Banking and finance in Hong Kong

Allen & Overy

Allen & Overy's Hong Kong team works with practitioners in the Shanghai and Beijing offices on financing transactions in the Asia-Pacific region. It also also works across the global network on other multijurisdictional mandates. It advises on lender and borrower-side work, including secured and unsecured bilateral and syndicated lending, acquisition finance, project finance, structured transactions, equity-backed financings and fund finance. It is also adept at real estate finance transactions. The firm has recently seen an increase in mandates involving non-performing loans (NPL) in the Chinese market. The practice takes a multidisciplinary approach, encompassing expertise from other practice areas, such as corporate, capital markets, derivatives and structured finance and regulatory. Clients include Chinese and international banks, corporates and alternative credit providers. Roger Lui leads the team, which includes Vicki LiuCindy Lo, Fiona CummingPatrick Wong and senior associate Erica Wong.

Practice head(s):

Roger Lui

Testimonials

‘Experts in their field. Counsels deliver excellent work’. 

‘The quality of work and advice is really exceptional’.     

‘Allen & Overy team is very responsible and has in-depth understanding about sponsor driven acquisition financing’. 

‘They are able to deliver comprehensive legal advice in a timely fashion’.

‘Allen & Overy has great strength and depth in the banking and finance sector’.

‘They are very well placed to advise on a wide spectrum of trades across the Asia platform’.      

‘There are a number of very qualified partners, including Patrick Wong and Cindy Lo, who have great experience in the North Asia financing sector’.              

Key clients

Bank of China

ICBC International

Hang Seng Bank

Industrial Bank

Deutsche Bank

Luye Pharma Group

HSBC

BNP Paribas

UBS

Standard Chartered Bank

Credit Suisse

CITIC CLSA

Greater Bay Area Homeland Investment Limited

Haitong Securities

United Overseas Bank

China CITIC Bank

Citibank

Work highlights

  • Advising BNP Paribas, the lenders, on an €550m 364-day bridge loan facility on a syndicated basis to Geely Financials International Limited to finance the acquisition of Saxo Bank.
  • Advised Standard Chartered Bank and Bank of China (Hong Kong) on a HK$2.8bn term loan facility to Yuexiu REIT 2013 Company Limited, guaranteed by HSBC Institutional Trust Services (Asia) Limited as REIT trustee, to refinance certain existing facilities and for general working corporate purposes.
  • Advising CNCB (Hong Kong) Investment Limited on its $800m term loan facility. It is the first offshore syndicated loan facility that the client has entered into.
  • Acted for Deutsche Bank on a €350m syndicated term loan facility for Ying Zhan Investment (HK) Limited as borrower and China Tianying Inc as guarantor secured by, among other things, shares of waste management company Urbaser.
  • Advising Industrial Bank on a €100m term loan and bank guarantee facility for Highsun Group (a producer of textiles and fibre chemicals in the PRC) to fund its acquisition of Fibrant, a producer and supplier of the chemical caprolactam in the Netherlands.

Clifford Chance

Clifford Chance advises on Hong Kong, English, Australian and US law. It is adept at handling cross-border transactions, complex syndicated financings, bilateral loans, leveraged and acquisition finance, project finance, real estate, development finance and structured finance transactions. Clients include international domestic investment banks, private equity sponsors, funds, borrowers and corporates. Matthew Truman is recommended for his experience of acquisition finance transactions and restructuring. Anthony Wang - who speaks English, Cantonese and Mandarin - handles leveraged finance and syndicated loan financings. Dauwood Malik focuses on syndicated lending and financings connected with the acquisition of European real assets. Vicky Ma is experienced in China outbound finance and project finance. Consultant Clara Shirota specialises in syndicated lending, leveraged and acquisition finance.

Practice head(s):

Anthony Wang

Other key lawyers:

Matthew Truman; Anthony Wang; Dauwood Malik; Vicky Ma; Clara Shirota; Charlotte Leung; Maggie Lo

Key clients

Ping An Bank Co., Ltd.

Bank of China

HSBC

Navis Capital

CVC

Goldman Sachs

Hillhouse Capital and CDH Investments

China CITIC Bank International Limited

China Construction Bank

Credit Agricole

Work highlights

  • Advised Ping An Bank Co., Ltd., Tianjin Pilot Free Trade Zone Branch and China CITIC Bank Corporation Limited, Shanghai Branch as arrangers, on the financing aspects of the acquisition of Wall Street English by the affiliated private equity funds of CITIC Capital and Baring Private Equity Asia as sponsors from Pearson Plc.
  • Advised Bank of China and HSBC on financing the $180.5m acquisition of Euromoney’s Global Marketing Intelligence Division (GMID) by a consortium led by CITIC Capital Holdings Ltd and Caixin Global.
  • Advised Navis Capital on refinancing the $85m acquisition of AsiaInspection and Testing Holdings Limited.
  • Advised Mizuho Bank on the financing aspects of the $1.8bn acquisition of Schwan’s Company by CJ Cheiljedang.
  • Advised Shinhan Bank on the circa $250m financing to Bain Capital for its acquisition of CJ Foods America.

Linklaters

Linklaters, which is recognised by lenders and borrowers as having one of the leading practices in the market, is particularly focused on private equity-backed financings. Its team has recently worked on a notably large volume of lender-side leveraged acquisition finance deals in Greater China. Other areas of expertise include syndicated and bilateral secured and unsecured corporate loans, acquisition finance, pre-IPO finance and real estate finance. Asia managing partner Nathalie Hobbs is adept at advising lenders and borrowers on acquisition finance, structured lending, leveraged finance and real estate finance. Global banking head Davide Mencacci has vast experience of advising on financing transactions across Asia and Europe. Counsel Bernard Chain is recommended for his expertise in special situations loans and structured mezzanine lending. Frank Cui is another key figure in the team, whose clients include international and regional banks, corporates and funds. Crystal Chen made partner. Andrew Ruff left the firm.

Practice head(s):

Davide Mencacci

Other key lawyers:

Nathalie Hobbs; Frank Cui; Maggie Ng; Bernard Chain; John Bona

Testimonials

‘Linklaters has a very strong banking and finance team’.

‘There are no weak links in the team and they can assist with a wide range of matters, including acquisition financings, take-private deals and real estate deals’.             

‘Nathalie Hobbs is an exceptional lawyer who combines highly technical and intellectual skills with a calm and unflappable presence’.

‘Maggie Ng is a very competent partner who has great legal skills and vast experience in the PRC market’.

‘Bernard Chain is a rising star in the department; he knows the leveraged finance market extremely well and has a very good legal brain’.       

‘The firm provides great client services, and is very attentive and responsive to clients’ needs’.

‘Frank Cui’s familiarity with the LBO market practice, his Mandarin skills and expertise in PRC banking regulatory issues prove to be a powerful combination’.

Key clients

ANZ

Bank of America Merrill Lynch

Bank of China

BNP Paribas

Cathay United Bank

China Construction Bank

China Development Bank

Citi

CPPIB

Credit Suisse

CTBC Bank

DBS

Deutsche Bank

HSBC

Huarong

Huatai

JP Morgan

Morgan Stanley

Natixis

Nomura

Oaktree

Standard Chartered

Taipei Fubon Commercial Bank

Taishin International Bank

UBS

Work highlights

  • Acted for Hammer Capital Consulting Limited as Tranche B notes purchaser (effectively mezzanine lender) on the $4.2bn acquisition financing of The Center, which is the world’s most expensive commercial building.
  • Acting for the mandated lead arranger and the investors on the subordinated/mezzanine debt financing connected with the HK$23bn portfolio acquisition, by a consortium led by GAW Capital, of Hong Kong retail properties from Link Real Estate Investment Trust.
  • Advising the financial adviser and arranger of the takeover financing for the proposed privatisation of Hopewell Holdings Limited, a Hong Kong-listed infrastructure and property company (“Hopewell”) by Petrus HK Co Limited (“Petrus”).
  • Acting for a syndicate of lenders on the leveraged facilities for the acquisition of Serta China by Advent International.
  • Acting for DBS Bank on a public takeover in Singapore, where the sponsor is Platinum Equity and the arranger/original lender is DBS.

White & Case

White & Case stands out in banking and finance deals across Asia. Its many areas of strength include cross-border leveraged financings, secured and unsecured credit facilities, syndicated and non-syndicated loans, and single and multicurrency-denominated facilities. It also advises on real estate finance, pre-IPO finance, project finance and asset finance. In addition, it handles sponsor-led finance transactions for lenders and borrowers. Clients include major international brands, banks, financial service clients and alternative credit providers. Baldwin Cheng and counsel Stephen Howard are among the recommended individuals in the team. Asia-Pacific head Eric Berg and regional practice head Eugene Man are also names to note, as is Andrew Bishop.

Practice head(s):

Eric Berg; Eugene Man

Testimonials

‘Commercial, responsive and focused on getting the deal done for all parties’.

‘No unnecessary grandstanding, just solid, clear commercial advice designed to manage the transactions as smoothly as possible’.

‘Technically able and generally very well-managed transactions’.             

‘Eugene Man is an excellent lawyer, very responsive, very commercial and always focused on getting the deal closed’.

‘Team is always very well managed and appropriately resourced’.           

‘Very well trained team of associates and counsels’.

‘A lot of resources to make deals run smoothly’.

‘Baldwin Cheng is the best at designing solutions that suit my problem’.

‘White & Case Hong Kong has an experienced team with serious bench strength’. 

‘Below partner level, counsels and associates can be trusted to run deals and engage with partners when required’.  

‘Steve Howard is exceptional; he is an extremely knowledgeable and thoughtful lawyer, who is both technical and commercial’.     

Key clients

China CITIC Bank International Limited

CTBC Bank Co., Ltd.

Gaw Capital Partners

China Everbright Bank

DBS

Morgan Stanley

RRJ Capital

Industrial and Commercial Bank of China

I Squared Capital

Deutsche Bank

The Carlyle Group

CVC

Work highlights

  • Advised China CITIC Bank International Limited as global coordinator, mandated lead arranger, underwriter and bookrunner and agent on a $1bn mezzanine syndicated term loan to Tianqi Lithium Australia Investments 2 Pty Ltd, which is a subsidiary of Tianqi Lithium Corporation.
  • Advised a consortium led by Gaw Capital Partners on HK$8.33bn term and revolving loan facilities for the acquisition of commercial real estate from Swire Properties Limited.
  • Advised a consortium led by Gaw Capital Partners on its HK$9.2bn term and revolving loan facilities for the acquisition of a portfolio of 12 commercial properties in Hong Kong from Link Real Estate Investment Trust.
  • Advised the mandated lead arrangers and bookrunners on a HK$8bn term loan facility to finance the acquisition of a commercial property in Hong Kong.
  • Advised DBS as mandated lead arranger (among others) in a $655m term loan facility to Shanghai Pharmaceuticals (HK) Investment Limited.

Kirkland & Ellis

Kirkland & Ellis focuses on advising private equity borrowers, credit funds and corporate investors on their most complex financing requirements across the Asia-Pacific region. Areas of expertise include sponsor-backed leveraged finance, minority leverage and margin loans, pre-IPO credit investments and restructurings. It also advises on corporate acquisition finance, loan portfolio acquisitions, structured credit investment, and mezzanine and payment-in-kind (PIK) financings. Clients include private equity sponsors, credit funds and strategic corporate investors. Team head David Irvine is experienced in multijurisdictional leveraged and acquisition finance transactions. Jacqueline Zheng acts for global private equity sponsors, credit funds, asset managers and investment banks on acquisition financing, structured finance and direct lending. Karen Ho made partner. Daniel Abercromby has joined Weil, Gotshal & Manges LLP.

Practice head(s):

David Irvine

Other key lawyers:

Jacqueline Zheng; Karen Ho

Testimonials

‘The team has a lot of experience and is good at problem solving in a commercial manner’.

Key clients

Noble Group Limited

Blackstone

FountainVest Partners

Advent International and AI Dream 3 (Cayman) Limited

Bain Capital

Summer Capital Limited (as the lead investor in the acquisition financing for Swiss Education Group)

Apax Partners LLP

Pure International Holdings (BVI) Ltd.

Hillhouse Capital Management Ltd. and Hillhouse Fund IV, L.P.

Work highlights

  • Advised Noble Group Limited on the finance aspects of its financial and corporate restructuring.
  • Acted for Blackstone on the financing aspect of its $400m subscription of H shares convertible bonds in Hong Kong-listed YiChang HEC ChangJiang Pharmaceutical Co., Ltd.
  • Advised FountainVest Partners as a member of an investor consortium on the financing aspect of its voluntary public tender offer for all the shares in Amer Sports Corporation.
  • Assisted Advent International with the $300m financing of the recapitalisation of its portfolio company King Koil, Inc. and its combination with Serta China.

Latham & Watkins LLP

Latham & Watkins LLP advises lenders and borrowers on leveraged and acquisition finance transactions across Asia. The expertise of its team includes syndicated lending transactions, leveraged finance and leveraged recapitalisation transactions, and structured note and private placement transactions. Clients include banks, financial advisers, private equity firms, hedge funds, borrowers, sponsors, syndicates and government institutions. Gary Hamp is adept at handling inbound and outbound cross-border transactions. Hong Kong practice head Howard Lam is recommended for his expertise in China-related finance transactions. Manas Chandrashekar made partner.

Practice head(s):

Howard Lam

Other key lawyers:

Gary Hamp; Manas Chandrashekar

Key clients

Tianqi Lithium Australia Investments 1 Pty Ltd

JPMorgan Chase Bank

Helipad SG Holdings Pte. Ltd. (an entity controlled by TPG Capital Asia)

Lodgis Hospitality Holdings Pte. Ltd.

Vailog Hong Kong DC17 Limited

Warburg Pincus

E. Sun Commercial Bank

BNP Paribas

HSBC

Citibank

Morgan Stanley

Partners Group

TPG

Goldman Sachs

Platinum Equity

Carlyle Asia

Barings Private Equity

Barings Asset Management Limited

Work highlights

  • Advised Tianqi Lithium Industries on the term loan facilities connected with its acquisition of a 24% stake in Sociedad Quimica y Minera, a producer of plant nutrition products and specialty fertilisers, and the world’s second-largest lithium producer. This was the largest syndicated outbound M&A financing into Latin America in 2018.
  • Acted for a syndicate of lenders, including JPMorgan Chase, on the €4bn recourse and non-recourse financing of the acquisition of Finland’s Amer Sports by a consortium including Anta Sports and FountainVest.
  • Advised TPG  on the senior and mezzanine financing of the acquisition of Healthscope’s Asian pathology laboratories Quest Laboratories and Gribbles Pathology.
  • Acted for Lodgis – a hotel investment platform formed through a joint venture between Warburg Pincus and Vinacapital – on a $38m financing facility to fund the acquisition of the iconic Raffles hotels in Cambodia.
  • Acted for E.Sun, BNP Paribas and HSBC on the $80m financing to Hong Kong-headquartered fitness operator Pure International.

Norton Rose Fulbright

Norton Rose Fulbright handles international banking transactions involving areas such as export credit finance, structured trade, project finance, asset finance, real estate finance and sovereign lending. The firm's excellent reputation sees it act for Chinese and international banks, energy companies, insurers, ship owners, airlines and technology companies, among others. Peter Haslam, who has been at the firm for over 30 years, leads the team. Another experienced practitioner is David Milligan, who acts for banks and borrowers on cross-border financings, with a focus on fintech, acquisition finance, corporate lending and commodity finance.

Practice head(s):

Peter Haslam

Other key lawyers:

David Milligan

Testimonials

‘The Norton Rose Fullbright team has demonstrated a high level of professionalism and fiduciary responsibility throughout multiple projects we have worked together on’.

‘They are willing to discuss problems with the client and work together to find a solution’.

‘The Norton Rose Fulbright team is always available and works very hard to meet tight timetables. When we discover something new that needs to be fixed, the group doesn’t mind taking up the extra work’.

‘The individuals we have worked with have always been diligent, open to discussion and basically always available’.

Key clients

Standard Chartered

Work highlights

  • Advised Standard Chartered and ICBC on a $550m finance facility to China Re Hong Kong Company for the purpose of acquiring Chaucer Holdings, and the related acquisition of the Irish entity (Chaucer Insurance Co. DAC) and Australian entity (Hanover Australia Hold Co. Pty Ltd).

Baker McKenzie

Baker McKenzie's varied transactional work covers areas such as syndicated loans, project finance, structured finance, acquisition and trade finance, and asset finance. Its team has extensive experience of all stages of deals, and it also assists with enforcement procedures, where necessary. Other work includes advice on financial services regulation and debt restructurings. The firm acts for a diverse client base of lenders and borrowers, including commercial and investment banks, financial intermediaries, private equity funds, mutual funds, insurance companies and governments. Barry Cheng is experienced in project financing transactions in the PRC, and he also acts for banks on the financing of worldwide acquisitions and investments by PRC investors. Andrew Lockhart, who co-heads the team with Cheng, specialises in asset and structured finance. Sally Hung and Simon Leung are also recommended.

Practice head(s):

Andrew Lockhart; Barry Cheng

Other key lawyers:

Allen Ng; Sally Hung; Simon Leung 

Key clients

Tencent Holdings Limited

Excel Partners China Fund

Work highlights

  • Advised Tencent on the establishment of a joint venture, Infinium Limited (“Infinium”), and also the application for a virtual banking license, which was approved by the Hong Kong Monetary Authority.
  • Advised Excel Partners China Fund on a $175m secured term loan facility by a consortium of five leading international banks (led by Deutsche Bank as mandated lead arranger) to three Barbados subsidiaries of Excel.

DLA Piper

DLA Piper focuses on finance, projects and restructuring matters. Its group is experienced in syndicated loan finance, cross-border financings, acquisition finance, project finance, high-end leveraged finance, private debt and special situations transactions. The firm advises clients across the Asia-pacific region with a particular focus on China, Singapore, Korea, Japan and Indonesia. Clients include Chinese state-owned enterprises, private companies, international and regional financial institutions. Matthias Schemuth leads the team, which was strengthened by the arrival of Philip Lee from Herbert Smith Freehills.

Practice head(s):

Matthias Schemuth

Other key lawyers:

Philip Lee; Douglas Murning; Tom Van Hoof; Paul Lee; Carolyn Dong 

Testimonials

‘Top quality’.

‘Tom Van Hoof is very hands-on, and provides high quality top-notch advice’.

‘The DLA team are very responsive and the partners and senior lawyers have good technical knowledge’. 

‘They are aware of financial institutions’ requirements and able to give insight into borrowers’ concerns, which is helpful in negotiations’.               

‘Matthias Schemuth is our go-to contact on structured trade financings and one of our trusted advisers. He is able to disentangle issues and give advice which is practical and pragmatic’. 

‘Tom van Hoof is always available to assist and a trusty pair of hands’.    

Key clients

Coöperatieve Rabobank

DBS Bank

Pierfront Capital Fund Management

Deutsche Bank

GAW Capital

HSBC

PT Digital Synergy Technology

Industrial and Commercial Bank of China

Haitong International Credit Company

China Minsheng Banking Corporation

Sinopharm Holding (China) Finance Leasing

Haitong International Securities

Qumei Home Furnishings Group

Bank of China

Australia and New Zealand Banking Group

DZ Bank

Bank of Communications

Hang Seng Bank

China Ping An Insurance Overseas

OPIC

Sky Solar

Work highlights

  • Advised ANZ in relation to a $300m syndicated term and revolving facility provided to China Water Affairs (CWA) for the development, construction and purchase of water integrated projects in the People’s Republic of China.
  • Represented DBS Bank, Singapore’s leading regional bank, and UOB and ING, in the $820m financing for PT Huawei Tech Investment linked to the telecoms network expansion project undertaken by PT Hutchison in East Kalimantan, Indonesia.
  • Advising a large German bank on a number of lending facilities for major projects across Asia.
  • Advised Bank of China in connection with the $2.5 bn revolving unsecured credit facility (including a bespoke swingline feature) made available to Sands China, the leading developer, owner and operator of multi-use integrated resorts and casinos in Macau, by a large syndicate of regional, US and European banks.
  • Advised Haitong in its role as agent and original lender on a syndicated term loan of $300m to Chiho Environmental Group, to refinance existing loans and for general working capital purposes.

Herbert Smith Freehills

Although Herbert Smith Freehills is particularly well-known for its work for Chinese banks, its deep expertise makes its a strong contender for work from PRC and international corporates, funds and government agencies. Noted for its exclusive focus on cross-border deals, the team handles a broad cross-section of matters for clients, including those relating to acquisition finance, project finance and corporate finance. It also advises on multijurisdictional stressed and distressed loan restructurings and workouts. Team head Alexander Aitken focuses on the Hong Kong, PRC and Indian finance and restructuring markets.

Practice head(s):

Alexander Aitken

Other key lawyers:

Ellen Mao

Testimonials

‘The team has a lot of experience and is good at solving problems in a commercial manner’.

Key clients

Standard Chartered Bank

JP Morgan

BNP Paribas

ANZ

Citibank

China Huarong International

China Construction Bank International

Industrial Bank

China Development Bank

ICICI

Agricultural Bank of China

ICBC

Credit Agricole

China Minsheng Banking Corporation

Bank of China

Bank of Baroda

China International Capital Corporation

Work highlights

  • Advised logistics company SF Holding as borrower on a circa HK$4.1bn term loan facility for the purpose of acquiring the entire shareholding of DHL Supply Chain (Hong Kong) Limited and DHL Logistics (Beijing), DHL’s China supply chain business.
  • Advised a syndicate of lenders – with Mizuho Bank acting as facility agent – on a HK$350m revolving credit and term loan facility to Leo Paper Group Finance Limited.
  • Advised China energy major ENN Ecological Holdings on its proposed first major acquisition in the United States’ liquefied natural gas (LNG) market, which included assisting the client with the financing aspects of the deal.

King & Wood Mallesons

Richard Mazzochi heads up King & Wood Mallesons' team, which has undergone significant expansion to align with anticipated growth in banking and finance work connected with the Belt and Road and Greater Bay Area initiatives. The group was bolstered by the arrivals of Ashley Wong and Katherine Ke from Mayer Brown and Clifford Chance respectively; both practitioners have extensive aviation and asset finance experience. In addition, Ke has expertise in PRC inbound and outbound transactions involving general syndicated loans, project finance, structured finance, trade finance and receivables finance. The firm acts for PRC state-owned and private financial institutions, offshore platforms of Chinese state-owned enterprises (SOEs) and conglomerates. It also advises international banks. Practitioners are qualified to assist with Hong Kong, PRC, English, Australian, US and various European laws. Jessica Zhou made partner.

Practice head(s):

Richard Mazzochi

Other key lawyers:

David Lam; Ashley Wong; Katherine Ke; Jessica Zhou

Testimonials

‘The practice is quick to grasp the core issues and understand the commercial drivers behind the legal advice required’.

‘They are engaged with the problems and proactively offer flexibility in their services and legal advice’.            

‘The partners are great team players and they are flexible, patient and committed to good quality and doing the best job possible’. 

‘Richard Mazzochi is particularly impressive. He was prudent and effective at the same time’.

‘David Lam has plenty of experience of handling cross-border deals, and he is one of the few in the market who is Hong Kong, UK and PRC-qualified’.

‘David Lam is a practical and solution-oriented lawyer’. 

‘The team, which is led by Richard Mazzochi, has wide-ranging financial services experience and can cover a wide variety of matters’.

‘They are very professional and hold themselves to a high standard, while providing an efficient and solid work product’.               

‘Richard Mazzochi is an outstanding practitioner; he is easy to work with and takes the time to understand the business’.

Key clients

CLP Power Hong Kong Limited

ICBC Singapore

ICBC Asia

Wells Fargo Bank, National Association and GACP Finance Co., LLC

Standard Chartered Bank

China Electric Power Equipment and Technology Co., Ltd

Shanghai Electric Power Co., Ltd.

Bank of China Limited, Shanghai Branch

Bank of China (Malaysia) Berhad

China CITIC Bank International Limited

Work highlights

  • Acting for CLP on the launch of the CLP Home Loan Scheme. The Scheme allows eligible CLP employees to leverage their interest in an occupational retirement scheme to apply for financial support in the form of a home loan for the purpose of buying a first home in Hong Kong.
  • Acted for ICBC Singapore as the arranger of a $500m syndicated loan facility with a greenshoe facility up to $250m for Dalian Wanda Group Co Ltd guaranteed by Wanda Sports & Media (Hong Kong) Co Ltd.
  • Acted for Standard Chartered Bank as the arranger of a HK$2.4bn syndicated facility for Shanghai Juneyao Airline Hong Kong Limited.
  • Advised ICBC Asia on a $800m syndicated loan facility to Dalian Wanda Group, guaranteed by Wanda Culture Holding Co., Ltd.
  • Acted for ICBC as the arranger on a HK$3.8bn facility for Suning Financial Services, guaranteed by Suning.com.

Mayer Brown

Mayer Brown advises both lenders and borrowers on cross-border transactions, leveraged and acquisition finance, bilateral and syndicated loans, real estate finance, fund finance, structured finance, asset finance, project finance and trade finance. Other areas of expertise include capital call financings, loan-to-own financings, margin loans, distressed portfolio sales and work-outs, and bank governance and advisory services. Clients include debt funds, private equity houses, corporates, and international and regional banks and financial institutions based in PRC and Japan. Richard Stock heads up the team, which includes Fanny WangFrancis ChenDoo-Soon Doos Choi and Benjamin Sandstad. Also recommended is recently promoted partner Dion Yu.

Practice head(s):

Richard Stock

Testimonials

‘There are very strong senior associates on the team, who are easily reachable’.

Key clients

Industrial and Commercial Bank of China (Asia) Limited

Hang Seng Bank Limited

China Construction Bank

Bank of Communication

China Merchants Bank

China Minsheng Banking

China Development Bank

China Everbright Bank

Ping An Bank

DBS Bank

China CITIC Bank

Work highlights

  • Acted for ICBC as agent on the provision of £235m bridging loan finance to Excel Winner (UK) Limited in connection with the acquisition of Nine Elms (and the subsequent development) in London.
  • Advised Hang Seng Bank on a HK$1.61bn term loan facility to Logan Property Holdings Company Limited, an integrated property developer focusing on residential property development in China Greater Bay Area.
  • Advised a Hong Kong licensed bank as the agent on the provision of HK$5.5bn five-year syndicated term and revolving loan facilities to CP Finance Limited, a wholly-owned subsidiary of Champion Real Estate Investment Trust (“Champion REIT”).

Paul Hastings LLP

Although Paul Hastings LLP primarily undertakes banking and finance work for borrowers, it also generates a significant amount of work from lenders. The team advises on commercial lending, acquisition and leveraged finance, loan workouts and refinancings. It also has expertise in bond financings, convertible debt facilities, loan workout transactions and fund finance. The firm draws on expertise from its global network of offices and conducts Asia-Pacific deals with the support of its regional offices. It acts for clients in industries such as financial services, insurance, manufacturing, energy, technology, media, entertainment and tourism, among various others. Brett King heads up the Hong Kong and China practice alongside acquisition finance and restructuring expert James Ma and Vivian Lam. Lam is recommended for her real estate finance experience.

Practice head(s):

Brett King; James Ma; Vivian Lam

Other key lawyers:

David Blumenfeld

Key clients

China Orient Summit Capital

Kohlberg Kravis Roberts & Co.

Sino-Ocean Land Holdings Limited

Nomura

Bank of Taiwan

Taipei Fubon Commercial Bank

Cathay United Bank

CTBC Bank

ICBC International Capital Limited

Horizons Ventures Limited

Ever Bliss International Limited

Joy Orient Investments Limited

Maybank Investment Bank

WH Group

Standard Chartered Bank

Profit Plus Global

China Everbright Limited

China Everbright International Limited

Lennar Corporation

Energy Development Corporation

The Carlyle Group

Baha Mar Resorts Ltd.

Warburg Pincus

IIF/JPMorgan Asset Management

Sonnedix Solar International Limited

JPMorgan Chase Bank NA

COSCO

Ping An

China Baowu Group

Shanghai Electric

Work highlights

  • Acted for COSCO SHIPPING Holdings on a loan facility to finance the $6.3bn acquisition of Orient Overseas (International) by the wholly-owned subsidiaries of COSCO SHIPPING Holdings and Shanghai International Port (Group).

Ropes & Gray LLP

Ropes & Gray LLP is best-known for its strengths in leveraged and acquisition finance, where it handles many of the most high-end and complex transactions in the Asia-Pacific region for global sponsors, financial institutions and blue-chip corporates. Its broader practice also covers other areas of banking and finance, including mainstream secured lending, asset finance and real estate finance. Daniel Anderson co-heads the team with Jackie Kahng. Senior associate Lucy Wu is another name to note.

Practice head(s):

Daniel Anderson; Jackie Kahng

Other key lawyers:

Lucy Wu

Testimonials

‘I have been very satisfied with their level of service, and thought they had strong industry knowledge in banking and financing matters’. 

‘I think of Ropes & Gray as one of the go-to firms in the banking and finance space, and know that I can trust them to deliver top quality work’.           

‘Jackie Kahng is personable, knowledgeable and highly experienced. She is also responsive, thorough and thoughtful’. 

‘Jackie Kahng is particularly knowledgeable about Korean matters, and the fact that she is also fluent in Korean has come in very handy for us on a few occasions’. 

‘The team has a lot of experience and is good at problem solving in a commercial manner’.         

Key clients

KKR

TPG Capital

Bain Capital

MBK Partners

Baring Private Equity Asia

Alibaba

Work highlights

  • Advised Bain Capital Credit on the financing of its $320m investment in Schwan’s Company, an indirect subsidiary of CJ Foods America Corp.
  • Assisted KKR with the financing of its acquisition – together with IGIS Asset Management and the National Pension Service of Korea – of a mixed-use real estate project in Seoul.
  • Advised TPG Capital on the financing of its joint venture with China Lodging Group, a leading multi-brand hotel group in China.

Slaughter and May

Slaughter and May’s banking and finance practice is headed by Peter Lake and Lisa Chung. Areas of expertise include acquisition and leveraged financing, asset financing and leasing, corporate recovery and insolvency, structured finance and regulatory matters.

Practice head(s):

Peter Lake; Lisa Chung

Key clients

China Resources group

Sumitomo Mitsui Banking Corporation

DBS Bank Ltd. and China Development Bank Hong Kong Branch

China Power New Energy Limited

China International Capital Corporation

United Energy Group

Work highlights

  • Advising China Resources Beer (Holdings) Limited on financing amendments required in light of Heineken’s acquisition of 40% of the company.
  • Advising the arranger on a £280m financing facility to CR & CNIC Investment Limited (a BVI joint venture vehicle owned by China Resources and CNIC Corporation).
  • Advising the offeror on the certain funds financing for the takeover (by way of privatisation) and delisting of China Power Clean Energy Development Company Limited, provided by Bank of China (Hong Kong) Limited.

Reed Smith Richards Butler

Reed Smith Richards Butler advises on corporate and institutional lending, mezzanine and subordinated debt structures, secured and unsecured syndicated and bilateral lending and debt transactions, acquisition and leveraged financing, and debt restructuring and workouts. Other areas of expertise include cross-border tax-based and structured finance, banking regulatory and compliance and asset finance. The Hong Kong team carries out deals in Asia, the US, Europe and the Middle East. Clients include financial institutions, international and domestic banks, corporates, and credit agencies. Chris Tang and Peter Lee head the team.

Practice head(s):

Chris Tang; Peter Lee

Testimonials

‘The team is very professional and very proactive.’

‘Their strength is that they are able to deliver excellent customer services to the client and able to provide feedback promptly to any questions that their clients might have.’

‘Michael Sinn provides professional knowledge, an excellent service and prompt responses.’

Ashurst

Led by Nigel PridmoreAshurst's team covers a diverse range of transactional matters, including those involving real estate finance, margin loans, structured finance, funds finance, acquisition finance and syndicated loans.  Clients include commercial banks, asset management companies, financial institutions, alternative credit providers, multinational corporates and government agencies. Daniel Lau is valued for his experience of handling deals across a wide range of industries, including real estate, consumer goods and oil and gas. Eric Tan has over 15 years of finance experience, and is equally highly regarded by banks and borrowers.

Practice head(s):

Nigel Pridmore

Other key lawyers:

Eric Tan; Daniel Lau;

Testimonials

‘Daniel and his team are very well-versed in the relevant laws and terms of banking and finance, and are always readily available to assist when I have issues in relation to a particular deal’.      

‘They go above and beyond (under tight time frames) to ensure delivery of what was promised’.                

‘The firm has a very responsive and approachable team, which provides timely, practical and well thought-through advice’.

‘Eric Tan is technically strong, highly impressive and pragmatic. He demonstrated strong business acumen and good industry knowledge’.

Commercially-sensitive and able to quickly grasp the issues on our deals’.

Key clients

ANZ

Agricultural Bank of China

Banco Santander

Bank of China

Bank of Communications

China Construction Bank

China Development Bank

Citibank

CICC Hong Kong Finance (Cayman) Limited

CMB International Finance Limited

Credit Suisse AG

DBS

HSBC

Industrial and Commercial Bank of China Limited

Jiangsu Shagang Group Co., Limited

Mizuho Bank

MUFG

The Export-Import Bank of China (CEXIM)

UBS AG

Work highlights

  • Acted as Hong Kong legal counsel to the arrangers and a group of lenders (involving over 15 banks) on a $500m syndicated term loan to NetEase for its general capital expenditure.
  • Acted as lead counsel and English law legal advisers to a lending consortium on its €320m term loan financing to Guotong Romeo Holdings Limited.
  • Acted as Hong Kong legal counsel to Jiangsu Shagang Group Co., Limited (“Shagang”) on a $260m syndicated term loan provided by a group of lenders (including Standard Charted Bank) to the Hong Kong subsidiary of Shagang for its general capital expenditure.
  • Acted as Hong Kong legal counsel to CMB International Finance Limited and ABC International Limited Investment Management Company Ltd on a $68m loan to the offshore subsidiary of Himalaya, supporting its group debt restructuring.
  • Advised Credit Suisse AG as mandated lead arranger and bookrunner on a $200m term loan facility (with a green shoe option) to Nasdaq-listed premier education services group, New Oriental Education & Technology Group, including the subsequent syndication efforts of the bookrunner.

Deacons

Independent Hong Kong firm Deacons advises clients on financial transactions spanning areas such as syndicated and bilateral lending, secured and structured lending, trade finance and project finance. Other areas of expertise include bank mergers, regulatory issues, anti-money laundering, cryptocurrencies and online lending platforms. Clients include banks, corporates, law firms, accountants and fintech companies. Practice head Simon DeanePhilip Gilligan and Teresa Lau collectively have over 75 years of experience. Senior associate Farrah Lam is another key figure.

Practice head(s):

Simon Deane

Other key lawyers:

Philip Gilligan; Teresa Lau; Farrah Lam

Testimonials

‘Good quality work and solid legal advice’.     

‘Philip Gilligan is experienced and knowledgeable’.                         

‘The team is very efficient, responsive and reliable’.

‘Philip Gilligan and others always provide a professional and efficient legal service to us’.

‘We are impressed by their professional attitude, industry knowledge, commercial sensibility, and responsive and continuous support to clients’.        

Eversheds Sutherland

Eversheds Sutherland is strong in a variety of areas of banking and finance, with trade finance and real estate finance representing two particularly notable cornerstones of the work. Also notable is that project finance is another bedrock of the practice; the firm acts for sponsors, lenders, investors and governments in this space. Elsewhere, other drivers of activity include international bilateral and syndicated lending, structured finance, acquisition finance, equity and asset finance, securitisations, investment funds and regulatory matters. Michael Yau is the head of the practice in Asia. Alex Doughty, who specialises in energy sector transactions, relocated to the Hong Kong office from London. Samuel Chau and Jae Lemin are other notable individuals.

Practice head(s):

Michael Yau

Other key lawyers:

Samuel Chau; Alex Doughty; Jae Lemin

Testimonials

‘Very strong in trade finance’.   

‘Michael Yau is very experienced in trade finance; his advice on both contentious and non-contentious matters is prompt and practical’.      

‘Samuel Chau is an experienced and reliable partner, who our bank has worked with us over the years. He provides effective commercial advice within our budget constraints and timelines without fail’.

                                            

Key clients

China Cinda (HK) Asset Management Co., Ltd.

China CITIC Bank International Limited

China Vanke Co., Ltd.

Standard Chartered

GuarantCo

SilkRoad Partners

Chong Hing Bank

Work highlights

  • Acted for Agricultural Bank of China as the mandated lead arranger and bookrunner, the original lender and agent on a $600m term loan facility to COSCO (H.K.) Shipping Co., Limited.
  • Acted for China CITIC Bank International Limited as the lender on the provision of HK$1.3bn loan facilities to Ace Alliance Development Limited.
  • Acted for Hang Seng Bank Limited as the lender on the provision of a HK$212m term loan facility to Global Glory Development & Property Limited as borrower and CNQC International Holdings Limited as guarantor.

Gibson Dunn

At Gibson DunnMichael Nicklin is vastly experienced in a wide range of banking and finance transactions, including bridge financings, margin loans, special situations transactions and event-driven financings. With the practice being exclusively sponsor-focused, the firm particularly stands out in leveraged and acquisition finance transactions. Nicklin, who heads up the Hong Kong team, is also a co-chair of the global finance group; he advises on deals across the Asia-Pacific region.

Practice head(s):

Michael Nicklin

Key clients

Bain Capital

Goldman Sachs

First Pacific Company Limited

I-Squared Capital

NetEase Inc.

Trans Maldivian Airways Private Limited

Camp Australia

Anchor Equity Partners (Asia) Limited

ADV Partners Holdings Ltd.

Konew Financial Express Limited

Work highlights

  • Assisting leading internet technology company NetEase with the negotiation of a $500m loan facility agreement.
  • Advising Bain Capital and its portfolio company BCPE Flying Paradise Acquisition on its debt financing facilities.

Hogan Lovells

Hogan Lovells has a full service banking and finance practice, which excels in structured finance, real estate finance, asset finance and pre-IPO finance. In addition, with the firm being active in the corporate and private equity sphere, its team plays a key role in LBOs and MBOs, the financing aspects of privatisations and restructurings of leveraged transactions. Clients include large international and PRC-based banks, private equity funds and multinational companies. Owen Chan is the head of the team in Hong Kong and mainland China. Louise Leung made partner.

Practice head(s):

Owen Chan

Other key lawyers:

Louise Leung; Jenny Yim; Alan Wong

Key clients

HSBC

Skadden, Arps, Slate, Meagher & Flom LLP

With Skadden, Arps, Slate, Meagher & Flom LLP having a first-rate corporate practice, the banking team excels in assisting borrowers with acquisition finance transactions (including PRC going-private acquisitions), leveraged finance and margin loans. The group is also active in other areas of finance, including high-yield and credit products. Of counsel John Hartley, who joined the firm from Gibson Dunn, took over as the head of the practice following the retirement of Clive Rough. Hartley has extensive expertise in syndicated loans, tax-driven structures, securitisations and real estate finance.

Practice head(s):

John Hartley

Other key lawyers:

Jonathan Stone

Key clients

Renren

A Buyer Group for JA Solar Holdings take-private

Key Safety Systems, Inc.

Xiaomi

TAL Education Group

HOPU Fund

Baidu, Inc

Work highlights

  • Acted for Key Safety Systems on the Hong Kong law aspects of global acquisitions and corporate financings.
  • Advised Xiaomi on a $1bn syndicated loan, as well as issues connected with its listing on the Hong Kong Stock Exchange and prior restructuring.
  • Acted for TAL Education Group on the negotiation of a $600m syndicated term and revolving loan agreement, with Deutsche Bank as the coordinating mandated lead arranger and bookrunner.
  • Acted for the HOPU-ARM Innovation Fund on its $160m drawdown revolving credit facility.
  • Advising Baidu on its ongoing syndicated and bilateral loan facilities.

Stephenson Harwood

Stephenson Harwood has a particularly strong capability in the trade finance arena; the scope of its work in this space includes assisting clients with supply chain finance arrangements and the development of standard factoring and security documents. Other areas of expertise include asset finance, structured finance, investment products and secured and unsecured lending. Stephanie Wong handles a wide range of transactions for Hong Kong, PRC and international banks, with ship finance being one notable area of strength. Mark Reed leads the team, which also includes King-Tak Fung and Elton Chan. Reflective of the ongoing growth of the practice, Katherine Liu recently made partner.

Practice head(s):

Mark Reed

Other key lawyers:

Katherine Liu; King Tak Fung; Elton Chan; Stephanie Wong

Testimonials

‘The team delivers a professional service, which is provided in timely manner’.

‘Willing to fight hard to negotiate terms and conditions with counter-parties’.

‘Extremely knowledgeable about banking, particularly in relation to trade finance’.

‘Fast responses to client’s requests’.

‘The finance team, which is led by Mark Reed, always puts the client first’.

Key clients

Bank of China (Hong Kong) Limited

FundPark Limited

Metro Holdings Limited

TNG (Asia) Limited

Work highlights

  • Assisted Bank of China (Hong Kong) Limited in developing its standard documentation for its supply chain financing business.
  • Assisted FundPark Limited in developing its suite of standard factoring documents and security documents.
  • Represented a Singapore-listed property developer in its $120m lending with its joint venture partner to a Hong Kong-listed real estate developer
  • Acted for the Hong Kong branch of a leading PRC bank as arranger in a Hong Kong $6 bn syndicated term loan facility, participated by a group of 19 banks and financial institutions.

Weil, Gotshal & Manges LLP

Weil, Gotshal & Manges LLP's banking and finance team has a strong track record in deals governed by New York, English and Hong Kong law. The firm's presence in Hong Kong is backed by a wider network of offices in Asia, putting it on a strong footing to assist clients with high-profile transactions across the region. Working with the private equity practice, the team advises sponsors on all aspects of their most complex financing requirements, particularly in the context of leveraged and acquisition finance transactions. It also plays a key role in corporate restructurings and other distressed situations. Clients include financial institutions and global private equity sponsors. Soo-Jin Shim heads up the team, which saw associate Kevin Yao join from Norton Rose Fulbright. Daniel Abercromby has joined from Kirkland & Ellis. Counsel Eng-Lye Ong departed for Dechert.

Practice head(s):

Soo-Jin Shim

Other key lawyers:

Kevin Yao; Rick Wei

Testimonials

‘The individuals become part of your team as if they are working with you’.

‘Rick Wei acted as if he was an employee of our company and doing whatever it takes to get the job done’.                       

Key clients

TPG Capital

Shandong Weigao Group Medical Polymer Co., Ltd.

MBK Partners

Advent International

The Rohatyn Group

Work highlights

  • Advised MBK Partners and Baring Private Equity Asia on the $200m bridge to bond commitments associated with financing the take-private by a consortium of investors of eHi Car Services Ltd.
  • Advised Advent International on the senior facilities commitment provided by Bank Sinopac to finance part of the consideration required for the acquisition of BioDuro.
  • Advised Franchise Services Global Limited on the staple financing from Citibank Korea relating to the sale of The Rohatyn Group’s shares in Franchise Services Asia Limited.