Davis Polk & Wardwell and Clifford Chance have both advised on China Development Bank Financial Leasing's (CDB) $800m (£605m) Hong Kong flotation.

The transaction saw the aircraft lessor, which is an arm of China's biggest policy lender, sell 3.1 billion shares at HK$2 each on the Hong Kong exchange.

Clifford Chance advised the company on its offering with a team led by China co-managing partner Tim Wang and capital markets partner Fang Liu.

Wang said: "Our team has advised a wide range of clients on their IPOs over the years and will work hard to maintain our market-leading position despite the recent volatility in the market."

Earlier this year, the magic circle firm advised on the Bank of Tianjin's $991m (£750m) IPO.

CDB turned to Beijing-headquartered DeHeng Law Offices for advice on the Chinese law aspects of the offering, while Dublin-based Matheson advised on Irish law.

Davis Polk represented the underwriters and joint sponsors on the deal, including Deutsche Bank and Bank of America Merrill Lynch.

The firm fielded a team headed by Hong Kong corporate partners Bonnie Chan, Antony Dapiran and Beijing-based corporate partner Li He. The team also included lawyers in Washington DC, London and New York.

Fangda Partners acted as Chinese law counsel to the underwriters and sponsors.

Listings on the Hong Kong Stock Exchange – main board and Growth Enterprise Market – fell 20% in Q1 this year compared to the same period the year before, according to Mergermarket figures. In the first quarter of 2015, there were 24 listings raising $6.3bn and in the first quarter of 2016 that fell to 19 listings raising $3.6bn.

The fall in mandates has prompted firms to review their capital markets strategies in the special administrative region.