Leading Associates

Firms To Watch: TMT

At JunHe, Zheyuan (Jacqueline) Qiao is highly sought after on matters concerning cryptocurrencies and digital assets, with particular expertise in stablecoin issuances.

TMT in Hong Kong

Clifford Chance

Clifford Chance supports a diverse roster of TMT clients on a broad range of instructions. The group advises innovative biotech companies, telecoms giants and multinational automotive clients on matters ranging from joint ventures and data privacy to Hong Kong IPOs and IP protection, and is well versed in emerging issues involving AI and Hong Kong’s new stablecoin regulations. Joint heads include Ling Ho, who leads on tech sector disputes; Rocky Mui, who advises on fintech-related matters; Fang Liu, whose practice includes capital markets related tech issues; and Stella Cramer, who serves as a key adviser on digital and transformational technology projects, including matters involving blockchain and AI. Acting in support are Thomas Walsh, who is noted for his disputes work, and Clarice Yue, whose practice straddles corporate, commercial, and regulatory elements. Brian Harley is another name to note.

Praxisleiter:

Ling Ho; Rocky Mui; Fang Liu; Stella Cramer


Weitere Kernanwälte:

Clarice Yue; Brian Harley; Thomas Walsh


Kernmandanten

Volkswagen


CMC


Tencent


HSBC


Animoca Brands


Black Sesame


Chenqi Technology


InnoScience (Suzhou) Technology


Xunfei Healthcare Technology


Highlight-Mandate


  • Advised Volkswagen Group on the international aspects of technical collaboration agreements with electric vehicle manufacturer XPENG.
  • Advised CMC on its US$870 million investment for a 40% stake in a project company holding HKT Limited’s passive network infrastructure assets.
  • Advised Animoca Brands on the formation of a joint venture with Standard Chartered and HKT.

Hogan Lovells

Tommy Liu, a partner adept at advising on transactions, complex contractual arrangements, regulation and data privacy, leads the team at Hogan Lovells, which offers contentious and non-contentious services to a varied group of TMT clients. Recent instructions span regulatory compliance, tech product launches, and mandates in the fields of AI, blockchain, fintech, cybersecurity, and more. Clients benefit from the advice of Katherine Tsang, who focuses on financial services issues. Kenneth Cheung’s broad practice encompasses privacy issues in the consumer and luxury goods spaces, tech outsourcing, and SaaS contracts. Eugene Low handles digital marketing and data privacy issues. Former head Mark Parsons  departed from the practice at the beginning of 2025.

Praxisleiter:

Tommy Liu


Weitere Kernanwälte:

Katherine Tsang; Kenneth Cheung; Eugene Low


Kernmandanten

China Telecom


FTI Consulting


The Hong Kong Association of Banks


Hong Kong Exchanges and Clearing Limited


Hong Kong Jockey Club


HSBC


Mandatory Provident Fund Schemes Authority


USANA Health Science Inc.


WeChat Pay HK


ZEEKR


Highlight-Mandate


  • Provided The Mandatory Provident Fund of Hong Kong with commercial and regulatory advice in the set-up of the eMPF Platform.
  • Advised the Hong Kong Association of Banks in relation to the launch of Hong Kong’s Multiple Credit Reference Agency Model.
  • Advising ZEEKR on its regulatory and compliance issues, assisting them with the drafting and reviewing agreements in EU, U.S. and globally.

Baker McKenzie

Baker McKenzie‘s TMT practice is equipped to handle a wide spectrum of cross-border mandates in the tech, media, and entertainment sectors. The team is particularly well-versed in matters at the intersection of competition and data and TMT. The practice is co-led by tech regulation, transactional, and cybersecurity specialist Lex Kuo, and media, competition and regulatory-focused Stephen Crosswell. Acting in support are Grace Gao, who concentrates on TV, film, and gaming financing and distribution, and Dominic Edmondson, a key contact for IP and IT sourcing, cybersecurity, e-commerce, telecoms, and data matters. Vivian Tsang focuses on antitrust matters in the TMT space.

Praxisleiter:

Lex Kuo; Stephen Crosswell


Weitere Kernanwälte:

Grace Gao; Dominic Edmondson; Vivian Tsang


Referenzen

‘Lex Kuo and Howard Wu – strongest tech transactions team in Greater China.‘

Kernmandanten

TD Tech/Nokia


 


Highlight-Mandate


Bird & Bird

Bird & Bird’s Hong Kong team is equipped to advise an impressive clientele on corporate, commercial, and regulatory matters concerning data, IPOs, autonomous driving, and robotics. The group has notable experience with AI and blockchain-related work. ‘Very bright’ tech business specialist Wilfred Ng and data and cyber expert James Gong co-head the diverse offering, accompanied by Hwee Yong Neo, who focuses on AI, data, and regulation in the tech sector, and Hank Leung, who counsels on IP-related issues. Ted Chwu acts on a range of matters, from communications and software to data centres and semiconductors.

Praxisleiter:

Wilfred Ng; James Gong


Weitere Kernanwälte:

Hwee Yong Neo; Hank Leung; Ted Chwu


Referenzen

‘Subject-matter experts. EU capabilities are important for cross-border advice.‘

‘Wilfred is young and commercial. I like his former in-house background, which makes his advice pragmatic. Willing to define success from the outset so that there is a clear target with work products.’

‘The firm is highly specialised in TMT advisory and dispute matters, it has a broad range of clients and abundant experience in different areas.‘

Kernmandanten

S.F. Holding Co., Ltd.


UBTech Robotics Corp Limited


Many Idea Cloud Holdings Limited


mF International Limited


Highlight-Mandate


  • Advised the controlling shareholders of S.F. Holding Co., Ltd. on its US$750 million IPO and listing in Hong Kong.
  • Advised UBTech Robotics Corp Limited on its successful completion of three strategic new share placements under general mandate between August and November 2024.

Gibson, Dunn & Crutcher LLP

Gibson, Dunn & Crutcher LLP’s leading TMT practice delivers comprehensive advice across digital infrastructure, technology transactions, telecommunications, data governance, M&A, and venture capital. Practice head Connell O’Neill has recently led on multi-billion-dollar data centre joint ventures, cutting-edge digital media mandates, and major cybersecurity incidents. Sébastien Evrard focuses on competition and regulatory matters. Fang Xue and Qi Yue are active on high-value M&A deals involving PE, VC, and TMT players, and Nate Hancock is noted for his skill in drafting and negotiating sophisticated technology and commercial agreements.

Praxisleiter:

Connell O’Neill


Weitere Kernanwälte:

Sébastien Evrard; Fang Xue; Qi Yue; Nate Hancock; Nick Hay; QX Toh


Referenzen

‘This firm distinguishes itself through its deep understanding of the intersection between legal consulting and technology acquisition. Unlike many others in the field, they possess a nuanced grasp of the IT landscape and the specific legal safeguards required to ensure seamless project execution.‘

‚Gibson Dunn’s expertise goes beyond standard legal advice—they proactively identify potential risks and embed protections that not only secure our company’s interests but also facilitate smoother delivery and implementation of technology solutions.‘ 

‘Connell O’Neill consistently stands out as a trusted advisor to our company. His guidance has been nothing short of exceptional, and every engagement with him brings fresh insights that elevate our strategic approach.‘

Kernmandanten

Nokia Corporation


PCCW Limited


E& Group


NetEase


Twitter


Meta


Amazon


I Squared


TPG Capital


KKR


IPI Partners


Stonepeak


Senko Advanced Components


Sequoia Capital India


Western Digital Corporation


Platinum Equity Advisors


Coupang Corporation


Tiktok


Highlight-Mandate


King & Wood Mallesons

King & Wood Mallesons is a market leader in technology, media and telecommunications, advising on some of the region’s most high-profile and market-defining mandates across Hong Kong, Asia Pacific and beyond. The firm acts for regulators, government bodies and leading corporates on projects spanning both established and emerging technologies. Peter Bullock leads the multidisciplinary practice, which combines contentious, regulatory and transactional expertise. Urszula McCormack is a standout name for blockchain and digital economy work, with particular strength at the intersection of technology and financial services.

Praxisleiter:

Peter Bullock


Weitere Kernanwälte:

Urszula McCormack; Minny Siu; Francois Tung


Referenzen

‘Peter Bullock – sensible pragmatic advice and is comfortable putting himself in the client’s shoes.‘

‚Francois Tung – always works to keep client aware of what is happening on the matter.‘

Kernmandanten

eMPF Platform Company Limited


Hong Kong Science and Technology Parks Corporation


DFI Retail Group


Bank for International Settlements


Crypto.com


HKVAX


Seek Limited


BOCI-Prudential Trustee Limited


HSBC


English Schools Foundation


Highlight-Mandate


  • Advised eMPF Platform Company Limited in relation to the procurement and development of eMPF’s Hong Kong platform.
  • Advised Hong Kong Science and Technology Parks Corporation on crucial TMT issues.
  • Advised Bank for International Settlements on Project mBridge, a minimum viable product for its new ledger-based platform for cross-border transactions.

Morrison & Foerster

Morrison & Foerster maintains a leading TMT practice, acting for a blue-chip roster of global tech giants and emerging companies on market entry, joint ventures, regulatory compliance, and disputes. The group is a go-to for industry leaders across fintech, gaming, e-commerce, cloud, payments, and digital platforms, with privacy and data security also a recognised strength. Practice heads Gordon Milner, noted for his expertise on online services in China, and Chuan Sun, who advises multinationals, SOEs, and start-ups alike, anchor the team. Gigi Yuen is also key to the team’s ongoing successes.

Praxisleiter:

Gordon Milner; Chuan Sun


Weitere Kernanwälte:

Paul McKenzie; Marcia Ellis; Gigi Yuen; Tyler Xiu; Sarah Wang; Zooey Chen


Referenzen

‘Excellent, pragmatic advice with strong attention to detail and servicing their client’s needs.‘

‘Gordon Milner and Gigi Yuen provide first-class legal support, partnership and go above and beyond to creatively solve complex, multinational cross-border issues in short timeframes. ’

Kernmandanten

Roblox


SoftBank


Celadon Partners


Roblox


SoftBank


Celadon Partners


Highlight-Mandate


A&O Shearman

A&O Shearman’s TMT team is a go-to adviser for major multinational clients in the telecoms and technology sectors, handling high-stakes transactions, regulatory mandates and complex disputes. The practice is led by seasoned technology specialist Victor Ho, alongside Anna Gamvros, who focuses on data privacy and cybersecurity, and David Norman, who advises established players and emerging disruptors across the electric vehicle, health tech and fintech spaces. Ruby Kwok is another key contact in the group. Benjamin Crawford has relocated to the firm’s Abu Dhabi office.

Praxisleiter:

Victor Ho


Weitere Kernanwälte:

Anna Gamvros; David Norman; Ruby Kwok; Ed Taylor


Referenzen

‘We rely on A&O for virtually all of our work in the APJ region and for all work in mainland China and Hong Kong. They bring exceptional support and expertise, and they know how the China market works, which is invaluable to me. They are very practical and flexible, and we get great benefit from their wealth of experience in doing deals in China.‘ 

‘Victor Ho is a fantastic lawyer and person, and we enjoy working with him. We could not have been as successful as we were in recent China deals without his support, problem-solving, and assistance.’

‘A&O Shearman distinguishes itself through a compelling combination of deep legal expertise and a genuinely client-focused approach. They consistently provide strategic, commercially-minded advice, demonstrating a clear understanding of our business objectives.‘

Kernmandanten

Huawei


Temu


Arun Plus Company Limited


HPE


Mastercard


HSBC


Stellantis


NXP Semiconductors


Delivery Hero


Highlight-Mandate


Ashurst

Technology transactions and digital infrastructure expert and ‘great lawyer’ Joshua Cole serves as leader of Ashurst’s TMT group, which handles a variety of work types, from advising on subsea cable infrastructure and cross-border corporate matters, to digital assets, financial services and e-commerce-related issues. Cole is joined by Hoi Tak Leung, who leads on sensitive data privacy and cybersecurity instructions in the tech field.

Praxisleiter:

Joshua Cole


Weitere Kernanwälte:

Hoi Tak Leung


Referenzen

‘Joshua Cole and his team are great lawyers that provide useful and practical legal advice. They understand the needs of our business and of our in-house legal team well.‘

‘Joshua Cole is a great lawyer who not only gives useful and practical legal advice, but he is also personable, friendly and easy to work with. He is highly responsive and caters to our needs.‘

Kernmandanten

Axiata Group Berhad


Meta Platforms


HSBC


Cathay Pacific Airways Ltd


Tencent Group


Optiver


Interactive Brokers Hong Kong Limited


Viaim AI


Highlight-Mandate


CMS Hong Kong LLP

CMS Hong Kong LLP fields one of Hong Kong’s premier TMT practices, combining deep sector knowledge with regulatory insight across telecoms, media, e-commerce, IT infrastructure, data protection, and cybersecurity. Practice head Jonathan Chu, who also leads the Hong Kong IP group, is a standout figure with broad expertise across commercial and contentious mandates, including fintech, entertainment, technology, and data privacy. The group also supports traditional industries such as automotive, banking, life sciences and retail, on technology-driven issues.

Praxisleiter:

Jonathan Chu


Weitere Kernanwälte:

Mengyi Chen; Candy Tong; Eugene Wong


Kernmandanten

Baidu


BeiGene


Bitmain Technologies


Hundsun Ayers Technologies Limited


Rice Robotics


TADA


Quwan


Highlight-Mandate


  • Advising a ride-hailing service provider on all legal issues arising from its launch of services in Hong Kong.
  • Advising a Chinese tech giant on their launch of e-commerce product in Europe, South America and Southeast Asia, which includes their shop merchant agreements.
  • Advising a telecom company on the launch of a project leveraging web3 technology through NFTs.

Deacons

Boasting strong capabilities across the full range of TMT mandates, Deacons is led by Machiuanna Chu, a specialist in cross-border investments in emerging technologies. The team assists various clients, from cloud computing and healthcare tech businesses to film and TV studios, with instructions across M&A, JV, data, licensing, IPOs and investment transactions. Charmaine Koo, whose practice spans AI and licensing issues, and advertising specialist Theresa Luk advise international media and entertainment players on a range of matters concerning production and distribution. Another key workflow is IP-related work, where Catherine Zheng is a key name, as is litigator Ian Liu.

Praxisleiter:

Machiuanna Chu


Weitere Kernanwälte:

Charmaine Koo; Theresa Luk; Catherine Zheng; Ian Liu; Jeffrey McLean


Highlight-Mandate


DLA Piper

Lauren Hurcombe, who focuses on issues concerning AI, digital and tech asset exploitation, and outsourcing deals, heads the offering at DLA Piper. Key group members include multijurisdictional tech outsourcing specialist Venus Cheung, who is also well-versed in IT regulatory, data protection, and commercial matters, and Angele Lok, a lawyer sought after by financial services clients for guidance on various outsourcing, transactional and regulatory matters.

Praxisleiter:

Lauren Hurcombe


Weitere Kernanwälte:

Venus Cheung; Angele Lok


Referenzen

‘Practical, pragmatic, knowledgeable and always makes self available.’

‘DLA Piper’s TMT practice combines deep sector expertise with a genuinely commercial, solution-oriented approach.‘ 

‚Their strength lies in assembling the right cross-border team quickly, with lawyers who already understand our industry, our governance requirements, and the regulatory nuances of each market we operate in.‘ 

Kernmandanten

Olympus


Pfizer


The Hut Group


BCG


Signifyd


Casetify


HSBC


LEGO


Adobe


Highlight-Mandate


  • Advising various international clients on AI deployment and governance across Asia.

Haldanes

Haldanes houses a well-established media and entertainment practice led by industry expert John McLellan. A go-to for high-profile production companies, international musicians, managers, and agents, Michael Leow handles matters from production financing to digital media IP, and comes highly recommended by clients. Anthony Leung focuses on music licensing, artwork commissioning, events, talent agreements, and more, and Marron Wong manages high-profile transactions in the space.

Praxisleiter:

John McLellan


Weitere Kernanwälte:

Michael Leow; Anthony Leung; Marron Wong; Christoper Lin


Referenzen

‘The team led by John McLellan at Haldanes has deep knowledge of business practice and IP protection in terms of art and entertainment.‘ 

‘John McLellan is the best lawyer I have worked with for the past 30 years in the Asia Region regarding the development of my business and career in fashion, entertainment, media and art.‘ 

‘I engaged this firm because of Michael Leow, whom I worked with on a project several years prior and who did an excellent job.’

Highlight-Mandate


  • Advised Baramey Production Pte Ltd in negotiations with EMPIRE to act as its global sub-publisher and distributor in a multi-year partnership arrangement.
  • Advised Kreatell Music AS and its associated companies in relation to the business activities and opportunities of Mr. Alan Walker in the greater China region.
  • Advised CJ ENM and its Hong Kong subsidiary, CJ ENM Hong Kong Limited, on various deals and transactions to expand their footprint beyond the South Korea.

Latham & Watkins LLP

With Hui Xu at the helm, Latham & Watkins LLP serves a varied client base, from tech giants, e-commerce heavyweights, and gaming companies, to key investors into TMT sectors. Working closely with the firm’s Dubai and London offices, the group handles contentious and non-contentious mandates, with an emphasis on advising international sponsors and investors in relation to public listings and large M&A and PE deals. Benjamin Su counsels tech clients on cross-border corporate and US securities law matters, and Anthony Liu‘s practice spans commercial and regulatory work for a wide range of TMT clients, from established names to emerging disruptors. The team welcomed Eversheds Sutherland team head Rhys McWhirter in August 2025.

Praxisleiter:

Hui Xu


Weitere Kernanwälte:

Benjamin Su; Anthony Liu; Rhys McWhirter


Highlight-Mandate


  • Advised the sole sponsor and underwriters on the Hong Kong initial public offering of Baiwang on the Main Board of The Stock Exchange of Hong Kong Limited.
  • Advised Fedrigoni on its acquisition of a majority stake in BoingTech.
  • Advised Morgan Stanley, J.P. Morgan, and CICC on WeRide’s initial public offering on the Nasdaq Stock Market and the concurrent private placements.

Linklaters

Shanghai-based data and transactions specialist Alex Roberts leads the offering at Linklaters, which caters to big names in the energy and power, big data, and financial services sectors. The group is best known for its expertise in data transfer agreements, regulatory work, digital transformation mandates, digital infrastructure investments and contracting matters. Roberts is supported by Jasmine Yung, who is trusted to advise on data privacy compliance and M&A, and procurement matters.

 

Praxisleiter:

Alex Roberts


Weitere Kernanwälte:

Jasmine Yung


Kernmandanten

HKEX


Citibank HK


I Squared Capital


River Square Company Limited


Highlight-Mandate


  • Advised Hong Kong Exchanges and Clearing on its strategic pivot towards leveraging technology to enhance financial services infrastructure and deliver cutting-edge solutions.
  • Advised Citibank on its launch of cross-boundary WMC services under the Greater Bay Area pilot.
  • Advised I Squared Capital and its investment holding company, HGC Global Communications, on their USD 1 billion proposed takeover of HKBN Ltd.

Mayer Brown

Gabriela Kennedy leverages her deep IP expertise to lead Mayer Brown‘s TMT team, which offers regulatory, IP, licensing and transactional services to MNCs and other large corporates in the digital and financial services, broadcasting and telecoms, e-commerce, and tech sectors. The group also supports clients with data and cyber needs, and has experience with blockchain and AI-related issues. Amita Haylock is a key name in the practice and tackles tech sector arbitration and mandates concerning IP rights protection, competition and public law.

Praxisleiter:

Gabriela Kennedy


Weitere Kernanwälte:

Amita Haylock


Kernmandanten

Soramitsu


Alibaba


Alibaba Cloud


AsiaSat


Airport Authority Hong Kong


Air8


University of Hong Kong


Versitech Limited


The Hong Kong Polytechnic University


Mirae Asset Global Investment


Metlife


China Life Insurance


MSIG Insurance


Chubb Life Insurance


Highlight-Mandate


Pinsent Masons

Jennifer Wu, who navigates regulatory issues and disputes in the fields of tech, cyber, and data, leads Pinsent Masons‘ TMT unit, which regularly advises clients on tech transactions, from licensing deals to outsourcing agreements. Commercial litigation for TMT clients is also a key source of work for the team. With disputes specialist Denise Cheung and non-contentious adviser Sara Chan on the team, the firm is also equipped to provide regulatory advice concerning emerging technology.

Praxisleiter:

Jennifer Wu


Weitere Kernanwälte:

Denise Cheung; Sara Chan


Referenzen

‘I have witnessed the transition of this team to a full-blown, knowledgeable and well-resourced one throughout the years. They are passionate about what they do, and I can always trust their quality of work, punctuality and professionalism.’

‘Jennifer is always responsive and seeks to understand my concerns and needs as a client, tailoring her advice to reflect my preferences. What I love about her advice is the touch of practicality and commerciality – this is often missing in other external legal advice.’

‘Jennifer Wu – excellent client relationship management and good breadth of knowledge. Chan Yong Neng – excellent client relationship management and communications.’

Highlight-Mandate


RPC

RPC frequently advises technology clients on M&A, data compliance, cyber and fraud incident response, and dispute resolution. The team, which also has experience in the world of crypto and stablecoins, is led by Jonathan Crompton, whose experience includes cyberattacks and software disputes. Ivan Chang concentrates on data transfer and protection in the financial services sector, and Andrew Carpenter advises startups, large tech companies, and investors on transactional and regulatory matters.

Praxisleiter:

Jonathan Crompton


Weitere Kernanwälte:

Ivan Chang; Andrew Carpenter


Referenzen

‘They have been very good at explaining Hong Kong legal issues to a US-based audience. Very user-friendly and responsive’

‘Jonathan Crompton has led the engagement for RPC. He is very responsive and on top of the case.‘ 

Kernmandanten

HEX Group


TrueCoin


Salutica Allied Solutions


Highlight-Mandate


  • Challenged the jurisdiction of Hong Kong courts for a leading stablecoin issuer and its CEO in disputes involving arbitration, foreign law, and ongoing international proceedings.
  • Acting as the regional cyber incident response manager for leading insurers.
  • Leading a multi-jurisdictional patent infringement and winding-up proceedings against Apple.

Stephenson Harwood

Fintech specialist Katherine Liu and tech corporate finance and regulatory compliance lawyer Jane Ng jointly lead the team at Stephenson Harwood. The group includes Danny Kan, who works with tech companies and James Wong a key contact for compliance investigations. The team also assists major clients with e-commerce matters, M&A in the digital content space, and financing for early-stage high-tech companies.

Praxisleiter:

Katherine Liu; Jane Ng


Weitere Kernanwälte:

Danny Kan; James Wong


Highlight-Mandate


Eversheds Sutherland

With significant experience advising TMT clients in relation to data protection, fintech regulatory compliance, and other key issues, Eversheds Sutherland‘s team includes fintech specialist Frankie Tam, and is poised to assist clients with software, IT procurement and outsourcing work. Kenny Tam‘s wide-ranging capabilities include blockchain and disruptive technologies. Practice head Rhys McWhirter exited the group in August 2025, and Philip Chow departed in September 2025.

Praxisleiter:

Frankie Tam


Weitere Kernanwälte:

Kenny Tam; Jamie Leung; Natalie Chen


Highlight-Mandate


Sidley Austin LLP

Sidley Austin LLP‘s Hong Kong TMT practice focuses on digital infrastructure projects, major investment transactions and capital markets-related matters. The team regularly advises heavyweight technology and e-commerce clients on issues related to data centres and fibre networks as well as semiconductors, tech product developments, and PE investments. The offering is staffed by M&A, PE, and hi-tech sector specialist Charlie Wilson; and Meng Ding, who handles transactions and IPOs for a range of innovative companies. David Ryan arrived from Herbert Smith Freehills Kramer LLP in 2024.

Weitere Kernanwälte:

Charlie Wilson; Meng Ding; David Ryan; Yuet Ming Tham


Referenzen

‘David Ryan was great to work across during our recent deal across each other. He brought a highly commercial mindset to the table, which helped move discussions forward efficiently and constructively.’

‘Dr Meng Ding understands technology well. He can communicate with my cofounders well.‘

‘Sidley Austin LLP, with its deep expertise in capital markets and technology-focused service capabilities, demonstrated significant advantages in this project. The Sidley team demonstrated a deep understanding and extensive experience in the entire IPO process for technology companies.‘

Kernmandanten

Stonepeak Infrastructure Partners


Ant Group


PAG


Ali Express


Contemporary Amperex Technology


QuantumPharm Inc.


China International Capital Corporation


Hong Kong Securities Limited


CMB International Capital Limited


Princeton Digital Group


Highlight-Mandate


  • Represented Stonepeak in its US$200 million strategic growth investment into TeleGuam Holdings, LLC.
  • Advised Ant Group on the deployment of its mobile platform products to a bank in the Kazakhstan market.
  • Advised PAG on the outsourcing of certain business process functions to India.