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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

By Elise Donovan, BVI Finance

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

By Hu Zhemin, Joint-Win Partners

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

IP investigations in IPO due diligence

By Zhang Hanguo and Qiao Chuanlin, Grandway Law Offices 

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

India’s distinctive private equity pathway

By Cyril Shroff, Rohan Ghosh Roy and Saloni Shroff, Cyril Amarchand Mangaldas

Advancements in Capital Markets Law

Discover key advancements in capital markets law in Taiwan and Hong Kong

Latest developments in Hong Kong capital markets space

By Stephen Luo and Stella Yeung, Jingtian & Gongcheng

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

Reviewing verifications on overseas securities offerings post-listing

By Liu Zhi, Yang Lin and Wang Jiawei, ETR Law Firm

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

Responding to IPO scrutiny over medical device distribution

By Baker Chen and Fiona Zhu, Llinks Law Offices

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

Making sense of the promoter conundrum

By Abhishek Guha and Jagriti Mohata, Shardul Amarchand Mangaldas & Co.

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

A comparison of capital markets regulations: China

By Zhu Ning, Xu Guangzhe, and Lin Min, Chance Bridge Law Firm

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

Dividing patent applications – a strategic approach

By Manisha Singh and Virender Singh, LexOrbis

Tech companies favoured in issue of DR shares

By Swathi Girimaji and Varsha Singh, Bharucha & Partners

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

Patently obvious that errors can be corrected

By Essenese Obhan and Ayesha Guhathakurta, Obhan & Associates

Startup founders face reclassification dilemma

By Aayush Kapoor, Harjas Singh, and Puja Sondhi, Shardul Amarchand Mangaldas & Co.

Avoiding risks to listing success from R&D co-operation

By Liu Tao and Huang Qingfeng, Commerce & Finance Law Offices

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

By Zhang Liguo, Grandway Law Offices

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

Inheritance by listco shareholders through trusts

By Meng Wenxiang, Shu Weijia, and Hu Bingzhi, Grandway Law Offices

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

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