Clifford Chance has advised the underwriters on China Railway Signal & Communication Corporation Limited's (CRSC) US$1.4 billion initial public offering, the fourth largest IPO in Hong Kong this year. The underwriters were Citigroup, Morgan Stanley, UBS Securities, Macquarie Capital, BOC International, Goldman Sachs, China Merchants Securities, CMB International and Haitong Securities. Clifford Chance also advised on the largest IPO this year, HTSC's US$5 billion IPO and second largest, GF Securities' US$4 billion IPO.

Partners Tim Wang, Virginia Lee and US securities partner Jean Thio co-led the transaction. Tim and Virginia were supported by senior associate Tianning Xiang, associate Grace Huang and trainee Malisa Leung. On the US aspects, Jean was assisted by senior associates Corey Zhang and Richard Hawkins and associate Lindsay Gao.

Clifford Chance maintains a market-leading position having advised on a number of mega IPO deals. In 2014 alone, Clifford Chance successfully completed 14 IPOs in Hong Kong including four with offering sizes exceeding US$1 billion each.