Stephanie Zhao
Biography
Overview
Stephanie Zhao is an associate in White & Case's Capital Markets practice based in Singapore, as well as a member of the Firm's Global ESG & Sustainability Practice Group. She has experience in advising issuers or underwriters in connection with debt and equity capital offerings and equity-linked securities transactions, including Hong Kong and Singapore IPOs, block trades and follow-on equity offerings, SPAC IPOs, high-yield, guaranteed and investment grade debt offerings, convertible bond issuances, as well as MTN programme establishments and drawdowns.
Prior to joining White & Case, Stephanie had worked in the Hong Kong office of a Magic Circle international law firm, as well as in a Singapore Big Four law firm.
Experience
Stephanie's recent experience includes advising:
PT Trimegah Bangun Persada Tbk. (Harita Nickel) on its initial public offering on the Indonesian Stock Exchange (IDX), which includes a Rule 144A/3(c)(7) and Regulation S offshore tranche. The transaction raised approximately Rp.10 trillion (US$672 million) in gross proceeds, which represents Indonesia's largest IPO so far in 2023. Harita Nickel is one of the only two pure-play integrated operators of nickel mines and smelters in Indonesia and its associate operates Indonesia's first high-pressure acid leaching (HPAL) plant on Obi Island, Indonesia. This IPO represents the first EV-related IPO in Indonesia, in line with the Indonesian government's plans to capitalize on Indonesia's strategic position as the world's largest nickel producer to encourage the development of a domestic EV industry.
J.P. Morgan Securities plc and UBS AG Singapore Branch as joint global coordinators and international selling agents, and PT Indo Premier Sekuritas, PT J.P. Morgan Sekuritas Indonesia, PT Mandiri Sekuritas and PT UBS Sekuritas Indonesia as joint lead domestic underwriters, in relation to the initial public offering (IPO) of PT Nusantara Sejahtera Raya Tbk ("Cinema XXI") on the Indonesian Stock Exchange (IDX), which included a Rule 144A/Regulation S offshore tranche. The transaction raised approximately IDR 2.25 trillion (US$150 million) and represents one of the largest IPOs in 2023 from the consumer sector in Indonesia. Cinema XXI is the largest cinema chain operator in Indonesia and its shareholders include an affiliate of GIC Private Limited, Singapore's sovereign wealth fund.
The arrangers and managers on the update of The Republic of Indonesia's (RoI) Rule 144A/Reg S US$35 billion Trust Certificate Issuance Program and the subsequent US$3.25 billion dual tranche sukuk offering under the Program, which closed successfully on 6 June 2022. The offering involved the issuance of a tranche of US$1.75 billion sukuk due 202 and a tranche of US$1.5 billion green sukuk due 2032, the proceeds of which will be used exclusively to finance /re-finance expenditures directly related to "Eligible SDGs Expenditures with Green and Blue focus" under the RoI's new SDGs Government Securities Framework. This deal was named the "Debt Market Deal of the Year (Premium)" at the ALB Indonesia Law Awards 2022.
Mubadala in relation to its US$281 million global Reg S secondary offering of its shares held in Cosmo Energy Holdings, one of the largest, fully integrated oil refining and marketing companies in Japan.
The joint bookrunners and underwriters in relation to the Rule 144A/ Regulation S IPO of Pegasus Asia, a special purpose acquisition company ("SPAC") on the SGX. This transaction represents one of the first SPACs listed in Singapore and the first SGX SPAC IPO backed by international sponsors.
PT Avia Avian Tbk ("Avian") and certain selling shareholders, in the IPO of Avian on the IDX, which includes a Rule 144A/Regulation S offshore tranche. The transaction raised approximately IDR 10.951 billion (US$771 million). Avian is the market leader in the decorative paint and coating industry in Indonesia.
Nomura Singapore Limited and CLSA Limited as international selling agents, and PT CLSA Sekuritas Indonesia and PT Mandiri Sekuritas as lead domestic underwriters, in the IPO of PT Cisarua Mountain Dairy Tbk ("Cimory") on the IDX, which includes a Regulation S offshore tranche. The transaction raised approximately IDR 3.666 million (US$256 million). Cimory is a leading producer of premium dairy and premium consumer foods products in Indonesia.
Citigroup Global Markets Limited and Credit Suisse (Singapore) Limited as International Joint Global Coordinators and PT BRI Danareksa Sekuritas and PT Mandiri Sekuritas as the Domestic Joint Global Coordinators on the approximately IDR 95.92 trillion (US$6.7 billion) rights issue by PT Bank Rakyat Indonesia (Persero) Tbk., an Indonesian State-owned Enterprise. This deal was named "Equity Market Deal of the Year" at the ALB Indonesia Law Awards 2022.
UBS AG Singapore Branch and Merrill Lynch (Singapore) Pte. Ltd. as joint global coordinators and international selling agents, and PT Mandiri Sekuritas and PT Buana Capital Sekuritas as joint lead managing underwriters, in relation to the IPO of PT Bukalapak.com Tbk ("Bukalapak") on the IDX, which includes a Rule 144A/Regulation S offshore tranche. The transaction raised approximately US$1.5 billion. Bukalapak is a leading Indonesian e-commerce company and the first Indonesian unicorn technology startup company listed on the IDX. This deal was named "IPO Deal of the Year" at the ALB Indonesia Law Awards 2022.
China Construction Bank Corporation in the issuance of €800 million green bonds, RMB 2 billion transition bonds and US$1.15 billion dual-tranche sustainability-linked bonds under its US$15 billion MTN Programme, marking the first ever issuance of sustainability-linked bonds by a Global Systemically Important Bank (G-SIB).*
The managers in the issuance of US$300 million guaranteed senior perpetual capital securities guaranteed by CK Asset Holdings Limited.*
The manager in the issuance of US$855 million convertible bonds and concurrent top-up placement of 1 billion shares of Xiaomi Corporation. The combined convertible bonds and equity placing raised approximately US$4 billion, marking it one of the largest combo convertible bonds and equity fund raising by an Asian corporate.*
* Stephanie's experience prior to joining White & Case.
