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Yang ZHAO
Equity Partner / Hong Kong
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Tel +852-2877-3088
Email yzhao@zhonglun.com
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Practices

Financing, Cross-border Investment/M&A, Debt Restructuring & Non-performing Assets
Yang ZHAO
Mr. Zhao is qualified to practise in both England & Wales and Hong Kong, He specialises in cross-border debt financing and restructuring transactions, with extensive experience in leveraged finance, private credit, and structured financing products. He regularly advises private equity funds, credit funds, financial institutions and corporate clients across cross-border leverage financings, fund-level financings, structured financing, direct lending, and special situations financings, as well as representing debtors and creditors in cross-border restructuring transactions.
Prior to joining Zhong Lun, Mr. Zhao practised at several leading international law firms in London and Hong Kong, and was seconded to HSBC's Transaction Management team in London, where he gained in-depth exposure to international banking and capital markets operations. Mr. Zhao also serves as an arbitrator at the Beijing Arbitration Commission / Beijing International Arbitration Court.
Representative Matters
Leveraged Finance
Represented Blackstone Capital Partners and Blackstone Real Estate Partners in the leveraged financing for their U.S. P2P acquisition of Global Sources Inc, including opco/propco facilities
Represented Blackstone Capital Partners in the leveraged financing for its buy-out of Shya Hsin
Represented Bain Capital in connection with its acquisition of Xiamen Qinhuai Technology Company Limited (ChinData), a leading operator of hyperscale data centers in China, from Wangsu Science & Technology Co. Ltd., as well as in connection with the combination of ChinaData with Bain Capital's existing Bridge Data Centres platform
Represented KKR in the leveraged financing for its acquisitions of non-controlling interests in various portfolio companies
Represented Carlyle in its back leverage financing for its investments through certain convertible bonds and warrants into a portfolio company listed on the Hong Kong Stock Exchange
Represented Ares in connection with the acquisition financing relating to Epiris' acquisition of Inchcape Shipping Services, one of the world's largest maritime services providers
Represented Advent International in the leveraged financing for the business combination of King Koil China and Serta China
Represented New Frontier in the leveraged financing for the business combination with United Family Healthcare in China
Represented New Frontier Public Holding Ltd., the lead investor in the buyer consortium, in the RMB equivalent of USD 500 million debt financing for the take private of New Frontier Health Corporation (NYSE: NFH), operator of the premium healthcare services provider United Family Healthcare
Represented BroadPeak Global and Asia Green Fund in their debt financing to purchase the clean technologies business of DuPont
Represented JD Property Group Corporation in its debt financing to acquire a controlling interest in, and the related takeover of, China Logistics Property Holdings Co., Ltd. (HKSE: 1589)
Represented Centurium Capital and other co-sponsors, in their debt financing for the take-private of China Biologic Products Holdings, Inc. (NASDAQ: CBPO)
Represented Eddingpharm (a leading Chinese pharmaceutical company) in its debt financing for the acquisition of two legacy antibiotic brands (Ceclor® and Vancocin®) and a manufacturing facility from Eli Lilly and Company (NYSE: LLY)
Private Credit and Special Situations
Represented Alvotech in connection with its negotiations with its first lien private credit investors and equity holders in connection with its dual New York and Iceland initial public offering
Represented Alvotech in connection with the upsizing of its existing senior bonds together with additional investment from Farallon Capital Management, Sculptor Capital Management, Oaktree Capital Management, Lodbrok Capital, and Morgan Stanley
Represented Alvotech in the follow-on issuance of approximately USD 170 million subordinated convertible bonds consisting of USD and ISK tranches
Represented Summer Capital Limited in the private credit financing for the acquisition of a hospitality school in Europe
Represented a leading asset management firm in various matters in connection with its diversified debt investment portfolio in Europe
Represented a leading Chinese developer in connection with the USD 130 million offshore facility granted by a Hong Kong based Family Office
Represented a leading international alternative investment firm in connection with the special situations asset backed financing into a distressed conglomerate in advance of a proposed restructuring process
Represented an investor consortium in the mezzanine financing for the acquisition of Hong Kong assets from a leading real estate developer by an institution.
Represented a leading AMC in connection with its various debt portfolio in Europe
Represented a Hong Kong-listed company in connection with the issuance of its offshore private note
Represented C Capital on various private credit transactions
Debt Restructuring
Represented an ad hoc committee of holders of the USD 200 million 7.99% senior notes due 2021 issued by Knight Castle Investments Limited, a wholly owned subsidiary of Shandong Sanxing Group Company Limited, in respect of its scheme of arrangement
Represented Yestar Healthcare Holdings Company Limited, a leading distributor and service provider of in vitro diagnostic products in the PRC, on its successful restructuring of its New York law governed USD 200 million senior notes through a scheme of arrangement in the Cayman Islands
Represented an ad hoc committee of holders of the USD 175 million 9.5% senior secured notes due 2022 issued by Pearl Holding III Limited in respect of the group liquidation and sale of the group's assets
Represented HNA Group International & CWT International Limited in connection with the restructuring of their offshore group debts
Represented a key developer in Hong Kong in restructuring of its existing debt
Represented Noble Group in relation to the restructuring of its capital structure
Represented an ad hoc committee of holders of the USD 200 million 7.125% senior notes due 2022 issued by Jain International Trading B.V., a subsidiary of Indian listed multinational micro-irrigation, food processing and plastic products conglomerate Jain Irrigation Systems Limited, in connection with the restructuring of the notes through a UK scheme of arrangement
Other Debt Financing Transactions
Represented CMC Capital Partners in fund-level loan financing arrangements
Represented China Resources Capital in the debt financing for its acquisition of real estate assets from a local Hong Kong brand.
Represented Industrial and Commercial Bank of China (ICBC) in various offshore bank loan transaction
Represented Ping An Bank in various offshore bank loan transaction
Represented Bank of East Asia in an offshore bank loan transaction
Memberships & Affiliations
Arbitrator at the Beijing Arbitration Commission / Beijing International Arbitration Court
Publications
"Evolution of dispute resolution clauses and mechanisms in the international business contracts of China's enterprises—a forward look" (co-author), Arbitration International, 2025, aiaf014, https://doi.org/10.1093/arbint/aiaf014
"Arbitrating financial disputes—are they different and what lies ahead?" (co-author), Arbitration International, Volume 38, Issue 1-2, March-June 2022, Pages 3–20, https://doi.org/10.1093/arbint/aiac001
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Bar Admissions/Professional Qualifications
Solicitor of England and Wales
Solicitor of Hong Kong SAR
PRC Legal Qualification (non-practising) -
Education
GDL and LPC, BPP Law School
LL.M. in Banking and Financial Regulation, London School of Economics and Political Science
LL.M., Peking University
LL.B., B.Ec, Peking University -
Professional Experience
Equity partner, Zhong Lun Law firm
Counsel, Dechert LLP
Associate, Kirkland & Ellis
Associate, White & Case LLP (London) -
Languages
Chinese
English