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Paul Chow
Partner

Mr. Chow is a partner in Davis Polk’s Corporate Department, resident in Hong Kong. He advises on a range of public and private M&A transactions, cross-border and strategic investment transactions and a number of privatizations and takeovers in Hong Kong. His clients have included PRC state-owned and private enterprises, Hong Kong-listed companies and international corporates, sovereign wealth funds and private equity and buyout funds. He has also advised investment banks and issuers on a large number of equity, equity-linked and debt offerings, including initial public offerings and rights issues.

Work Highlights

M&A

His recent mergers and acquisitions experience includes advising:

  • Tongcheng Network Technology Limited on its proposed combination with China E-dragon Holdings Limited
  • China Vanke Co. on its participation in the $11.6 billion consortium acquisition of Global Logistics Properties Ltd. 
  • Intime Retail (Group) Company Limited (Intime) on its $2.55 billion privatization. He also advised Intime in connection with the strategic investment by Alibaba Group in 2014

  • China Lodging Group on its $531 million acquisition of Crystal Orange Hotel Holdings Limited
  • Aluminum Corporation of China Limited on its $326 million proposed privatization of Chinalco Mining Corporation International
  • Joy City Property Limited on its disposal of a 49% shareholding in six mixed-use complex property projects in the PRC to subsidiaries of China Life Insurance Company Limited and GIC (Realty) Private Limited
  • Fujian Thai Hot Investment Co. Ltd. on its acquisition of Dah Sing Life Assurance Company Limited, Dah Sing Insurance Services Limited and Macau Life Insurance Company Limited from Dah Sing Financial Holdings Limited and Macau Insurance Company
  • Li & Fung Limited on its divestment of its Asia consumer and health care distribution businesses
  • China Resources Beer (Holdings) Company Limited on its acquisition of a 49% interest in China Resources Snow Breweries Limited
  • Kerry Media Limited on its sale of its controlling stake in Armada Holdings Limited
  • China Yongda Automobiles Services Holdings Limited on its proposed spinoff of its major subsidiary
  • UCAR Technology Inc. on its acquisition of a substantial stake in CAR Inc.
  • Delta Air Lines, Inc. on its strategic investment in China Eastern Airlines Corporation Limited
  • Greenland Financial Overseas Investment Group Co., on its strategic investment in Broad Greenstate International Company Limited
  • Beijing iRENA Culture Co., Ltd. on its acquisition of a substantial stake in Ourgame International Holdings Limited
  • Ontario Teachers’ Pension Plan on its investment in Sinopec Marketing Company Limited
  • Tencent Holdings Ltd.’s:
    • Strategic partnership with JD.com, Inc.
    • Strategic investment with Evergrande Real Estate Group Limited in Mascotte Holdings Limited
  • China Huiyuan Juice Holdings Co., Ltd. on its $632 million sale of upstream business to China Huiyuan Juice Group Limited
Capital Markets

His recent capital markets experience includes advising:

Equity

  • China Everbright Greentech Limited on its $390.2 million Hong Kong IPO and global offering
  • China Resources Beer (Holdings) Company Limited on its $1.2 billion rights offering
  • Orient Securities Company Limited on its $876 million Hong Kong IPO and global offering
  • The sole sponsor on the spinoff and listing on the Hong Kong Stock Exchange of Chia Tai Enterprises International Limited
  • The underwriters on the $294 million Hong Kong IPO and global offering by AAG Energy Holdings Limited
  • Kerry Logistics Network Limited on its spinoff from Kerry Properties Limited, and its subsequent $282 million Hong Kong IPO and global offering
  • Mongolian Mining Corporation on its $201 million global rights offering of H shares
  • The underwriters on the $473 million rights offering by China Communications Services Corporation Limited
  • Industrial and Commercial Bank of China Limited on its $5.7 billion concurrent A and H share rights issue

Debt

  • Tencent on its $5 billion notes offering
  • Hilong Holding on its $60 million high-yield senior notes offering
  • China Reinsurance (Group) Corporation on its $800 million notes offering
  • Overseas Forestry Company Limited on its $205 million Regulation S  senior perpetual securities offering
  • China Cinda Asset Management Co., Ltd.  on its $3 billion and $230 million Regulation S notes offering as well as its $1.5 billion 144A/Regulation S guaranteed senior notes offering
  • The underwriters on a $800 million Regulation S senior notes offering by COFCO Land Holdings Limited
  • CITIC Securities Company Limited on its $3 billion MTN program establishment as well as a $650 million Regulation S notes offering
  • Greenland Hong Kong Holdings Limited’s:
    • $500 million notes offering and subsequent $2 billion MTN program
    • $450 million notes offering and $120 million issue of senior perpetual capital securities
    • $1 billion Regulation S bonds offering
    • RMB1.5 billion bonds offering 
  • China Yongda Automobiles Services Holdings Limited on its RMB1 billion Regulation S credit enhanced convertible bonds offering
  • China Vanke Co., Ltd. on its $2 billion MTN program and subsequent $400 million issue of guaranteed notes offering
  • Bestgain Real Estate Lyra Limited, a wholly owned subsidiary of China Vanke Co., Ltd. on its $800 million Regulation S guaranteed bonds offering
  • Poly Real Estate Finance Ltd. on its $500 million Regulation S bonds offering
  • Tencent Holdings Limited on its $2.5 billion Rule 144A/Regulation S senior notes offering
  • The underwriters on Dongxing Voyage Company Limited’s $300 million guaranteed bonds offering
  • The underwriters on China Orient Asset Management Company Limited’s:
    • $4 billion MTN program establishment and drawdown of $1.65 billion and $650 million Regulation S notes offerings
    • RMB2.5 billion bonds offering
  • The underwriters on a $400 million Regulation S bond offering by ENN Energy Holdings Limited

Recognition

Mr. Chow is consistently recognized as a leading lawyer in various industry publications:

  • IFLR1000 – Capital Markets (Debt): Hong Kong, Leading Individual
  • Chambers Asia-Pacific:
    • Capital Markets (Equity): China, Leading Individual
    • Corporate M&A: Hong Kong-Based (International Firms): China, Leading Individual
  • The Asian Lawyer – “All-Star Lawyer,” Consumer Products and Retail, 2014

Professional History

  • Partner, Davis Polk since 2011
  • Linklaters, 2006-2011
  • Slaughter and May, 2004-2006

    Contact

    • Davis Polk & Wardwell
      Hong Kong Solicitors
      The Hong Kong Club Building
      3A Chater Road, 18/F
      Hong Kong
      P: +852 2533 3318
      F: +852 2533 1718

    Bar Admissions

    • Hong Kong
    • England and Wales
    • State of New York

    Education

    • LL.B., London School of Economics and Political Science, 1994
    • M.Sc., Global Business, The Chinese University of Hong Kong, 2000

    Languages

    • Cantonese
    • English