Addleshaw Goddard's Hong Kong equity capital markets team (ECM) has capitalised on the surge in liquidity in the Hong Kong initial public offering (IPO) market, to complete its fourth IPO in as many weeks – advising the sponsor, Guotai Junan Capital Limited, and the underwriter, Guotai Junan Securities (Hong Kong) Limited on the top–tier HK$1.2bn (£124m) listing of Nanfang Communication Holdings Limited, a high profile Chinese company in the Telecoms sector, on the Main Board of the Hong Kong Stock Exchange (HKEX).

The IPO is the 4th listing on the HKEX completed by the AG team in December 2016 and the 12th since the team was established in 2014. This most recent listing follows immediately off the back of advising on:

* the HK$130 million (£13.2m) IPO of KNK Holdings Limited on the Growth Enterprise Market (GEM) Board of the HKEX (the team advised Ample Capital Limited (sponsor), and the underwriters (including Ample Orient Capital Limited and Convoy Investment Services Limited));
* the HK$600 million (£61m) IPO of Progressive Path Group Holdings Limited on the Main Board of the HKEX (the team advised sponsor Ample Capital Limited and the underwriters, Ample Orient Capital Limited and Sorrento Securities Limited));
* the HK$415 million (£42.2m) IPO of CMON Limited on the GEM Board of the HKEX (the team advised China Glaxy International Securities (Hong Kong) Co., Limited (sponsor), and the underwriter, Koala Securities Limited)).

Despite concern over the downward pressure on the Chinese economy at the beginning of 2016, the AG team managed to advise on 7 IPOs since the start of the year including, altogether, K. H. Group Holdings Limited, Worldgate Global Logistics Ltd, Ever Harvest Group Holdings Limited, CMON Limited, Progressive Path Group Holdings Limited, KNK Holdings Limited and Nanfang Communication Holdings Limited.

Since AG's Hong Kong office opened in 2013, the firm has quickly developed a 20 plus strong IPO team which is one the market leaders. The team involved in the transactions was led by corporate finance partner Daniel Wan, who commented: "Hong Kong has cemented itself as the preferred place for Asian companies listing and in 2016 has this been buoyed by the Financial Services sector to a great extent. However we are seeing the Hong Kong IPO attract other, more diverse, sectors in Telecoms, Gaming and Construction and Engineering which is truly positioning Hong Kong as a world player on the IPO stage. We are delighted to have played a part in advising our sponsor and underwriter clients in contributing to this success."