IFLR 1000
The Guide to the World's Leading Financial Law Firms

Simmons & Simmons debt capital markets team advises on a range of market issues, from "plain vanilla" bonds to complex trades to convertible bonds. The firm's strong presence in the local Hong Kong and Chinese markets also means that it has a robust pipeline of Rmb bond issuances. Simmons & Simmons debt practice includes a range of clients including China's Ministry of Finance, China Power International Development, Bank of China and Bank of East Asia (China).

The team was hit in September 2011 when Sau-Wing Mak moved across to Mallesons Stephen Jaques.

Simmons & Simmons has a strong presence in advising on both institutional and retail structured products across a range of asset classes. The firm has a strong presence in the Hong Kong and China regulatory space and the Hong Kong team also has a solid relationship with the Securities and Futures Commission (SFC), having worked with the organisation in setting precedents for retail notes, listed warrants, callable bull/bear contracts and retail equity-linked investments in the Hong Kong markets.

On the institutional structured products side the Simmons & Simmons team has represented major international investment banks on a large number of transactions, including advising one on a custom structured equity derivative trade and another on a restructuring of a structured derivative in light of a payment default by its counterparty. The group has also advised a number of hedge funds on their primer brokerage and related derivative arrangements.

On the retail structured products side, the team continues to advise leading investment banks on a range of products including equity-linked investment and listed structured products. The firm has also advised a major international banks on asset repackagings for their major Asia desks.

The team also shows expertise in the derivatives market, which has finally really begun to pick up after the financial crisis. Simmons & Simmons' partners advise several major investment banks on OTC derivatives and the growing business of structured repo transactions.

Clients praise the work of Simmons & Simmons Hong Kong partners in the M&A arena. One clients describes a recent experience with the firm by saying, "I thought they were very good. Clearly they know a lot about Chinese law and they're very knowledgeable in the market. They have good commercial sense, even on borderline commercial issues, and their drafting is excellent. Plus, they are nice people. Working with them was one of the best experiences I've had around the world."

Simmons & Simmons continues to have a dominant position in public, exchange-traded funds (ETFs) on the Hong Kong market. The firm has also advised on a number of hedge funds and new types of commoditized funds this past year.

"I have used Simmons & Simmons services in setting up funds for the past seven years," one client tells us, "and my impression is that S&S has quite a good relationship with their clients. Rolfe Hayden is knowledgeable and easy to communicate with, and their accessibility is good-you are able to reach the partner and associate within the same day. They give clear and easy responses to queries, and are able to address our business concerns and provide practical solutions and recommendations."

Simmons & Simmons' clients also praise the firm's strong, established ability in the retail funds arena. "The firm has a very strong level of knowledge and solid expertise in regards to Hong Kong SFC regulations on both licensing and investment products," says one, while another again praises Hayden: "He is very knowledgeable," the client says, "able to understand the client's business needs and provide recommendations. Associates also have good knowledge. They're experienced with the Hong Kong SFC authorisation process, and hence are able to avoid unnecessary delays. They're very efficient and professional."

The funds team recently advised HSBC Investment Funds (Hong Kong) on the formation, SFC authorisation and April 2011 SEHK listing of four Greater China-focused exchanged traded funds. The four ETFs were novel in that they were the first to be initiated by HSBC in Asia and on the SEHK. One of the deal's unique features was that HSBC MSCI Gold Dragon tracks a composite index made up of the MSCI Hong Kong, China and Taiwan indices, thus the first ETF tracks its index by investing in the three other ETFs on the same platform as a feeder fund ETF.

Simmons & Simmons has had a unique joint venture with Japanese firm TMI Associates since 2001, giving the firm strong capabilities in Japan. Its clients include Capcom, Mitsubishi, Dentsu, Mitsubishi UFJ Trust and Banking, Marubeni and Takeda Pharmaceutical Company.

A highlight deal involved I.T. Group's acquisition of Nowhere Co., the company that owns trendy streetwear brand Bathing Ape. Partners Jason Daniel and Masaya Hirano advised Nowhere Co in this transaction, which closed in January 2011.