Rimon

Fred Chang

Partner

Private Investment Funds, China, Banking and Financial Services
Seattle, Shenzhen*

EDUCATION

Columbia Law School

J.D.

Harvard University

A.B.

PREVIOUS EXPERIENCE

  • Morgan Lewis and various other law firms in Beijing (Partner)
  • FenXun Partners (Co-Founder)
  • Deutsche Bank Asia (General Counsel, Head of Compliance)
  • Goldman Sachs Asia (Executive Director)

    ADMISSIONS

  • State of New York
  • State of Washington

    Languages

  • English
  • Mandarin

Fred Chang’s practice covers cross-border M&A, as well as financing – secured and unsecured – and investments over the full range of the capital structure of a company. He has represented companies in various industries, banks, insurance companies, private equity funds, and hedge funds, principally in their buy-side transactions.

He has handled cross-border transactions, including leveraged buyouts, mergers of public companies, street sales and other privately negotiated acquisitions, strategic and cornerstone investments, joint ventures, project finance, trade finance, leveraged lease financing, licensing, securitization and other structured financings, and derivatives. These transactions involved many states in the US, Canada, China, Hong Kong, Singapore, Korea, Japan, Indonesia, India, Thailand, Malaysia, Taiwan, Brunei, Australia, England, Ireland, Luxembourg, the Netherlands, France, Germany, Sweden, Russia, Hungary, Spain, and Switzerland.

Mr. Chang has also handled investigative, compliance, and contentious matters involving corporate governance, internal controls, transfer pricing, derivatives and market manipulation in China, Hong Kong, Singapore, Philippines, Thailand, and Korea. He has spent nearly ten years – also serving as general counsel and head of compliance for Deutsche Bank in Asia – working for investment banks and ISDA.

Outside of his practice, Mr. Chang is an avid ultra-marathon runner. He is also a cellist and was a member of the Harvard-Radcliffe Orchestra 1978-1980.

SELECTED EXPERIENCE

Fund Managers and Startup Companies

  • Representation of a US company engaged in cancer gene therapy in its Series A financing.
  • Representation of a Hong Kong investment management firm in connection with its cryptocurrency-related investments.
  • Representation of a Hong Kong investment management firm in connection with its investment into Korean corporate bonds.
  • Represented Farallon in various investments in China.
  • Representation of a Singapore fund manager in various matters relating to its investments in China, Vietnam, Indonesia, and Australia, and negotiations with its limited partners and with a major Singapore institutional separate account.
  • Representation of aUS PE fund manager in connection with the formation of new health tech and biotech focused fund, its downstream investments as well as related tax and compliance advice.
  • Advised various Asia-based investment management firms in connection with securities laws and other issues relating to resales of stakes in portfolio companies.
  • Advised various US hedge funds on Chinese legal and regulatory issues surrounding certain announced cross-border M&A transactions.
  • Representation of a Singapore-based multinational education company regarding its online subscription model.
  • Representation of a Singapore-based multinational education company in connection with a private placement fundraising.

Companies and Management in M&A and Other Significant Corporate Events

  • Represented Johnson & Johnson in its acquisition of a leading medical devices company in China. Represented Johnson & Johnson in its acquisition of a leading consumer products company in China.
  • Represented the CEO and founder of a NASDAQ-listed leading Chinese search, media, and online game company in connection with a proposed leveraged take-private transaction.
  • Represented a “red chip” Chinese pharmaceutical and medical device company in its restructuring and pre-IPO financing.
  • Advised a Singapore-based education company regarding M&A in pre-school learning center space and related licensing issues spanning Asia, the Middle East, Europe and the US.
  • Represented a Canadian listed company in its merger with a Chinese industrial surveillance software company.
  • Represented Bank of America and Bohai Bank in strategic investment transactions in China.
  • Advised Commerzbank, CLSA and Societe Generale on Chinese legal and regulatory issues around potential strategic investments in the Chinese financial institution space.
  • Represented Tyco on divestiture of certain surveillance and alarm businesses in China.
  • Represented various US industrial companies in their leveraged buyouts.
  • Represented a major Chinese institutional investor in its proposed acquisition of a major US studio’s film library and production slate.
  • Represented Sinochem in the proposed acquisition of a crude oil storage facility in an Asian country.
  • Represented a Chinese real estate developer in its financing of residential and commercial real estate development in New York City.
  • Represented Softbank in its anchor investment in RenRen, a Chinese social media company. Represented Virtustream in proposed cloud computing-related investment in China.
  • Advised executive in connection with his hire by a globally leading semiconductor manufacturer in Taiwan.
  • Advised US health-tech portfolio company of client in connection with recruitment of a C-level executive.

Sponsors and Debt Investors in Asset-Based, Leveraged and Non-Recourse Financings, Trade, and Derivatives

  • Represented CITIC Trust in proposed structuring, hedging, offering, and sale of “synthetic” London Metals Exchange trading product.
  • Represented financial advisory firm in connection with potential acquisition and securitization of RMB-denominated small loans and strategic investments in Chinese retail finance space.
  • Represented various lenders in financings relating to HK Stock Exchange-listed shares.
  • Represented American Airlines in numerous aircraft leveraged lease financings.
  • Represented Duquesne Light Company in the sale-leaseback financing of a nuclear power plant.
  • Represented various banks and insurance companies in infrastructure and project financing in the US, including cogeneration facilities and toll roads.
  • Represented a Hong Kong fund manager in its trade-based financing and restructuring of a Singapore manufacturer and exporter.
  • Represented a highly structured fund designed to finance Chinese residency applications in an EU member nation.
  • Represented Sinosure in export credit insurance wrap for factored export of consumer goods sold in the US.
  • Represented a major US nuclear power plant operator in the procurement of nuclear fuel supply from China.

Financial Institutions in Other Financings and Roll-out of New Products

  • Represented Deutsche Bank, Morgan Stanley, JP Morgan, and China Construction Bank International in numerous pre-IPO financings for red chip Chinese companies in the mining, infrastructure, solar energy, retail, and other industries.
  • Represented a Hong Kong fund manager in its financing of real estate projects in Texas and Korea.
  • Represented Secured Capital in the financing of residential and commercial real estate development in Shanghai.
  • Represented VTB in loans to Chinese borrowers.
  • Represented CDB on various matters relating to derivatives and Dodd-Frank.
  • Advised Bank Indonesia on matters relating to Dodd-Frank.
  • Represented various international banks on private banking matters in China.
  • Represented various international banks on structuring and rolling out products in China relating to money markets, QFII, QDII.
  • Represented numerous insurance companies in private placement investments in the US, including Prudential, Aetna, CIGNA, Pacific Life, Met Life, NY Life, Principal, Northwestern Mutual, and John Hancock.

Companies and Financial Institutions in Compliance, Governance, Investigatory, and Contentious Matters

  • Represented a Hong Kong fund manager in insolvency proceedings in Singapore and US involving recovery of loan and putative preferential transfers, and first impression conflict of law issues around the application of automatic stays.
  • Represented various banks in various transactional and contentious matters involving foreign exchange, interest rate, and commodity derivative transactions.
  • Advised an Indonesian company on Chinese compliance issues.
  • Advised a leading Chinese investment bank on duties of directors of potential financial institution acquisition targets under NY law.
  • Represented the board of directors in an internal investigation of a financial institution in China.
  • Representation of an investment management firm focused on investments in Chinese financial institutions on PRC, Singapore, and US compliance considerations around fund governance.

PUBLICATIONS

  • China chapter for “The Mergers & Acquisitions Review” (2013 and 2014 editions, Law Business Research)
  • China chapter for “Banking Regulation” (2013 and 2014 editions, Sweet & Maxwell)
  • “Legal Foundations of Corporate Financial Transactions”, 2008, China Science and Technology Press
  • “The Acquisition Playbook”, International Financial Law Review, May 2014
  • “The AMC Experiment”, International Financial Law Review, March 2014
  • “The Mountains are High and the Emperor is Far Away (Analysing Corporate Scandals)”, International Financial Law Review, October 2013
  • “Target Ecosystems”, International Financial Law Review, July/August 2013
  • “The Twin Towers Bubble”, International Financial Law Review, May 2013
  • “Deconstructing the Audit Controversy”, International Financial Law Review, February 2013
  • “Reliable Data and China’s Financial Reforms”, International Financial Law Review, November 2005
  • “Making a Strategic Investment in a Chinese Bank Work”, International Financial Law Review, July 2005

SPEAKING ENGAGEMENTS

  • Speaker, “Disputes and Misunderstandings in Chinese Acquirors’ Overseas M&A Transactions”, Peking University Law School, December 2014
  • Speaker, “Banging the Close (McDonnell et al v Shell, BP, Morgan Stanley et al)”, Peking University Law School, May 6, 2014
  • Speaker, “Corporate Strategy in an Era of Globalization”, Harvard-China Forum, April 18, 2014
  • Speaker, “Disputes over Liabilities Arising from Acquisitions Overseas by Chinese Companies”, China International Economic and Trade Arbitration Commission, August 2011
  • Speaker, “Approval and Process Issues for Chinese Listcos Making Overseas Acquisitions”, UBS Securities, January 18, 2011
  • Speaker, “OTC Derivatives: Problems and Disputes”, Bank Indonesia, August 24, 2010
  • Speaker, “Certain Legal Problems with OTC Derivatives Trades”, Sinochem, June 18, 2010
  • Speaker, “SEC v Goldman Sachs (Abacus 2007 AC1 $2 Billion Synthetic CDO)”, Peking University Law School, April 2010
  • Speaker, “Dodd-Frank: Relevance for Chinese Exchanges and Central Counterparties”, China Financial Futures Exchange, March 25, 2011
  • Speaker, “Presentation on OTC Derivatives”, Bank Indonesia, December 12, 2007

AWARDS AND RECOGNITION

  • Leading Lawyer,  IFLR1000 (Euromoney Institutional Investor PLC), 2019
  • Band 1 Banking/Finance, Chambers and Partners Asia, 2007-2010, 2012
  • Corporate/Strategic Acquisition of the Year, M&A Advisor, 2013

MEMBERSHIPS AND AFFILIATIONS

  • Chairman of legal/regulatory committee and member of standing committee, ISDA North Asia 1995-1998
  • Foreign arbitrator on Shenzhen Court of International Arbitration

EDUCATION

Columbia Law School

J.D.

Harvard University

A.B.

PREVIOUS EXPERIENCE

  • Morgan Lewis and various other law firms in Beijing (Partner)
  • FenXun Partners (Co-Founder)
  • Deutsche Bank Asia (General Counsel, Head of Compliance)
  • Goldman Sachs Asia (Executive Director)

    ADMISSIONS

  • State of New York
  • State of Washington

    Languages

  • English
  • Mandarin