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This section includes mainstream banking and finance matters. Other specialist finance work can be found in the Asset finance, Capital markets and Structured finance and securitisation sections, and project finance is dealt with in Projects and energy.

Clients see Allen & Overy as ‘the banking and finance firm of choice’, praising its ‘good business acumen and industry knowledge’. The practice advised Citigroup on extending the bridge debt financing of Tata Motors’ acquisition of JaguarLandRover, and restructured the GST AutoLeather deal for the Bank of New York Mellon. Practice head Vicki Liu is ‘technically sound and very responsive’, while Thomas Brown and Joseph Tse are ‘extremely experienced’. Roger Lui, recently appointed partner, has a reputation as ‘a critical thinker’.

The ‘excellent’ practice at Clifford Chance has a strong track record in leveraged finance, pre-IPO work, and trade and acquisition financing. The team, led by Huw Jenkins, and with a key partner in Anthony Wang, has been strengthened by Matthew Truman’s appointment as partner and Andrew Hutchins’ move from London. The practice represents China Development Bank, Bank of China, HSBC and Credit Suisse, and handles debt financing in Macau.

Trevor Clark runs Linklaters’ practice, focusing on structured lending, trade finance, leveraged acquisition finance and syndicated facilities. David Irvine acted for Korea Development Bank in restructuring and refinancing a $400m bridge facility regarding the acquisition of a US cable manufacturer, while the practice also advised Hong Kong Telecommunications on HK$23.8bn loan facilities. John Maxwell is a key figure, though practice stalwart Patrick Fontaine has retired.

Baker & McKenzie’s relationships with Asian financial institutions, such as ICBC, China Construction Bank and CITIC Capital, helped the practice weather the financial downturn. Andrew Lockhart and Barry Cheng head the practice, with Stephen Eno also recommended. The ‘very efficient and responsive’ team represented Standard Chartered Bank in a $200m pre-funded syndicated term loan facility to Zoomlion Overseas Investment Management, and advised a syndicate of lenders led by Bank of China in a $600m term loan facility for Huawei Technology.

Mallesons Stephen Jaques acts for mid-market borrowers and lenders. Clients report ‘turnaround time is exceptionally fast, the advice is concise, clear and practical’ and ‘value for money’. Steven Christopher is widely acclaimed as he ‘understands the banking industry’, has ‘excellent depth of knowledge across a broad range of banking products’ and ‘can provide advice in a clear and practical manner’. The sizeable team at Mayer Brown JSM has ‘a good understanding of the regional legal issues’, offering ‘appropriate advice and workable solutions - their presence makes for smoother negotiations with borrowers’. The practice excels in real estate financing, having advised a syndicate of banks led by HSBC on a HK$4.5bn REIT for development in Kowloon. Clients also include ANZ Bank, Hang Seng Bank and Calyon. Alastair MacAulay, Keith Cheung and Allan Yu are ‘responsive and knowledgeable in their specialist areas’.

Deacons’ practice is led by Simon Deane, with partners Lam Wing Wo and Philip Gilligan focusing on PRC-related work and structured trade finance respectively. The core client base is made up of consumer banks such as Standard Chartered, Bank of China, ICBC and Bank of Tokyo.

Freshfields Bruckhaus Deringer draws together strength in equity capital markets, projects and corporate work, to form a good borrower-oriented practice. The team is ‘very responsive, with strong product knowledge and a good understanding of the market’, with clients singling out Bruce Cooper as ‘very strong technically with extensive restructuring and finance experience in Asia’. Following the retirement of Yeelong Tan, key partners include Clive Rough and Perry Sayles who has transferred from New York.

Latham & Watkins LLP provides ‘outstanding advice and results’, acting for borrowers and lenders. The practice has energy sector expertise, having represented the Lion Power consortium in its S$4bn acquisition of Senoko Power. Joseph Bevash leads the team, which includes Patrick Flanagan and David Miles, who recently transferred from London.

Lovells has, according to clients, ‘recruited a number of talented professionals, providing real depth in quality across the board’, and ‘provides timely, thorough and commercially sound advice’. Practice head Gary Hamp, whom clients say ‘has a well-rounded skill set and knowledge base’, and partner Owen Chan are assisted by a top-tier restructuring practice.

Norton Rose Hong Kong focuses on structured trade and outbound PRC work, including ECA-backed finance, and represented a syndicate of banks led by Société Générale on a $114.5m KEIC-backed loan facility to Kumho Tire (Tianjin). Key partners include Peter Haslam, Yu-Eng Ong and Stephen Begley.

Paul, Hastings, Janofsky & Walker is known for leveraged finance, real estate and acquisition finance. Brett King led the team advising the lead arrangers on the $850m senior financing for the LBO of Oriental Brewery by KKR and Affinity Equity Partners. Clients praise the team’s ‘experienced lawyers’ and ‘good drafting skills’.

Richards Butler in association with Reed Smith LLP has developed mainstream banking practice from its expertise in asset finance. Clients say ‘they have good subject matter knowledge and are quick to respond’. Andrew Brown and Chris Tang acted for CITC Group on the $1.5bn standby facility, convertible note and derivative novations with CITC Pacific; other clients include Barclays Capital, BNP Paribas and Standard Chartered Bank.

Simmons & Simmons maintains strong relationships with lenders including Standard Chartered, Bank of East Asia, Rabobank and Shanghai Pudong Development Bank. Clients report that ‘lawyers are responsive, efficient and excellent value for money’ and ‘advice is always well-considered and appropriate’. Richard McKeown leads the practice.

White & Case continued to expand its ‘friendly and responsive’ team with hires in Singapore and Shanghai. The practice is led by ‘excellent lawyer’ John Hartley, with Guan Feng Chen displaying ‘good business acumen’. The group represented a syndicate of lenders in financing the $280m LBO of Singapore-listed Unisteel Technology by KKR.

Allens Arthur Robinson offers ‘very good response times - they pull out all stops to meet our deadlines’ as well as ‘good common-sense advice, keeping business imperatives in mind’. The practice focused on Vietnam, Thailand, Indonesia and Cambodia in 2009, as well as working with ANZ, Natixis and National Australia Bank. Matthew Barnard and Tim Manefield are ‘excellent’, displaying ‘commercial sense and dedication’, and were joined by senior partner Jim Dunstan.

Orrick, Herrington & Sutcliffe’s lender-oriented practice comprises expertise in project finance through Christopher Stephens, structured finance with Michelle Taylor and real estate finance in James Tervo, who ‘brings a wealth of experience’. Clients say ‘work is excellent in all respects’. The team is advising KPMG as liquidator of Lehman Brothers’ portfolio of Chinese real estate investments.

Shearman & Sterling LLP offers a combination of ‘intellectual horsepower, stamina, diligence and integrity’ and ‘junior staff are 
extremely focused’. The practice represented International Petroleum Investment in its purchase of a $1.1bn exchangeable bond to acquire a stake in Oil Search. Key contacts are Shanghai partner Andrew Ruff and Hong Kong-based counsel Nick Wang.

Slaughter and May’s multi-disciplinary approach helped the firm weather the economic storm, maintaining relationships with Swire Pacific, MTR and Standard Chartered. Lisa Chung, Peter Lake, Richard Thornhill and Benita Yu are recommended.

Key partner departures from DLA Piper, including Andrew Wang and King Tak Fung to Eversheds LLP, have caused some concern in the market, but the practice retains senior talent with Martin David in Singapore and Peter Kwon in Hong Kong. Key clients include Standard Chartered Bank, China Construction Bank and Ping An Insurance.

Fried, Frank, Harris Shriver & Jacobson LLP in association with Huen Wong & Co represents a mix of borrowers and lenders, and excels in the real estate sector. The practice, led by William Yoo, acted for Credit Suisse on its $43.5bn loan for Re-Plus as part of the refinancing of China Central Place in Beijing, and also for Morgan Stanley Real Estate Investing.

Gallant Y. T. Ho & Co services financial institutions in Hong Kong and China, covering regulatory work, documentation and compliance, and syndicated lending.

Kao Lee & Yip has earned its reputation for property-related financing, with a client base including various local financial institutions.

Livasiri & Co covers debt issues, secured lending, trade finance and restructuring; it represents ICBC in Hong Kong .

Milbank, Tweed, Hadley & McCloy is highly regarded for energy-related finance, handled by Young Joon Kim. The practice represented wind farm sponsors Sumitomo and Kyushu Electric Power, and assisted GNPower in financing a coal-fired power project in the Philippines.

Robertsons’ commercial team has expertise in real estate financing, asset finance and banking. Key contacts include Christopher Gordon, Chris Lambert and Warren Ko.

Clients report that Sidley Austin ‘understands our commercial concerns’ and ‘always respond to our enquiries very quickly’. Consultant Samuel Chau, who offers ‘experience and professionalism’, led the team advising various real estate developers including China Vanke and Gemdale on financing several leveraged or limited recourse real estate projects in China.

Stephenson Harwood & Lo has a niche in trade finance and secured lending, led by the ‘outstanding’ Mark Reed. The practice acts for local branches of several international banks, working on a complex $30m secured loan facility for the subsidiary of a major Austrian bank, which ranged across Australia, China, BVI and UK. The ‘excellent team’ addresses issues ‘from the client’s perspective’.

The finance practice at Woo Kwan Lee & Lo draws on expertise in M&A, capital markets and real estate financing. Angelina Lee led a team acting for Henderson Land Development in securing a HK$8bn loan facility from a syndicate of banks.

Press releases

The latest news direct from law firms. If you would like to submit press releases for your firm, send an email request to

Legal Developments in Hong Kong for Banking and finance

  • A Primer to Buying Securities Firms, Asset Managers, Insurers and Banks

    The meltdown in global financial markets has triggered a consolidation of the financial services industry as securities firms, asset managers, insurers and banks alike spin-off assets and restructure their operations to shore up capital. These transactions are often global in nature, involving substantial Hong Kong operations. In this article, we review the basic Hong Kong legal and regulatory framework for these transactions and present some lessons learned.
    - Timothy Loh, Solicitors

Legal Developments in Hong Kong

Legal Developments and updates from the leading lawyers in each jurisdiction. To contribute, send an email request to
  • Cayman Investment Company Obtains Chapter 15 Protection in the United States

    The United States’ Bankruptcy Court for the District of Delaware has recognised the liquidation of a Cayman company, Saad Investments Finance Company (No5) Limited (“SIFCO5”) (an SPV established to operate as an investment company), as a “foreign main proceeding” under Chapter 15 of the United States’ Bankruptcy Code.
    - Harney Westwood & Riegels
  • BVI to update Intellectual Property laws

    As the British Virgin Islands continues to play a vital role in facilitating global trade and investment, it turns its attention to helping its more than 60,000 new companies per year build a business environment where innovation can be a key economic driver. Towards this end, the BVI Financial Services Commission (the “FSC”), which is the public body with responsibility for, among other things, administering the intellectual property laws of the BVI, announced on 5 January 2010 the establishment of a Focus Group to review and revise the existing IP laws
    - Harney Westwood & Riegels
  • BRITISH VIRGIN ISLANDS CORPORATE ARRANGEMENT SCHEMES

    With a global economic downturn in full swing, companies around the world are looking for ways to safeguard their future existence. The strategies employed to do so are numerous and varied but a number of companies have employed the use of corporate arrangement schemes entered into with their creditors, investors and other stakeholders as a way to refocus and preserve their business.
    - Harney Westwood & Riegels
  • A Primer to Buying Securities Firms, Asset Managers, Insurers and Banks

    The meltdown in global financial markets has triggered a consolidation of the financial services industry as securities firms, asset managers, insurers and banks alike spin-off assets and restructure their operations to shore up capital. These transactions are often global in nature, involving substantial Hong Kong operations. In this article, we review the basic Hong Kong legal and regulatory framework for these transactions and present some lessons learned.
    - Timothy Loh, Solicitors
  • The PCCW Privatization: A Guide to the Applicable Law for Schemes of Arrangement

    Allegations of share splitting in the proposed privatization of PCCW have raised an important question as to how the statutory majority to approve a scheme of arrangement should be determined. This question is significant both in the short-term for investors trading PCCW and in the long-term in the context of future schemes of arrangement. In this article, we  examine the applicable laws and regulations with a view to providing hedge funds and other investors with guidance.
    - Timothy Loh, Solicitors
  • New Proposals to Regulate Mis-Selling of Investment Funds & Structured Products in Hong Kong

    The recent global financial crisis has resulted in an upswing in regulatory action throughout world markets. In Hong Kong, the Securities and Futures Commission (“SFC”) has proposed a slew of new requirements, some of which have already been implemented retroactively and without industry consultation. In this article we examine these ongoing developments in SFC policy and their effectiveness in reaching a fair balance between investor protection and costs to the investor and the financial industry.
    - Timothy Loh, Solicitors
  • Cross-border transactions and the advantages of using a BVI joint venture vehicle

    As cross-border transactions and international business partnerships become part of everyday life, parties are increasingly looking towards offshore jurisdictions for a neutral vehicle which can be tailored to all of the parties’ needs. This article will take a look at why companies incorporated in the British Virgin Islands (BVI) are suited for such transactions and, given the current economic climate, will also highlight some of the remedies available to a shareholder when a joint venture relationship takes a turn for the worse.
    - Harney Westwood & Riegels
  • The lender’s Holy Grail

    Indira Birkwood of Harneys outlines the advantages of using a BVI company for financing transactions
    - Harney Westwood & Riegels
  • THE USES OF VISTA TRUSTS

    The Virgin Islands Special Trusts Act, 2003 (" VISTA ") is now a little under 5 years old, having come into force in March 2004, and it is perhaps an interesting point to consider how the Act has been used and applied by the trust industry in the British Virgin Islands (" BVI ").
    - Harney Westwood & Riegels
  • Distressed Debt in Hong Kong: An Insolvency Primer for Private Equity

    Recent shocks to the financial markets as well as deteriorating economic conditions have brought insolvency issues sharply back into focus.  For some hedge funds and private equity funds, insolvency has come unwelcome in the form of the deteriorating financial condition of a portfolio company to whom loans have been made or whose debt the funds have acquired.  In this article, we review basic Hong Kong insolvency law concepts and outline debt recovery options.
    - Timothy Loh, Solicitors

Press releases

The latest news direct from law firms. If you would like to submit press releases for your firm, send an email request to