Field notes on Hong Kong capital markets.
Perspectives from the firm’s principals on share-backed financing, block-trade execution, and the regulatory mechanics that shape both. Written for sophisticated counterparties; updated as the market evolves.
Recent writing.
Eligibility · 1 July 2026
Chapter 18A & 18C Stock Loans: Financing Pre-Profit HKEX Listings
How pre-profit biotech (Chapter 18A) and Specialist Technology (Chapter 18C) HKEX shares are screened as collateral — milestone risk, the wider LTV haircut, and lock-up and eligibility nuances.
Read →Cross-Border · 1 July 2026
Stock Connect Shares as Collateral: Cross-Border Stock Loan Structuring
Financing Northbound and Southbound Stock Connect holdings — the beneficial-ownership, nominee-custody, and cross-border settlement nuances that shape whether a Connect position can be pledged.
Read →Tax & Duty · 1 July 2026
Stamp Duty & IRD Tax Treatment of Hong Kong Share Pledges
Whether a pledge is a disposal, how Hong Kong stamp duty treats a charge versus an outright transfer, and the profits-tax framing of a stock loan — the questions to raise with your own adviser.
Read →Regulatory · 1 July 2026
SFO Part XV Disclosure Obligations for Stock Loan Structures
When a share pledge or stock loan crosses the 5% substantial-shareholder or short-position disclosure lines under SFO Part XV, and how structures avoid inadvertent disclosure.
Read →Eligibility · 1 July 2026
Which HKEX Stocks Can Be Pledged: Free Float, ADTV & Concentration
The liquidity and eligibility screen — free float, average daily traded value, and concentration — that sets whether, and at what indicative LTV band, an HK-listed stock is financeable.
Read →Decision · 1 July 2026
Stock Loans vs Margin Financing vs Block Trades: A Decision Framework
A decision matrix — recourse, control, disclosure, speed, cost, and use of proceeds — for Hong Kong controlling shareholders choosing between the three instruments.
Read →Stock Loans · 12 May 2026
The Quiet Liquidity
How controlling shareholders extract value from a concentrated HKEX-listed position without disturbing the cap table. The institutional case for share-backed financing.
Read →Block Trades · 19 November 2024
Block Trade Discipline
Pricing, timing, and discretion in Hong Kong block crossings. The three variables that separate a successful block trade from an expensive one.
Read →Audience · 8 June 2023
The Family-Office Inheritance Lens
How multigenerational wealth structures interact with share-backed financing decisions. The structuring discipline specific to family-office stock loans.
Read →Execution · 26 March 2022
Speed as Discretion
How the compressed timeline of Hong Kong share-backed financing — from enquiry to funding in weeks rather than quarters — itself functions as a form of discretion.
Read →Structure · 15 October 2020
Recourse, Non-Recourse, and the Space Between
The three recourse profiles in Hong Kong share-backed financing and why the choice matters more than most parties acknowledge at the outset.
Read →Sector · 22 July 2019
Why Sector Shapes Structure
A property holding, a Chapter 18A biotech position, and a long-listed financial-institution stake require materially different transaction structures. Sector is the second-most-important structural variable.
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