Freshfields Bruckhaus Deringer, King & Wood Mallesons, Kirkland & Ellis and Haiwen & Partners have scored advisory roles on China Huarong Asset Management’s Hong Kong IPO.

The state-owned debt-clearing agency’s IPO, which is scheduled to begin trading on Oct. 30, seeks to raise $2.5 billion and could one of largest listings in Asia this year.

The IPO has already secured $1.62 billion in commitments from cornerstone investors. The 10 investors, which can only sell Huarong shares six months after the IPO, include property developer Sino-Ocean Land Holdings and State Grid Corp of China, which have pledged to purchase $684 million and $300 million worth of shares, respectively, according to a report from Thomson Reuters publication IFR.

Freshfields partners Calvin Lai and Teresa Ko are advising Huarong on Hong Kong and U.S. laws, while King & Wood Mallesons is in charge of aspects related to Chinese law. Kirkland & Ellis Hong Kong partners Dominic Tsun and Li-Chien Wong are representing the IPO’s underwriters on Hong Kong and U.S. laws, while Haiwen & Partners is handling matters concerning Chinese law.
 
Proceeds from the IPO will be used to develop Huarong’s distressed-assets management and investment business, according to the listing prospectus filed with the Hong Kong stock exchange.