Cleary Gottlieb Steen & Hamilton and JunHe have represented Chinese sportswear manufacturer Topsports International Holdings on its $1.01 billion initial public offering in Hong Kong, with Freshfields Bruckhaus Deringer and Haiwen & Partners advising the joint sponsors and underwriters.

This is the second-largest IPO in Hong Kong till date this year, with the Asia-Pacific unit of brewer Anheuser-Busch InBev raising $5 billion.

According to Reuters, the sale is the latest test of investment sentiment in Hong Kong, which has seen increasingly violent political protests. In August, Chinese e-commerce giant Alibaba was reported to have delayed its listing in Hong Kong due to the ongoing unrest.

The Hang Seng Index has lost 4.3 percent since the protests began in mid-June, though is still 1 percent higher than at the same point last year, Reuters said, citing data from Refinitiv.

Maples and Calder advised the issuer on offshore law.

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