One of last week’s most notable deals involved a food pantry, guided by Paul Hastings, getting a $105 million initial public offering on the Hong Kong Stock Exchange. It isn’t a big deal financially, but it’s significant for what it represents — and how alone it is.

Deal activity in that region has been slow in 2023, and law firms, with several downsizing in China and Hong Kong lately, don’t appear to be counting on a sudden big uptick in deal volume.