Asialaw Profiles
The Guide to the legal markets of the Asia-Pacific

Davis Polk’s robust US and English law practices have continued to be an asset to clients. And in the last year, the firm added a Hong Kong law practice with the addition of partners Bonnie Chan, Antony Dapiran and Paul Chow – with the latter two from Freshfields and Linklaters, respectively. One partner at a rival firm notes: “Davis Polk is really investing in its practice. It was already top when it comes to US IPOs, but it really seems committed to developing its Hong Kong law practice so it can compete on all fronts.”

Davis Polk’s capital markets team worked on several important equity deals this year, including kicking off their Hong Kong law practice with the Agricultural Bank of China and AIA IPOs. These were ranked as the world’s second and fourth largest IPOs in 2010, respectively. The capital markets team also advised China Merchants Bank on its US$3.2 billion rights offering in the US, and also completed a number of NYSE and Nasdaq IPOs.

Davis Polk & Wardwell’s Greater China team in Hong Kong has recently been joined by partners Bonnie Chan, Paul Chow and Antony Dapiran. Their additions have created a Hong Kong law practice, which extends the range of capabilities the firm can now offer clients.

One client describes its positive impression of working with the firm: “We have good, long-term relationships with key partners at Davis Polk, including Howard Zhang. The firm’s offices in different continents work together well, and we received very good support from its US offices on complicated US-related issues.”

This past year, Davis Polk worked extensively with Warburg Pincus on a number of inbound transactions. The firm also advised China Investment Corporation on various outbound work.

Over the last year, Davis Polk has augmented its leading US and UK capital markets practices with the addition of a Hong Kong law practice and several leading partners. These include Bonnie Chan, Antony Dapiran and Paul Chow.

One partner at a rival firm says: “Davis Polk is really a firm to watch. It is leading the trend in Hong Kong of US firms coming and establishing a serious presence in the market and shifting the major capital markets work away from the traditional magic circle firms.”

With the debut of the firm’s Hong Kong law practice, Davis Polk’s capital markets partners recently advised underwriters Morgan Stanley, HSBC and Standard Chartered Bank on the US$142 million Hong Kong IPO of China Flooring Holding.

The firm also worked on several other high profile IPOs this past year, including those of Agricultural Bank of China and AIA.

Davis Polk & Wardwell’s M&A practice has a strong pipeline of mandates derived from its relationships with leading private equity clients and international corporations. The firm also has a great reputation advising Chinese companies on outbound work.

One client says: “The firm’s quality is quite good. It is very familiar with US securities law, especially sensitive issues, and it takes a thoughtful view. The firm is very aware of clients’ considerations and concerns and take this into account. It gives you advice, and you then don’t need to go back and check on the law.”

Davis Polk’s capital markets team recently represented Stable Investment Capital and CITIC Capital in relation to their acquisition of a stake in China Lumena New Materials.

The capital markets practice at Davis Polk & Wardwell has never fallen short of praise, and the same holds true of leading partner Eugene Gregor. “He’s definitely one of the most respected US securities lawyers in the region. When he weighs in, both the client and the other side defer because he’s so knowledgeable and experienced and definitely someone people are eager to hire,” says a client. Theodore Paradise is another prominent name in the firm.

Demonstrating Davis Polk’s grasp on complex transactions, Gregor and his team advised a group of investment banks as representatives of the initial purchasers in the high yield debt offering by eAccess in April 2011. This was the first high yield debt offering for Japan in five years and the first ever to be offered on a global basis under Rule 144A and Regulation S. As such, it tested a lot of legal boundaries.

Described by one client as “uniformly solid across products” and “one of the most consistently outstanding firms in the region”, Davis Polk & Wardwell’s M&A work has received as many plaudits as its securities practice. In particular, clients appreciate the level of involvement of the partners and the “very deep bench of partners and associates” that produces an excellent work product all of the time. Partner Eugene Gregor and Theodore Paradise are both well respected figures. “Gregor is really smart,” says one client. “He is very good at having a functional way of thinking. He is very capable of finding out the actual solutions to legal issues.”

In a recent deal highlight, Paradise led a team for Chuo Mitsui Trust Holdings (CMTH), the sixth largest banking group by assets in Japan, on its management integration with Sumitomo Trust & Banking for an initial market capitalisation of US$14.7 billion. This created Japan’s fifth largest banking group and CMTH became a US bank holding company as a result of the deal.

Davis Polk & Wardwell’s highly successful capital markets and M&A practices in Japan mean that the firm often gets involved in deals in the TMT sector. One highlight transaction over the past 12 months was its representation of several financial institutions as representatives of the initial purchasers in the high yield note offering of eAccess. This was the first high yield debt offering on a global basis in Japan.