysia
FWD Life Insurance Public Company Limited (FWD) on its bancassurance collaboration with TMB Bank Public Company Ltd (TMB) in Thailand for an initial term of 15 years. The transaction was announced on 14 July 2017. The FWD group spans Hong Kong and Macau, Thailand, Indonesia, the Philippines, Singapore, Vietnam, and Japan, offering life and medical insurance, general insurance and employee benefits. TMB is a commercial bank serving wholesale, SMEs and retail customers with a branch network throughout Thailand
Tenaga Nasional Berhad (Tenaga) in relation to the subscription, through its wholly owned subsidiary Power and Energy International (Mauritius) Ltd. (PEIM), for a stake in GMR Energy Limited (GMR Energy) and its proposed strategic partnership with GMR Energy in the power production business in India. The subscription will give PEIM a 30% stake in GMR Energy on a fully diluted basis for a total cash consideration of US$300 million. The transaction was announced on 9 May 2016 and was subject to (amongst other things) the completion of a group restructuring of GMR Energy and approval from Bank Negara Malaysia, the Ministry of Finance of Malaysia and the Competition Commission of India. Completion of the subscription was announced on 4 November 2016. The transaction was ranked Highly Commended in the Legal Expertise: Unlocking & Delivering Value (International) category in the FT Asia-Pacific Innovative Lawyers 2017 report published by the Financial Times
Prudential plc (Prudential) on the sale of its life insurance subsidiary in Korea, PCA Life Insurance to Mirae Asset Life Insurance for a total consideration of KRW170 billion. The transaction was announced on 10 November 2016 and is subject to regulatory approval
FWD Group, the insurance arm of Pacific Century Group, in relation to its acquisition of AIG Fuji Life Insurance Company, Limited, the company through which AIG runs its life insurance business in Japan
Alibaba Group in relation to its HK$2.06 billion acquisition of the media business of SCMP Group Limited, a company listed on the Hong Kong Stock Exchange
COSCO SHIPPING Ports Limited on its US$1.18 billion acquisition of China Shipping Ports Development Co., Limited. The acquisition formed part of the multi-billion dollar reorganisation of the businesses of the COSCO group and the businesses of the China Shipping group, the two leading companies in the PRC shipping industry
China Resources (Holdings) Company, controlling shareholder of China Resources Enterprise, in relation to its acquisition of all the non-beer business segments of CRE for a total consideration of US$3.58 billion
OOIL, in relation to the US$6.3 billion cash offer by UBS on behalf of Faulkner Global Holdings, a wholly-owned subsidiary of COSCO SHIPPING Holdings, together with Shanghai Port Group, a wholly-owned subsidiary of Shanghai International Port Group, as joint offerors to acquire all the issued shares in OOIL. The offer was announcement on 7 July 2017
Pacific Century Cyber Works (PCCW) on the sale of an approximate 11.10% shareholding in HKT Limited (HKT). The disposal is being effected by way of a placing, with Goldman Sachs (Asia) L.L.C. acting as placing agent. Following completion of the placing, PCCW will continue to hold an approximate 51.97% majority stake in HKT. The gross proceeds of the placing will amount to approximately HK$8.534 billion
Swire Beverages Holdings Limited on its entry into a conditional master agreement with The Coca-Cola Company and a subsidiary of China Foods Limited, and its proposed submission of a bid in an auction conducted in accordance with PRC law to acquire certain assets from the China Foods group
Zhong An Online P&C Insurance (Zhong An), China's first internet insurance company, in its first round of fundraising which raised RMB5.775 billion (US$931.3 million) by investors Morgan Stanley, CICC, CDH Investments, SAIF Partners and Keywise Capital, valuing Zhong An at US$8 billion. Co-founded in 2013 by Alibaba Group Holdings, Tencent Holdings and Ping An Insurance. This was one of the biggest fundraisings by a Chinese financial-technology company in 2015
HNA Group, as international counsel, on the acquisition of a 25% equity interest in Hilton Worldwide Holdings Inc. from its single largest shareholder Blackstone Group LP, for a total consideration of US$6.5 billion
Oversea-Chinese Banking Corporation Limited, the second largest financial services group in Southeast Asia by assets, on its pre-conditional voluntary general cash offer through its wholly owned subsidiary, OCBC Pearl Limited, to acquire the entire issued share capital of Wing Hang Bank, Limited for US$4.95 billion.
Dongfeng Motor Group Company Limited on its subscription for shares in Peugeot S.A. for approximately US$1.1 billion, and its further strategic partnership with Peugeot to enhance their collaboration in research and development and to establish a new joint venture to drive PSA Peugeot Citroën and Dongfeng vehicle sales in the rest of Asia. This is the largest overseas acquisition by a Chinese automaker since 2010.
Thermo Fisher Scientific on the competition aspects of its US$13.6 billion acquisition of Life Technologies, combining two of the leading laboratory and life sciences companies in the world.
* Chris McGaffin is registered as a foreign lawyer to practise English law in Hong Kong
Hong Kong Takeover Code
We have developed a Hong Kong Takeover Code mobile app and e-book for the benefit of our clients. The Index and accompanying Help Notes are a user friendly resource that are easy to install, are interactive and provide detailed and up-to date materials on the Hong Kong Takeover Code with links to the relevant provisions of the Hong Kong Code. To access the app and e-book, please email us to request log-in details.
Every year we have places for graduates wishing to enter into a two year training contract. We welcome applications from undergraduates and postgraduates. Our aim is that our trainees stay with us on qualification and pursue their careers at Slaughter and May.
What are we looking for in our trainees?
To thrive in our environment and to take full advantage of the opportunities available to you, you will need to demonstrate intellect, enthusiasm, commitment and an ability to get on well with our clients and others. Above all we are looking for people with common sense and a willingness to accept responsibility.
What exam results do we ask for?
Our work is intellectually demanding. The minimum standard we are looking for is the equivalent of three strong grades at A-level and the equivalent of a first degree of good 2:1 standard or better - or other equivalent qualifications. We also require an appropriate reference from a tutor or another person who knows you and your work.
What courses do you need to attend before your training contract starts?
Before joining us as a trainee you will either have a law degree or have passed the Common Professional Examination (CPE) or Graduate Diploma in Law (GDL). In addition, you will have passed the Postgraduate Certificate of Laws (PCLL). We have no preference as to which PCLL course you attend.
Do we only select applicants who have participated in our vacation schemes?
While participating in our vacation schemes is not a prerequisite to applying for a training contract, many of our trainees have participated in our vacation schemes prior to applying for a training contract. If you are interested in applying for a training contract with us in the future, we strongly recommend that you also apply to our vacation scheme as this allows you to experience what life is like at Slaughter and May.
Our aim is to remunerate all our legal staff (including trainees) at the top end of the current market rates. We review trainee salaries at least once a year.
PCLL tuition fees
Our current policy is to pay our prospective trainees' course tuition fees (in addition to a maintenance allowance) for the PCLL course in Hong Kong. This assistance is, of course, provided on the basis that prospective trainees do in fact join us after passing the PCLL course.
We run vacation schemes during the winter and summer vacations for those considering law as a career and who have completed at least one year of a first degree course.
The principal aim of our vacation schemes is to give you an opportunity to experience the work and day to day life of a young solicitor. During your time with us, you will work with associates and trainees involved in corporate, commercial and financing transactions. In addition, we organise a programme of training, including seminars and presentations, and social events.
We accept applications throughout the year and offer places as we receive applications. Therefore, we encourage applications to be submitted as early as possible.
We are always happy to receive applications from qualified lawyers who meet our general criteria.
Applications and enquiries
If you would like to apply for a position with us, please write to our Recruitment Team, enclosing a cover letter, a CV, (including details of all examination results and the names and addresses of two referees, one of whom should be an academic referee), and copies of latest academic transcripts. We accept applications by email or post.
The Recruitment Team
Slaughter and May
47th Floor, Jardine House
One Connaught Place