ENG

  • Yang ZHAO

    Equity Partner / Hong Kong

  • Tel +852-2877-3088

    Email yzhao@zhonglun.com

  • Practices

    Financing, Cross-border Investment/M&A, Debt Restructuring & Non-performing Assets

CV

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

  • 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