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Stephen Song

Structured Finance and Derivatives Partner, Hong Kong

“I have in-depth knowledge of 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 extensive experience of advising on the legal aspects of a variety of OTC derivatives and structured finance transactions. In particular, he advises international and regional banks, investment firms and corporates on:
 
  • strategic corporate equity derivatives and equity financing (including with respect to shares traded through the Stock Connect platform and China A-shares), structured credit derivatives and structured repos
  • trading relationships, including collateral arrangements and close-outs
  • the regulatory aspects of derivatives and structured products, particularly arising out of post-financial crisis derivatives market reform (including client clearing, regulatory margin and financial benchmarks).
Before moving to Hong Kong in 2014, Stephen spent four years in the firm’s Derivatives and Structured Products practice in London.
 

Stephen is fluent in English and Mandarin. 

Work highlights

Among many innovative transactions, Stephen advised:
 
  • the banks in relation to Country Garden’s convertible bond with call spread overlay, the first of its kind in the Hong Kong market
  • numerous collar financings and/or accelerated collared purchase transactions over shares listed on the stock exchanges of Hong Kong, Japan, the US, Germany and elsewhere
  • the banks on numerous synthetic buybacks of shares listed on the Hong Kong Stock Exchange
  • Nomura and Barclays in relation to Zhejiang Geely Holding Group’s acquisition of shares in AB Volvo
  • Credit Suisse and Morgan Stanley on margin financings for the subscription of new shares issued by Lenovo Group
  • the hedge providers in relation to the financing of the Formosa 1 offshore wind farm project
  • numerous Chinese broker-dealers on the establishment of, and drawdown under, their on-balance sheet structured notes programmes and off-balance sheet repackaging programmes
  • numerous Asian financial institutions in relation to compliance with Hong Kong and European derivatives markets regulation
  • ISDA on the drafting the 2011 Equity Derivatives Definitions

 

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.