Examples of Desmond’s recent experience include:
Litigation
- Representing Ting Chuan (Cayman Islands) Holding Corp in litigation proceedings in the Cayman Islands. The issue related to whether a winding-up petition brought by the opposing side should be stayed in favour of arbitration. The proceedings were appealed all the way up to the Judicial Committee of the Privy Council, which ruled in favour of the client’s position in Ting Chuan (Cayman Islands) Holding Corp v FamilyMart China Holding Co Ltd (JCPC 2020/0055). The judgment represents one of the most legally significant developments in the areas of arbitration and insolvency in recent years and will have a wide-ranging impact throughout the common-law world.
- Representing Leading Holdings Group Limited in striking out a winding-up petition on the grounds that the petitioner, an investor of a publicly issued U.S.-dollar-denominated notes issued by a Hong Kong listed and held on a “global notes structure,” lacked standing to present the Petition. The decision has far-reaching implications. This is the first occasion a Hong Kong court has had to decide the issue of standing of an investor of a global note to present a winding-up petition as a contingent creditor.
- Representing an investment firm in Hong Kong High Court proceedings to pursue claims over HK$1.4 billion against a high-net-worth businessman in the P.R.C. arising from a failure of two investment funds to repay capital and fixed return.
- Representing a high-net-worth individual before the Hong Kong High Court to defend claims for knowing receipt and knowing assistance pursued by liquidators of a NASDAQ-listed company in connection with a fraud perpetrated by the former directors of the company.
- Representing a real estate operation company and its founder in defending winding-up proceedings and related Hong Kong High Court proceedings in respect of a claim of around USD125 million.
International Arbitration
- Representing a private equity owned German manufacturer of optical lenses and spectacle frames in 3 consolidated HKIAC arbitration proceedings against a Chinese businessman and his corporate vehicles. The consolidated arbitration involved complicated jurisdictional questions regarding consolidation of arbitrations commenced under 3 different agreements (i.e. the sale and purchase agreement, distribution agreement and IP right license agreement) entered into by different parties.
- Representing a global life sciences MNC on potential arbitration proceedings in Singapore in connection with an M&A dispute with sellers in Vietnam, in respect of indemnification claims and breaches of representations and warranties.
- Representing a major private equity fund in a HKIAC arbitration governed by Hong Kong law against a Chinese tech group in relation to redemption claims.
- Representing a leading pharmaceutical group based in the PRC in a HKIAC arbitration relating to the termination of its distribution and licensing agreement with a pharmaceutical company headquartered in Canada. The dispute was governed by New York law, with PRC laws, regulation and practice relating to the pharmaceutical and drug industry also relevant to the arbitration.
- Representing a Taiwanese conglomerate in a US$1.1 billion HKIAC arbitration against a Japanese trading house. The parties’ dispute arose out of a series of sale and purchase agreements, which required the transfer of (i) certain shares in a Cayman corporation from the Japanese party to our client and (ii) shares in a landmark real estate project in Taiwan from our client to the Japanese party.
- Representing a Taiwanese conglomerate in an ICC arbitration seated in Beijing and related litigation proceedings in the Cayman Islands against a Japanese group. The parties’ dispute arose out of a joint venture arrangement in the PRC.
- Representing the subsidiaries and affiliates of a group headquartered in the Netherlands in the family education entertainment industry against a group of companies with its parent listed on the Hong Kong Stock Exchange in an ICC arbitration seated in Hong Kong in relation to the termination of a joint venture.
- Representing a PRC real estate developer and its related Singapore SPV in an approximately US$100 million HKIAC arbitration concerning a Sino-foreign joint venture dispute with its U.S. private equity fund partner.
- Representing a global private equity fund in a third-party intervention application before the Hong Kong High Court to amend/discharge an interim injunction in support of an arbitration commenced by a Chinese investor against the founder in respect of ownership over the fund, whose portfolio companies were valued at over US$800 million. The application before the Hong Kong High Court was one of several contentious proceedings between the parties across multiple jurisdictions.
- Representing a Cayman subsidiary of a Hong Kong listed company in a multi-million-dollar executive compensation dispute in an ICC arbitration seated in Hong Kong following the acquisition and subsequent restructuring of the PRC-based franchise business of a Fortune 500 company.
- Advising a Japanese blue-chip corporation listed on the Tokyo Stock Exchange in respect of matters relating to its SIAC arbitration against its PRC joint venture partner concerning the renewable energy sector. The arbitration involved the proposed termination of the joint venture following the COVID-19 pandemic.
- Representing two Mongolian companies in a JCAA arbitration in Tokyo arising out of sales agreements allegedly entered into with a Japanese trading house for the purchase of mining equipment in excess of US$100 million; Japanese law governs.
Restructuring
- Kaisa Group Holdings Ltd. on the approximately US$12.3 billion offshore debt restructuring through the dual parallel schemes of arrangement at two different entities in their relevant jurisdictions. This is the largest offshore debt restructuring of a Chinese real estate company that has been sanctioned to date. This deal was named “Restructuring and Insolvency Matter of the Year” at Law.com International’s Asia Legal Awards 2025 and “Deal of the Year” by China Business Law Journal in 2024.
- Shimao Group Holdings Limited on the restructuring of its US$11.5 billion in offshore debt. The restructuring is being conducted in parallel with bilateral restructurings of certain other offshore debts outside of the scope of the scheme totaling US$2 billion. This deal is one of the largest China real estate restructurings and was named a “Deal of the Year” by China Business Law Journal 2024.
- Sino-Ocean Group Holding Limited on the successful restructuring of its approximately US$6 billion offshore debt. This is a significant milestone in the real estate industry as it is the first restructuring of a Chinese real estate group to be implemented under an English Restructuring Plan. The restructuring was implemented using a Part 26A RP in the United Kingdom and an interconditional and partially overlapping scheme of arrangement in Hong Kong.
- Sunac China Holdings Limited (Sunac) in the restructuring of its US$10.2 billion offshore debt. It is the largest offshore restructuring transaction completed by a Chinese property group and it achieved both the highest supporting rate and the highest deleveraging ratio of recent offshore schemes in this sector. The deal was recognized as the “Restructuring Deal of the Year” by IFLR Asia-Pacific Awards 2024. The deal also won the “Asia-Pacific Restructuring” award at International Financing Review’s IFR Awards 2023 and the “Turnaround Deal” award at the IFR Asia Awards 2023.
- Zhongliang Holdings Group Company Limited on the successful restructuring of its approximately US$1.2 billion of offshore debt. The complex transaction was implemented through a scheme of arrangement in Hong Kong. The Hong Kong judgment sanctioning the scheme of arrangement is reported as [2024] HKCFI 808.
- Modern Land (China) Co., Limited on the restructuring of its US$1.34 billion in offshore dollar-denominated notes. Through the restructuring, the existing New York law-governed notes were replaced by a combination of cash and new notes with extended maturity. This is one of the first successful restructuring deals completed by Chinese real estate companies under Chapter 15 of the U.S. Bankruptcy Code in the U.S. The Chapter 15 recognition is of wider significance because it not only recognizes the scheme of arrangement in a foreign jurisdiction, but also explicitly confirms that the Chapter 15 recognition is effective and binds in discharging New York law-governed debt. Modern Land is a real estate developer focusing on the development of green, energy-saving, and eco-friendly residences in the People’s Republic of China. The deal was named as “Deal of the Year” by China Business Law Journal in 2022.
- RiseSun Real Estate Development Co., Limited and its subsidiaries in connection with the restructuring of the group’s offshore dollar-denominated notes through a BVI scheme of arrangement. As a result of the restructuring, the existing New York law-governed notes (US$780 million in principal and interest) issued by RongXingDa Development (BVI) Limited were exchanged for a cash payment and the issuance of two series of new notes with extended maturities. Both series of new notes are governed by New York law, with high yield covenants and are listed on the Singapore Exchange. It is the first Chinese real estate company to complete an offshore restructuring of its indebtedness since 2016. The deal was named as “Deal of the Year” by China Business Law Journal in 2022.