Linklaters advised the underwriter and tokenisation agent on a CNY cross-border tokenised financing transaction of Ant Digital Technologies. This pioneering transaction marked the first cross-border private placement of an RWA (Real World Asset) tokenised instrument where the financing proceeds were used to fund EV charging station operations in mainland China. As part of Hong Kong Monetary Authority’s recently launched Project Ensemble, the transaction show-cased the use of asset tokenisation technology in the context of green and sustainable finance.
Linklaters, as deal counsel, provided comprehensive legal support throughout the transaction, advising on both the tokenisation aspects and the innovative cross-border financing structure. The Linklaters team, spanning multiple practices and jurisdictions, was led by Asia Head of Structured Finance and Derivatives Chin-Chong Liew and capital markets partner Ying Zhou from Zhao Sheng Law Firm, supported by associate Joshua Liu.
Specialist expertise was provided by partners Michael Ng on debt capital markets, Kishore Bhindi on Hong Kong SAR digital assets regulatory issues and Evan Lam on Singapore digital assets regulatory issues.
Philip Spoerlé of Niederer Kraft Frey advised on the Swiss law aspect of this transaction.
Linklaters’ Asia Head of Structured Finance and Derivatives Chin-Chong Liew commented:
“Having worked on six out of eight of the real-world asset (RWA) tokenisations in Hong Kong since 2023, we find that every deal is still unique and presents novel legal and regulatory issues. Addressing these complexities has required us to not only draw on the expertise and experience from our expansive global network, but also to collaborate closely with our clients and other stakeholders to design bespoke solutions. We are very excited to be part of the evolutionary pathway towards a financial market driven by digital products and innovation in Hong Kong.”
Linklaters is one of the frontrunners in the digital assets space, both in Asia and globally. The team regularly advises on first-to-market digital assets and structured finance transactions, including advising on the first tokenised structured notes on a public blockchain in Hong Kong and the first multi-currency digital bond offering globally. Visit here for more case studies.
About Linklaters LLP
Linklaters LLP is a leading global law firm, advising the world’s leading companies, financial institutions and governments on their most important and challenging transactions and assignments. We combine legal expertise with a collaborative and commercial approach to help clients navigate constantly evolving markets and regulatory environments, pursuing opportunities and managing risk worldwide. With offices in major business and financial centres, we deliver an outstanding service to our clients anywhere in the world. Our 3,100 + lawyers, located across 31 offices in 21 countries, specialise in industry sectors as well as practice areas across three divisions: Corporate; Litigation, Arbitration and Investigations; and Finance.
