With a practice that straddles work on both the buy and sell side, A&O Shearman is 'able to truly stay at the front of market practice', regularly advising on many of the most complex and sophisticated transactions in the market. This has been particularly borne out in the recent time of relative economic turbulence throughout the APAC region, with clients requiring often extremely bespoke structuring, including for a corporate in the region on the issuance of an asset-backed bond secured on future revenue streams but complicated by the corporate itself undergoing substantial recapitalisation. The team, which often works alongside practitioners throughout the firm's global network, has also recently been very active in the emerging area of green asset-backed securities (ABS) and green derivative products. Throughout all these transactions, it is adept at handling work throughout the project life-cycle, from inception to distress, restructuring and close out. Team head Yvonne Siew combines both regulatory and transactional expertise to good effect for clients structuring complex deals (including on structured equity derivatives  trades and total return swap structures) and is noted for her ability to provide 'thoughtful advice' that is tailored to specific risk profiles. James Yao  leverages his Mandarin speaking skills and product knowledge to particularly good effect on behalf of Chinese financial institutions.

With a vastly experienced team based in Hong Kong and also able to leverage huge resources on the ground on the Mainland, King & Wood Mallesons is particularly skilled at advising buy and sell-side clients across a range of structured finance and derivatives products involving a nexus to China. Drawing upon its strong regulatory and transactional sensibilities, the team has gained plaudits for its ability to provide ‘very competent and practical advice on complex and sophisticated matters, particularly those requiring innovative solutions’. Recognised as the ‘premier law firm when it comes to structured products for retail clients in Hong Kong’, the firm advises the majority of issuers in the listed and unlisted market. Leveraging her transactional and regulatory expertise, the ‘very responsive and approachable’ Minny Siu excels in the retail space, including work for clients looking to formulate new products, such as Goldman Sachs on its debut launch of derivative warrants linked to major single US stocks listed on the HKEX. The ‘technically very strong yet also commercially driven’ Angus Sip also excels in retail work, as well as regularly advising arrangers and investors in relation to structuring of bespoke structured notes or repackaged transactions across different asset classes. Andrew Fei is noted for his thought leadership and regulatory skill in the area, and as well as advising a myriad market participants on derivatives and structured products is also noted for his work on behalf of industry association International Swaps and Derivatives Association (ISDA), including in the context of China netting and collateral opinions. Richard Mazzochi co-heads the team alongside Siu.

Abreast of the fast-moving regulatory and legislative changes in the market, not only does Linklaters excel in helping banks navigate the new rules but is also able to ‘utilize their commercial and legal knowledge’ to assist stakeholders devise novel products and structures. For example, the ‘excellent and professional’ Karen Lam recently advised the Honk Kong Mortgage Corporation Limited (HKMC) on the offering of the first infrastructure loan- backed securities in Hong Kong. ‘Extremely responsive’ and a ‘safe pair of hands’, Stephen Song is also at the cutting-edge of new products/structures, recently advising the AIA Group on the establishment of the first ever guaranteed discounted VWAP share repurchase programme in Hong Kong. Team head Chin-Chong Liew draws upon deep regulatory and transactional nous to good effect (including on the development of digital assets in Hong Kong) for a variety of stakeholders, including in the context of transformational market infrastructure projects like the Swap Connect Scheme – which for the first time allowed participants outside the Mainland to trade on the China swaps market without being physically based in the PRC. The vastly experienced Victor Wan excels at structuring derivatives and securitisation transactions throughout Asia, including Japan, and is also a key member of the team that includes I-Ping Soong, who focuses her practice on regulatory issues concerning OTC derivatives.

Led from Hong Kong by the vastly experienced Francis Edwards and aided by a sizeable presence in Singapore and the PRC, the collaborative Greater China team at Clifford Chance provides ‘highly responsive and cost-effective’ advice to global and regional  financial institutions and investors across a broad range of structured finance and securitisation mandates. Many of the transactions are innovative often first-of-kind structures which require deep knowledge of the latest technology – here that the team is particularly well-positioned in part by virtue of its ability to draw from the knowledgebase of lawyers within the global team which have utilised similar structures. In a deal which involved input from Singapore and London, Edwards recently advised the global co-ordinating banks in relation to the Hong Kong Mortgage Corporation’s debut securitisation of infrastructure and project finance loans. Terry Yang has a  ‘strong understanding of China’s financial market practices and regulations’, ensuring that he is a popular choice among local banks and securities firms seeking guidance on policy developments and in relation to the regulatory considerations underpinning structured note investments and margin financing transactions. Lin Lu has strong credentials among buy and sell-side participants and as well as his transactional work, he has, in his role as a director of the Asia-Pacific Structured Finance Association, actively participated in the promotion of China cross-border securitisation.

Led by Kingsley Ong, CMS combines regulatory and transactional expertise to good effect for buy and sell-side participants across a range of derivatives, structured finance and securitisation products throughout APAC. As well his new money work (including as it relates to trade receivables and RMBS securitisations), Ong is also adept at navigating downturn scenarios, skilfully blending his expertise in restructuring with a deep comprehension of structured finance products. This recently manifested itself in relation to the successful outcome he achieved for Bank of China International as one of the creditors of Tsingshan Group, which as one of the world’s largest short sellers of nickel suffered tremendous potential losses following an unprecedented rise in the price of nickel in the aftermath of Western sanctions against Russia (which supplies 10% of the world’s nickel supply). Christopher Whiteley splits his time between Hong Kong and London, concentrating on a wide range of derivatives, encompassing traditional hedging and complex funding transactions.

Led by Jeffrey Chen, Dentons Hong Kong provides 'well balanced, practical and technical advice’ to funds, banks and family offices on highly bespoke cross-border private structured credit transactions. Chen is active on deals throughout Asia Pacific (working with local counsel and with lawyers at the firm based across its extensive network), and has, in recent years, gained particular skill in relation to loan securitisation transactions in Korea and Indonesia. He also excels in handling fintech securitisation matters and as well as advising on new money deals has been very active of late providing workable solutions on distressed transactions. The arrival in August 2023 of the 'technically sound' Nicholas Chua  from CIMB Bank strengthens the offering, particularly in relation to public deals.

Leveraging strong banking relationships and also gaining visibility on the investor front, Latham & Watkins LLP‘s increasingly balanced practice is particularly skilled at advising on sophisticated cross-border securitisation and derivatives mandates, often working alongside practitioners throughout the firm’s global network. Particularly strong on the equity front, team head Posit Laohaphan regularly advises on equity-linked securities and OTC equity derivatives, as well as being adept at structured finance transactions, including margin loans. Other key members of the team include Michael Hardy, who regularly advises on complex securitisation transactions as part of his eclectic structured finance offering, and Derek Chua, who combines regulatory and transactional strength to good effect for stakeholders engaged in a myriad derivatives/structured finance mandates, including on the establishment of repackaging programs and on convertible and exchangeable bond transactions.

Acting alone and also able to tap into global resources, should the need arise, as a result of the firm’s alliance with PwC, independent Hong Kong firm Tiang & Partners regularly advises arrangers, investors, trustees and originators on bespoke cross-border structured finance transactions. Under the guidance of ‘excellent’ team head Michelle Taylor, the team has gained most plaudits for its expertise at advising on large-scale securitisations transactions originating in Hong Kong and Korea. In this context, as well as structuring transactions underpinned by fairly conventional asset classes, including credit card and auto loan receivables, she also advises on more esoteric mandates, including her work alongside the transport finance team on aviation-related future flow receivables transactions. The ‘outstanding’ David Law  is also recommended.

Acting on its own, as well as frequently alongside other international offices throughout the network, the ‘very experienced and professional’ Hong Kong team at Mayer Brown has ‘deep and specialised expertise on complex capital markets matters’, invariably with multi-jurisdictional components. Richard Stock is the main contact.

Although it has less longevity than many of its peers, the Hong Kong team at White & Case has made some market inroads, advising banks, private wealth clients, corporates and funds across a range of cross-border derivatives and structured finance transactions and regulatory matters. The team has also continued to gain traction advising on APAC-related equity derivatives transactions documented under New York and English law. Nathaniel Crowley heads the team and is skilled at handling OTC derivatives as well as cash and synthetic securitisations. Crowley also regularly works alongside other international offices throughout the region, including Singapore, which was recently strengthened following the relocation of former Hong Kong mainstay Xuan Jin.