Kyungwon (Won) Lee
Partner
Won is Regional Co-Head of US Capital Markets & Global ECM and advises on capital markets transactions involving issuers from a wide range of industries, including technology, healthcare, consumer and retail, media and telecommunications, oil and gas, mining and general industrials.
Won advises on US IPOs and SEC registered transactions, IPOs in various jurisdictions including Hong Kong, India, Indonesia and Thailand and pre-IPO financings. Won also focuses on high yield, investment grade and convertible bonds as well as leveraged finance and liability management transactions.
Experience
Representative matters
Deutsche Bank AG, as the PIPE placement agent to Lotus Technology Inc. (Lotus Tech), and Santander US Capital Markets LLC, as the capital markets advisor to L Catterton Asia Acquisition Corp. (LCAA), in connection with a de-SPAC transaction between Lotus Tech and LCAA.
The initial purchasers in connection with the offering of US$1.5 billion 2.875% Senior Notes due 2032, US$1.75 billion 3.625% Senior Notes due 2052 and US$750 million 3.750% Senior Notes due 2062 by Reliance Industries Limited. It is the largest ever foreign currency bond transaction in India.
Listrindo Capital B.V. in a Rule 144A/Regulation S offering of US$500 million 6.95% Senior Notes Due 2019 issued by Listrindo Capital B.V. and guaranteed by its parent company, PT Cikarang Listrindo.
The dealer managers and initial purchasers in connection with an exchange offer by Mongolian Mortgage Corporation HFC LLC for its outstanding 8.85% Senior Notes due 2024 and issuance of new 11.50% Senior Notes due 2027.
The underwriters in connection with One 97 Communications Limited’s US$2.467 billion India IPO, the largest ever IPO in India and in the Asia-Pacific fintech sector. One 97 Communications Limited operates as India’s largest digital payments and financial services platform under its brand “Paytm”.
The joint sponsors and sponsor-overall coordinators in connection with the HK$595.2 million IPO of iMotion Automotive Technology (Suzhou) Co., Ltd. on the HKEX.
The joint sponsors and the overall coordinators in connection with the HK$194.1 million IPO of HighTide Therapeutics, Inc. on the HKEX.
The placement agents on the PIPE in connection with a de-SPAC transaction between Prenetics Group Limited and Artisan Acquisition Corp. Prenetics, a global leader in genomic and diagnostic testing, is the first Hong Kong startup valued at more than US$1.0 billion to be publicly listed in any market.
Toyota Motor Corporation in connection with its first U.S. dollar sustainability bond offering, consisting of US$1.25 billion 0.681% senior notes due 2024, US $1 billion 1.339% senior notes due 2026 and $500 million 2.362% senior notes due 2031.
The dealer managers and consent solicitation agents in connection with tender offers by LMIRT Capital Pte. Ltd. for its outstanding 7.250% Senior Notes due 2024 and 7.500% Senior Notes due 2026 and concurrent consent solicitations.
The dealer managers and initial purchasers in connection with an exchange offer by Mongolian Mining Corporation and Energy Resources LLC for their outstanding 9.25% Senior Notes due 2024 and issuance of new Senior Notes due 2026.
CK Hutchison International (23) Limited, as Issuer, and CK Hutchison Holdings Limited, as Guarantor, in connection with the issuance of US$1.25 billion 4.750% Guaranteed Notes due 2028 and US$1.25 billion 4.875% Guaranteed Notes due 2033.
The dealer managers in connection with tender offers by Theta Capital Pte. Ltd. for its outstanding 8.125% Senior Notes due 2025 and 6.750% Senior Notes due 2026.
The dealer managers and consent solicitation agents in connection with tender offers by Theta Capital Pte. Ltd. for its outstanding 8.125% Senior Notes due 2025 and 6.750% Senior Notes due 2026 and concurrent consent solicitations.
Sinopec Century Bright Capital Investment Limited and Sinopec Century Bright Capital Investment (America) LLC, as the Issuers, and China Petrochemical Corporation, as the Guarantor, in relation to changes in the Issuing Paying Agent and the terms of the Guarantee under their Commercial Paper Program.
The joint placement agents with respect to a PIPE in connection with FiscalNote’s business combination with Duddell Street Acquisition Corp., a Hong Kong-based SPAC listed on the Nasdaq. FiscalNote is a software-as-a-service company that provides legal and regulatory data and insights.
The placement agents with respect to a PIPE in connection with PropertyGuru Pte. Ltd’s business combination with Bridgetown 2 Holdings Limited, a Hong Kong-based SPAC listed on the Nasdaq. PropertyGuru Pte. Ltd is a leading property technology company in Southeast Asia.
Investcorp Europe Acquisition Corp I, a special-purpose acquisition company, on its US$345 million IPO on the Nasdaq.
The underwriters in the US$169 million IPO and NYSE listing of Black Spade Acquisition Co, a Hong Kong-based special-purpose acquisition company targeting the entertainment industry in China.
The initial purchasers in connection with PT Pakuwon Jati Tbk’s offering of US$300 million 4.875% senior notes due 2028 and tap offering of US$100 million 4.875% senior notes due 2028.
BIM Land Joint Stock Company in connection with its high yield bond offering of US$200 million 7.375% senior notes due 2026. The transaction marks the first offshore bond offering by a Vietnamese issuer since 2019 and the first corporate green bond out of Vietnam.
The initial purchasers in the offering of US$230 million 0% convertible senior notes due 2028 of MakeMyTrip Limited.
PTT Oil and Retail (PTTOR) in connection with its US$1.57 billion IPO and listing on the Stock Exchange of Thailand.
Microvast, Inc.’s US$3.0 billion combination with Nasdaq-listed SPAC Tuscan Holdings Corporation.
The underwriters in the US$250 million initial public offering and Nasdaq listing of L Catterton Acquisition Corp.
The underwriters in the US$276 million initial public offering and NYSE listing of Tiga Acquisition Corp.
An investor in the US$360 million initial public offering and NYSE listing of Primavera Capital Acquisition Corp.
The initial purchasers in connection with the offering of US$300 million 5.95% senior notes due 2025 by Global Prime Capital Pte. Ltd., unconditionally and irrevocably guaranteed by PT Bumi Serpong Damai Tbk and certain of its subsidiaries.
The initial purchasers in connection with the offering of US$325 million, and tap offering of US$95 million 8.125% senior notes due 2025 by Theta Capital Pte. Ltd., unconditionally and irrevocably guaranteed by PT Lippo Karawaci Tbk and certain of its subsidiaries.
Listrindo Capital B.V. in connection with a consent solicitation in relation to the US$550 million 4.95% senior notes due 2026, unconditionally and irrevocably guaranteed by PT Cikarang Listrindo Tbk.
Jinxin Fertility Group Limited in connection with its US$390 million initial public offering and global offering of ordinary shares on the Main Board of The Stock Exchange of Hong Kong Limited.
Delhi International Airport Limited in connection with the offering of US$350 million, and subsequent tap offering of US$150 million 6.45% senior notes due 2029.
The dealer manager in connection with the exchange offer of approximately US$173 million 6.125% senior notes due 2020 and the initial purchasers in connection with the concurrent new money offering of US$200 million 8.875% senior notes due 2022 by CAR Inc.
The initial purchasers in connection with a Rule 144A/Reg. S offering of US$400 million fixed rate, guaranteed, high yield, redeemable senior notes by LPL Holdings, Inc.
Barclays as solicitation agent in a consent solicitation for a series of debt securities of FelCor Lodging Limited Partnership.
Altice USA, Inc. on its initial public offering of 71,724,139 shares of Class A common stock at a price to the public of US$30.00 per share for a net proceeds of US$2.15 billion.
Viacom Inc. in connection with a US$650 million issue of its 5.875% fixed-to-floating rate junior subordinated debentures due 2057 and a US$650 million issue of Viacom’s 6.250% fixed-to-floating rate junior subordinated debentures due 2057.
The initial purchasers in connection with the offering of €500 million senior notes by American Tower Corporation.
Viacom Inc. in connection with tender offers for its debt securities.
The initial purchasers in connection with a Rule 144A/Reg. S international offering of US$407.5 million fixed rate, guaranteed, high yield, redeemable senior notes by Catalent Pharma Solutions, Inc.
The dealer managers in connection with Kaisa Group Holdings Ltd.’s exchange offer of approximately US$2.7 billion and the initial purchasers in connection with the concurrent issuance of approximately US$792 million additional Notes by Kaisa.
The initial purchasers in connection with a Rule 144A/Reg. S offering of US$400 million fixed rate, guaranteed, high yield, redeemable senior notes by Steel Dynamics, Inc.
The initial purchasers in connection with McCormick & Company, Incorporated’s public offering of US$750 million 2.7% notes due 2022, US$700 million 3.15% notes due 2024, US$750 million 3.4% notes due 2027 and US$300 million 4.2% notes due 2047.
The initial purchasers in connection with Cincinnati Bell Inc.’s offering of US$425 million senior notes and the dealer manager on Cincinnati Bell Inc.’s related tender offer for any and all of its outstanding 8.375% senior notes due 2020.
The initial purchasers on the US$300 million senior notes offering by HT Global IT Solutions Holdings Limited.
The initial purchasers on the issuance of US$260 million 7% senior notes due 2022 by PT Lippo Karawaci Tbk, an Indonesia-listed property company.
The underwriters in connection with the Regulation S offering of US$200 million 5% Senior Notes due 2035 in Taiwan, commonly known as Formosa Bonds, by Reliance Industries Limited. This is the first ever Formosa Bond issuance out of India and the first ever Formosa Bond issuance by an energy company globally.
The initial purchasers in connection with the offering of US$1.5 billion 2.875% Senior Notes due 2032, US$1.75 billion 3.625% Senior Notes due 2052 and US$750 million 3.750% Senior Notes due 2062 by Reliance Industries Limited. It is the largest ever foreign currency bond transaction in India.
Listrindo Capital B.V. in a Rule 144A/Regulation S offering of US$500 million 6.95% Senior Notes Due 2019 issued by Listrindo Capital B.V. and guaranteed by its parent company, PT Cikarang Listrindo.
The dealer managers and initial purchasers in connection with an exchange offer by Mongolian Mortgage Corporation HFC LLC for its outstanding 8.85% Senior Notes due 2024 and issuance of new 11.50% Senior Notes due 2027.
The underwriters in connection with One 97 Communications Limited’s US$2.467 billion India IPO, the largest ever IPO in India and in the Asia-Pacific fintech sector. One 97 Communications Limited operates as India’s largest digital payments and financial services platform under its brand “Paytm”.
The joint sponsors and sponsor-overall coordinators in connection with the HK$595.2 million IPO of iMotion Automotive Technology (Suzhou) Co., Ltd. on the HKEX.
The joint sponsors and the overall coordinators in connection with the HK$194.1 million IPO of HighTide Therapeutics, Inc. on the HKEX.
The placement agents on the PIPE in connection with a de-SPAC transaction between Prenetics Group Limited and Artisan Acquisition Corp. Prenetics, a global leader in genomic and diagnostic testing, is the first Hong Kong startup valued at more than US$1.0 billion to be publicly listed in any market.
Toyota Motor Corporation in connection with its first U.S. dollar sustainability bond offering, consisting of US$1.25 billion 0.681% senior notes due 2024, US $1 billion 1.339% senior notes due 2026 and $500 million 2.362% senior notes due 2031.
The dealer managers and consent solicitation agents in connection with tender offers by LMIRT Capital Pte. Ltd. for its outstanding 7.250% Senior Notes due 2024 and 7.500% Senior Notes due 2026 and concurrent consent solicitations.
The dealer managers and initial purchasers in connection with an exchange offer by Mongolian Mining Corporation and Energy Resources LLC for their outstanding 9.25% Senior Notes due 2024 and issuance of new Senior Notes due 2026.
CK Hutchison International (23) Limited, as Issuer, and CK Hutchison Holdings Limited, as Guarantor, in connection with the issuance of US$1.25 billion 4.750% Guaranteed Notes due 2028 and US$1.25 billion 4.875% Guaranteed Notes due 2033.
The dealer managers in connection with tender offers by Theta Capital Pte. Ltd. for its outstanding 8.125% Senior Notes due 2025 and 6.750% Senior Notes due 2026.
The dealer managers and consent solicitation agents in connection with tender offers by Theta Capital Pte. Ltd. for its outstanding 8.125% Senior Notes due 2025 and 6.750% Senior Notes due 2026 and concurrent consent solicitations.
Sinopec Century Bright Capital Investment Limited and Sinopec Century Bright Capital Investment (America) LLC, as the Issuers, and China Petrochemical Corporation, as the Guarantor, in relation to changes in the Issuing Paying Agent and the terms of the Guarantee under their Commercial Paper Program.
The joint placement agents with respect to a PIPE in connection with FiscalNote’s business combination with Duddell Street Acquisition Corp., a Hong Kong-based SPAC listed on the Nasdaq. FiscalNote is a software-as-a-service company that provides legal and regulatory data and insights.
The placement agents with respect to a PIPE in connection with PropertyGuru Pte. Ltd’s business combination with Bridgetown 2 Holdings Limited, a Hong Kong-based SPAC listed on the Nasdaq. PropertyGuru Pte. Ltd is a leading property technology company in Southeast Asia.
Investcorp Europe Acquisition Corp I, a special-purpose acquisition company, on its US$345 million IPO on the Nasdaq.
The underwriters in the US$169 million IPO and NYSE listing of Black Spade Acquisition Co, a Hong Kong-based special-purpose acquisition company targeting the entertainment industry in China.
The initial purchasers in connection with PT Pakuwon Jati Tbk’s offering of US$300 million 4.875% senior notes due 2028 and tap offering of US$100 million 4.875% senior notes due 2028.
BIM Land Joint Stock Company in connection with its high yield bond offering of US$200 million 7.375% senior notes due 2026. The transaction marks the first offshore bond offering by a Vietnamese issuer since 2019 and the first corporate green bond out of Vietnam.
The initial purchasers in the offering of US$230 million 0% convertible senior notes due 2028 of MakeMyTrip Limited.
PTT Oil and Retail (PTTOR) in connection with its US$1.57 billion IPO and listing on the Stock Exchange of Thailand.
Microvast, Inc.’s US$3.0 billion combination with Nasdaq-listed SPAC Tuscan Holdings Corporation.
The underwriters in the US$250 million initial public offering and Nasdaq listing of L Catterton Acquisition Corp.
The underwriters in the US$276 million initial public offering and NYSE listing of Tiga Acquisition Corp.
An investor in the US$360 million initial public offering and NYSE listing of Primavera Capital Acquisition Corp.
The initial purchasers in connection with the offering of US$300 million 5.95% senior notes due 2025 by Global Prime Capital Pte. Ltd., unconditionally and irrevocably guaranteed by PT Bumi Serpong Damai Tbk and certain of its subsidiaries.
The initial purchasers in connection with the offering of US$325 million, and tap offering of US$95 million 8.125% senior notes due 2025 by Theta Capital Pte. Ltd., unconditionally and irrevocably guaranteed by PT Lippo Karawaci Tbk and certain of its subsidiaries.
Listrindo Capital B.V. in connection with a consent solicitation in relation to the US$550 million 4.95% senior notes due 2026, unconditionally and irrevocably guaranteed by PT Cikarang Listrindo Tbk.
Jinxin Fertility Group Limited in connection with its US$390 million initial public offering and global offering of ordinary shares on the Main Board of The Stock Exchange of Hong Kong Limited.
Delhi International Airport Limited in connection with the offering of US$350 million, and subsequent tap offering of US$150 million 6.45% senior notes due 2029.
The dealer manager in connection with the exchange offer of approximately US$173 million 6.125% senior notes due 2020 and the initial purchasers in connection with the concurrent new money offering of US$200 million 8.875% senior notes due 2022 by CAR Inc.
The initial purchasers in connection with a Rule 144A/Reg. S offering of US$400 million fixed rate, guaranteed, high yield, redeemable senior notes by LPL Holdings, Inc.
Barclays as solicitation agent in a consent solicitation for a series of debt securities of FelCor Lodging Limited Partnership.
Altice USA, Inc. on its initial public offering of 71,724,139 shares of Class A common stock at a price to the public of US$30.00 per share for a net proceeds of US$2.15 billion.
Viacom Inc. in connection with a US$650 million issue of its 5.875% fixed-to-floating rate junior subordinated debentures due 2057 and a US$650 million issue of Viacom’s 6.250% fixed-to-floating rate junior subordinated debentures due 2057.
The initial purchasers in connection with the offering of €500 million senior notes by American Tower Corporation.
Viacom Inc. in connection with tender offers for its debt securities.
The initial purchasers in connection with a Rule 144A/Reg. S international offering of US$407.5 million fixed rate, guaranteed, high yield, redeemable senior notes by Catalent Pharma Solutions, Inc.
The dealer managers in connection with Kaisa Group Holdings Ltd.’s exchange offer of approximately US$2.7 billion and the initial purchasers in connection with the concurrent issuance of approximately US$792 million additional Notes by Kaisa.
The initial purchasers in connection with a Rule 144A/Reg. S offering of US$400 million fixed rate, guaranteed, high yield, redeemable senior notes by Steel Dynamics, Inc.
The initial purchasers in connection with McCormick & Company, Incorporated’s public offering of US$750 million 2.7% notes due 2022, US$700 million 3.15% notes due 2024, US$750 million 3.4% notes due 2027 and US$300 million 4.2% notes due 2047.
The initial purchasers in connection with Cincinnati Bell Inc.’s offering of US$425 million senior notes and the dealer manager on Cincinnati Bell Inc.’s related tender offer for any and all of its outstanding 8.375% senior notes due 2020.
The initial purchasers on the US$300 million senior notes offering by HT Global IT Solutions Holdings Limited.
The initial purchasers on the issuance of US$260 million 7% senior notes due 2022 by PT Lippo Karawaci Tbk, an Indonesia-listed property company.
The underwriters in connection with the Regulation S offering of US$200 million 5% Senior Notes due 2035 in Taiwan, commonly known as Formosa Bonds, by Reliance Industries Limited. This is the first ever Formosa Bond issuance out of India and the first ever Formosa Bond issuance by an energy company globally.
Pro bono
Advised WLB Asset II Pte. Ltd. on its Women’s Livelihood Bond 2. The bonds will help sustainable livelihoods for more than 250,000 underserved women in South and Southeast Asia.
Speaking Engagements
- Moderator, LP Panel: Limited Partner, HKVCA China Private Equity Summit, May 2023
- Trainer, Special Purpose Acquisition Companies (SPACs) – Asia Financial Markets Explained, Asia Securities Industry & Financial Markets Association, February 2022
- Speaker, Young Lawyers Program, Shearman & Sterling, August 2020
Recognition
“Kyungwon is an excellent lawyer and we are very happy with his service. We would hire him again. He has incredible calibre and his service and responsiveness is top-notch. He was able to come up with commercial solutions for a few difficult situations.”
Chambers Greater China Region, 2023
“Kyungwon Lee is excellent - super smart, super diligent and best in class. Shearman & Sterling, through Won, is in a class of its own”
Chambers Greater China Region, 2022
Awards
- Leading Lawyer for Capital Markets: High-Yield Products in China and Hong Kong, Chambers Asia-Pacific, 2024
- Recommended Lawyer for Capital Markets: Debt and Equity in Hong Kong, The Legal 500 Asia Pacific, 2024
- Recommended Lawyer for Indonesia: Foreign Firms, The Legal 500 Asia Pacific, 2024
- Recommended Lawyer for Private Equity in China, The Legal 500 Asia Pacific, 2024
- Leading Lawyer for Capital Markets: High-Yield Products in China and Hong Kong, Chambers Asia-Pacific, 2023
- Recommended Lawyer for Private Equity in China, The Legal 500 Asia Pacific, 2023
Qualifications
Admissions
New York, 1998
Hong Kong, 2010
Hong Kong, 2010
Academic
B.A. Economics and Accounting, Ohio Wesleyan University, 1988
M.B.A., New York University, Leonard N. Stern School of Business, 1995
J.D., Northwestern University School of Law, 1997
M.B.A., New York University, Leonard N. Stern School of Business, 1995
J.D., Northwestern University School of Law, 1997
Languages
English, Korean
Disclaimer
A&O Shearman was formed on May 1, 2024 by the combination of Shearman & Sterling LLP and Allen & Overy LLP and their respective affiliates (the legacy firms). Any matters referred to above may include matters undertaken by one or more of the legacy firms rather than A&O Shearman.