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International Edition

Korea leader Kim & Chang set to launch base in Hong Kong

Kim & Chang is in the process of setting up a formal Hong Kong office after receiving a licence to become a foreign registered law firm in the city. The Korean outfit, which previously operated in Hong Kong through a liaison office, will soon become fully established in IFC 1 in Central in the hopes of better servicing its international clientbase. Leading the branch will be US attorney Alex Yang, who was previously a partner at Ernst & Young in Hong Kong and an in house tax specialist at Morgan Stanley. He will be joined by one or two associates as the office grows. "We're setting up the entity now. We've just got the licence from the law society," Yang said. "Our plan is to use this office more as a market intelligence gathering and client servicing base. It will help us service the clients, not just at the local level but at the regional level as well, as most global multinational corporations with operations in Korea have regional headquarters in Hong Kong, and to a certain extent Singapore." He added: "We're not trying to have a huge presence. We are still a Korean law firm servicing Korean clients, although a lot are going out of Korea these days, to China and various countries in the region, so there is a need to service them. There are also more inbound clients." Kim & Chang is currently the biggest law firm in Korea, with over 500 attorneys and a focus on the financial services sector. The firm, whilst still only providing Korean legal counsel, also has a number of US and Australian attorneys to help liaise with and manage its international clientbase. It is among a handful of local firms in Asia which has been able to compete with international law firms on a local level amid the liberalization of the region's legal markets; a trend which has sparked the likes of King & Wood in China to merge with Australia's legacy firm Mallesons. Yang said the firm has no plans to do a merger with an international law firm at this point, but would continue to service its global clients through its affiliations and relationships with outfits in other jurisdictions.
2 minute read

International Edition

Hong Kong's foreign judges in focus amid calls for Chinese nationals

Foreign judges in Hong Kong have come under scrutiny after a mainland China scholar argued that all judges in the region's top court should be local experts. The comments by Tsinghua University professor Cheng Jie, as reported by the South China Morning Post, included the assertion that Hong Kong's Court of Final Appeal was not just a court for Hong Kong but also "a national court", and as such that all judges should be Chinese nationals, or at least have Hong Kong permanent residency.
3 minute read

International Edition

Bakers joins law firm rush into Korea with application for local licence

Baker & McKenzie has become the latest international law firm to apply to open in South Korea following the country's move to liberalise its legal market last year. The US outfit is among a slew of global players eyeing the Asian sovereign state for opportunities, with Nam Hung Paik, an M&A partner in Bakers' corporate practice, appointed to lead the new office upon receiving the necessary approvals.
2 minute read

International Edition

Cleary and A&O among firms advising on Korea cable TV IPO

Cleary Gottlieb Steen & Hamilton and Allen & Overy (A&O) have taken lead roles on South Korean cable television operator CJ HelloVision's KRW293bn (£170m) initial public offering (IPO) - the Korea Exchange's largest listing in almost 18 months. Cleary acted for CJ HelloVision on the international tranche of the listing, with a team of four led by corporate partner Yong Lee in Seoul alongside associates in Hong Kong and New York.
2 minute read

International Edition

BLP adds corporate partner in Hong Kong with O'Melveny hire

Berwin Leighton Paisner (BLP) has added a partner to its Hong Kong base with a corporate hire from US firm O'Melveny & Myers. Mark Chan, who specialises in capital markets and M&A, is joining the office, which opened last summer, alongside senior resident partner David Robins, corporate partner Michael Tam and real estate partner Victoria Gardner.
2 minute read

International Edition

Outsourcer CPA to launch new China and US bases following PE takeover

CPA Global is gearing up to launch new offices in mainland China and the US as part of a rapid expansion plan, following its $1.5bn (£941m) acquisition by private equity house Cinven in March. The legal services outsourcer (LSO) is set to open its first Chinese office in Shenzhen (pictured) in the coming months, with another office launch in Silicon Valley also planned to go live in January.
2 minute read

International Edition

DAC Beachcroft in regional hiring drive as firm plots Asia expansion

DAC Beachcroft is set to recruit around 170 staff for its Birmingham and Newcastle offices, as the fast-growing firm also sets out plans for further international expansion in Asia and Latin America. The firm is taking on extra space in its Birmingham office from 1 December, which will allow it to house an additional 120 non-fee earning staff in its claims solutions group, with the new staff set to take total office headcount to 440.
2 minute read

International Edition

A&O, Norton Rose lead $2bn debt refinancing for Macau casino operator

Allen & Overy (A&O) and Norton Rose have advised on a $2bn (£1.3bn) debt refinancing for MGM China Holdings, the Macau arm of Las Vegas casino operator MGM Resorts International. The refinancing for the company, which owns MGM Grand Paradise in Macau, includes a $550m (£346m) term loan and a revolving credit facility of $1.45bn (£913m). The Cayman islands-incorporated business is now planning to build a new resort in the region.
2 minute read

International Edition

King & Wood Mallesons, Herbert Smith act on key $1.9bn Asia-Pac LNG deal

King & Wood Mallesons and Herbert Smith Freehills have advised on one of the most significant energy investments in Australia by a Chinese company - China National Offshore Oil Corporation's (CNOOC's) acquisition of BG Group's stake in the Australian liquefied natural gas (LNG) project Queensland Curtis. The deal has seen CNOOC agree to acquire a 40% stake in the first production train of the project, in which it already owns a 10% stake, as well as equity in other parts of BG's Queensland interests, for $1.93bn (£1.22bn).
2 minute read

International Edition

Herbert Smith and Slaughters drink to Diageo's £1.2bn India deal

Herbert Smith Freehills and Slaughter and May are advising on British beverage giant Diageo's £1.2bn purchase of a 53.4% stake in Indian drinks company United Spirits. Herbert Smith is acting for United Spirits and parent company United Breweries led by City corporate partners Alan Montgomery and Roddy Martin alongside India practice chairman Chris Parsons.
2 minute read

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