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In February 2011, Cleary Gottlieb Steen & Hamilton added to the range of services it can offer to clients with the addition of its Hong Kong law practice and experienced partner Freeman Chan from Norton Rose.

Recently the team advised underwriters Morgan Stanley and Citi in the offering of Rmb1.2 billion ($186 million) in $-settled 10% senior notes due 2014 by LDK Solar. The transaction represents the first high-yield bond offering and the first Rmb-denominated bond issuance by a company in China's solar energy sector.

Clients seem enthused by the firm's recent addition of a Hong Kong law practice. "The firm was always good, but they're changing for the better," says one client. "I think that the Hong Kong law practice is really going to make them stronger."

This has been a year of new additions for Cleary Gottlieb Steen & Hamilton, with veteran partner Freeman Chan joining Cleary from Norton Rose and establishing the firm's Hong Kong law practice. Cleary is one among a number of US firms to set up a local practice this year, with the likes of Sullivan & Cromwell also taking the plunge. In addition, Li Li joined the firm as partner and Cleary's new Beijing Office Director.

The M&A team has been involved in many key transactions this past year, including continuing to advise a China Conglomerate on its proposed acquisition of a major real estate/hotel resort development in Southeast Asia. Partner Mike Preston also represented Shandong Iron & Steel Group in its proposed $1.5 billion Investment in African Minerals (a London-listed company), as well as an associated iron-ore off take agreement.

Partners Mike Preston and Sang Jin Han have also advised buyer consortium made up of existing shareholders in connection with the recently announced "going-private" proposal submitted to the board of directors of Funtalk China Holdings. Funtalk is a retailer and distributor of wireless communications devices, content and accessories in 30 provinces across China.

Cleary's launch of its Hong Kong law practice in February 2011 looks to offer clients an expanded service and build on the strength of the firm's private equity practice. Freeman Chan joined as a partner from Norton Rose, where he previously led the China corporate finance practice. Partner Christof von Dryander also joined Cleary in February, and brings nearly 20 years of experience in Europe to help the firm assist with European clients looking to invest in the China market, and vice versa. Finally, partner Li Li also joined the firm as Beijing Office Director, and M&A and private equity lawyers Mike Preston was recently promoted to partner.

"Cleary is almost an in-house with TPG," says one client and the firm acted on a number of mandates for the company last year. In December 2010, partners Clayton Johnson and Mike Preston represented TPG in its equity investment in China International Capital Corporation (CICC). TPG purchased its equity stake from Morgan Stanley – which was one of the founding CICC shareholders – in the sale by Morgan Stanley of its entire 34.3% equity stake in CICC to TPG, KKR, Government of Singapore Investment Corporation and The Great Eastern Life Assurance Company.

Cleary also represented London-listed African Minerals in connection with a proposed $1.5 billion equity investment by Shanding Iron Steel Group. In addition, Cleary is advising African Minerals on an iron ore offtake agreement between both companies.

In February 2011, Cleary Gottlieb Stein & Hamilton added to the range of services it can offer to clients with the addition of its Hong Kong law practice and experienced partner Freeman Chan from Norton Rose. The Hong Kong law practice will likely increase the firm's future standing in equity capital markets clients for offering. Already known as a high-quality debt capital markets shop, clients will now be able to come to Cleary for equity deals where the firm does not have to partner with a local Hong Kong firm. Cleary is a firm to watch as it now competes on a level playing field with other US firms who have acquired Hong Kong law capacity. One client says: "We've used Cleary before, and our experiences were better after the addition of their new partner [Chan]."

In December 2010, partner Megan Tang led Cleary's team in advising the world's largest ore miner Vale in its Hong Kong Stock Exchange listing. Cleary seems to have a special niche in representing clients in natural resources, energy and technology-related listings.

Cleary's addition of a Hong Kong law practice this year will surely expand its already robust offerings to clients in the debt capital markets arena. The firm currently has a record of strong mandates for convertible bond offerings and high-yield work, and has also pushed through some seminal transactions in Hong Kong's emerging Rmb bond market.

In one strong mandate in the high-yield area, Cleary advised Morgan Stanley and Citi as the underwriters in the offering of Rmb1.2 billion ($186 million) $-settled 10% senior notes due 2014 by LDK Solar. The transaction was the first high-yield bond offering and the first Rmb-denominated issuance by a Chinese solar energy company. LDK has a long-term relationship with the firm, as Cleary also advised LDK Solar on a convertible notes issuance in 2008.

Cleary's Hong Kong partners were also part of a multi-jurisdictional team that advised Russian VTB Bank on its first Rmb-bond offering in December 2010. Cleary represented VTB Bank in its issuance of Rmb1 billion worth of three-year bonds. The transaction represents the first time a Russian borrower and emerging markets issuer outside of China has issued bonds in the Chinese currency.

The firm also has strong relationships with many issuers in the developing Philippines market, and has advised on sovereign debt and bank notes offerings.

Not to be outdone by their immediate peers in the market, Cleary Gottlieb has added a Hong Kong law practice to its client offerings this year. Experienced partner Freeman Chan joins Cleary from Norton Rose, and has already begun carving out a presence for the firm in Hong Kong law-related work. Mike Preston also became a partner this year, and he brings his experience with cross-border private equity and M&A work to the firm's strong roster of partners.

Perhaps as a result of the firm's recent growth, many partners in the Hong Kong market have advocated for Cleary to come up in the rankings this year. "Cleary is really getting stronger in the market with the addition of its Hong Kong law practice," says a partner at a rival firm, "they've really got a growing presence. Their cross-border Korean practice is also particularly strong."

Cleary's M&A team recently represented Hong Kong-based ASM Pacific Technology (ASMPT) on its acquisition from Siemens of Siemens Electronic Assembly Systems (SEAS). This was a major acquisition for Hong Kong listed ASMPT, as SEAS is one of the world's largest producers of chip bonding equipment and assembly.

In 2010, the M&A team also advised Hainan Airlines in its Rmb1.87 billion ($292 million) acquisition of a 95% share of Titan Quanzhou Shipyard, a subsidiary of Titan Petrochemicals Group listed on the Hong Kong Stock Exchange.

Cleary launched a local Hong Kong law practice in February 2011, brining it in line with a number of US peers. The new local team is boosted by former Norton Rose partner Freeman Chan who is already making an impact: "I've really noticed a difference since Freeman joined," says one client, "it has already brought the firm to another level."

Christof von Dryander has also been hired to enhance the firm's connections to European investors looking to enter the Chinese market.

Cleary's private equity practice is particularly well positioned in assisting companies and private equity houses in potential "go-private" transactions, for which there looks to be a growing demand in the months to come, in one such deal, the firm represented the buyer consortium made up of existing shareholders in relation to the go-private proposal submitted to the board of directors of Funtalk China Holdings.

Another highlight saw the firm represent TPG in its equity acquisition in China International Capital from Morgan Stanley. This was part of Morgan Stanley wider 34.3% equity divestiture in CICC to, alongside TPG, KKR, the Government of Singapore Investment Corporation and The Great Eastern Life Assurance Company.

Cleary Gottlieb Steen & Hamilton continues to provide high quality service to companies in India. Some of the more notable clients include Reliance ADA and Tata. The India practice team remains focused on ensuring quality in transactions, rather than getting involved in every single deal in the market. Thus the work from the firm has remained consistent, and the team is never overstretched.

In June 2010, the firm advised Citigroup Global Markets India, who acted as underwriter in the $211 million Rule 144A/Reg S block trade by Rabobank of shares in Yes Bank.

"Of all the non-Korean firms, Cleary Gottlieb probably has the number one corporate practice," one practitioner says.

Cleary is one of the only overseas firms with a dedicated Korea group. It has 15 Korean-speaking attorneys located in Hong Kong, led by partners Jinduk Han, Yong G Lee, S K Kang and Sang Jin Han.

It specialises in complex capital markets and securitisation transactions. For example, Han served as transaction counsel when Korea National Oil Corporation (KNOC) offered $700 million 2.875% notes due 2015. The offering was a takedown from its $4 billion Global MTN Programme, which was established in September 2010 and is listed on the Singapore Stock Exchange.