Paul Aherne
Partner
Hong Kong
Congratulations to all our clients and colleagues involved in these award-winning matters.
Liquidation, bankruptcy and restructuring – Shimao's $US11.5bn offshore debt restructuring
We acted as Cayman Islands and British Virgin Islands (BVI) legal counsel the coordination committee of bank lenders (the CoCom) in the successful restructuring of over US$11.5 billion in offshore debt for Shimao Group Holdings Limited (Shimao). Completed through a court-sanctioned Hong Kong scheme of arrangement, this milestone transaction marks one of the most complex and prolonged restructurings in the Chinese real estate sector. It paves the path for creditors and stakeholders resolving multi-jurisdictions challenges in the Greater China property market.
Our team, led by partner Shirleen Tan with support from senior associate Helena Chu and legal manager Carina Chan, collaborated closely with A&O Shearman and other advisors to deliver a seamless, multi-layered restructuring process, including several project and asset-based bank debt refinancings.
Reference: https://www.walkersglobal.com/en/About-us/News/2025/08/Restructuring-of-Shimao-Group-Holdings
Equity capital markets - Pony AI's dual primary listings on Nasdaq and HKEX
We acted as Cayman Islands legal counsel to Pony AI Inc. (Pony.ai), a global leader in the large-scale commercialisation of autonomous mobility, in relation to its dual primary listing on the Hong Kong Stock Exchange (HKEX). This IPO marks a major milestone in Pony.ai’s growth journey, enabling the company to accelerate its go-to-market strategy, scale its Level 4 autonomous driving technology, and invest further in research and development across its key markets.
Our team, led by partners Mark Cummings, Kevin Ho, and assisted by senior associate Beverly Lui, advised Pony.ai on this transaction and its NASDAQ IPO in 2024.
Liquidation, bankruptcy and restructuring - Sino-Ocean Group offshore debt restructuring
Our team acted as Cayman Islands and BVI legal counsel to members of the coordination committee of bank lenders (the CoCom) in the holistic restructuring of the offshore debt of Sino-Ocean Group Holding Limited (Sino-Ocean). This US$5.5 billion cross-jurisdictional transaction stands among the largest and most complex financial restructurings in the real estate sector to date. The restructuring involved a restructuring plan under Part 26A of the UK Companies Act 2006 and a parallel Hong Kong scheme of arrangement. The groundbreaking transaction represents a significant milestone, addressing the Group’s financial challenges stemming from its real estate development business.
Our team, led by partners Paul Aherne and Kristen Kwok with support from senior associates Charisa Yeung and Helena Chu, was supported by specialist advice from our restructuring and corporate teams. Our teams collaborated closely with the CoCom's legal advisers, A&O Shearman, and other advisers to implement a comprehensive restructuring plan.
Private equity / venture capital - GL Capital's USD240m continuation fund launch
We acted as Cayman Islands legal counsel for GL Capital, a leading investment firm focussed exclusively on healthcare, on the launch of its single-asset continuation vehicle for SciClone Pharmaceuticals. The Abu Dhabi Investment Authority acted as the lead investor on this transaction. The deal was one of the largest GP-led secondaries transactions in China and allowed GL Capital to retain control of a high-performing asset while providing liquidity to investors.
Our team, led by partners James Gaden and Kevin Ho was supported by senior associate Flora Lo and the Walkers Professional Services team.
Cross-border dispute resolution - Lead Good’s Charging Order Absolute litigation
We act as BVI legal counsel for Lead Good in a complex matter where we the client seeks to enforce a CEITAC arbitral award against an award debtor, Royue Limited, a BVI company. Lead Good obtained charging orders over shares held by Royue in a listed company called Properties Group Ltd, incorporated in Cayman. In response Royue, sought to put itself into provisional liquidation for the purposes of restructuring in the BVI (and orders so appointing were granted). And then – once appeals of charging orders were on foot – Royue elected to pursue its own full liquidation on a voluntary basis. The purpose for pursuing liquidation was to demonstrate Royue's purported insolvency on the basis that this would support Royue's position that the charging orders were improperly obtained (as a general rule, charging orders should not be granted over shares where the company holding those shares is insolvent).
We acted for Lead Good in the insolvency proceedings in the BVI and have now filed an application to replace Lead Good's liquidators. In the meantime, the Hong Kong High Court refused Lead Good's appeal of the charging order decision thereby upholding Lead Good's security interest over Royue's shares in Zhenro (see [2025] HKCFI 3646). This decision is an important decision in respect of the interaction of the regimes for conventional enforcement of arbitral awards (via charging orders and garnishee orders) and insolvency regimes.
Our team, lead by partners John Crook and Iain Tucker was supported by senior associate Tim Molton.
Equity capital markets - JD.com USD520m privatisation of Dada Nexus
JD.com completed the USD520 million privatisation of Dada Nexus at USD2 per American Depositary Share (ADS), leading to Dada’s delisting from the Nasdaq and transformation into a JD.com subsidiary. The move concluded the public market journey of Dada, which listed at USD16 per ADS as China’s first US-listed instant commerce company before facing prolonged profitability challenges. The buyout signals deeper business synergies and heightened competition within China’s instant commerce sector. In this deal, we acted as Cayman Islands legal counsel for the dissenting shareholders.
The team was led by partner Rupert Bell.
Private equity / venture capital – Confidential award-winning matter
We advised on a significant cross-border private equity transaction recognised by CBLJ as a Deal of the Year 2025. Details of the matter remain confidential.
The team was led by partner John Cartwright, supported by senior associate Flora Lo and senior paralegal Lirann Tse.
Cross-border dispute resolution – Confidential award-winning matter
We acted on a high-profile corporate control dispute involving complex cross-border governance issues. Details of the matter remain confidential.
The team was led by partners John Crook and Oliver Clifton, supported by counsel Robert Gregory, Colleen Farrington, senior associates Christina Lo, Tim Molton, Renell Benjamin and senior paralegal Tim Lam.
