Leading offshore law firm Appleby's Hong Kong office maintained its significant capital markets practice in 2019 and ended the year strongly with deal value totalling HKD15.8 billion. This equates to double the value recorded in 2018 and close to triple the value recorded in 2017.
Appleby acted as offshore counsel in listings on both the Main Board and the Growth Enterprise Market of the Hong Kong Stock Exchange. The team also acted as Cayman Islands counsel on a HKD 1.6 billion listing on the New York Stock Exchange in August.
Notable Cayman Islands, Bermuda and BVI deals in 2019 that Appleby worked on include:
- Shenwan Hongyuan Group Co., Ltd.'s HKD 9.24 billion listing on the Main Board.
- Xinyi Energy Holdings Limited's HKD 3.895 billion listing on the Main Board by way of spin-off.
- AMTD International Inc.'s HKD1.6 billion listing on the New York Stock Exchange.
- Yincheng International Holding Co., Ltd's HKD 843 million listing on the Main Board.
- China Tianbao Group Development Company Limited's HKD 500 million listing on the Main Board.
- Analogue Holdings Limited's HKD 420 million listing on the Main Board.
- China Everbright Water Limited's HKD 310.87 million listing on the Main Board, resulting in the company having dual primary listing status in both Singapore and Hong Kong.
Asia Group Head and Hong Kong Partner Judy Lee oversees the Capital Markets team alongside Partners Chris Cheng and Paul Cheuk. They are supported by Counsel Vincent Chan, Senior Associate Robert Sit, Associates Quinton Tse and Huiyan Liew, and Legal Executive Connie Wu.
Speaking on another successful year at Appleby, Judy commented "In 2019, we saw a significant increase in our share of the global offering transactions on the Hong Kong Stock Exchange. This increased from a role advising on 11% of all transactions in 2018 to a market share of 46% in 2019 and a record high for Appleby in terms of total deal value. This alongside the increase in instructions from the PRC is an endorsement of the expertise of our tri-lingual team, who consistently deliver great results for our clients. "