London-based Stephenson Harwood has bulked up its China practice with the acquisition of Troutman Sanders’ Beijing office, as the U.S. firm winds down its Asian operations.
In January, Troutman Sanders announced it would close its offices in Hong Kong, Beijing and Shanghai.
Partner Allen Shyu leads the 11-fee earner capital markets team that also includes two of counsel. The move is expected to take effect on April 1.
Shyu joined Troutman in 2012 from Orrick, Herrington & Sutcliffe to launch a Beijing office for the Atlanta-based firm, and his practice focuses on the U.S. law aspects of mid-cap equity capital markets offers on the Hong Kong Stock Exchange.
Shyu’s specialty in mid-market deals will add a U.S. securities law offering to Stephenson Harwood’s greater China practice. Last year, the firm recruited corporate partner Jane Ng from Cadwalader, Wickersham & Taft, which also closed offices in Hong Kong and Beijing. Since 2016, the U.K. firm has also had a formal association with Chinese firm Wei Tu, founded by a group of ex-Stephenson Harwood lawyers.
The new team will bring Stephenson Harwood’s Beijing head count to 21. ”This strategic move gives us an opportunity to better serve domestic and international clients conducting business across the region,” said Voon Keat Lai, Stephenson Harwood’s Greater China managing partner. “In particular, Allen’s long track-record in capital markets transactions will bring a new dimension to our capabilities in the region.”
Troutman Sanders said in January when it announced it would close its offices in Hong Kong, Beijing and Shanghai that a strategic review led the firm to conclude that there was little overlap between the China practice’s focus on Hong Kong capital markets work and the rest of the firm’s emphasis on energy, insurance, life science, and finance.
Joseph Evans in London contributed to this story.