Are Firms Reassessing Their Investments in Hong Kong IPOs?

Last week I pored through 94 listing applications on the Hong Kong Stock Exchange website. I wanted to find out which law firms now have the biggest market share in Hong Kong initial public offerings. My efforts resulted in this article. I wrote a similar story last year.

I’ve had plenty of conversations with firm partners over the past two years, trying to figure out what their capital markets lawyers are busy with these days, given the startling decline in listing activity. After all, when the going was good (think 2020 and early 2021), many firms hastily brought on tons of capital markets lawyers to feed the demand.