John Shum is a partner in our Banking & Finance practice. He is English, New York and Hong Kong-law qualified with significant working experience in each of those jurisdictions. John is currently based in Singapore where he has practiced over the last four years.
John has extensive experience in syndicated, acquisition, leveraged, trade, real estate, project, fund and share-backed financing in Asia. He has also previously advised on asset-backed financing, first and second-lien, mezzanine and investment-grade financing transactions, as well as US Chapter 11 debtor-in-possession and exit financings. John regularly represents financial institutions in arranger/lender and agent/trustee roles, corporate borrowers and funds.
John has also been active advising on outbound financing from Asia into Western markets on financing the privatization of Chinese companies listed in the US via management buyouts, and on restructuring China cross-border financings. More recently, John has handled real-estate financings in Singapore and Indonesia, and financings backed by US-listed securities.
John has been recognized as a leading legal practitioner for Hong Kong Banking by IFLR1000.
Acquisition and Leveraged Finance
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- Qingdao Haier Co., Ltd in connection with the US$3.3 billion term loan facility provided by China Development Bank Corporation to finance its US$5.4 billion acquisition of the appliance business of General Electric. The deal was named “Cross-border M&A Deal of the Year” by The M&A Advisor International Awards 2017.
- UBS Securities Pte. Ltd. on the KRW 360 billion mezzanine financing of The Carlyle Group’s US$1.93 billion cash buyout of South Korean security business ADT Korea from Tyco International Ltd. The all-cash acquisition by The Carlyle Group is the largest private equity buyout deal in Korea since 2008. The deal won “South Korea Loan of the Year” at the IFR Asia Awards 2014.
- HSBC, Hong Kong Branch and JP Morgan Chase Bank N.A., Singapore Branch on a EUR370 million term loan to a subsidiary of Philippines-listed liquor producer Emperador Inc. for the acquisition of a European-based beverage business.
General Bank Finance
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- UBS AG Hong Kong Branch as mandated lead arranger and bookrunner on a US$430 million equivalent dual-currency secured term loan facility to Fortune Oil PRC Holdings Ltd. as borrower.
- Mizuho Bank, Ltd. as mandated lead arranger and bookrunner and Mizuho Bank, Ltd., Hong Kong Branch as original lender and agent (together, “Mizuho”) in a US$200 million syndicated term loan facility granted to FP Treasury (2018) Limited guaranteed by First Pacific Company Limited (“First Pacific”) to fund part of First Pacific group’s bond repurchase strategy.
- First Abu Dhabi Bank PJSC and a syndicate of lenders in relation to a US$515 million equivalent dual-currency term loan facility to FEH arranged by, among others, First Abu Dhabi Bank PJSC.
- Sumitomo Mitsui Banking Corporation on a JPY10 billion facility to FEH supported by letter of comfort from International Far East Leasing Co. Ltd.
- CTBC Bank Co., Australia and New Zealand Banking Group Limited, DBS Bank Ltd., United Overseas Bank Limited and Nanyang Commercial Bank, Limited (each as mandated lead arrangers and bookrunners) and a syndicate of 14 other lenders in connection with a US$800 million equivalent dual-currency term loan facility to Far East Horizon Limited.
- China Construction Bank (Asia) Corporation Limited in a US$587 million term loan facility to Far East Horizon Limited arranged and coordinated by, among others, China Construction Bank (Asia) Corporation Limited.
- CMB Wing Lung Bank, Limited in relation to a US$1.125 billion equivalent dual-currency term loan facility to Far East Horizon Limited arranged by, among others, Wing Lung Bank, Limited.
- China CITIC Bank International Limited Singapore Branch in connection with the financing of a US dollar equivalent of approximately S$435 million term loan facility to Five Seasons XXII Pte. Ltd., a company incorporated in Singapore, with a guarantee from Fullshare Holdings Limited, a company incorporated in the Cayman Islands and listed on the Hong Kong Stock Exchange. The loan proceeds were used for partial repayment of existing indebtedness and partial payment for the acquisition of Plaza Ventures Pte. Ltd., a company incorporated in Singapore which owns GSH Plaza.
- A group of 15 banks in a US$850 million financing to a resources group in Indonesia.
- Cathay United Bank Co., Ltd. in connection with US$78million mutli-tranche facility to PT Pusaka Jaya Palu Power ("Borrower") an independent power producer in Indonesia. The proceeds of the loan are for refinancing and corporate restructuring purposes.
- China CITIC Bank International Limited as Lender in connection with a US$30 million term loan facility made available to CITICPE Holdings Limited, guaranteed by CITIC PE Funds Management Limited and CITIC PE Limited.
- Credit Suisse AG, Singapore Branch and Standard Chartered Bank, as mandated lead arrangers and bookrunners and Standard Chartered Bank as agent and offshore security agent in a US$150 million guaranteed and secured syndicated five-year term loan to Religare Global Asset Management, Inc., a subsidiary of Religare Enterprises Limited and the largest alternative asset management platform based out of India.
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- The Hongkong and Shanghai Banking Corporation Limited, Singapore Branch as Offshore Collateral Agent and Account Bank with respect to the US$230 million limited recourse project finance loan from Export Development Canada to PSN Enam, a special purpose vehicle affiliate of PT Pasifik Satelit Nusantara, for the development and launch of the PSN VI telecommunications satellite.
- PT Bajradaya Sentranusa, an Indonesian independent power producer, in connection with a US$280 million secured refinancing by IFC and other lenders of the 180 MW run-of-river Asahan hydroelectric power project. This deal won the “2015 Asia-Pacific Multi-sourced Deal of the Year” award by IJGlobal Magazine.
- China Development Bank Corporation on its commitment of up to US$750 million to fund the procurement, construction, installation and operation of solar power projects in New Jersey, USA with a total installed capacity of up to 300MW. The financing comprises both secured EPC financing to be provided to SPI Solar and secured long-term financing to be provided to KDC Solar. SPI Solar is listed on the NYSE and is the US-based subsidiary of LDK Solar, the Jiangxi China-based manufacturer of photovoltaic solar panels used in the project. KDC is a New Jersey-based installer and operator of solar power projects. The deal won 2012 “Deal of the Year” award from China Business Law Journal.
Real Estate Finance
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- A leading Chinese bank on an aggregate US$27 million term loan financing to a Chinese-backed investment company for the purchase of land in Singapore.
- Singapore- and Hong Kong-based financial institutions on a US$49 million syndicated term loan to repay existing construction loans and for financing a mixed-use real estate development enterprise in Wuxi, Jiangsu province. The transaction included an onshore “placeholder” loan.
- A Hong Kong-based bank on a HK$1.863 billion syndicated financing for a Hong Kong-based real estate developer for a commercial real-estate development in Chengdu, Sichuan province. The transaction benefited from a bespoke onshore “placeholder” loan financing structure.
Take Private Financing / Privatizations
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- On over ten financings supporting the privatizations of US-listed Chinese companies:
- China Minsheng Banking Corp., Ltd., Hong Kong Branch in financing the take-private of Le Gaga Holdings Limited by a consortium including Sequoia Capital, hedge fund Yiheng Capital and the NASDAQ-listed company’s chairman and CEO. Le Gaga Holdings Limited is one of the largest greenhouse vegetable producers in China.
- China CITIC Bank International in a US$340 million financing to finance the privatization of NASDAQ-listed 3Sbio, a leading China-based biotechnology company focused on researching, developing, manufacturing and marketing biopharmaceutical products.
- China Development Bank Corporation in a US$320 million financing provided to Golden Bridge Holdings Limited, a Cayman Islands special purpose vehicle, for its buyout of Zhongpin Inc., a NASDAQ-listed Delaware corporation engaged in meat and food processing.
- Wing Lung Bank Limited and Cathay United Bank in a US$50 million financing for the privatization of NYSE-listed Feihe International, one of the biggest producers of premium infant milk formula, milk powder, soybean, rice and walnut products in China. This was the first take-private of a US-listed Chinese company that included a simultaneously drawn onshore place-holder RMB loan and a cross-border intercreditor arrangement with the main offshore financing.
- China Development Bank Corporation in a US$96 million six-year loan, secured and guaranteed, to finance the privatization of NASDAQ-listed China Transinfo Technology Corp.
- China Development Bank Corporation in providing US$400 million financing for the management buyout of NASDAQ-listed Harbin Electric, Inc. This is the third recent buyout of a Chinese company effectively delisting through the buyout of its shares from a US stock exchange, on which we have advised in recent months. The deal won 2011 “Deal of the Year” awards from both ASIAN-MENA COUNSEL and China Business Law Journal.
- Standard Chartered Bank in providing US$70 million financing for the management buy-out of NYSE-listed Chemspec International Limited, a China-based contract manufacturer of highly-engineered specialty chemicals. The deal won a 2011 “Deal of the Year” award from China Business Law Journal and received “Honorable Mention” recognition from ASIAN-MENA COUNSEL.
- China Development Bank Corporation in providing a US$500 million financing for the management buy-out of NYSE-listed China Security & Surveillance Technology, Inc. (CSST). We also simultaneously represented CDB in a US$200 million working capital loan facility between CDB and CSST.
John is qualified to practice in the following jurisdictions:
- New York
- Hong Kong
- Singapore (banking, finance, corporate and commercial law)
- Bahasa Indonesian