Global Firms Are Buying Into the Hong Kong IPO Boom, but Caution Is Key
Three years into a surge in Hong Kong IPO listings, global firms including Davis Polk & Wardwell are adding talent again. But is this the right time?
In February, Davis Polk & Wardwell added partner Jason Xu to its Beijing office. A rising star who joined from Freshfields Bruckhaus Deringer, Xu has advised recent Hong Kong listings such as China Resources Mixc’s and Sino-Ocean Service Holding’s initial public offerings. But the significance of his arrival goes beyond his expertise and track record. He’s the first lateral corporate partner to join Davis Polk’s China offices in a decade.
A shift is taking place in the market. The Hong Kong IPO space, where global firms have spent the past few years scaling back, is expanding again. But is this the right time?
One could argue that Davis Polk is simply recovering from some previous losses. After former partner Bonnie Chan returned to the Hong Kong Stock Exchange in early 2020, Yang Chu had been the only lawyer specializing in Hong Kong law transactions at the partner level.
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