17 November 2021

KWM advises on innovative e-commence financing securitisation in Hong Kong

King & Wood Mallesons (KWM) is pleased to have acted as legal counsel to Hong Kong-based fintech company Qupital Limited (桥彼道有限公司) (Qupital) on the establishment of its inaugural US$150 million warehouse securitisation facility, with Citi as senior financier and Integrated Alternative Credit Fund as mezzanine financier. Qupital is a rapidly growing e-commerce financing platform backed by Alibaba Entrepreneurs Fund, which focuses on offering digitalised financing solutions to cross-border e-commerce merchants.

This facility is the first e-commerce financing securitisation of its kind in Hong Kong. It includes a variety of innovative structural features, blending traditional securitisation techniques with the unique digitalised funding platform operated by Qupital. As a leading global firm headquartered in Asia with deep regional securitisation expertise, KWM was well-placed to support Qupital in conceptualising and formulating these features. The KWM team is comprised of Partners Anne-Marie Neagle and Angus Sip, Senior Associate Ryan Iskandar and Solicitors Louise Yun and Andrew Chong.

Commenting on the transaction, Anne-Marie said “We are delighted to have been able to support Qupital in establishing this important and innovative funding structure. In addition to providing diversified funding support for the ongoing growth of Qupital’s business, this transaction has the potential to open new funding opportunities for regional e-commerce and digital market participants by successfully adapting securitisation techniques to uniquely fit the needs of the digital sector."

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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