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Stephen Song

Structured Finance and Derivatives Partner (Linklaters LLP, England & Wales), Registered Foreign Lawyer (England & Wales), Hong Kong SAR

“I have in-depth knowledge of complex financings and derivatives products and regulation. I act with an understanding of my client’s decision-making processes and deliver commercially focused advice that enables them to pursue their business efficiently.”

Overview

Professional experience

Education and qualifications

Overview

Stephen has over 15 years’ experience of advising on a variety of financing and derivatives transactions in the public and private markets. In particular, he advises banks, financial sponsors and corporates on:
 
  • equity financings and strategic equity derivatives over shares listed on the stock exchanges of Hong Kong, the US, mainland China, Thailand, the Philippines, Japan, Germany, Sweden and elsewhere
  • private credit transactions, including senior direct lending, holdco financings and pre-IPO financings
  • repackagings and other structured credit transactions
  • rates, FX and commodities hedging transactions, including in connection with infrastructure financings and M&As
  • trading relationships, including bespoke collateral arrangements and close-outs

He is fluent in English and Chinese Mandarin.

Work highlights

Among many innovative transactions, Stephen advised:
 
  • the International Swaps and Derivatives Association on the drafting the 2011 Equity Derivatives Definitions
  • the lenders, dealers and end-users on numerous equity financings (including in margin loan and funded collar format), covered calls and other yield-enhancement strategies, accelerated collared share purchases, total return swaps (including on pre-IPO stocks of restricted sector companies) and other acquisition strategies, decumulators and other disposal strategies, and the hedging of strategic stakes
  • the dealers in relation to Country Garden’s convertible bond with call spread overlay, the first of its kind in the Hong Kong market
  • numerous brokers on the ongoing development of enhanced open market repurchase programmes in the Hong Kong market
  • the dealer in relation to ENN Energy’s synthetic buyback of shares on the Hong Kong Stock Exchange, the first of its kind in the Hong Kong market in over a decade
  • numerous private credit funds on a variety of financings at different levels of the capital structure, including senior direct lending, holdco financings and pre-IPO financings, as well the use of bespoke risk-transfer solutions and back-leverage arrangements
  • the hedge providers in relation to the financing of numerous offshore wind farm projects in the Asia-Pacific region, including Formosa 1, Formosa 2 and Yunlin

Professional experience

Stephen speaks at industry conferences and was a co-author of the “Hong Kong” and “China” chapters of the 2016 edition of Getting the Deal Through – Equity Derivatives.

Education and qualifications

Stephen studied law (BA and BCL) at St John’s College, University of Oxford.