Fundraising

Overview

Hong Kong is well known for its deep capital markets, from debt to equity and from private to public. It is well served by a seasoned bench of professionals and intermediaries, including investment banks, corporate banks and merchant banks, all of whom play a pivotal role in channelling capital. It is home to private equity funds, hedge funds, and other institutional investors from around the world as well as a large number of family offices and other high net worth investors looking to deploy capital. It has an active retail market.

We represent the full range of participants in the capital markets. We act in connection with private equity and venture capital investments into businesses looking to finance their activities, advising at times the businesses receiving the capital and at other times the sponsors of the funds providing the capital. We act in connection with the formation of hedge funds, private equity funds and other vehicles to pool capital for onward investment, advising both the management groups organizing these funds as well as the individuals and institutions participating in these capital pools. We act for banks placing debt, equity and hybrid securities on behalf of businesses or lending money to businesses as well as for the businesses in structuring their securities offerings or borrowing money.

Consistent with our approach to the practice of law, we offer an integrated approach to addressing the full range of corporate, regulatory and tax issues and bring a pragmatic and sophisticated understanding of the capital raising process that comes from our focus on this mission critical activity.

Experience

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  • Counsel to a US based hedge fund with over USD4 billion of assets under management in respect of the establishment of offices in Hong Kong

  • Counsel to a Northern American based private equity fund sponsor managing over USD12 billion in private equity, private credit and infrastructure investments on a capital raising exercise in Hong Kong

  • Counsel to a Hong Kong securities brokerage and asset management firm on the setting up of a fund, taking into account to major changes to regulatory requirements applicable to funds under the revised SFC Fund Manager Code of Conduct introduced in November 2018

  • Counsel to Fortune Global 100 financial institution in relation to the public launch of UCITS III equities and fixed income fund in Hong Kong

  • Counsel to a Fortune Global 100 financial institution in relation to the transition of EUR11 billion UCITS I equities fund to UCITS III

  • Counsel to a Fortune Global 100 financial institution in relation to the transition of EUR4 billion UCITS I fixed income fund to UCITS III

  • Counsel to Fortune Global 100 financial institution in relation establishment of fund marketing operations in Greater China

  • Counsel to a Fortune Global 100 financial institution in relation to the launch of a unit trust and mutual fund dealing and custody platform in Hong Kong

  • Counsel to a European based financial services company with a market capitalization of over USD10 billion on the establishment of fund marketing operations in Greater China

  • Counsel to a Hong Kong based private equity firm that focuses on investments in Chinese technology companies and their overseas acquisition, set up with USD500 million of initial funding on the restructuring of the capital of the client sponsor firm

  • Counsel to a Pre-IPO private equity fund portfolio company operating within the luxury-automotive industry in the People’s Republic of China with annual revenues exceeding USD700 million on the restructuring of its capital base, including a restructuring of the holding of its equity base to facilitate bank financing and a rollover of its convertible note programme and on compliance of the restructuring with the terms of the private equity fund documentation

  • Counsel to the Hong Kong financial services arm of a global business conglomerate based in the People’s Republic of China that has entities listed on the Shenzhen Stock Exchange and Hong Kong Stock Exchange with annual revenues exceeding USD15 billion, in connection with a major restructuring of the client including a capital injection, the establishment of a joint venture and the structuring of the relationship between the parties

  • Lead counsel to a private equity fund manager spun off from a global pension manager with over USD400 billion under management in relation to its HKD450 million acquisition of a company which owns a substantial piece of Hong Kong real estate

  • Counsel to a US based hedge fund with over USD4 billion of assets under management in respect of the establishment of offices in Hong Kong

  • Counsel to a Northern American based private equity fund sponsor managing over USD12 billion in private equity, private credit and infrastructure investments on a capital raising exercise in Hong Kong

  • Counsel to a Hong Kong securities brokerage and asset management firm on the setting up of a fund, taking into account to major changes to regulatory requirements applicable to funds under the revised SFC Fund Manager Code of Conduct introduced in November 2018

  • Counsel to Fortune Global 100 financial institution in relation to the public launch of UCITS III equities and fixed income fund in Hong Kong

  • Counsel to a Fortune Global 100 financial institution in relation to the transition of EUR11 billion UCITS I equities fund to UCITS III

  • Counsel to a Fortune Global 100 financial institution in relation to the transition of EUR4 billion UCITS I fixed income fund to UCITS III

  • Counsel to Fortune Global 100 financial institution in relation establishment of fund marketing operations in Greater China

  • Counsel to a Fortune Global 100 financial institution in relation to the launch of a unit trust and mutual fund dealing and custody platform in Hong Kong

  • Counsel to a European based financial services company with a market capitalization of over USD10 billion on the establishment of fund marketing operations in Greater China

  • Counsel to a Hong Kong based private equity firm that focuses on investments in Chinese technology companies and their overseas acquisition, set up with USD500 million of initial funding on the restructuring of the capital of the client sponsor firm

  • Counsel to a Pre-IPO private equity fund portfolio company operating within the luxury-automotive industry in the People’s Republic of China with annual revenues exceeding USD700 million on the restructuring of its capital base, including a restructuring of the holding of its equity base to facilitate bank financing and a rollover of its convertible note programme and on compliance of the restructuring with the terms of the private equity fund documentation

  • Counsel to the Hong Kong financial services arm of a global business conglomerate based in the People’s Republic of China that has entities listed on the Shenzhen Stock Exchange and Hong Kong Stock Exchange with annual revenues exceeding USD15 billion, in connection with a major restructuring of the client including a capital injection, the establishment of a joint venture and the structuring of the relationship between the parties

  • Lead counsel to a private equity fund manager spun off from a global pension manager with over USD400 billion under management in relation to its HKD450 million acquisition of a company which owns a substantial piece of Hong Kong real estate

Awards

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  • IFLR 1000

    Leading Practice

    Private Equity

  • IFLR 1000

    "Positively Ranked"

    Private Equity

  • AsiaLaw Profiles

    Leading Practice

    Private Equity

  • Chambers & Partners

    Leading Practice

    Investment Funds

  • Chambers & Partners

    Leading Individual

    Investment Funds

  • Legal 500

    Recommended Practice

    Investment Funds

  • Chambers & Partners

    Leading Lawyer

    Investment Funds

  • Asialaw Profiles

    Leading Practice

    Investment Funds

  • Asialaw Profiles

    Market-Leading Lawyer

    Investment Funds

  • Asialaw Leading Lawyers

    Market-Leading Lawyer

    Investment Funds

  • Asialaw Profiles

    Highly Recommended

    Investment Funds

  • IFLR 1000

    Leading Practice

    Hedge Funds

  • IFLR 1000

    "Positively Ranked"

    Hedge Funds

  • IFLR 1000

    Leading Practice

    Retail Funds

  • IFLR 1000

    "Positively Ranked"

    Retail Funds

  • Who's Who Legal

    One of the World's Leading Practitioners

    Private Funds

  • IFLR 1000

    Leading Practice

    Private Equity

  • IFLR 1000

    "Positively Ranked"

    Private Equity

  • AsiaLaw Profiles

    Leading Practice

    Private Equity

  • Chambers & Partners

    Leading Practice

    Investment Funds

  • Chambers & Partners

    Leading Individual

    Investment Funds

  • Legal 500

    Recommended Practice

    Investment Funds

  • Chambers & Partners

    Leading Lawyer

    Investment Funds

  • Asialaw Profiles

    Leading Practice

    Investment Funds

  • Asialaw Profiles

    Market-Leading Lawyer

    Investment Funds

  • Asialaw Leading Lawyers

    Market-Leading Lawyer

    Investment Funds

  • Asialaw Profiles

    Highly Recommended

    Investment Funds

  • IFLR 1000

    Leading Practice

    Hedge Funds

  • IFLR 1000

    "Positively Ranked"

    Hedge Funds

  • IFLR 1000

    Leading Practice

    Retail Funds

  • IFLR 1000

    "Positively Ranked"

    Retail Funds

  • Who's Who Legal

    One of the World's Leading Practitioners

    Private Funds

Insights

  • Capital Markets Hong Kong IPOs: A Broken Regime?

    The efforts of the Securities and Futures Commission to eliminate financial fraud perpetrated by Hong Kong listed companies and their directors is laudable. What is unclear is why they have chosen to focus almost exclusively on the sponsors who have brought these companies to the market. This unnatural preoccupation with the sponsors sends an unfortunate message that directors engaged in fraud have nothing to fear but the remote risk that they will be deprived of their ill-gotten gains and that auditors have little, if any, responsibility for assuring the public as to the financial position of these companies.

  • Hong Kong Listing Rules Summary: Pre-IPO Restructuring

    "Hong Kong is an international financial center with deep capital markets tied to China. Total equity funds raised through initial public offerings (“IPOs”) in 2010 exceeded US$57 billion, ranking the Stock Exchange of Hong Kong (“SEHK”) as the global leader in equity fund raising through IPOs. By comparison, in the same year, total equity funds raised through IPOs on the New York Stock Exchange and Stock Exchange of London was less than US$35 billion and US$16 billion, respectively.