Cooley, Palo Alto CaliforniaCooley Expands Hong Kong Office With Second Partner Hire
Sidley Austin counsel Michael Yu is set to join the firm.
May 06, 2019 at 09:07 AM
3 minute read
Cooley has recruited a second partner in Hong Kong as the firm expands its China capital markets practice.
Sidley Austin counsel Michael Yu will soon join the newly launched office. Hong Kong-qualified Yu advises on Chinese companies' Hong Kong listings and related transactions. Last year, he worked on Sidley's representation of Chinese maternity and child social media operator BabyTree Group's $218 million initial public offering.
Before joining Sidley as counsel in early 2018, Yu practised with Davis Polk & Wardwell in Hong Kong for four years. Earlier in his career, he was an associate with Clifford Chance in Hong Kong.
Cooley opened a Hong Kong office in March with former Skadden, Arps, Slate, Meagher & Flom partner Will Cai. Cai, who now heads Cooley's Asia capital markets practice, also launched Hong Kong law firm Cai, Lee & Partner with Shanghai partner Pang Lee. Cooley operates in association with Cai, Lee & Partner in Hong Kong.
In a statement commenting on the Hong Kong office launch, Cooley chief executive Joe Conroy said Cai's U.S. and Hong Kong capital markets experience help extends the firm's ability to support global clients in Asia.
"Given our proven success in capital markets in the United States, Asia and around the world, a physical presence in this leading centre for finance and innovation is a fundamental next step in our global growth strategy," Conroy said in March.
Both Cai and Yu are native Mandarin speakers.
In addition to Hong Kong, Cooley also has two mainland China offices – in Beijing and Shanghai – that focus on venture capital, emerging companies and life sciences work.
Palo Alto-based Cooley is entering Hong Kong at a time when the competition dynamics are changing in the IPO practice space. Traditionally strong U.S. players such as Shearman & Sterling and Paul Hastings have been hit by significant departures and are deemphasizing their dependence on a Hong Kong capital markets practice. Meanwhile, Chinese firms are moving fast to capture market share in mid-sized deals.
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