Herbert Smith is leading a raft of international firms seizing on the rush of initial public offerings (IPOs) in China and Hong Kong so far this year.

The top 10 London firm is advising on Chinese conglomerate Fosun's HK$11.4bn (£708m) Hong Kong listing, announced this month.

The listing marks the sixth IPO the law firm has advised on in the region so far this year, worth a total value of HK$22.66bn (£1.4bn).

Shanghai partner Gary Lock and Hong Kong partner John Moore spearheaded the Herbert Smith team, which advised on both local and US aspects, while UK rival Slaughter and May advised the underwriters on Hong Kong aspects and Jones Day handled US law.

The robust Asian capital markets performance in 2007 comes off the back of an impressive 2006, which saw Herbert Smith land roles on five of the top 10 Hong Kong and China IPOs. Notably, the firm advised on one of the world's biggest ever flotations when Industrial and Commercial Bank of China's (ICBC's) dual listing in Hong Kong and Shanghai, which valued the bank at $21.96bn (£10.8bn).

Other notable floats in the region this year include the Bank of Beijing's listing, thought to be worth around $1bn (£486m), with DLA Piper and Freshfields Bruckhaus Deringer advising on Hong Kong issues for the issuer and underwriters respectively.

So far in 2007, listings on the Hong Kong and Chinese stock exchanges are up in value and volume compared with the same period last year. There have been 83 IPOs valued at $24.9bn (£12.1bn) compared with 42 in 2006, which grossed $18.8bn (£9.2bn), according to Thomson Financial.

Herbert Smith's Lock commented: "Last year, Hong Kong's IPO market was largely dominated by multibillion-dollar listings of state-owned companies such as ICBC. This year, we are witnessing a shift in the market – with medium-sized private companies grabbing the spotlight. The listing of Fosun is a good example of this trend and one that is likely to continue as the mainland market continues to mature."