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.”
Education and qualifications
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.
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
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.