Baker McKenzie has advised Chinese tech giant Tencent Holdings Limited ("Tencent") on the establishment of the joint venture, Infinium Limited (“Infinium”), and also the application for a virtual banking license, which was approved by the Hong Kong Monetary Authority on 9 May.
Infinium is a joint venture between Tencent, Industrial and Commercial Bank of China (Asia) Limited, Hong Kong Exchanges and Clearing Limited, Hillhouse Capital and renowned Hong Kong entrepreneur Mr. Adrian Cheng (invested via investment entity – Perfect Ridge Limited).
Headquartered in Hong Kong, Infinium aims to leverage its advanced technology and the new applications of FinTech to promote financial inclusion in Hong Kong and to bring customers and enterprises a brand-new, efficient and secure virtual banking experience, enabling users to enjoy better and more convenient financial services in the future.
Baker McKenzie fielded a top cross-practice team for this transaction. The Financial Services Regulatory team who advised on the virtual banking license application was led by Karen Man (Partner and Global Head of Financial Services Regulatory Practice, who is based in Hong Kong) and Andrew Lockhart (Partner, Hong Kong) and supported by Frank Meier (Special Counsel, Hong Kong) and Grace Fung (Special Counsel, Hong Kong). The Corporate & Commercial team who advised on the establishment of the joint venture was led by Grace Tso (Partner, M&A, Hong Kong) and supported by Tracy Wut (Partner, M&A, Hong Kong) and Cynthia Or (Associate, M&A, Hong Kong).
Karen Man, Financial Services Regulatory Partner said: “This transaction places Tencent at the forefront of the growing trend where Hong Kong traditional banking starts to move digital. We are truly excited to be part of this transformation in the Hong Kong banking industry. Advising on this transaction allows us to leverage on our extensive industry experience in financial services in the Fintech space.”
Grace Tso at Baker McKenzie's Hong Kong office comments: "We are truly privileged to have worked with Tencent on this ground-breaking joint venture. This transaction truly cements our clients' leadership in the looming age of virtual banking as well as gaining leading and reputable strategic partners to realise their vision."
Baker McKenzie is a transactional powerhouse, with more than 2,500 deal lawyers in 46 countries and with expertise that spans banking and finance, capital markets, corporate finance, funds, M&A, private equity and projects. The Firm excels in cross-border deals — over 60% of its deals are multijurisdictional — and the team's ability to work seamlessly across each of the countries and bring their sector experience and local insights means that the Firm adds unique value in shaping, negotiating and closing the deal for its clients.