Baldwin Cheng | White & Case LLP International Law Firm, Global Law Practice
 Baldwin Cheng
 Baldwin Cheng

Baldwin Cheng

Partner, Hong Kong

T +852 2822 0405

T +852 2822 8700

E bcheng@whitecase.com

in LinkedIn profile

“Baldwin Cheng is deemed ‘an outstanding practitioner’ by peers” and “is thought of as ‘personable and detail-oriented’ by market sources. He is well practiced in a range of matters, including syndicated loans, acquisition finance and outbound investments by PRC banks.”

Chambers Asia-Pacific 2014 and 2015

Overview

Co-Head of the Firm's Asia Banking & Restructuring Practices, Baldwin has played a leading role, advising on numerous high-profile and landmark leveraged finance and banking transactions across Asia.

Dual-qualified in England and Wales and Hong Kong, he advises on all aspects of the structuring, negotiation, and documentation of deals. Baldwin regularly handles complex deals for major borrowers, financial institutions, as well as for credit funds. Utilizing his deep knowledge of the market, he helps clients navigate a range of intricate, cross-border financings, whether domestic or multijurisdictional, secured or unsecured, syndicated or bilateral.

Baldwin has led major outbound acquisition financings and leveraged buyouts. Other areas Baldwin focuses on include property-related financings, pre-IPO financings, margin lending transactions, and high yield buy and high yield debt financings. He also advises on a broad range of non-contentious insolvency and restructuring matters.

Bars and Courts

  • England and Wales
  • High Court of Hong Kong

Education

  • University of Sydney
  • Bachelor of Commerce, University of Sydney

Languages

  • English
  • Cantonese
  • Mandarin

Experience

US$7 billion acquisition financing for MMG Limited-led consortium

Advised MMG Limited and the MMG-led consortium including Guoxin International Investment Corporation Limited (22.5%) and CITIC Metal Peru Investment Limited (15%) on the US$7 billion acquisition of the Las Bambas copper project in Peru from Glencore plc. We advised MMG on the consortium shareholder arrangements, and the consortium on the M&A, HKSE approvals and financing of the acquisition through a combination of equity and long-term debt facilities from a banking syndicate arranged by China Development Bank.

Financing for €1 billion acquisition of Portuguese insurance assets

Advised Industrial and Commercial Bank of China and Bank of China on €550 million syndicated senior secured term acquisition financing for Fosun International's approximately €1 billion majority acquisition of insurance assets of Portuguese state-owned Caixa Geral de Depositos, one of the largest acquisitions by a Chinese non-state owned entity and Fosun's largest acquisition outside China. The transaction was awarded "Deal of the Year" for 2014 by China Business Law Journal.

China Outbound Deal of the Year

Advised China Development Bank Corporation on €853.5 million in aggregate of bank loan facilities for Weichai Power to finance strategic and pre-IPO investments in the KION Group, plus the spin-off acquisition of Linde Hydraulics. This transaction was named "China Outbound Deal of the Year" at the China Law & Practice Awards 2013.

US TLB and Asian debt market financing package for MMI International, and subsequent refinancing

Advised the lenders on a two part financing package provided to hard disk drive components maker MMI International, comprised of a US$180 million secured term loan B, sold into the US market, and a US$110 million super senior revolver with a club of seven banks. The loans were used to refinance outstanding LBO loans backing private equity firm Kohlberg Kravis Roberts' 2007 buyout of the company. We subsequently advised on the US$580 million syndicated term loan and revolving credit for refinancing MMI’s outstanding debt.

Haier's acquisition financing to takeover Fisher & Paykel's white goods business

Advised Haier Group in relation to financing the takeover of Fisher & Paykel Appliances Holdings Limited. Haier raised a bridge loan through its offshore subsidiaries in Singapore in the amount of US$500 million from syndication arranged by Australia and New Zealand Banking Group.

Publications

  • Exits from China Pre-IPO Loans: Untested options, IFLR, May 2009, (co-author)

Awards & Recognition

Recognized as a leading legal practitioner for China Restructuring/Insolvency, Chambers Asia, Pacific

Recognized as a leading legal practitioner for Banking in China and Hong Kong, IFLR 1000, Chambers Asia, Pacific and Chambers Global