The Agricultural Bank of China’s initial public offering, expected to become the world’s largest, has landed squarely in the middle of a debate whether leading Wall Street law firms should build local practice capability in Hong Kong. The new IPO would seem an obvious rallying cry for those arguing that top American capital markets firms will miss out on deals without their own Hong Kong lawyers — except that the lead lawyers on the deal are from New York’s Davis Polk & Wardwell, which only practices U.S. law.

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Should U.S. Firms Build Local Practices in Hong Kong?

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