Linklaters has hired a quartet of capital markets lawyers in Hong Kong from Clifford Chance and Sidley Austin as it targets new economy work in the region. 

Partner Christine Xu has joined from Clifford Chance as head of Greater China ECM while Oliver Zhong, who was previously a partner at Sidley Austin, has joined as special senior adviser and new economy team leader for Greater China.

Also moving over from Clifford Chance are ECM counsel Queenie Tong and Samson Chan. 

The hires follow Linklaters cutting 30 lawyers across Hong Kong, Shangahi and Beijing last year amid what is described as a “prolonged downturn” in the China market. 

Sophie Mathur, Linklaters’ Asia head of corporate, said the hires were a testament to the firm's commitment to China. 

“Their experience will enhance our support for corporate, financial institution and private equity clients in corporate and capital markets transactions, alongside complex M&A, takeovers and restructurings involving listed companies,” she added. 

Xu has spent the past five years as a partner at Clifford Chance and specialises in Hong Kong IPOs, pre-IPO investment, post-IPO fund raising, M&A transactions and general compliance work. Her client base is focused on issuers and underwriters in the new economy sectors, including technology, media and consumer as well as healthcare and life sciences. Earlier this year Xu co-led a Clifford Chance team that acted for SciClone Pharmaceuticals in its $1.1bn take-private by PE firm GL Capital, having also advised SciClone on its $280m IPO on the Hong Kong Stock Exchange in 2021. 

Meantime Zhong’s practice covers corporate finance and capital markets transactions, including Hong Kong SAR and US-registered initial public offerings and debt offerings under Rule 144A and Regulation S, with a focus on issuers in the healthcare, consumer, technology and real estate sectors. He has spent the past 14 years at Sidley Austin, where he made partner in 2020. 

Linklaters’ Asia managing partner, William Liu, said Xu and Zhong were “perfectly positioned to guide the next wave of unicorn companies” in China and across Asia. 

“Their induction enriches our equity capital markets prowess and expands our capacity to support clients in complex transactions involving listed companies and potential issuers in Asia,” he added. 

Linklaters also bolstered its China practice last August with the hire of M&A specialist and former Slaughter and May partner Roger Cheng from Hong Kong’s financial regulator, the SFC; just a few days later Clifford Chance announced it had hired leading M&A partner Alex Bidlake away from the firm in Hong Kong. 

Despite the job cuts last year Linklaters has one of the largest legal teams of any international firm in China. According to its website, the current headcount stands at more than 200. 

The vast majority of its China lawyers are based in Hong Kong, which remains the leading Asia hub for international firms despite the imposition by Beijing of a controversial national security law in 2020 which was used to stamp out the pro-democracy movement in the Special Administrative Region.

A number of US law firms have been scaling back their China presence amid challenging market conditions and simmering tensions with the US. Over the past year Morrison Foerster, Sidley Austin, Mayer Brown, Weil and Orrick have closed offices in China, while last summer Dentons broke off from its China arm, Dacheng Law Offices, citing new Chinese government rules on data privacy and cybersecurity.  

The move came shortly after Eversheds Sutherland’s international arm and King & Wood Mallesons’ China business formed an exclusive alliance that saw KWM close its six offices in the UK, Europe and the Middle East. Eversheds portrayed the deal as a practical alternative to having a large presence on the ground in China.