Davis Polk partner and co-head of Asia (excluding Japan) Li He discussed the distinct roles of local and global law firms in the Hong Kong IPO market with Law.com International. 

The article notes that international law firms continue to dominate the market for complex, cross-border transactions and sanctions-related mandates, maintaining a lead over local PRC firms.

“IPO transactions are not just drafting documents,” Li explained. “Complex deals require Hong Kong regulatory expertise, mainland regulatory knowledge, and international exposure on tax, sanctions, Investment Company Act, and employment issues. Most PRC firms cannot offer such comprehensive solutions at the same level.”

Li noted that Davis Polk focuses on issuer-side mandates, which generates longer-term relationships and more cross-pollination opportunities between offices and practices. The article highlights that, in 2025, Davis Polk completed 20 IPOs for Chinese issuers across Hong Kong and the U.S., 18 on the issuer side. 

Li also added that the firm often focuses on critical high growth sectors. “We don’t have a crystal ball, but I study the market extremely carefully. In the last six or seven years, we have been focusing on sectors such as healthcare, including drugs, equipment and AI; new drug development and high-end healthcare services; and the new consumer market, meaning consumer companies with innovative brands offerings and distribution methodologies,” he said. 

“Hong Kong IPO Rebound Reveals a New Pecking Order,” Law.com International (February 15, 2026) (subscription required) 

Copy link to share post