The non-recourse & private-credit financing guide.
Not every share financing is a standard recourse loan. Non-recourse structures bound the downside to the pledged shares; financing a stock-option exercise lets a holder keep shares rather than sell; and borrowing against unlisted or pre-IPO shares extends the question beyond the listed core. This guide maps these structures and links the detailed treatment of each.
Beyond the standard loan, piece by piece.
Structures
Non-Recourse Stock Loans Explained: What to Weigh Before You Pledge
A non-recourse stock loan caps the lender’s recovery at the pledged shares alone — so if the collateral falls short, the borrower walks away owing nothing more, in exchange for a lower loan-to-value band, higher pricing, and stricter collateral standards.
Read →Structures
Financing a Stock-Option Exercise Without Selling
How a founder or executive can fund the exercise cost — and the salaries-tax charge that can arise at exercise — of vested Hong Kong share options through share-backed financing, rather than a cashless or sell-to-cover exercise that forces a sale and forfeits upside.
Read →Private Markets
Borrowing Against Unlisted & Pre-IPO Shares
Whether you can borrow against unlisted or pre-IPO shares, and why financing private equity is fundamentally harder than financing HKEX-listed collateral — no continuous price, no liquid lender exit, transfer restrictions and rights of first refusal — plus the narrow late-stage cases where it becomes feasible.
Read →This guide is educational and is not legal, tax, or regulatory advice. How Hong Kong rules apply to any transaction is a matter for your own Hong Kong counsel. Editorial standards · Disclosures