Stephanie Zhao

Associate, Singapore



Stephanie Zhao is an associate in White & Case's Capital Markets practice based in Singapore. She has experience in advising issuers or underwriters in connection with debt and equity capital offerings and equity-linked securities transactions, including Hong Kong and Singapore IPOs, block trades and follow-on equity offerings, SPAC IPOs, high-yield and investment grade debt offerings, convertible bond issuances, as well as MTN programme establishments and drawdowns.

Prior to joining White & Case, Stephanie had worked in the Hong Kong office of a Magic Circle international law firm, as well as in a Singapore law firm.

Bars and Courts
Singapore Bar
England and Wales
New York State Bar
London School of Economics and Political Science


The Joint Bookrunners and Underwriters in relation to the Rule 144A/ Regulation S IPO of Pegasus Asia, a special purpose acquisition company (the "SPAC") on the SGX. This transaction represents one of the first SPACs listed in Singapore and the first SGX SPAC IPO backed by international sponsors.

PT Avia Avian Tbk ("Avian") and certain selling shareholders, in the IPO of Avian on the IDX, which includes a Rule 144A/Regulation S offshore tranche. The transaction raised approximately Rp.10,951 billion (US$771 million). Avian is the market leader in the decorative paint and coating industry in Indonesia.

Nomura Singapore Limited and CLSA Limited as international selling agents, and PT CLSA Sekuritas Indonesia and PT Mandiri Sekuritas as lead domestic underwriters, in the IPO of PT Cisarua Mountain Dairy Tbk ("Cimory") on the IDX, which includes a Regulation S offshore tranche. The transaction raised approximately Rp.3,666 million (US$256 million). Cimory is a leading producer of premium dairy and premium consumer foods products in Indonesia.

Citigroup Global Markets Limited and Credit Suisse (Singapore) Limited as International Joint Global Coordinators and PT BRI Danareksa Sekuritas and PT Mandiri Sekuritas as the Domestic Joint Global Coordinators on the approximately IDR 95.92 trillion (US$6.7 billion) rights issue by PT Bank Rakyat Indonesia (Persero) Tbk. ("BRI"), an Indonesian State-owned Enterprise ("SOE").

UBS AG Singapore Branch and Merrill Lynch (Singapore) Pte. Ltd. as joint global coordinators and international selling agents, and PT Mandiri Sekuritas and PT Buana Capital Sekuritas as joint lead managing underwriters, in relation to the IPO of PT Tbk ("Bukalapak") on the IDX, which includes a Rule 144A/Regulation S offshore tranche. The transaction raised approximately US$1.5 billion. Bukalapak is a leading Indonesian e-commerce company and the first Indonesian unicorn technology startup company listed on the IDX.

China Construction Bank Corporation in the issuance of €800 million green bonds, RMB 2 billion transition bonds and US$1.15 billion dual-tranche sustainability-linked bonds under its US$15 billion MTN Programme, marking the first ever issuance of sustainability-linked bonds by a Global Systemically Important Bank (G-SIB).*

The managers in the issuance of US$300 million guaranteed senior perpetual capital securities guaranteed by CK Asset Holdings Limited.*

The manager in the issuance of US$855 million convertible bonds and concurrent top-up placement of 1 billion shares of Xiaomi Corporation. The combined convertible bonds and equity placing raised approximately US$4 billion, marking it one of the largest combo convertible bonds and equity fund raising by an Asian corporate.*

* Stephanie's experience prior to joining White & Case.