King & Wood Mallesons is proud to have advised The Export-Import Bank of China (“CEXIM”) in providing financing for the first China manufactured large-scale cruise vessel, Adora Magic City.
The vessel, owned by a subsidiary of China State Shipbuilding Corporation Limited, represents a significant milestone in the country's shipbuilding and maritime industry. Adora Magic City, China’s first domestically manufactured large-scale cruise ship, was built by Shanghai Waigaoqiao Shipbuilding Co., Ltd. and was officially delivered and named on 4 November 2023. It is set to commence operation on 1 January 2024, with Shanghai serving as its home port and operating routes to Japan and Southeast Asia.
CEXIM's support for the development of the global shipping industry is evident in its financing of over 100 ship owners from more than 30 countries, as well as its support for the export of over 10,000 ships and marine engineering equipment since its establishment.
In this landmark financing, King & Wood Mallesons acted as the lead counsel to CEXIM. Our teams in Hong Kong and Beijing provided comprehensive one-stop services, covering both Hong Kong law and PRC law aspects of the transaction.
The lead partners for this transaction are Katherine Ke (Hong Kong office) and Yinghao Lv (Beijing office). Jing Jin (Senior Associate, Beijing office), Zhen Wei (Associate, Beijing office), Timmy Lam (Associate, Hong Kong office) and Ruoyu Sun (Trainee solicitor, Hong Kong office) worked on the transaction.
We are honored to have been a part of this financing for Adora Magic City and look forward to continued collaboration with CEXIM and other industry leaders.
Any reference to "Hong Kong" or "Hong Kong SAR" shall be construed as a reference to "Hong Kong Special Administrative Region of the People's Republic of China".
