Bio
Judy Lee is a partner in the Corporate department of Appleby’s Hong Kong office. Judy practises a wide range of Bermuda, Cayman and BVI corporate law, specialising in corporate finance and investment funds. She is responsible for our corporate administration and fiduciary services business Appleby Global Services.
Judy has over 25 years of offshore and onshore experience in the Equity and Debt Capital Markets (including listings on the Hong Kong Stock Exchange, Nasdaq and the Singapore Stock Exchange) as well as mergers and acquisitions, private equity investments and other corporate finance transactions. Judy leads our Hong Kong Capital Markets team which is recognised as one of the offshore market leaders for their specialist IPO and listing expertise in Hong Kong as well as overseas. Under her leadership, the team was able to complete consistently more than 50 listings on the Hong Kong stock exchange in 2018, representing close to 40% of the market share. In addition, she has extensive experience in the structuring and setting up of Cayman investment funds in Asia. She also advises on Bermuda and Cayman court-sanctioned shareholders privatisation schemes of arrangement.
Judy authored the chapter titled “Choosing Your Offshore Listing Vehicle – Key Factors to Consider” in the 2015, 2016, 2019 and 2021 IPO Handbook for Hong Kong, published by Thomson Reuters. In November 2023, she co-authored on “HKEX’S Proposed Expansion of Paperless Listing Regime” and “The Stock Exchange of Hong Kong’s Growth Enterprise Market Listing Reforms”. Published by Appleby in April 2024, Judy co-authored “Electronic Dissemination of Corporate Communications by Hong Kong Listed Issuers from an Offshore Perspective”. Most recently in 2025, also published by Appleby, Judy co-authored “The Rise of Panda Bonds: Enhancing International Investments in China’s Bond Market from an Offshore Perspective”, “HKEX Publishes Conclusions on Further Paperless Listing Reforms”, “Impact of an Uncertificated Securities Market on the Constitutional Documents of Hong Kong Listed Offshore Issuers” and “Updates on Hong Kong’s Uncertificated Securities Market Regime from an Offshore Perspective”. Judy has also written an article on the topic ´Island Hopping on the Hong Kong Stock Exchange´ published at The Business Bermuda Nexus.
She is registered with the Bermuda Bar and as a foreign lawyer in Hong Kong and is admitted as a solicitor in the British Virgin Islands. She speaks fluent English, Cantonese and Mandarin. She is a member of the Law Societies of England & Wales and Hong Kong.
Teams
- Mergers & Acquisitions
- Public & Private Offerings of Debt & Equity
- Schemes of Arrangement
- Funds & Investment Services
Bio
Judy Lee is a partner in the Corporate department of Appleby’s Hong Kong office. Judy practises a wide range of Bermuda, Cayman and BVI corporate law, specialising in corporate finance and investment funds. She is responsible for our corporate administration and fiduciary services business Appleby Global Services.
Judy has over 25 years of offshore and onshore experience in the Equity and Debt Capital Markets (including listings on the Hong Kong Stock Exchange, Nasdaq and the Singapore Stock Exchange) as well as mergers and acquisitions, private equity investments and other corporate finance transactions. Judy leads our Hong Kong Capital Markets team which is recognised as one of the offshore market leaders for their specialist IPO and listing expertise in Hong Kong as well as overseas. Under her leadership, the team was able to complete consistently more than 50 listings on the Hong Kong stock exchange in 2018, representing close to 40% of the market share. In addition, she has extensive experience in the structuring and setting up of Cayman investment funds in Asia. She also advises on Bermuda and Cayman court-sanctioned shareholders privatisation schemes of arrangement.
Judy authored the chapter titled “Choosing Your Offshore Listing Vehicle – Key Factors to Consider” in the 2015, 2016, 2019 and 2021 IPO Handbook for Hong Kong, published by Thomson Reuters. In November 2023, she co-authored on “HKEX’S Proposed Expansion of Paperless Listing Regime” and “The Stock Exchange of Hong Kong’s Growth Enterprise Market Listing Reforms”. Published by Appleby in April 2024, Judy co-authored “Electronic Dissemination of Corporate Communications by Hong Kong Listed Issuers from an Offshore Perspective”. Most recently in 2025, also published by Appleby, Judy co-authored “The Rise of Panda Bonds: Enhancing International Investments in China’s Bond Market from an Offshore Perspective”, “HKEX Publishes Conclusions on Further Paperless Listing Reforms”, “Impact of an Uncertificated Securities Market on the Constitutional Documents of Hong Kong Listed Offshore Issuers” and “Updates on Hong Kong’s Uncertificated Securities Market Regime from an Offshore Perspective”. Judy has also written an article on the topic ´Island Hopping on the Hong Kong Stock Exchange´ published at The Business Bermuda Nexus.
She is registered with the Bermuda Bar and as a foreign lawyer in Hong Kong and is admitted as a solicitor in the British Virgin Islands. She speaks fluent English, Cantonese and Mandarin. She is a member of the Law Societies of England & Wales and Hong Kong.
Teams
- Mergers & Acquisitions
- Public & Private Offerings of Debt & Equity
- Schemes of Arrangement
- Funds & Investment Services
Work Highlights
Expertise
Recent cases include:
- Cayman counsel for CaoCao Inc. in relation to its listing on the Main Board of the Hong Kong Stock Exchange, raising gross proceeds of approximately HKD1.85 billion based on the offering price. CaoCao Inc. is the second largest player in the ride hailing sector in China in terms of gross transaction value.
- Bermuda counsel for Asia Standard Hotel Group Limited in relation to its privatisation by way of a Bermuda court sanctioned scheme of arrangement. Prior to the privatisation, Asia Standard Hotel Group Limited was an indirect subsidiary of Asia Standard International Group Limited (“ASI”), an exempted company incorporated in Bermuda with limited liability and the issued shares of which are listed and traded on the Main Board of the Hong Kong Stock Exchange. ASI was an indirect subsidiary of Asia Orient Holdings Limited, also an exempted company incorporated in Bermuda whose shares are listed and traded on the Main Board of the Hong Kong Stock Exchange.
- Cayman counsel for China Resources Building Materials Technology Holdings Limited on its registration in the National Association of Financial Market Institutional Investors in the People’s Republic of China of medium-term notes with a total registered issue size of up to RMB15 billion (“Medium Term Notes”), and its issuance of the first and second tranches of the Medium-Term Notes.
- Cayman counsel for Xinyi Solar Holdings Limited on its registration with the National Association of Financial Market Institutional Investors in the People’s Republic of China of a proposed issuance of debt financing instruments in the aggregate principal amount of not more than RMB 3 billion, to be traded on the China Interbank Bond Market.
- Bermuda counsel to China Everbright Water Limited in relation to its listing on the Main Board of the Hong Kong Stock Exchange, which is the eighth company within the China Everbright group to be listed on the Hong Kong Stock Exchange. This company is dual listed on the Main Board of the Hong Kong Stock Exchange and the Main Board of Singapore Exchange Securities Trading Limited.
- Cayman Islands and BVI counsels for WellCell Holdings Co., Limited, a telecommunication network support and information and communication technology integration services provider and software developer in China, in relation to its listing on the Main Board of the Hong Kong Stock Exchange.
- Cayman Islands and BVI counsels for Swang Chai Chuan Limited, an established distributor of food and beverage and other products for recognised international and domestic third-party brands, and under its own brands in Peninsular Malaysia, in relation to its listing on the Main Board of the Hong Kong Stock Exchange.
- Cayman Islands counsel for Lichen China Limited on its listing on the Nasdaq Capital Market and the registration of its Form F-3 registration statement with the U.S. Securities and Exchange Commission for the issue and sale of up to USD100 million of securities.
- Cayman Islands counsel for AMTD International Inc., in relation to its initial public offering of American depositary shares on the New York Stock Exchange and its secondary listing of its Class A ordinary shares on the Main Board of the Singapore Stock Exchange, which allows them to become the first company to be dual listed on the New York Stock Exchange and the Singapore Stock Exchange, and also with a “dual class shares structure” to list in Singapore.
- Bermuda counsels for China Everbright Water Limited on its issuance and registration in the National Association of Financial Market Institutional Investors of Medium-term Notes in several tranches with a total registered issue size of up to RMB 8 billion.
- Bermuda and BVI counsels for Zhuguang Holdings Group Company Limited, a company listed on the Hong Kong stock exchange, regarding the issue of senior secured guaranteed notes in the aggregate principal amount of USD210 million.
Expertise
Recent cases include:
- Cayman counsel for CaoCao Inc. in relation to its listing on the Main Board of the Hong Kong Stock Exchange, raising gross proceeds of approximately HKD1.85 billion based on the offering price. CaoCao Inc. is the second largest player in the ride hailing sector in China in terms of gross transaction value.
- Bermuda counsel for Asia Standard Hotel Group Limited in relation to its privatisation by way of a Bermuda court sanctioned scheme of arrangement. Prior to the privatisation, Asia Standard Hotel Group Limited was an indirect subsidiary of Asia Standard International Group Limited (“ASI”), an exempted company incorporated in Bermuda with limited liability and the issued shares of which are listed and traded on the Main Board of the Hong Kong Stock Exchange. ASI was an indirect subsidiary of Asia Orient Holdings Limited, also an exempted company incorporated in Bermuda whose shares are listed and traded on the Main Board of the Hong Kong Stock Exchange.
- Cayman counsel for China Resources Building Materials Technology Holdings Limited on its registration in the National Association of Financial Market Institutional Investors in the People’s Republic of China of medium-term notes with a total registered issue size of up to RMB15 billion (“Medium Term Notes”), and its issuance of the first and second tranches of the Medium-Term Notes.
- Cayman counsel for Xinyi Solar Holdings Limited on its registration with the National Association of Financial Market Institutional Investors in the People’s Republic of China of a proposed issuance of debt financing instruments in the aggregate principal amount of not more than RMB 3 billion, to be traded on the China Interbank Bond Market.
- Bermuda counsel to China Everbright Water Limited in relation to its listing on the Main Board of the Hong Kong Stock Exchange, which is the eighth company within the China Everbright group to be listed on the Hong Kong Stock Exchange. This company is dual listed on the Main Board of the Hong Kong Stock Exchange and the Main Board of Singapore Exchange Securities Trading Limited.
- Cayman Islands and BVI counsels for WellCell Holdings Co., Limited, a telecommunication network support and information and communication technology integration services provider and software developer in China, in relation to its listing on the Main Board of the Hong Kong Stock Exchange.
- Cayman Islands and BVI counsels for Swang Chai Chuan Limited, an established distributor of food and beverage and other products for recognised international and domestic third-party brands, and under its own brands in Peninsular Malaysia, in relation to its listing on the Main Board of the Hong Kong Stock Exchange.
- Cayman Islands counsel for Lichen China Limited on its listing on the Nasdaq Capital Market and the registration of its Form F-3 registration statement with the U.S. Securities and Exchange Commission for the issue and sale of up to USD100 million of securities.
- Cayman Islands counsel for AMTD International Inc., in relation to its initial public offering of American depositary shares on the New York Stock Exchange and its secondary listing of its Class A ordinary shares on the Main Board of the Singapore Stock Exchange, which allows them to become the first company to be dual listed on the New York Stock Exchange and the Singapore Stock Exchange, and also with a “dual class shares structure” to list in Singapore.
- Bermuda counsels for China Everbright Water Limited on its issuance and registration in the National Association of Financial Market Institutional Investors of Medium-term Notes in several tranches with a total registered issue size of up to RMB 8 billion.
- Bermuda and BVI counsels for Zhuguang Holdings Group Company Limited, a company listed on the Hong Kong stock exchange, regarding the issue of senior secured guaranteed notes in the aggregate principal amount of USD210 million.
Recognition
Judy was acknowledged for her ‘very commercial and efficient’ style as a leader in the office and remains as a market leader for offshore listings on the Hong Kong Stock Exchange. Judy has been repeatedly recognised by the legal directories as a leading lawyer in Asia, with clients praising her “strong corporate finance, capital markets and investment funds practice” and describing her as “very hands on; sound technical knowledge and attention to details”. They noted Judy “keeps her advice practical and focused, and is a pleasure to deal with” and “a very pragmatic, insightful and efficient lawyer” who offers “great commercial understanding and excellent client service”.
- “Leading Individuals” – Legal 500 Asia Pacific Rankings 2012 to 2025
- “Highly Regarded” and “Women Leader” – IFLR1000 2012 to 2025
- Band 2 – Chambers Asia-Pacific 2012 to 2025
- “Best in Offshore” – Euromoney Legal Media Group’s Asia Women in Business Law Awards 2013, 2018 and 2019
- “Top 50 Offshore Lawyers” – Asia Business Law Journal 2022 and 2024
Judy was acknowledged for her ‘very commercial and efficient’ style as a leader in the office and remains as a market leader for offshore listings on the Hong Kong Stock Exchange. Judy has been repeatedly recognised by the legal directories as a leading lawyer in Asia, with clients praising her “strong corporate finance, capital markets and investment funds practice” and describing her as “very hands on; sound technical knowledge and attention to details”. They noted Judy “keeps her advice practical and focused, and is a pleasure to deal with” and “a very pragmatic, insightful and efficient lawyer” who offers “great commercial understanding and excellent client service”.
- “Leading Individuals” – Legal 500 Asia Pacific Rankings 2012 to 2025
- “Highly Regarded” and “Women Leader” – IFLR1000 2012 to 2025
- Band 2 – Chambers Asia-Pacific 2012 to 2025
- “Best in Offshore” – Euromoney Legal Media Group’s Asia Women in Business Law Awards 2013, 2018 and 2019
- “Top 50 Offshore Lawyers” – Asia Business Law Journal 2022 and 2024
Qualifications & Education
University of Hong Kong
University of Hong Kong
“[JUDY HAS] STRONG TECHNICAL BACKGROUND AND ATTENTION TO DETAIL.”