This time last year, the Hong Kong legal scene was abuzz with chatter about the big push into the market being made by Kirkland & Ellis. With its recruitment of an eight-partner “dream team” that included capital markets stars Dominic Tsun from Skadden, Arps, Slate, Meagher & Flom and David Zhang from Latham & Watkins, the Chicago firm cast a bold vote of confidence in Hong Kong, which was cruising toward a third year as the world’s top destination for initial public offerings.
One year later, Hong Kong capital markets are in the midst of a downturn that still shows little sign of lifting. The world leader in IPOs for the past three years, Hong Kong currently ranks eighth in 2012 listings, with $1.4 billion raised through June. That compares to $12 billion during the same period last year.
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