CC and Skadden called up for lead roles on China smartphone giant Xiaomi's landmark IPO

Clifford Chance (CC) and Skadden Arps Slate Meagher & Flom have landed lead roles on Chinese smartphone maker Xiaomi’s upcoming Hong Kong initial public offering (IPO).

The company – which took in revenues of more than 100 billion yuan ($11.6bn) last year – did not specify the amount it is aiming to raise in a filing with the Hong Kong Stock Exchange on Thursday.

However, Bloomberg reports that it is expected to generate at least $10bn, meaning it could be the world’s biggest IPO since 2014, when Chinese e-commerce giant Alibaba Group raised $25bn in a New York Stock Exchange listing.

The Beijing-based company is among the first batch of applicants to file since the Hong Kong Stock Exchange revised listing rules to allow dual-class shares, a structure preferred by many technology companies.

Skadden Hong Kong partners Julie Gao and Christopher Betts are leading a team from the US firm representing Xiaomi, while Chinese firm JunHe is advising the company on domestic law, with offshore firm Maples and Calder handling Cayman Islands advice.

The JunHe team includes Beijing capital markets partners Xiao Wei, Shi Tiejun, Li Zhi and Sun Xiaojia.

CC, meanwhile, is acting for underwriters – CLSA Capital Markets, Goldman Sachs and Morgan Stanley Asia – fielding a team headed up by Beijing co-managing partner Tim Wang, Hong Kong corporate partner Amy Lo, Singapore capital markets partner Jean Thio and Hong Kong capital markets partner Liu Fang.

Jingtian & Gongcheng is serving as Chinese counsel to the banks with a team including Beijing partners Gao Xiang, Chen Jinjin, Hu Zhengzheng, Zhang Rongsheng and Shanghai partner Ye Yusheng.

Xiaomi was founded in 2010 by Chinese entrepreneur Lei Jun. The company shipped 27 million phones in the first quarter of this year, making it the world’s fourth largest smartphone maker.

In the past, the company has turned to magic circle firms for advice on international expansion and other corporate deals, including Freshfields Bruckhaus Deringer for its Singapore setup and Allen & Overy for bank financing.

Other recent major China capital markets roles for CC have included the firm’s work on the $1.1bn Hong Kong IPO of Tencent Holdings subsidiary China Literature’s last year. CC advised the joint sponsors and underwriters, including Morgan Stanley, Bank of America Merrill Lynch and Credit Suisse.