Sidley Austin has recruited a capital markets partner for its Shanghai office with a hire from Baker & McKenzie, reports The Asian Lawyer.

Anthony Jacobsen, a Hong Kong-qualified partner in Bakers' commercial and securities group in Shanghai, principally advises Chinese companies on Hong Kong law aspects of overseas debt and equity offerings.

In July he acted for Shunfeng Photovoltaic International, a Chinese maker of solar cells, on a $56m (£35m) initial public offering on the Hong Kong Stock Exchange, while in May he was counsel to Beijing-based pharmaceutical company Sinopharm Group on a $438m (£274m) Hong Kong share issue.

Outside of the capital markets arena, in 2009 he advised Shanghai Jin Jiang International Hotels Group on its $307m (£192m) acquisition of US hotels operator Interstate Hotels & Resorts.

With the addition of Jacobsen, Sidley's Shanghai office will have 13 lawyers, three of who are partners. The Chicago-based firm also has offices in Beijing and Hong Kong.

Asian capital markets work has become an increasingly sought-after source of income for international law firms, with many aggressively recruiting in the sector, including Kirkland & Ellis, which this August sealed the eye-catching hire of eight partners from Skadden Arps Slate Meagher & Flom, Latham & Watkins and Allen & Overy.

The Asian Lawyer is a US affiliate title of Legal Week.