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  • Sau-Wing Mak

    Partner
    Hong Kong
    T: +852 3443 1188
    M: +852 6796 6113
 

 Professional Biography

 

  • Sau-Wing Mak is a partner in the Hong Kong office of King & Wood Mallesons specialising in banking and finance. She is heavily involved in the development of the offshore Renminbi market, retail structured products and new financial product platforms in Hong Kong. She has advised major financial institutions and issuers on a number of "first of its kind" issuances, both in the retail structured products space as well as in the topical Renminbi internationalisation forum.

    Since 2007, Sau-Wing and her team have advised both issuers and arranger/dealer groups on the majority of the ground breaking and industry award winning RMB bond issuances launched:

    • two of the first three offshore RMB bonds to be issued when the market opened in 2007;
    • the media termed "historic" McDonald's RMB bonds, which marked the first RMB bonds to be issued by a multi-national company in the world;
    • the Bank of China Limited 2010 issue - the first Clearstream eligible RMB bonds;
    • the recent issue by British Petroleum - the first RMB bond issuance to be listed on the London Stock Exchange; and
    • the high profile Sovereign bonds by the Ministry of Finance of the People's Republic of China.

    Sau-Wing also has extensive experience in a full range of equity derivatives and financial products including active involvement in the development of the retail structured notes, equity linked investments, Renminbi bonds, SEHK listed structured products platforms in Hong Kong since the early 1990's. She established many of the precedents which still grandfather current documentation for prospectus regime applications, Chapter 15A listings and SFO section 105 applications.

    She is recognised for her "good depth of knowledge and quality advice" in The Asia Pacific Legal 500 and in The Legal 500 she is "recommended" and recognised as having "a niche in issuing retail investment products" and "having advised on several retail RMB bond issues".

    Sau-Wing is a regular speaker, panelist and moderator at industry conferences, including those organized by ISDA, ASIFMA and IFLR. She has also been invited to speak at in-house seminars of international regulators including the Securities and Futures Commission in Hong Kong, the People's Bank of China ("PBOC") and the State Administration of Foreign Exchange ("SAFE").

    Sau-Wing is qualified as a solicitor in Hong Kong and in England and Wales and she is fluent in English and Cantonese.
 

 Experience

 
 

 Recent Matters

 
  • advising the dealer on the media termed "historic" McDonald's Renminbi bonds, which marked the first RMB bonds to be issued by a multi-national company in the world. This deal was awarded ALB DCM Deal of the Year, September 2011 and Deal of the Year China Business Law Journal 2010/2011;
  • advising the issuer on the Bank of China Limited Renminbi bonds 2010 - which marked the first Renminbi denominated product to be eligible for clearance through Clearstream;
  • advising the joint lead managers and bookrunners on the ground breaking Bank of East Asia (China) Renminbi retail bond issue in Hong Kong. This was the first Renminbi bond offering to Hong Kong retail by a Chinese subsidiary of a foreign bank. This deal was awarded Deal of the Year by Asian Counsel, 2010;
  • advising the issuer on BP Capital Markets PLC Renminbi bond 2011 - this marked the first Renminbi bond to be listed on the London Stock Exchange;
  • advising the joint lead managers and bookrunners on the high profile Sovereign bonds by the Ministry of Finance of the People's Republic of China - December 2010 and September 2011. The 2010 deal received an Honourable mention for Deal of the Year by Asian Counsel, 2010;
  • appointed as ISDA/JAC's counsel in preparing their response to the Hong Kong SFC's Consultation Papers on (i) Proposals to Enhance Protection for the Investing Public; and (ii) Possible Reforms to the Prospectus Regime in the Companies Ordinance and the Offer of Investments Regime in the Securities and Futures Ordinance in 2009/2010; and
  • advising the issuer on the first third party distributed retail structured product to be approved by the Hong Kong SFC following the collapse of Lehman Brothers and the "Minibonds". The offer documents for this transaction set a new precedent for the market.
 

 Professional Memberships