International law firm Reed Smith, known as Reed Smith Richards Butler in Hong Kong and Beijing following a January 2008 merger, is preparing for a busy year in the capital markets arena and has boosted its capabilities with the hire of Michael Fosh, former chief representative of Herbert Smith’s Beijing operation. Fosh was with Herbert Smith for 17 years but was drawn to Reed Smith due to the reputation of its Greater China capital markets practice – among other reasons. “I was also reasonably familiar with the culture of the office,” said Fosh. “The Beijing office is in expansion mode and I have an opportunity to play a central role in developing the corporate and securities group in Beijing and in doing so working closely not only with Hong Kong, but with London and other offices in Europe as well as the tremendous network in the US.”
Fosh’s appointment to the corporate & securities group in the firm’s Beijing office follows the hire of Mao Rong, who joined the firm as of counsel in October last year from the Kodak in-house legal team. “Michael’s appointment is a significant step in the expansion of our capital markets presence in Beijing,” said Michael Pollack, Reed Smith partner and global head of strategy. “His expertise will create further opportunities for cross sell between our Asian offices and international network.”
The second-half of 2009 saw a flurry of listings on the HKSE as numerous Chinese companies chose to launch IPOs, and activity is expected to continue. “In short, I am optimistic that 2010 will see a continuation of the upturn in listings seen since the second half of 2009,” said Fosh. “In terms of demand, I believe at this stage in the development of the Chinese economy – the number of potential listing candidates is still huge as more and more privately owned enterprises mature and seek alternatives to commercial bank finance.”
Reed Smith will, no doubt, benefit from Fosh’s experience in M&A, corporate and corporate finance work in both Hong Kong and Mainland China. Fosh’s ability to speak English, Mandarin and Cantonese should also assist those Chinese clients seeking offshore listings as well as those interested in listing on the proposed international trading board on the Shanghai Stock Exchange. “I have clients which will be considering the opportunities that the proposed trading board will offer, particularly Chinese red-chip clients, and I look forward to the opportunity to advise them on such a move from the Hong Kong listing compliance and legal aspects as and when the detailed regulations governing the listings on the new board are published,” said Fosh.
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