Latham & Watkins and Clifford Chance (CC) have advised on Everbright Securities' $1.03bn (£788.5m) Hong Kong initial public offering (IPO).

Latham advised on the listing with a team led by Hong Kong corporate chair and head of the firm's Greater China practice, Cathy Yeung, corporate partner Eugene Lee and capital markets partner William Woo. King & Wood Mallesons handled PRC law advice on the listing.

Everbright is one of the largest securities brokerage by assets in China and is controlled by state-owned financial conglomerate, China Everbright Group. The offering is a total of 680,000,000 shares priced at HK$12.68 (£1.25).

Yeung said: "Everbright Securities is a well known Chinese brand and is already highly valued on the Shanghai Stock Exchange. Its debut on the main board of Hong Kong's Stock Exchange is a major event."

CC is acting for the underwriters, which include UBS and Merrill Lynch, with a team led by Beijing corporate partner Tim Wang, Hong Kong M&A partner Virginia Lee and capital markets partner Jean Thio, who advised on the US aspects of the deal. Shanghai-based Grandall Law Firm is advising the underwriters on the PRC aspects of the deal.

Last month a CC team, led by Wang, advised on advised on China Development Bank Financial Leasing's $800m (£605m) Hong Kong flotation alongside Davis Polk & Wardwell. 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.

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.