Acting as a regional hub for work throughout APAC, Allen & Overy‘s three-partner Hong Kong team, often working in collaboration with resources in mainland China and Singapore, is a popular choice among banks, securities firms and increasingly buy-side entities for complex derivatives work. In this context, the team has been active handling credit derivatives work, including as it relates to advice referencing distressed entities within the beleaguered PRC real estate sector. The team’s derivatives-related transactional expertise is also facilitated by a deep understanding of the regulatory framework underpinning the market, an understanding which also frequently sees it instructed on standalone regulatory matters, including recent advice to clients on margin rules. Yvonne Siew is a towering figure in the market and has gained strong recognition across a range of structured finance and equity derivatives transactions, as well as in her role at the vanguard of OTC derivatives regulatory reform. Ross Stewart co-heads the team alongside Siew and works across a similarly compelling mix of regulatory and transactional matters, including his previous pivotal role establishing the firm’s well-received online tool to aid clients draft regulatory compliant margin documentation. Newly promoted partner James Yao is ‘professional and meticulous’ and has good traction among Chinese financial institutions. The relocation from Australia of Jamie Taylor, who was recently promoted to of counsel, enhances the team’s ability to handle securitisation mandates for both the buy and sell-side.

Drawing upon deep knowledge of the regulations of both Hong Kong and the Mainland, King & Wood Mallesons‘ Greater China offering, which includes three partners in Hong Kong and a vast presence in the PRC, is a popular choice among both international and PRC-based buy and sell-side clients engaged in often highly bespoke derivatives and structured finance transactions. The firm’s continued representation of OTC derivatives trade body ISDA, is testament to the esteem with which the firm is held, including its work with it, and sundry international market participants, in relation to the shaping of and follow up legal opinions regarding the PRC Futures and Derivatives Law (which provided clarity for participants with regard to validity and enforceability on close-out netting in the PRC). On the transactional front, the firm remains the dominant player in the market for issuers in the listed and unlisted structured products market, an area that the ‘experienced’ Minny Siu has particular expertise, alongside her vast regulatory knowledge. Richard Mazzochi, who co-heads the team with Siu, has an equally strong grounding in regulatory matters, as well as an ‘impressive ability to advise across product lines’. The ‘outstanding’ Angus Sip is also a key member of the team and provides a ‘quality service’ to buy and sell-side participants across a range of derivatives and structured finance matters.

Linklaters has the strength-in-depth and critical resources to advise an impressive roster of financial institutions across a broad spectrum of derivatives and structured products in Hong Kong and throughout Asia. Team head Chin-Chong Liew has expertise across the panoply of OTC derivatives transactions (including FX, rates, structured equity and fixed income), and is also noted for his deep regulatory knowledge, which has for a long time been acknowledged by ISDA which recently instructed him on the localised Chinese language interbank offered rate (IBOR) fallbacks documents. Victor Wan is extremely well-versed across a wide range of products in the space, including credit, equity and fixed income derivatives, in addition to cash and synthetic securitisations. Of the more junior partners, I-Ping Soong has deep knowledge of OTC derivatives regulatory matters and regularly advises ISDA, including on the drafting of its Hong Kong opinions on close-out netting and collateral matters.

Led by Christopher Tang from Hong Kong and frequently acting in tandem with practitioners on the Mainland, Ashurst adopts a very co-ordinated service to global, regional and PRC-based financial institutions on their Asia-based derivatives mandates. Work handled by the team is eclectic, from advice on standalone regulatory and transactional matter, to drafting work relating to new template documentation. Mandarin speaking partner Priscilla Chen has wide practical knowledge of derivates matters, covering the spectrum of underlying assets and has excellent traction among Greater China clients on both the buy and sell-side. Peter Kwon joined RPC in January 2022.

At Tiang & Partners, team head Michelle Taylor is very ‘well-respected’ in the market for her securitisation expertise. Most of this work is for a bank-focused client base, as arrangers, on cross-border transactions for Korean issuers, typically involving consumer loans (including credit card receivables) as the underlying assets. Taylor also often works alongside the transport finance team on aviation-related future flow receivables transactions.

Co-headed by the ‘highly intelligent’ Chris Whiteley and the ‘commercially-minded’ Kingsley Ong – following their respective moves from Ashurst and Eversheds Sutherland in 2021 – the nascent team at CMS ‘provides a compelling offering’ for a range of stakeholders across the panoply of derivatives and structured finance work. Although he does handle some new money mandates (particularly in the securitisation field), Ong’s particular niche is in relation to down-cycle matters, where he is able to combine his restructuring expertise with deep structured finance product knowledge, to effectively unravel often very complex underlying documentation. Whiteley ‘has a wealth of experience’, both in private practice and in-house, enabling him to ‘explain complex issues’ relating to structured finance and OTC derivatives matters.