Linklaters advises on the first of a kind ESG-focused tokenised repackaging notes

Linklaters advised Ant Digital Technologies as technology service provider on the issuance of tokenised repackaging notes on public blockchain which are backed by ESG real world assets held by a world-leading new energy group and international manufacturer of solar materials. This pioneering transaction marked the first ESG-focused RWA (Real World Asset) tokenised repackaging notes where the proceeds were used to acquire Photovoltaics (PV) businesses. This transaction showcases the use of asset tokenisation technology in the context of green and sustainable finance.

Linklaters, as deal counsel, provided comprehensive legal support throughout the transaction, advising on both the tokenisation aspects and the innovative cross-border financing structure. The cross-practice and cross-jurisdictional team was led by Linklaters’ Asia Head of Structured Finance and Derivatives Chin-Chong Liew, and capital markets partner Ying Zhou from Zhao Sheng Law Firm, Linklaters’ joint operation partner in China, supported by Shirley Chan, Yunying Wei, Joshua Liu, Kandice Wan and Yvette Bao.

Specialist expertise on Hong Kong SAR and Singapore digital assets regulatory issues was provided by financial regulation partners Kishore Bhindi and Evan Lam respectively, supported by Joshua Ng.

Linklaters’ Asia Head of Structured Finance and Derivatives Chin-Chong Liew commented:

“We are honoured to work with Ant Digital Technologies on another groundbreaking ESG-focused RWA tokenisation. This pioneering deal marks a significant milestone in the realm of digital assets and green and sustainable finance. The collaboration and expertise demonstrated by our team have been truly inspiring. We are pleased to have advised on all nine tokenised bond deals in Hong Kong since February 2023 and look forward to continuously providing legal advice to RWA projects to support the development of a financial market driven by digital products and innovation in Hong Kong.”

Linklaters is one of the frontrunners in the digital assets space, in Asia and globally. Drawing on the unique experience and insights from the wider Linklaters network, the team regularly advises on first-to-market tokenisation and structured finance transactions, including advising Cinda on the first tokenised repackaging notes issuance in Hong Kong SAR, advising Zhuhai Huafa Group on its inaugural digitally native bond issuance, advising on the first digitally native notes listed on HKEX by a HKSAR corporate by HSBC, advising on the Hong Kong SAR Government’s first multi-currency digital green bond offering and the Hong Kong SAR Government’s inaugural tokenised green bond offering.