11 October 2021

KWM advises on first-in-market SFC authorised unlisted equity linked investment over US stocks in Hong Kong

King & Wood Mallesons (KWM) advised Hang Seng Bank Limited (Hang Seng Bank) on the public offering of unlisted equity-linked investments (ELIs) over US-listed stocks authorised by the SFC (The Securities and Futures Commission of Hong Kong).

This marks the first SFC-authorised unlisted structured investment product linked to overseas underlying stocks since the revamp of the SFC product authorisation regime under the Code on Unlisted Structured Investment Products in 2010. Hang Seng Bank is also the first issuer in the Hong Kong retail market to launch such product.

The successful launch of this product is in tribute to the joint efforts by Hang Seng Bank and KWM Hong Kong over the last 12 months in working closely with the SFC to address the regulatory and product disclosure requirements with respect to foreign listed stocks as the reference assets. The debut launch of this new unlisted retail structured product demonstrates the firm’s commitment in product innovation and diversification for retail structured product investors in Hong Kong.

The team was led by Hong Kong-based partners Minny Siu and Angus Sip.


Any reference to “Hong Kong” or “Hong Kong SAR” shall be construed as a reference to “Hong Kong Special Administrative Region of the People’s Republic of China”.

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