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.
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 →Regulatory · 4 September 2025
HKEX Disclosure Mechanics
What triggers disclosure in share-backed transactions, and what does not. The SFO Part XV regime, HKEX Listing Rules, and SFC Takeovers Code explained.
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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