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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 16 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 SAR, 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:
 
  • a leading Asia-Pacific private credit fund on its holdco loan secured on a controlling stake of a Hong Kong-listed property services company and the associated back-leverage arrangements
  • the dealer and financier in relation to a US$1bn minority investment in an unlisted PRC insurance company, the related market access arrangements and the associated margin financing
  • numerous brokers in lobbying for changes to the rules of Hong Kong Exchange to permit broker-led, automatic share repurchase programmes
  • the broker in relation to the first-ever guaranteed discount to VWAP share repurchase programme in the Hong Kong market
  • the dealers in relation to Country Garden’s convertible bond with call spread overlay, the first of its kind in the Hong Kong market
  • the International Swaps and Derivatives Association on the drafting the 2011 Equity Derivatives Definitions
  • the hedge providers in relation to the financing of numerous offshore wind and solar projects in the Asia-Pacific region, including Formosa 1, Formosa 2, Yunlin, Thunderball and Hai Long

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.