Baldwin Cheng

Partner, Hong Kong SAR


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


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
University of Sydney
Bachelor of Commerce
University of Sydney


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.

US$350 million loan for the acquisition of MFLEX
Shenzhen-listed Suzhou Dongshan Precision Manufacturing Co., Ltd., one of the largest suppliers of precision sheet metal components headquartered in Suzhou, China, and its subsidiaries as borrowers, on a US$350 million senior secured term loan, and two bridge loans in an amount of US$100 million and US$60 million for the acquisition and take-private of Multi-Fineline Electronix, Inc. (MFLEX), a leading global provider of high-quality, technologically advanced flexible printed circuits and assemblies listed on the NASDAQ.

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.

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.


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, IFLR 1000, Chambers Asia Pacific and Chambers Global