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 initial public offerings, demergers, rights issues and other secondary fundraising transactions in London, Hong Kong, the PRC and the Asia Pacific region.
We have deep relationships with and unparalleled knowledge of the working practice and policies of the Hong Kong regulators. We have considerable experience and expertise dealing with both the Hong Kong Stock Exchange and the Securities and Futures Commission on a wide range of policy-related listing issues, including pre-revenue biotech listings, weighted voting rights, overseas issuers, homecoming listings, SPACs, Main Board listing criteria and suitability issues.
Key experience
We advised Haitong and DBS as joint sponsors on the Hong Kong IPO of Beijing Enterprises Urban Resources Group.
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.
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.
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.
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.
We advised Westpac Banking Corporation on the issue of AUD 2,760 million Class A Notes due August 2050.
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.
We advised Ocado Group PLC on a £600 million convertible bond offering.
We advised Just Group plc on its debt issuance of Tier 2 capital and tender offer.
We advised International Consolidated Airlines Group on its €2.75 billion rights issue.
We advised Rolls-Royce on its £5 billion recapitalisation package, which included a fully underwritten rights issue to raise approximately £2 billion and a bond offering to raise £1 billion.
