Clifford Chance and Latham & Watkins took lead roles on Beijing-based securities brokerage house Shenwan Hongyuan Group Co. Ltd.'s $1.16 billion initial public offering in Hong Kong – the biggest listing in Asia so far this year.

Hong Kong's IPO market this year has deflated after a hot year in 2018, which saw 207 listings raise $35 billion – the most since 2010. According to KPMG, there were 36 Hong Kong listings in the first quarter of this year, raising a total of $2.54 billion, down from 62 listings the same quarter last year, which raised a combined $3.11 billion.

Shenwan Hongyuan, which is also listed in Shenzhen, plans to use the proceeds to develop its securities business, fund investments and expansion abroad.

Clifford Chance Hong Kong partners Tim Wang and Fang Liu represented Shenwan Hongyuan. King & Wood Mallesons served as Chinese counsel to the issuer.

Latham & Watkins Hong Kong partners Cathy Yeung and Terris Tang, and Beijing partner Yilong Du, advised Shenwan Hongyuan Capital, Goldman Sachs, ICBC International Capital and ABCI Capital as the joint sponsors. Grandall Law Firm's Shanghai office advised the banks on Chinese law.

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