Clifford Chance has advised Beijing-based Sunshine Insurance Group on its HK$6.7 billion ($861 million) IPO on the Hong Kong Stock Exchange, with Linklaters and King & Wood Mallesons acting for the underwriters.

The IPO is the second-largest in Hong Kong in 2022, after Chinese battery supplier CALB raised $1.3 billion in late September. Clifford Chance advised the sponsors of that deal.

Reuters said that 2022 is shaping up to be the worst year for IPOs in Hong Kong since 2012, due to rising interest rates and global financial market volatility.

The Clifford Chance team was led by China co-managing partner Tim Wang and partners Fang Liu in Hong Kong and Tianning Xiang in Beijing.

Meanwhile, the Linklaters team was led by partners Christopher Yip and Lipton Li.

The underwriters included Huatai Financial Holdings (Hong Kong) and China International Capital Corporation Hong Kong Securities.