Next Generation Partners

Structured finance and securitisation in Hong Kong

A&O Shearman

Standing out 'for its deep experience in managing complex, multi-jurisdictional transactions', A&O Shearman is well-versed in structured transactions spanning multiple jurisdictions and is able to draw on its global network of offices to provide local counsel when necessary. The firm has particular strength in equity financing transactions and structured credit, advising banks and securities firms as well as entities on the purchasing side. It is also able to support clients in distressed situations when necessary. The team is led by James Yao, who is regarded as an 'excellent leader' and specialises in structured notes and equity margin financing. Yvonne Siew retired from the practice in April 2025.

Praxisleiter:

James Yao


Weitere Kernanwälte:

Grant Jenkins; Fion Lo


Referenzen

‘A&O Shearman’s structured finance team stands out for its deep experience in managing complex, multi-jurisdictional transactions and delivering innovative solutions under demanding timelines.

‘What truly sets James Yao and his team apart is their exceptional commercial understanding and pragmatic, solutions-driven approach.’

‚The team is a leading player in structured finance and securities, particularly in the UK, with a particular focus on corporate equity derivatives structuring, transaction design and execution.‘

Kernmandanten

AirAsia Berhad


The Coordination Committee of Lenders to Sino-OceanGroup Holdings Limited


Highlight-Mandate


  • Advising AirAsia as issuer on the issue of USD443m Revenue Bonds.
  • Advised on the establishment of a repackaged loan programme to allow for the warehousing of certain mandatory convertible bonds issued by Sino-Ocean Group Holding Limited.

King & Wood Mallesons

Noted for its ‘exceptional capability in advising on cross-border structured finance transactions’, King & Wood Mallesons advises both buy- and sell-side clients of structured finance and derivatives products, with particular strength in matters raising PRC elements. The firm is also experienced in advising trade organisations on regulatory matters. The practice is overseen by Richard Mazzochi, an expert adviser to regulators and industry bodies in Hong Kong, and Minny Siu, who advises issuers on listed and unlisted retail structured products. Joining the team in July 2025 from Linklaters, Chin-Chong Liew is regularly instructed by arrangers, underwriters and purchasers. Andrew Fei focuses on derivatives, tokenisation, digital assets, securitisations and syndicated loans.

Praxisleiter:

Richard Mazzochi; Minny Siu


Weitere Kernanwälte:

Angus Sip; Andrew Fei; Agnes Chan; Chin-Chong Liew


Referenzen

‘Familiar with local HK retail structured products.’

‘Minny Siu is responsive, reliable, measured in approach and trustworthy.’

‘Exceptional capability in advising on cross-border structured finance transactions, very knowledgeable on OTC derivatives and structured products, and strong support from PRC law perspective.’

Kernmandanten

The International Swaps and Derivatives Association, Inc.


Asia Securities Industry & Financial Markets Association


CNCB (Hong Kong) Investment Limited


Guotai Junan Securities


China Life Insurance (Overseas)


CMB International Global Markets Limited


J.P. Morgan Private Bank


Hang Seng Bank


GF Securities


Longbridge Hong Kong


OCBC Bank (Hong Kong) Limited


Hang Seng Bank


Standard Chartered Bank


Ant Group and Ant Digital Technologies


HashKey Group


Highlight-Mandate


  • Provided opinions on netting and collateral options to ISDA, ASIFMA and various international financial institutions.
  • Advised on the Bond Connect regime for various financial institutions looking to access PRC’s Interbank Bond Market.
  • Advising various issuers on the interest-rate linked and currency-linked instruments offering to retail investors in Hong Kong.

Linklaters

Containing 'a number of excellent partners', Linklaters covers the spectrum of structured finance, including OTC derivatives, securitisation, structured credit and structured equity. The team contains specialists in cross-border matters and can draw on the firm's wider offices in New York, London and across Europe to assist on regulatory issues concerning those jurisdictions. The team is led by Victor Wan, a specialist in OTC derivatives who advises corporates, directors and shareholders. The 'incredibly smart' Stephen Song acts on equity financings and derivatives, as well as commodity hedging and private credit transactions. I-Ping Soong handles industry-standard derivatives documentation while contributing towards the firm's burgeoning tokenisation offering. Karen Lam left the firm in December 2024 with Chin-Chong Liew exiting in July 2025.

Praxisleiter:

Victor Wan


Weitere Kernanwälte:

Stephen Song; I-Ping Soong; Simon Zhang; Shirley Chan


Referenzen

‘Full-service global firm with a partner duo with the length and depth of experience which is the best in the market.’

‘Stephen Song has an incredible ability to explain complex legal terms and concepts in an accessible way that enables clients to properly understand the risks of the transaction. He is incredibly smart but also approachable and commercial.’

‘The standout feature is the bench strength of the team. Linklaters have a number of excellent partners but more importantly a strong team of capable associates.’

Kernmandanten

Cinda International Asset Management Limited


Ant Digital Technologies


The Hong Kong Mortgage Corporation Limited


The Hong Kong Exchanges and Clearing Limited


International banks acting as clearing members of Shanghai Clearing House


Goldman Sachs (Asia) LLC.


Jefferies (Australia) Pty Ltd.


Delta Electronics Inc.


Chinese securities firms


Highlight-Mandate


  • Advising Cinda International Asset Management Limited as arranger and manager on the successful issuance of the tokenised repackaging notes, which are arranged by it and backed by a portfolio of AAA-rated money market funds.
  • Advising The Hong Kong Mortgage Corporation on its second collateralised loan obligation transaction, Bauhinia ILBS 2.
  • Advised The Hong Kong Exchanges and Clearing Limited on the design, drafting of documentation for, and the regulatory and legal issues on taking Chinese Government Bonds and Policy Financial Bonds as collateral.

Ashurst

The team at Ashurst offers a 'good level of service', regularly advising borrowers and arrangers on syndicated loan facilities including green facilities and term facilities. The firm is well-versed in contexts relating to PRC law and maintains experience in a wide range of assets, from energy and real estate to shipping and pharmaceuticals. Patrick Phua, who advises foreign financial institutions and Chinese commercial companies, is the head of department. Eric Tan advises on syndicated lending and private structured note issuances. Daniel Lau adds expertise in advising Chinese clients on inbound and outbound financings.

Praxisleiter:

Patrick Phua


Weitere Kernanwälte:

Eric Tan; Daniel Lau


Referenzen

‘The team under the leadership of Eric Tan is very instrumental. They understand well the client’s business needs and the banks‘ position and would be able to go sharp to the real issues with proposed resolutions.’

‘Eric Tan is our go-to partner. He is very hands-on, patient and very easy to work with.’

‘The team provides a good level of service.’

Kernmandanten

Standard Chartered Bank


HSBC


Banco Santander


Natixis


BSCOMC Limited


BNP Paribas


ICBC International


China CITIC Bank and CITIC Securities Finance (HK)


Australia and New Zealand Banking Group Limited


Shuifa International Holdings (BVI) Co. Ltd.


CNCB Investment


Clifford Chance

Clifford Chance is noted for its 'truly exemplary' professionalism and expertise. The Hong Kong team, alongside its global network of offices, advises on multi-jurisdictional structured finance, securitisation and derivatives matters. The firm's clientele includes international investment banks, Chinese banks and securities firms. Practice head Francis Edwards specialises in regulatory issues in Hong Kong and internationally. Terry Yang advises on a range of matters for PRC-based clients, including OTC derivatives and structured products. Lin Lu adds expertise in securitisations, secondary loan trading and credit derivatives.

Praxisleiter:

Francis Edwards


Weitere Kernanwälte:

Terry Yang; Lin Lu


Referenzen

‘Their professionalism and expertise are truly exemplary. The team at Clifford Chance demonstrate a profound understanding of the intricacies involved in the structured finance landscape.‘

‘Lin Lu is a key contact.‘

‚They are committed to collaboration and open communication. The Clifford Chance team worked seamlessly with clients, ensuring that their interests are protected and that they are fully informed at every step.‘

Kernmandanten

Ares


JPMorgan


ING


Standard Chartered Bank


Citi


Bank of America


Goldman Sachs


Crédit Agricole CIB


SMBC Nikko


BlackRock


Natixis


AIA Group Limited


International Swaps and Derivatives Association


HSBC


Highlight-Mandate


  • Advised Ares on a number of significant transactions this year, including on a secondary market transaction with Omni Bridgeway involving 150+ investments structured as a continuation fund.
  • Advised Standard Chartered Bank as sole global coordinator and the joint bookrunners on The Hong Kong Mortgage Corporation Limited’s second infrastructure loan-backed securities issuance.
  • Advised a private credit fund as sponsor in relation to the establishment of their first Australian mortgage loan warehouse facility provided by a global bank.

CMS Hong Kong LLP

'Well-known for its expertise in structured finance and securitisation', CMS Hong Kong LLP handles the suite of structured products and securitisation matters, including RMBS and structured financing. The firm is also well-versed in handling derivative and regulatory concerns. Its clients include international banks, securities companies and development groups. The team is spearheaded by Kingsley Ong, who advises on major securitisations and derivatives transactions across Asia. Chris Whiteley adds expertise in structured finance with an especial focus on OTC derivatives.

Praxisleiter:

Kingsley Ong


Weitere Kernanwälte:

Christopher Whiteley


Referenzen

‘Led by Kingsley Ong, the CMS team works well together to deliver responsive solutions to complex and challenging matters. The team can be trusted to co-ordinate and mobilise necessary expertise to deliver advice.‘

‘Kingsley Ong is a trusted legal adviser and partner who has deep knowledge and experience in structured finance transactions.’

‘The CMS team is well-known for its expertise in structured finance and securitisation. The team is friendly and responsive and is very focused on meeting clients‘ needs.‘

Kernmandanten

Bank of China International


Bank J. Safra Sarasin


Hantec Securities Co., Ltd


ICBC International


The Hongkong and Shanghai Banking Corporation Limited


Hong Kong Capital Finance Corporation Limited


Leading Fitness Chain in Hong Kong


Meritz Securities Co., Ltd.


Siegfried Service Limited


Taipei Sky Tower development group


Highlight-Mandate


  • Advising Hong Kong Capital Finance Corporation on all its Hong Kong RMBS securitisaton programmes.
  • Advising BOCI on successfully navigating the Tsingshan-LME Nickels crisis.
  • Advising a developer group on the standard financing of Taipei Sky Tower.

Latham & Watkins LLP

Regularly supporting US clients in their transactions in Asia, Latham & Watkins LLP excels in advising on equity derivative transactions. The firm also advises on matters concerning a range of asset classes, including infrastructure asset-backed security, commodities inventory asset-backed financings and collateralised fund obligation issuances. The team is led by Posit Laohaphan, an expert in equity-linked transactions for major international financial institutions. Derek Chua advises on margin loan and hedging transactions, while Michael Hardy specialises in securitisation matters.

Praxisleiter:

Posit Laohaphan


Weitere Kernanwälte:

Derek Chua; Michael Hardy; Raymond Cheng


Kernmandanten

UBS


Clifford Capital


Citigroup


Morgan Stanley


JP Morgan


Cogent


DBS


OCBC


Standard Chartered Bank


Tiang & Partners

The 'professional' team at Tiang & Partners advises on a broad array of matters in the securities space, supporting arrangers, investors and originators in note issuance transactions. The firm is also well-versed in cross-border matters involving jurisdictions across Asia. Michelle Taylor, the team's practice head, is well-versed in both Hong Kong and South Korean securitisation matters. Within the team, Kevin Tsang and David Law are experienced in structured products and asset-backed finance.

Praxisleiter:

Michelle Taylor


Weitere Kernanwälte:

Kevin Tsang; David Law


Referenzen

‘The T&P team is very friendly and is approachable.’

‘Michelle and her team (including David Law) are really excellent and one of their strong points is originating transactions on behalf of their clients based on their deep understanding of their clients‘ business and their business environment.‘

‘Michelle Taylor and her team members, such as David Law, are really excellent. They are always providing their services in professional ways and on a timely basis, so clients are fully satisfied with their services.’

Dentons Hong Kong

Dentons Hong Kong is well-versed in supporting clients in mezzanine investment negotiations with senior lenders. The firm is regularly instructed by major corporates and financial institutions in cross-border matters, with particular strength in Philippines-related transactions. The team is led by Jeff Chen, ‘a top team leader’ and an adviser on securitisation, structured notes and private structured debt. Nicholas Chua adds experience in capital markets transactions to the team.

Praxisleiter:

Jeff Chen


Weitere Kernanwälte:

Nicholas Chua; Ivan Tsang


Referenzen

‘The team is experienced in the capital markets sector and is able to quickly respond to customer needs.‘

‘Nicholas Chua accurately identifies transaction risks and market practices, enabling clients to better manage risks when conducting specific transactions.‘

‘ABS experts in Asia.’

Kernmandanten

Lending Ark Asia Secured Private Debt Management Limited


CITIC Securities CLSA Capital Partners (HK) Limited


TAC Partners Limited


Altus Capital Corporation


CIMB Bank Berhad


Ping An of China Asset Management (Hong Kong) Company Limited


Highlight-Mandate


  • Advising on the first-ever cross-border structured finance transaction out of the Philippines engaged in by Lending Ark Asia Secured Private Debt Management Limited.

Mayer Brown

Mayer Brown covers the spectrum of structured products and securitisation matters for leading international and Chinese financial institutions. The firm also maintains expertise in derivatives matters and is able to draw on its global network of offices for multi-jurisdictional issues. Richard Stock heads the department containing Vincent Sum, an expert on secured lending, retail and non-retail funds, derivatives and debt capital markets.

Praxisleiter:

Richard Stock


Weitere Kernanwälte:

Vincent Sum


White & Case

White & Case advises on a wide array of matters, including equity derivatives, private credit mandates and sustainable finance matters. The firm is also experienced in securitisations and advises on structured note transactions. 'Keen to help and work on innovative solutions', Nathaniel Crowley leads the practice, specialising in strategic equity transactions.

Praxisleiter:

Nathaniel Crowley


Referenzen

‘Nathaniel Crowley is keen to help and work on innovative solutions.’

Kernmandanten

Asian Infrastructure Investment Bank


BNP Paribas Hong Kong


China CITIC Bank International Limited


Credit Agricole Corporate and Investment Bank


Natixis Hong Kong Branch


EIG Global Energy Partners


Societe Generale Hong Kong


Lunate Capital