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White & Case

9TH FLOOR, CENTRAL TOWER, 28 QUEEN'S ROAD CENTRAL, HONG KONG
Tel:
Work +852 2822 8700
Fax:
Fax +852 2845 9070
Email:
Web:
www.whitecase.com

Baldwin Cheng

Tel:
Work +852 2822 0405
Email:
White & Case LLP

Work Department

Banking, Financial Restructuring & Insolvency, Taiwan, Technology, Media, Telecommunications

Position

To read more, visit: whitecase.com/people/baldwin-cheng


China: Banking and finance

Banking and finance: foreign firms

Within: Banking and finance: foreign firms

White & Case LLP's clients rate the Greater China banking team highly for its work in international acquisition and corporate finance matters. Moreover, the department is among the region's 'go-to groups for China-related private equity deals'. Key highlights in 2018 included the 'exceedingly professional' David Li acting for a real estate company, as borrower, in relation to an acquisition finance facility provided through a hybrid financing structure. Conversely, on the lender side, Li and recently promoted partner Gee Hou Tng advised one of China's largest commercial banks on the provision of a substantial bilateral term loan in connection with an acquisition in the real estate sector. Also recommended are Frank Shu, 'a dedicated and meticulous' senior legal consultant, and Hong Kong-based partners Baldwin Cheng and Eugene Man, who have also been instructed by Chinese lenders such as China CITIC Bank International. Hallam Chow left the firm for Mayer Brown.

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China: Real estate and construction

Real estate and construction: foreign firms

Within: Real estate and construction: foreign firms

White & Case LLP is experienced in advising on office and apartment buildings, multi-family developments, mixed-use properties, shopping centres, hotels and resorts, industrial real estate, and warehouses. The team assisted a consortium, comprising of Gaw Capital Partners, Goldman Sachs Group and Great Wall Asset Management, with its debt financing; this related to its HK$23bn acquisition of a portfolio of 17 retail shopping malls in Hong Kong. Beijing-based David Li and Hong Kong-based Asia real estate and banking practice co-head Baldwin Cheng are the names to note.

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Hong Kong

Banking and finance

Within: Leading individuals

Baldwin Cheng - White & Case

Within: Banking and finance

White & Case is highly sought-after by clients, owing to its prominence in the most significant and high-profile transactions in Greater China and the wider Asia-Pacific region. Its heavyweight multilingual Hong Kong team includes Asia-Pacific head Eric Berg, Baldwin Cheng, the 'impressive' Eugene Man and Andrew Bishop. The group has a wealth of experience across the full spectrum of transactions, attracting work from banks, non-bank credit providers, private equity houses and corporate borrowers. Cheng, Bishop and others recently acted for I Squared Capital in the provision of HK$7.1bn-worth of debt financing for its acquisition of Hutchison Global Communications; the deal represented the client's first-ever telecoms investment, and its first LBO in Asia. Cheng also advised a consortium led by Gaw Capital Partners on financing the HK$23bn acquisition of a portfolio of 17 retail shopping malls in Hong Kong from Link Real Investment Trust. Another name to note in the group is counsel Stephen Howard, who worked alongside Bishop to act for Deutsche Bank, HSBC, Nomura, Standard Chartered Bank and Sumitomo Mitsui Banking Corporation (as mandated lead arrangers and lenders) in the acquisition of Trans Maldivian Airways by a consortium led by Bain Capital.

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Restructuring and insolvency

Within: Restructuring and insolvency

Led out of Hong Kong by banking and restructuring partner Baldwin Cheng, White & Case is particularly well-equipped to handle restructuring work for banks, either on matters where the firm handled the original loan documentation or in standalone restructuring matters. Often working closely with practitioners based across the firm's significant Asia Pacific network of offices, including Singapore, Seoul and Tokyo, and also benefiting from expertise in financing documentation and strategies governed by English and US law,  the team is well-placed to handle complex multi-jurisdictional matters. Aided by litigator Melody Chan, Chen is representing China Minsheng Banking Corporation on the restructuring of its $430m facility to Grande Cache Coal, a Canadian coal mining company owned by Marubeni Corp. and Winsway Enterprises Holdings.

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Hong Kong: Capital markets

Capital markets (debt)

Within: Capital markets (debt)

White & Case's Hong Kong team works alongside other offices in the Asia-Pacific region to handle high-stakes cross-border transactions for Hong Kong-, PRC- and Macau-based companies, or to act for financial institutions on the opposite side. Reflective of the firm's experience in the Macau gaming sector, Jessica Zhou and Eugene Man recently worked with the Singapore office to advise a group of banks, including Australia and New Zealand Banking Group (ANZ), Merrill Lynch International and BOC Asia (among others) as initial purchasers on the circa $650m Rule 144A/Regulation S notes offering by Melco Resorts Finance (a wholly-owned subsidiary of Melco Resorts & Entertainment). The same team also handled a related circa $350m follow-on offering for the bank syndicate. In a separate matter, Zhou and others acted for first-time issuer Gangtai Group on its debut $100m Regulation S bond offering. Elsewhere, Baldwin Cheng was part of a cross-office team that advised Chinese luxury real estate developer Greentown China Holdings on its circa $450m global Regulation S offering of senior perpetual capital securities. The Indonesian market is also a source of work for the team, particularly in the context of high-yield deals. It is also sought to advise foreign issuers looking to access the capital markets in Asia. Zhou co-heads the practice with Catherine Tsang.

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