Allen & Overy has been selected by the Department of Justice to advise the Government of Hong Kong (special administrative region) on the landmark merger of the stock exchange, the futures exchange and the three clearing houses.
Corporate partner, Michael Liu leads a team of eight lawyers from A&O's Hong Kong office on the deal which sees the exchanges and clearing house consolidated into a single market operator.
The new holding company, Hong Kong Exchanges and Clearing Limited will be a profit making entity and will be listed on the Stock Exchange of Hong Kong. Liu says that this is a landmark development which will increase Hong Kong's strategic and competitive position as an international financial centre.
He says: “We are extremely pleased to have been appointed to advise on probably one of the most meaningful projects in Hong Kong going forward into the new millennium.”