Sidley Austin and Cleary Gottlieb Steen & Hamilton advised Russian aluminum maker UC RUSAL on its controversial Hong Kong initial public offering, which made its market debut Wednesday. The RUSAL IPO marks the first time a non-Asian company has chosen to have its primary listing in Hong Kong, with a secondary listing in Paris.

The fully subscribed IPO raised about $2.24 billion before its opening but dropped almost 11 percent in its first day of trading in Hong Kong. Most market watchers blamed the drop on skittishness over tightening Chinese monetary policy.

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