This year, as the Hong Kong Stock Exchange is about to take the top spot as the world’s largest initial public offerings market following a surge of listings, Chinese law firms are ready to take on their global peers in this most contested practice in Asia’s financial capital.

“The Hong Kong IPO market is about to see significant change,” said Fu Siqi, a partner at Beijing-based Tian Yuan Law Firm, who oversees the firm’s Hong Kong practice. “The Chinese firms will take a larger market share, especially in midsize deals.”