In a first since changes were made to securities law in China, Baker & McKenzie has advised investment bank CITIC Capital Markets on its agreement for the HK$375m disposal of a portion of its businesses to CITIC Securities.

The law changes, effective from January 2006, allow securities companies to operate offshore, giving CITIC room to dispose of businesses such as its equity capital markets business and its securities and futures brokerage businesses.

Hong Kong-based partner Milton Cheng, senior associate Dorothea Koo and associate Liza Murray advised CITIC Capial Markets on the deal.

Bakers' Hong Kong commercial and securities team has also recently been involved in advising property company CapitaLand on its agreement for the subscription of a 20% stake in Hong Kong-listed Lai Fung Holdings for HK$644m.