Tag: IPO
Driverless firms Pony.ai, WeRide raise HKD9bn in HKEX IPOs
About 13 firms advised Guangzhou-based Pony.ai and WeRide on HKEX IPOs, raising HKD6.7b and HKD2.39b
Paul Hastings onboards capital markets partner in Hong Kong
Paul Hastings has hired Zhou Quan as a partner in Hong Kong, expanding its Greater China capital markets and M&A practice.
Eswin RMB4.6bn debut marks China’s second-largest IPO in 2025
Jingtian & Gongcheng and Commerce & Finance advised Eswin on its RMB4.6b (USD634.5m) SSE Star Market listing
Firms guide Sany Heavy Industry’s HKD13.5bn HK listing
Clifford Chance, Qiyuan, Ashurst, Linklaters and Jingtian advised Sany Heavy on its HKEX debut, raising HKD13.5b
Firms lead on CIG Shanghai’s HKD4.6bn Hong Kong IPO
Baker McKenzie, DeHeng and others advised CIG Shanghai on its HKEX debut, raising HKD4.6b (USD589m)
Firms steer India e-commerce company Meesho’s proposed IPO
SAM, CAM, Khaitan & Co and Latham & Watkins advised on Meesho’s proposed USD483 million IPO in India
Firms advise China software provider JST Group on HKD2bn IPO
Davis Polk, C&F, Harneys, Linklaters and Jingtian & Gongcheng advised JST Group on its HKD2.09bn HKEX IPO on 21 Oct
Firms advise Tata Capital IPO, largest in 2025
Tata Capital launches India’s largest NBFC IPO led by top law firms
Trilegal, DSK assist on Laser Power’s INR12 billion IPO
Trilegal advises Laser Power & Infra on its INR12 billion IPO in India
Firms guide Zijin Gold’s IPO in world’s second-largest to date
Latham & Watkins, Zenith, DeHeng and others advised on Zijin Gold International’s HKD25b HKEX debut
Ex-Kudun pair launches new Thai firm Mediums to tap M&A
Ex-Kudun partners have launched Mediums, a new Thai law firm focused on M&A and business rehabilitation
Firms steer Chery’s HKD9bn IPO in largest carmaker debut for HK
Chery raised HKD9.14b (USD1.2b) in its Hong Kong debut, marking the city’s largest carmaker IPO so far this year
Embracing risk
As capital markets resurrect, how can businesses capitalise on opportunities amid risks and nagging uncertainties?
Firms chart lidar maker Hesai’s HKD4.16bn Hong Kong IPO
Cleary, Fangda, Maples, Freshfields and Jingtian advised Hesai’s HK debut, raising HKD4.16b, a four-year record
DeHeng, Han Kun, World Law act on Dahon Tech’s HKEX listing
DeHeng, World Law and Han Kun advised Dahon Tech on its HKD392m IPO, Hong Kong’s most subscribed listing at 7,558 times
Charles Russell Speechlys adds pair to lift practice in Asia
Charles Russell Speechlys has expanded its corporate practice by hiring ex-Squire Patton Boggs partners Francis Li and Wendy Fong in HK
Cooley shores up emerging companies, VC practice in Singapore
Cooley hires David He in Singapore to expand its venture capital practice
Firms act on air conditioner maker AUX Electric’s HKD4bn IPO
Kirkland, Jingtian & Gongcheng and Maples advised AUX Electric on its HKEX debut, raising HKD3.99b (USD511m)
Business Law Updates in China July – August 2025
Stay informed on the latest legal developments shaping China's business landscape
Firms act on China silicon carbide maker SICC’s HKD2bn IPO
Clifford Chance, Grandall, KWM, Freshfields, and Commerce & Finance advised on SICC’s HKD2 billion HKEX debut, issuing 47.75 million H shares at HKD42.8 each
Firms assist on USD237m Milky Mist Dairy Food IPO bid
Hogan Lovells, TT&A and Khaitan & Co are advising on Milky Mist’s INR20.35 billion IPO
Firms guide Anthem Biosciences’ USD359m IPO on BSE, NSE
Cyril Amarchand, Trilegal and White & Case advised on Anthem Biosciences’ INR33.95 billion IPO, oversubscribed nearly 64 times
KWM, Zhong Lun act on E-Town’s RMB2.5bn Star market IPO
E-Town Semiconductor raises RMB2.5bn in Star Market debut with help from KWM and Zhong Lun Law Firm
Firms counsel on Horizon Robotics’ HKD4.67bn HK placement
Horizon Robotics raises HKD4.67bn via share placement and top-up deal, among HK’s largest capital market deals in 2025
Firms work on ride-hailing platform CaoCao’s HKD1.85bn IPO
Skadden, KWM, Appleby, Latham & Watkins and Han Kun advised on CaoCao’s HKD1.85 billion HKEX listing, marking Geely’s 10th listed company
Firms act on Haitian’s HKD10bn IPO on HKEX
Haitian raised HKD10.1 billion in its HKEX debut, with top firms advising on the year’s second-largest main board IPO
China allows HKEX-listed GBA companies to list on SZSE
China now allows GBA firms listed on HKEX to seek secondary listings on SZSE under applicable policies
DeHeng and Jingtian steer Insta360’s RMB1.9bn IPO
DeHeng and Jingtian & Gongcheng advised Insta360 on its RMB1.9b IPO debut on Shanghai’s Star Market after 5 years
Zhong Lun, DeHeng acts on Tianyouwei’s RMB3.7bn Shanghai IPO
Heilongjiang Tianyouwei Electronics raised RMB3.74bn in Shanghai's biggest A-share IPO so far this year
Hong Kong’s Eric Chow & Co hires capital markets specialist
Eric Chow & Co. has hired capital markets specialist Liu Kung-wei as a partner
Shashwat Tewary moves to Cooley as partner in Singapore
Shashwat Tewary has joined Cooley’s Singapore office as a capital markets partner, bringing 16 years of regional experience
Baker McKenzie FenXun hires 4 Wilson Sonsini experts in China
Baker McKenzie FenXun hires four Wilson Sonsini experts for its Greater China team
Baker empowers capital markets with Singapore specialist
Baker McKenzie hires capital markets expert Alexander Stathopoulos
Pillsbury solidifies HK practice with new hire
Pillsbury’s HK office became a solicitors’ firm on 13 March and hired capital markets partner Samuel Ng that month
BVI: Asia’s top partner in global cross-border structuring
The BVI is Asia’s key partner, offering flexible and cost-effective solutions for global cross-border structuring
Analysis of the two-step de-SPAC structure
SPACs are transforming markets, reshaping IPOs, and driving bold investments with their innovative structure and growth potential
Quartet advises Mixue’s HKD3.46bn IPO on HKEX
Mixue Group raised HKD3.46 billion in its HKEX debut
Quartet guides Korea’s largest IPO since January 2022
LG CNS’s KRW1.2 trillion IPO, South Korea’s largest since 2022, was guided by Quartet of firms
Timothy Franklyn takes over as deputy MP at Fox & Mandal
Timothy Franklyn has joined Fox & Mandal as deputy managing partner and capital markets head in Bengaluru
Comparison of legal developments in private equity
Explore key trends and challenges in private equity disputes in China and India
Advancements in Capital Markets Law
Discover key advancements in capital markets law in Taiwan and Hong Kong
Baker McKenzie KLP JV adds arbitration veteran in Seoul
Baker McKenzie KLP JV has added arbitration veteran Sean Sung Woo Lim as a partner in Seoul
Trio counsels on USD260m Niva Bupa Health Insurance IPO
Cyril Amarchand Mangaldas, Shardul Amarchand Mangaldas & Co, and White & Case advised on Niva Bupa Health Insurance's IPO
Six firms deliver Swiggy’s USD1.3bn IPO to home market
Swiggy's USD1.35 billion IPO on November 13, 2024, became India's second-largest debut in 2024
Quartet guides on Japanese chipmaker’s USD4.8bn IPO
Top firms, including Anderson Mori, Mori Hamada, Davis Polk, and Simpson Thacher, are advising Kioxia on its USD4.8 billion Tokyo IPO
Khaitan, JSA, Hogan Lovells act on USD515m Waaree Energies IPO
Khaitan & Co, JSA, and Hogan Lovells advised on the USD515 million IPO of Waaree Energies, India’s largest solar module maker
Hyundai Motor India takes on new CLO
Hyundai Motor India has appointed Amitabh Lal Das as Chief Legal Officer to support its growth after a historic IPO
Han Kun NY adds capital markets partner
Han Kun Law Offices has added partner Steve Lin to enhance its capital markets team
Amitabh Das switches gears to Hyundai Motor India
Amitabh Das is the new Chief Legal Officer at Hyundai Motor India, bringing nearly 30 years of experience
Quartet steers USD3.3bn Hyundai India IPO
Shardul Amarchand, Latham & Watkins, White & Case, and Cyril Amarchand advised on Hyundai Motor India’s USD3.3 billion IPO
Quartet acts on landmark USD3.3bn Hyundai India IPO
Hyundai Motor India's $3.3 billion IPO is the largest in India, marking its first listing outside South Korea
Quintet counsels on Horizon Robotics’ HKD5.4bn IPO
Horizon Robotics raised HKD5.4 billion in its IPO, despite past losses
Jingtian & Gongcheng recruits partners in MoFo Asia shake-up
Vivian Yiu joined as a partner, and Huang Ke became a foreign registered lawyer at the same office
Black Sesame debuts in second HK IPO under Chapter 18C
Clifford Chance, Zhong Lun Law Firm, Maples Group, K&L Gates, Wilson Sonsini and JunHe have advised on Black Sesame International’s IPO
Seven firms act on electric vehicle brand Zeekr’s USD441m IPO
Davis Polk, KWM, Ogier, Han Kun, Simpson Thacher, Fangda Partners,and Sidley Austin advise on Zeekr's USD441m NYSE listing
Bonnie Chan takes over as HKEX’s first female CEO
The Hong Kong Stock Exchange’s current co-chief operating officer Bonnie Chan will replace chief executive Nicolas Aguzin, becoming the first female CEO of the HKEX
Stellantis acquires 20% stake in Leapmotor for EUR1.5bn
Maserati’s holding company Stellantis has acquired a 20% stake in new-energy carmaker Leapmotor for USD1.6 billion
Seven firms advise on Samhi Hotels’ USD164m IPO
Seven law firms assisted various parties involved in the Samhi Hotels IPO on the NSE and BSE, raising USD164 million for the Indian hospitality giant
Tiantu debuts as first Chinese PE/VC firm to list on HKEX
O’Melveny, Grandall, Carey Olsen, HSF and Jia Yuan assisted Tiantu Capital in completing its USD144 million IPO on HKEX, making it the first mainland PE/VC company to list in the city
Four law firms act on ImmuneOnco IPO, HK’s first since July
Four law firms have facilitated ImmuneOnco Biopharmaceuticals’ USD40.7 million IPO on the HKEX, breaking a 50-day hiatus in listings on the Hong Kong bourse
VinFast paves way for Viet listings in US
Vietnamese law firm YKVN and international counterpart Latham & Watkins have assisted carmaker VinFast in a merger and Nasdaq listing
SAM advises drone company ideaForge on USD68.1m IPO on NSE, BSE
SAM guided ideaForge Technology in its groundbreaking IPO, paving the way for India's drone manufacturing industry
Huaqin Technology raises USD811.56m on SSE listing
Zhong Lun Law Firm and Haiwen & Partners advised on Huaqin Technology’s IPO on the SSE, raising USD811.56 million from listing 724.25 million A shares
Hua Hong raises RMB21.2bn in Star Market’s largest IPO this year
Llinks, Herbert Smith Freehills and AllBright have advised Hua Hong Semiconductor’s USD 2.95 billion IPO on the Star Market, making it the largest A-share listing to date this year
Keep overcomes data scrutiny to successfully list in Hong Kong
Six law firms acted on Keep’s HKD313 million (USD40 million) IPO, marking the Chinese online fitness platform’s success
Five law firms advise on Atour’s USD98m secondary ADS offering
Five law firms advised on a secondary offering of American depository shares (ADS) of hotel chain Atour Lifestyle Holdings worth USD98 million
Queries arise over intermediaries after Star Market’s first delistings
The first compulsory delisting of stocks due to fraudulent IPOs and disclosure violations on the Star Market in Shanghai raises questions on the intermediaries’ role as capital markets gatekeepers
Carey Olsen, Zhong Lun in Smarter Micro’s STAR Market IPO
China’s Zhong Lun Law Firm and Carey Olsen advised Chinese chip design company Smarter Micro’s IPO on the Shanghai Stock Exchange STAR Market on 16 May, raising RMB1.5 billion (USD22.16 million)
Cooley revamps leadership, refocuses practices
Cooley has revamped its Asian leadership, appointing its first partners in charge of the Hong Kong and Beijing offices, and resolving the succession of Christina Zhang, head of the Shanghai branch for more than a decade
Force of nature
With rapidly escalating ESG awareness and evolving policies, China is embracing a robust wave of green investment
Nexchip taps KWM and Haiwen on RMB9.96bn Star Market IPO
King & Wood Mallesons (KWM) and Haiwen & Partners acted on Nexchip Semiconductor Corporation’s USD1.44 billion IPO on the Star Market, the largest A-sh are listing to date this year
Luzhu Biotechnology launches HKD341m IPO via chapter 18A
Luzhu Biotechnology debuted on the HKEX through chapter 18A, the first biotech company without any revenue or profits to be listed this year, raising USD43.45 million
China’s first 10 registration-based IPOs and legal counsel
The debut of 10 companies on the main boards on the SSE and SZSE kicked off a registration-based IPO system in China on 10 April
Blue ocean tides
With the advantages brought by the Third Circuit Court waning, Jiangsu law firms are seeking new avenues to maintain a market position in line with the province’s economic dominance
Deal highlights
Notable IPOs, De-SPAC, bond issuance, joint venture, license agreement, and loans in March and their legal advisors
On the money
As part of our annual exploration of billing rates, we decided to begin analysing specific sectors for an insight into how fee practices vary
Han Kun adds Tian Yuan’s SH managing partner to boost capital markets
Tian Yuan Law Firm’s Shanghai-based managing partner Xu Ping has moved to Han Kun Law Offices to strengthen the latter’s capital markets capability
Trilegal advises on IPO of India’s largest wine producer Sula
Trilegal advised on the initial public offering (IPO) of Sula Vineyards, India’s largest wine producer, which debuted on India’s stock market on 22 December 2022
Paul Hastings hires Sidley Austin corporate partner in Hong Kong
Steven Hsu, a former corporate partner at Sidley Austin, has joined Paul Hastings as a Hong Kong-based partner to expand its capital markets practice
3D Medicines taps Han Kun for IP advice in Hong Kong IPO
3D Medicines, an oncology medical research and development company, tapped Han Kun Law Firm’s intellectual property services during preparations for its HKD430 million Hong Kong IPO, to protect multiple patented drugs
Stock regulator sets norms for submitting confidential DRHPS
The Securities and Exchange Board of India (SEBI) has introduced pre-filing or confidential filing or the draft red herring prospectus (DRHP) by companies planning to go public
Law firm quartet advises Gaush Meditech’s Hong Kong listing
Gaush Meditech, the fourth largest ophthalmic medical device company in China, raised HKD672 million (USD86.34 million) in its Hong Kong listing, offering a total of 13.06 million shares at HKD51.4 per share
Trilegal advises Keystone Realtors on USD76.3m IPO
Trilegal has advised Keystone Realtors, promoters of Mumbai-based real estate business Rustomjee, on its INR6.3 billion (USD76.3 million) IPO
IPO disclosure norms modified
The SEBI in its board meeting on 30 September announced a number of modifications to various laws, which included stricter disclosure rules for initial public offerings (IPOs)
Nickel trader Lygend raises HKD3.67bn in IPO to fund projects
Leading nickel producer and trader Lygend Resources & Technology sold its shares at HKD15.8 apiece to raise HKD3.67 billion (USD470 million) in a Hong Kong IPO
Trilegal advises Harsha Engineers on INR7.5bn IPO
Trilegal advised Harsha Engineers International on the company’s INR7.55 billion (USD92.86 million) IPO of INR4.55 billion worth of new shares and shareholders selling INR3 billion in stock
GreatStar shines on the SIX continuing Swiss listings trend
Hand tools manufacturer GreatStar Industrial began selling its global depository receipts (GDR) on the SIX Swiss Exchange after raising USD155 million on its IPO
Sunwoda Electronic eyes European capital via Swiss GDR listing
Linklaters, Shu Jin Law Firm, Niederer Kraft Frey, Jingtian & Gongcheng and Freshfields assisted parties in lithium battery maker Sunwoda Electronic, raising USD440 million on its global depository receipts (GDR) listing in Switzerland
AIM Vaccine taps S&C and Jingtian on HKD156m listing on HKEX
China’s biggest privately owned vaccine group AIM Vaccine enlisted legal advice from Sullivan & Cromwell (S&C) and Jingtian & Gongcheng for its debut on the HKEX
DSK, Bharucha and Duane Morris advisers for DreamFolks IPO in India
Bharucha & Partners, DSK Legal and Duane Morris & Selvam advised parties involved in the IPO of India’s largest airport services aggregator platform DreamFolks
Three law firms advise Tencent Music’s homecoming listing on HKEX
Davis Polk, Han Kun Law Offices and Maples Group advised NYSE-listed Tencent Music Entertainment Group’s debut on the HKEX in a secondary listing by introduction
CTG Duty Free raises HKD16bn in Hong Kong
China Tourism Group Duty Free (CTG Duty Free), the world’s largest travel retailer, has raised HKD16.24 billion (USD2.07 billion) from its IPO on the HKEX on 25 August
Tencent-backed TV Producer raises HKD420m on HK listing
A Tencent-backed Chinese drama series company, Linmon Media, has raised HKD420 million (USD53.5 million) from its IPO on the HKEX
Avoiding risks to listing success from R&D co-operation
Tech companies must beware of unwanted side effects from these co-operation agreements – ones that may even plague any eventual IPO
Main boards: first choice for large, medium-sized enterprises
Under the current system, the time-honoured main boards are highly recognised by the market and public investors, inclusive with corporate positioning and mature in terms of rules and standards
KE overcomes hurdles to list back in HK
Chinese property platform KE overcame significant hurdles to complete a dual-primary listing via introduction on the HKEX with weighted voting rights (WVR) in the first such so-called “homecoming” debut in Hong Kong
AVIC Chengdu UAS lands on SSE Star Market
Jia Yuan Law Offices advised AVIC Chengdu UAS on an RMB4.37 billion (USD649 million) IPO on the Star Market of the SSE, surpassing the initial target of RMB1.64 billion
Mega Genomics raises HKD215.3m on debut
China’s largest consumer genetic testing platform Mega Genomics raised HKD215.3 million (USD27.6 million) from its IPO on the HKEX
HKEX gong chimes as GoGoX goes public
China’s third largest online logistics platform has debuted on the Hong Kong bourse – a move that summoned the strike of the gong back to the trading floor
NaaS charges into Nasdaq on short-cut
NaaS Technology has been listed on Nasdaq through a merger with US company RISE Education Cayman in a deal that makes NaaS the third China concepts stock to go public in the US this year and the first IPO for an electric-vehicle charging-services provider
Ethics for AI
Tao Fuwu, Chief Legal Officer of Coudwalk Group, one of the “four AI dragons in china”, shares his views on current legal and compliance requirements on AI ethics
L&L runs Venus through IPO tubes amid big investor response
Gujarat-based Venus Pipes & Tubes was advised by L&L Partners in an IPO that received a huge response from retail investors
Microsoft invests USD200m in Udaan
Microsoft Corp invested USD200 million in the business-to-business e-commerce unicorn Udaan for its debt financing round through convertible notes
SEBI to offer ‘pre-filing’ for IPOs
The Securities and Exchange Board of India (SEBI) has proposed to offer companies floating shares to confidentially “pre-file” the offer document with them































































































































