Baldwin Cheng is a Partner in White & Case's Asia Debt Finance, Capital Markets & Restructuring practice, based in Hong Kong. He has played a leading role, advising on numerous high-profile and landmark leveraged finance and debt financing 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 private credit funds. Utilizing his deep knowledge of the market, he helps clients navigate a range of intricate, cross-border financings, whether domestic or multijurisdictional.
Baldwin has led major acquisition financings and leveraged buyouts. Other areas Baldwin focuses on include property-related financings, pre-IPO financings, margin lending transactions, and high yield debt financings. He also advises on a broad range of non-contentious insolvency and restructuring matters.
Loan for acquisition of Poshmark
Advised mandated lead arrangers on the US$800 million senior facilities to Korea-listed Naver Corporation for the acquisition of Poshmark, Inc., a company listed on NASDAQ.
Subscription of convertible senior notes
Advised mandated lead arranger and original lender on a US$330 million secured facility to a subsidiary of PAG for its subscription of US$500 million convertible senior notes issued by IQiyi.
Loan to Goodpack
Advised the lenders in a term facility and a revolving credit facility amounting up to US$790 million granted to IBC Capital Limited, Goodpack IBC (Singapore) Pte. Ltd. and Goodpack Pte. Ltd., a KKR portfolio company.
Loan for acquisition of New World First Bus and Citybus
Advised China CITIC Bank International Limited in a credit facility to a consortium led by Templewater Holdings Limited (via its subsidiary Templewater Bravo Holdings Limited) in the HK$3.2 billion (approx. US$409 million) acquisition of Bravo Transport Services Limited (formerly NWS Transport Services Limited) which owns New World First Bus Services Limited and Citybus Limited, the leading bus services operators in Hong Kong.
Loan for acquisition of METRO China
Advised China Minsheng Banking Corp., Ltd. Hong Kong Branch as arrangers in connection with a term loan facility to WM Holding (HK) Limited and a term loan facility to WM New Retail Limited for the acquisition of majority stake in the Chinese operations of METRO, the German wholesaler by Wumei Technology Group, a leading retailer in China.
Loan related to a PRC data center project
Princeton Digital Group (a portfolio company of Warburg Pincus), a leading internet infrastructure provider for data center operators and cloud service providers, in US$50 million mezzanine term loan facility and RMB 200 million (or its equivalent in USD) senior term loan facility provided by CMB International Finance Limited and its affiliate in the PRC, respectively. The loan proceeds are used to fund the repayment of existing loans and further development cost for its data center project in Shanghai.
Loans for acquisition of Hong Kong commercial properties by Gaw Capital
- Advised Gaw Capital Partners in relation to a HK$5.29 billion financing for the HK$9.845 billion acquisition of CityPlaza One office building in Hong Kong from Swire Properties.
- Advised a consortium led by Gaw Capital Partners in relation to a HK$8.33 billion term and revolving loan facilities for the acquisition of commercial real estate in Hong Kong from Swire Properties Limited.
- Advised a consortium led by Gaw Capital Partners in relation to its HK$9.17 billion term and revolving loan facilities for the acquisition of a portfolio of 12 retail shopping malls in Hong Kong from the Link Real Estate Investment Trust.
- Advised a consortium led by Gaw Capital Partners in relation to its HK$13.8 billion term and revolving loan facilities and HK$937 million term and revolving loan facilities for the acquisition of a portfolio of 17 retail shopping malls in Hong Kong from the Link Real Estate Investment Trust.
Loan for acquisition of United Family Healthcare
Advised mandated lead arrangers on the RMB equivalent of US$300 million acquisition facility for New Frontier Corporation to support its acquisition of United Family Healthcare from TPG and Shanghai Fosun Pharmaceutical Group. The debt financing is one of the first few PRC cross-border leveraged financings denominated in RMB.
Loan for acquisition of NVC China
Advised mandated lead arrangers and arranger in respect of the RMB2.9 billion acquisition financing for KKR to support its acquisition of a majority interest in NVC Lighting's China lighting business ("NVC China"). The deal won the "Finance Deal of the Year" at ALB Hong Kong Law Awards 2020.
US$1 billion loan for acquisition of a stake in SQM
Advised China CITIC Bank International Limited as global coordinator, mandated lead arranger, underwriter and bookrunner and agent in a US$1 billion mezzanine syndicated term loan to Tianqi Lithium Australia Investments 2 Pty Ltd, a subsidiary of Chinese new energy materials company Tianqi Lithium Corporation, which is listed on the Shenzhen Stock Exchange, for the acquisition of a stake in SQM, a Chilean lithium miner. The deal won the "Finance Deal of the Year" at The Asia Legal Awards 2019 and China Law & Practice Awards 2019.
Loan for the acquisition of Hutchison Global Communications Investment
Advised I Squared Capital ("ISQ") in connection with its HK$7.1 billion debt financing for the acquisition of Hutchison Global Communications Investment Holding Limited ("Hutchinson"). Hutchison offers fixed-line telecommunication services for corporations and residential users in multiple countries, including three major hubs in Hong Kong, Los Angeles and London.
Leading Individual, The Legal 500 Asia Pacific 2016 – 2023
Banking & Finance – Hong Kong
Notable Practitioner, Chambers Greater China Region 2012 – 2023
Banking & Finance – China (International Firms)
Notable Practitioner, Chambers Greater China Region 2022 - 2023
Banking & Finance: Leveraged & Acquisition Finance (International Firms) – China