Baldwin Cheng

Partner, Hong Kong SAR

Biography

Baldwin Cheng is favoured by Chinese and international banks for his “deep knowledge of the region.” He is best known for advising on mezzanine financing and acquisition finance matters and is well versed in handling multi-jurisdictional transactions.
Chambers Asia-Pacific 2020

Overview

Baldwin Cheng is a Partner in White & Case's Asia Banking and Restructuring practice, based in Hong Kong. He 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
High Court of Hong Kong
England and Wales
Education
University of Sydney
Bachelor of Commerce
University of Sydney
Languages
English
Cantonese
Mandarin

Experience

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.

Acquisition of Hong Kong commercial properties by Gaw Capital

  • 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").

HK$7.1 billion debt financing 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. 

US$3 billion financing for the acquisition of Qihoo 360
China Merchants Bank, New York Branch on a US$3 billion-equivalent loan for financing the US$9.4 billion management buyout of Qihoo 360 Technologies, a Chinese security software maker listed on the NYSE.

Publications

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

Awards and 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, Asia Pacific Legal 500, IFLR 1000, Chambers Asia Pacific and Chambers Global