White & Case > Hong Kong, Hong Kong > Firm Profile

White & Case
16th Floor, York House
The Landmark
15 Queen’s Road Central
Hong Kong SAR
Hong Kong

Hong Kong > Banking and finance Tier 1

White & Case has particular strength in debt finance and advises large international businesses and financial institutions on Hong Kong and cross-border finance transactions. The practice acts for high-profile bank lenders and has recently bolstered its borrower financing and credit lending capabilities with the hiring of Daniel Abercromby, who joined from Weil, Gotshal & Manges LLP in November 2020. Practice head Eugene Man is recommended for leveraged financing and structured debt financing work, and private credit lender financings. Baldwin Cheng handles large pan-Asian financings for both sponsors and debt financiers. Stephen Howard is recommended for bank finance, direct lending and high yield transactions.

Practice head(s):

Testimonials

‘Strength in depth – excellent partners, strong associates’.

‘They focus on getting the deal done, and not on irrelevant negotiations’.

‘Spent time to get to know our business’.

‘Very much a safe pair of hands – we’ve used them on finance deals for the last 6 years without exception’.

‘Eugene Man is very responsive, very commercial and builds strong client relationships’.

‘White and Case is one of the leading banking and finance practices in the North Asia region’.

‘They have deep connections with many of the sponsors and banks and therefore understand the market extremely well’.

‘Eugene Man and Baldwin Cheng are the key partners and are highly recognised for their expertise and commercial acumen’.

Key clients

China CITIC International Bank Limited

CITIC Capital (renamed as Trustar Capital)

China Minsheng Banking Corp., Ltd.

Deutsche Bank

Credit Suisse

Morgan Stanley

Gaw Capital Partners

Work highlights

  • Advised CITIC Capital (renamed as Trustar Capital), the private equity and alternative investment arm of Chinese conglomerate CITIC Group in the financing related to its $770m acquisition of substantially all of the assets of GNC Holdings Inc. (previously listed NYSE: GNC) through its portfolio company, Harbin Pharmaceutical Group.
  • Advised China CITIC International Bank Limited and the syndicate banks in the amendment and extension exercise in relation to the mezzanine facility of $1bn to an Australian subsidiary of Tianqi Lithium Corporation, a Shenzhen-listed giant lithium miner, permitting the implementation of certain restructuring proposals designed for the introduction of new investors in Tianqi’s subsidiaries.
  • Advised Gaw Capital Partners on over HK$16bn (approx. $2bn) loans for the acquisition financings of premium office buildings in Hong Kong from Swire Properties, a major property developer of world-class commercial assets in Asia, especially in China and Hong Kong.

Hong Kong > Private equity Tier 1

White & Case acts for private equity investors in complex transactions in most industries and sectors across Hong Kong, Greater China and Asia. It has recently seen an uptick in instructions relating to the pharmaceutical and healthcare industries, with a focus on biotechnology and digital health. Its diverse team is valued by clients for its England and Wales, and New York-qualified lawyers, with broad English, Cantonese and Mandarin language skills. Daniel Yeh heads the team and acts for global and Asia-Pacific-based private equity sponsors and other financial investors on cross-border M&A transactions. William Fong advises private equity sponsors and their portfolio companies on acquisitions and divestitures. The team was significantly bolstered by the arrival of Daniel Abercromby from Weil, Gotshal & Manges LLP in November 2020; and Tzi-Yang Seow, who is based in Singapore and Hong Kong, joined from Kirkland & Ellis in August 2020, bringing a wealth of experience in PRC transactions.

Practice head(s):

Testimonials

‘Daniel Yeh has been very pragmatic and effective in resolving issues’.

‘Paul Tang is detail-oriented and very knowledgeable on China-related issues’.

Key clients

Bain Capital Credit

Baring Private Equity Asia

The Carlyle Group

Special Committee of Cellular Biomedicine Group

Eviation Holdings, an affiliate of Clermont Group

CMC Capital

Copenhague Infrastructure Partners (CIP)

CR-CP Fund

CVC Capital Partners

Goldman Sachs

Hillhouse Capital

PAG

NetEase, Inc.

New Hope Group

NewQuest Capital Partners

Work highlights

  • Advised The Carlyle Group on its $490m acquisition of a 20% stake in Piramal Pharma.
  • Advised Goldman Sachs on its co-investment in the $700m Series D financing of The 4th Paradigm Data Technology Co., Ltd.

Hong Kong > Investment funds Tier 2

Leveraging its strong ties with many regional asset managers and institutional investors, White & Case is adept at handling open and closed- ended funds structuring work for a balanced mix of GP and LP client base. The ‘business and legally savvy’ Anthony Wong heads the team and his prior M&A/private equity background enables the practice to effectively service both GP and LP clients in downstream co-investment, project fund and secondaries work. Counsel Ilan Wong‘s arrival in March 2021 from Ropes & Gray LLP bolsters the team on the investor side, in light of her strong ties with institutional investors throughout Asia, Europe and North America.

Practice head(s):

Other key lawyers:

Testimonials

Anthony Wong is extremely professional and extremely fluent in all things legal. When he approaches a problem, he can connect all the dots and find us the best possible solution, and then offer the full package, including how to problem solve. He is also very good at negotiation, he is business and legally savvy.’

‘Anthony Wong is very responsive, good at elaborating issues and providing solutions.’

Key clients

ADM Capital

AM Squared

Arkkan Capital

CMC Capital

ESR

PAG

QIA

Source Code Capital

Work highlights

  • Assisted PAG with the structuring and establishment of PAG Asia Special Situations Fund 3.2 L.P., a closed-end fund focused on special situations investments across the Asia-Pacific region.
  • Assisted PAG with the structuring and establishment of PAG Loan Fund IV L.P., a $1.5bn credit fund focused on debt and loan opportunities related to the Asia-Pacific region.

Hong Kong > Capital markets (debt) Tier 3

Led by the US and Hong Kong-qualified partner Jessica Zhou, White & Case provides ‘very commercial’ advice to a balanced mix of underwriters, issuers and investors across a range of debt capital markets mandates. In light of its US law credentials, the team is particularly well-suited to advise on New York law governed high yield issuances, including on deals in the Macau gaming sector. The arrival of Margie Chan from Norton Rose Fulbright in August 2021 was a major boost for the firm and provides further firepower with which to resource its growing pipeline of work.

Practice head(s):

Other key lawyers:

Testimonials

Very commercial and a safe pair of hands. They focus on getting the deal done, and not on irrelevant negotiations.’ 

The very responsive Jessica Zhou is an excellent capital markets lawyer, who takes the initiative and makes sure the deal gets done.’

Key clients

Bank of China Limited

Bank of Communications Co., Ltd.

BNP Paribas

BofA Securities, Inc.

DBS Bank Ltd

Deutsche Bank

Greentown China Holdings Limited

Industrial and Commercial Bank of China

J.P. Morgan Securities

Morgan Stanley

Work highlights

  • Advised Greentown China on its global Regulation S offering of $300m senior notes due 2025 and tender offer for up to $150m of its $600m senior notes due 2020, as well as its global Regulation S offering of $300m senior notes due 2025.  
  • Advised initial purchasers in MGM China’s $750m senior notes offering in March 2021, and its $500m senior notes offering in June 2020.  
  • Advised the initial purchasers in Wynn Macau’s $750m, $600m and $750m senior notes offerings in June 2020, August 2020 and December 2020 respectively.  

Hong Kong > Restructuring and insolvency Tier 3

White & Case is known in the market for financial restructuring, corporate restructuring, insolvency and related disputes. Its multilingual and multidisciplinary team works closely with counterparts in the US and Europe to advise on English, US and domestic cases. Melody Chan and Eugene Man head the team; with Man handling non-contentious work for banks and corporates; and Chan recommended for cross-border arbitration and litigation.

Practice head(s):

Other key lawyers:

Key clients

China Cinda (HK) Asset Management Co., Limited

China CITIC International Bank Limited

Ernst & Young

CITIC Capital

Work highlights

  • Advised China CITIC Bank International Limited and the syndicate banks in the amendment and extension exercise in relation to a mezzanine facility of $1bn to an Australian subsidiary of Tianqi Lithium Corporation, a Shenzhen-listed giant lithium miner.
  • Advised CITIC Capital on the financing for its $770m acquisition through its subsidiary Harbin Pharmaceutical Group Holding Co., Ltd. of substantially all of the assets of GNC Holdings Inc. pursuant to Section 363 of the United States Bankruptcy Code.
  • Representing China Cinda on the enforcement of transaction documents made under a loan financing to Hong Kong-based Linca Industry Holdings Company Limited (Linca).

Hong Kong > Corporate (including M&A) Tier 4

White & Case has forged a strong reputation for local, inbound and outbound transactions and has seen a notable uptick in its activity in the pharmaceutical and healthcare sectors of late, specifically in respect of biotechnology and digital health. Christopher Kelly fronts the firm’s Asia Pacific practice and is extensively experienced in both public and private M&A transactions, also counting private equity, technology and financial services among his core fields of focus. Other key names include Daniel Yeh who serves as global co-head of private equity, frequently supporting sponsors and other financial investors on their transactions across the globe.

Practice head(s):

Other key lawyers:

Key clients

The Carlyle Group

Special Committee of Cellular Biomedicine Group, Inc.

CMC Capital

China Molybdenum Co., Ltd. (“CMOC”)

EOG Resources

Goldman Sachs

Hillhouse Capital

Nestlé S.A.

Nestlé Waters

NetEase, Inc.

PAG

Schneider Electric

Schneider Electric Foundries

Takeda Pharmaceutical Company Limited

Work highlights

  • Advised Nestlé Waters on the sale of its water business in the mainland China to Tsingtao Brewery Group.
  • Advised The Carlyle Group on its US$490m acquisition of a 20% stake in Piramal Pharma.

United Arab Emirates > Capital markets

White & Case LLP has a full-service practice that includes specialists that have ‘fantastic‘ sector knowledge. The firm’s debt capital markets offering covers Islamic finance, project bonds, securitisation, green and sustainable bonds. Debashis Dey has an ‘encyclopaedic‘ knowledge of shariah-compliant structures and is ‘excellent in the sukuk space‘. Ali Shaikley has advised on a number of high-value equity capital markets transactions and has been particularly active in the SPAC space. Sami Al-Louzi specialises in ECM transactions in Saudi Arabia and Abdulwahid Alulama is the team’s UAE regulatory specialist. Claudio Medeossi and Xuan Jin are also noted.

Practice head(s):

Debashis Dey; Sami Al-Louzi; Ali Shaikley; Abdulwahid Alulama

Other key lawyers:

Testimonials

‘The people are familiar with the sector and our company, making transactions with them easy. Also, their sector knowledge is fantastic, particularly for sukuk.’

‘Debashis Dey is excellent in the sukuk space. His knowledge of sharia-compliant structures is encyclopedic. Xuan Jin is excellent at executing transactions and making himself available.’

Extremely knowledgeable of both debt & equity capital markets.’

Key clients

Saudi Arabian Oil Company (Saudi Aramco)

J.P. Morgan

Citi

HSBC Saudi Arabia

Goldman Sachs

Saudi Real Estate Refinance Company

DP World

Bank of America

Deutsche Bank

Natixis

First Abu Dhabi Bank

Standard Chartered Bank

Jefferies

ENBD REIT Plc

BNY Mellon Corporate Trustee Services Limited

Emirates NBD Capital Limited

Pareto Securities

Investcorp Holdings

Republic of Indonesia

Rothschild & Co.

Arabian Centres Company

Work highlights

  • Represented a syndicate of 13 banks on the offering of $1.5bn Regulation S reset subordinated perpetual Sukuk certificates on behalf of DP World PLC (now DP World Ltd.)
  • Represented Investment Corporation of Dubai on ICD Funding Ltd.’s issuance of $600m 3.223% notes due 2026 under its $2.5bn euro medium-term note programme, unconditionally and irrevocably guaranteed by Investment Corporation of Dubai.

India > Foreign firms

White & Case Pte. Ltd. is rated highly not only for its India market expertise but also for its client service; ‘its use of research tools along with legal innovation makes them a premier law firm‘. It also demonstrates a commitment to diversity; it meets the criteria for Diversity Lab’s Mansfield Rule Certification in respect of its drive to employ females, lawyers of colour and LGBTQ+ lawyers. The core teams are located in Singapore, Hong Kong, London and New York from where it serves multinationals, private equity houses, commercial and investment banks, alternative investment and sovereign funds and government entities. It advises clients on pursuing opportunities in India and Indian companies on their international activities and investments. It has leading cross-border M&A and private equity offerings and impressive disputes and arbitration practices. Nandan Nelivigi heads the India team and focuses on mergers, acquisitions and joint ventures involving India, with particular experience of the energy and infrastructure sectors. Dipen Sabharwal QC in London has an impressive international arbitration practice (he is New York, India and England and Wales qualified). Aloke Ray QC, also based in London, undertakes high-value arbitrations and disputes. Rahul Guptan (joined from Clifford Chance in mid 2021) has more than 20 years of experience advising on complex cross-border India-related transactions and specialises in securities and corporate law with a special focus on capital markets transactions. Daniel Abercromby in Hong Kong, joined the banking and finance team in 2020 and further bolsters the India sponsor finance practice, and counsel Aditya Singh specialises in international arbitration and has noteworthy experience handling corruption investigations.

Practice head(s):

Testimonials

‘Dipen Sabharwal, QC is an excellent lawyer, thorough, always well prepared. Calm and conveys reassurance.’

Dan Abercromby at W&C HK is an excellent addition. He leads the sponsor side of the banking practice for India.’

White & Case is one the reputed firms which offers exceptional services to the client. They have sector specific experts. They have good knowledge of Indian market and have been involved in various legal issues relating to the Indian market. Their use of research tools along with legal innovation makes them a premier law firm. I have always found their manner of analysing law as a mean to find commercial solution to the legal problem very helpful and always appreciated by the client.’

‘Very strong ability to present international and local law expertise and market insights. Very strong senior associate team led by Peiwen Chen.’

Key clients

Facebook, Inc.

The Carlyle Group

TPG Capital

Citigroup Global Markets

Legris Industries

Sun Chemical

Clariant Plastics & Coatings AG

Advent International

Cruz City 1 Mauritius Holdings

Republic of India

China Development Bank, the Export and Import Bank of China (China Exim Bank), and Industrial and Commercial Bank of China Limited

Work highlights

  • Representation of Schneider Electric on its ₹14,000 crore (approx. US$1.89 billion) acquisition of Larsen & Toubro Electrical & Automation business and the subsequent consortium between Schneider Electrics partnership with Temasek Holdings Private Limited, Singapore’s Sovereign Wealth Fund. The transaction won “Cross Border Deal of the Year (over US$1 billion)” at the M&A Advisor’s Awards 2020 and “India Deal of the Year” by India Business Law Journal 2020.
  • Representation of Carlyle Group on its US$490 million acquisition of Piramal Pharma, a deal shortlisted as “Asia Private Equity Deal of the Year” in the Asia Legal Awards 2021.
  • Representation of the Republic of India in enforcement proceedings initiated worldwide by Cairn Energy plc and Cairn UK Holdings Limited – including in the USA, UK, Singapore and France – to enforce a US$ 1.2 billion investment arbitration award obtained purportedly under the UK-India Bilateral Investment Treaty (“BIT”) in December 2020.

China > Banking and finance: foreign firms

White & Case is often retained by lenders, sponsors, and borrowers to advise on cross-border deals, with a further specialisation in debt finance. Hong Kong-based Eugene Man, head of the firm’s Asia-Pacific banking and restructuring practices, leads the team, showcasing nearly 20 years of experience handling leveraged financing and structuring private debt/credit financing matters. Beijing-based David Li focuses on complex financing mandates, particularly long-term subordinated convertible and bridge liquidity financing. Also noted are Baldwin Cheng, adding 20 years to the team’s experience in pan-Asian financings, and Shanghai-based senior consultant Frank Shu, who is noted for advising Chinese companies in privatisation financing.

Practice head(s):

Testimonials

‘David Li is exceptional. He is professional, practical and has a deep knowledge of the market. He provided solutions and is trustworthy.’

Key clients

Asian Infrastructure Investment Bank

Bank of America

Bank of China

China Merchants Bank

China Molybdenum

DBS

DigitalBridge Group

HSBC

Industrial and Commercial Bank of China Limited

Morgan Stanley

RRJ Capital

Standard Chartered Bank

Work highlights

  • Advised twelve banks as the mandated lead arrangers and bookrunners on the amendment and extension of the 2017 facilities and concurrent upsize to an aggregate $6.5 billion senior secured revolving credit facilities for Alibaba Group Holding.
  • Advised RRJ Capital in connection with the bridge financing and long-term new money refinancing of its buyout acquisition financing of gategroup Holding AG.
  • Advised China Molybdenum on a $600 million bridge and five year pre-export financing (PXF) arranged by China Construction Bank.

China > Private equity: foreign firms

White & Case LLP‘s Greater China private equity practice routinely advises private equity investors and targets in Greater China and Asia on major transactions. Recent growth for the team includes mandates within the pharmaceutical and healthcare sectors, particularly in relation to biotechnology and digital health. On the mainland, China head of private equity and venture capital, Alex Zhang, is well-known for his work on outbound investments; and Vivian Tsoi is a go-to counsel for US-China and Europe-China cross-border deals, as well as big-ticket, multi-jurisdictional matters. At non-partner level in Shanghai, Amy Yang is a senior legal consultant, while Yan Yan is the associate to note. In Hong Kong, Asia private equity head Daniel Yeh advises global and Asia-Pacific-based private equity sponsors and other financial investors on corporate and M&A transactions, while Christopher Kelly is a trusted adviser to global private equity sponsors.

Practice head(s):

Alex Zhang; Daniel Yeh

Other key lawyers:

Vivian Tsoi; Christopher Kelly; Steve Sha; William Fong; Tzi-Yang Seow; Peiwen Chen; Amy Yang; Yan Yan

Key clients

Advent International

BVCF Management

CAA

CMC Capital Partners

CR-CP Fund

CVC Capital Partners

Digital Colony Management

Goldman Sachs

NewQuest Capital Partners

Work highlights

  • Advised Advent International on the sale of its controlling interest in AI Dream to Asia-focused private equity firm, Hillhouse Investment Management.
  • Advised DigitalBridge Group on its flagship $750m carve-out acquisition of data centre assets in Hong Kong and Malaysia from PCCW.
  • Advised NewQuest Capital Partners on the dual-track sale process of both its portfolio company, Integreon, to EagleTree Capital, and its business unit, Grail Insights, to Escalent.

China > Regulatory/compliance: foreign firms

White & Case LLP has a dedicated regulatory compliance team, offering comprehensive advice on regulatory and criminal enforcement matters, as well as investigations and related civil claims. It primarily acts for multinational clients with operations in China, as well as for Chinese clients with operations abroad. The team also has strong capabilities in acting on cross-border parallel investigation proceedings. Bingna Guo leads the group from Beijing and has extensive experience in cross-border and domestic internal investigations and compliance matters, with particular expertise on US-related mandates, and is regularly involved in anti-corruption, fraud, embezzlement, and conflicts of interest investigations. Also notable is Hong Kong-based James Hsiao who focuses on international anti-corruption investigations, regulatory and compliance matters, and cross-border dispute resolution.

Practice head(s):

Bingna Guo

Other key lawyers:

Key clients

Goldman Sachs Asset Management

Goldman Sachs (Asia)

Jio Platforms Limited

Shenzhen Mindray Bio-Medical Electronics

Work highlights

  • Advised the private equity and wealth management arms of Goldman Sachs in multiple compliance matters related to investments in Chinese targets involving highly complex new technologies, including an investment in the Series D-2 round financing and compliance due diligence of InferVision.
  • Advising Shenzhen Mindray Bio-Medical Electronics on the global assessment and update of its compliance and internal controls.
  • Advised India-based Jio Platforms Limited on its US$200 million investment to acquire a 17.24% stake in Glance InMobi Pte. Ltd., which included conducting FCPA due diligence and assisting with probing for compliance weaknesses of the targets.

China > Dispute resolution: Litigation: foreign firms

White & Case LLP stands out for its expertise in transaction-related disputes, where it acts for Chinese banks and financial institutions, thanks to its close collaboration with the firm’s corporate and banking teams on a variety of contentious work, including debt recovery and restructurings. Hong Kong-based partner Melody Chan and Bingna Guo in Beijing co-head the practice, with senior associate Paulina Ho supporting the firm’s efforts in relation to commercial disputes, enforcement proceedings and investigations. Chan focuses on multi-jurisdictional matters, including those connected with joint ventures and insolvency proceedings, while Guo is noted for her experience handling investigations and compliance matters.

Practice head(s):

Key clients

China Development Bank

China Exim Bank

Industrial and Commercial Bank of China

CloudHQ

CMBC

Work highlights

  • Advised China Development Bank, China Exim Bank and Industrial and Commercial Bank of China on a payment default under certain existing facility agreements.

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