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

Deacons has a strategic position in Hong Kong through advising local Hong Kong and Chinese companies on Hong Kong listings.

Recently, partner Ronny Chow advised BNP Paribas Capital (Asia Pacific) and other underwriters in connection with the listing of Huiyin on the Hong Kong Stock Exchange listing of Huiyin Household Appliances (Holdings). Chow also led a Deacons team that advised on the global offering and SEHK main board listing of O-Net Communications (Group).

Deacons differentiates itself in the market by being both the largest independent firm in Hong Kong and having a large team dedicated solely to Hong Kong regulatory issues. The firm's practice goes beyond just banking regulatory issues to advise clients on financial issues like listing rules, takeover codes and insurance fund authorisation.

Deacons local Hong Kong practice also allows it to deal with cases on matters like insider dealing and market misconduct within the Hong Kong court system. The team also advises on Hong Kong's Disclosure of Interests in Securities regime, where William Mackesy is a market expert and author.

The firm recently advised a former managing director of a major investment bank in a substantial insider dealing criminal case which the press dubbed: 'Hong Kong's highest profile insider trading trial'. The firm also represented that client in civil proceedings brought by the Securities and Futures Commission. In the proceedings, Deacons were able to successfully persuade the Court to release substantial funds from a freezing order. The case is ongoing, and seminal questions of securities law may be established as it is worked out in Hong Kong courts.

Deacons' corporate finance practice has strong relationships with local Hong Kong companies and is often engaged by international firms to serve as Hong Kong counsel for their international clients. Partner Ronny Chow heads the Hong Kong M&A practice.

Recently, Alexander Que advised Nasdaq-listed printed circuit board manufacturer TTM on its HK$4 billion ($513 million) acquisition of the printed circuit board business of Hong Kong listed Meadville. The transaction represented the first time that shares of a US listed company have been used as consideration in a public, Hong Kong M&A transaction.

Deacons' Financial Services group advises on the range of funds, from hedge to retail and private equity fund formation. The firm is best known, however, for its top public and retail funds practice, which includes work relating to China and the larger Southeast Asia region. As a partner at a rival firm puts it: "Deacons is really at the top of the retail funds market in Hong Kong. Deacons is really a go-to firm for this type of fund formation. They have a really strong history of advising on these in the Hong Kong market." In fact, the Deacons team's deal list shows a number of "firsts" for Hong Kong's retail market this year.

Partner Susan Gordon recently advised on the first Hong Kong authorisation of a Malaysian Islamic fund. The fund's development came as a result of the November 2009 signing of a Declaration on Mutual Cooperation on Development of Islamic Capital Market and Islamic Collective Investment Schemes by the SFC and the Securities Commission of Malaysia.

A Deacons team led by partner Taylor Hui also recently represented Aviva, the world's fifth-largest insurance group, on the establishment of a fund management joint venture in China. Deacons also advised on the authorisation of the world's first ever Rmb-denominated fund outside mainland China.

Deacons has earned mandates on major restructurings and insolvencies within Hong Kong, with a history of acting for large European and Asian banks, Asian debtors, overseas law firms and local insolvency practitioners.

Recently, Deacons acted for some of the main creditors in relation to the insolvency of various Asia Aluminium entities. Deacons' restructuring and insolvency lawyers were involved in matters in connection with the purchase out of liquidation, debt, equity, trade finance, credit insurance, security and the scheme of arrangement.