Stephen Song

• 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

• 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