Boya Shen is a partner of Mayer Brown LLP and Director of Projects, China of Mayer Brown's Beijing office. His practice includes project development and project finance, structured finance and energy & infrastructure, as well as bank & acquisition finance. Boya has represented lenders, sponsors and investment funds in power, energy, manufacturing facilities and other infrastructure projects. He was also involved in a number of high profile and innovative acquisition finance deals.
Prior to joining Mayer Brown, Boya qualified as a Barrister at Law in England and Wales and worked in another international law firm including that firm's Africa office. He was also seconded at the Private Equity Department of the China Investment Corporation.
Corporate and Acquisition Finance
- The Luxembourg branch of a leading PRC bank, as Agent and Security Agent, on a EUR 165 million term loan facility made to CGL Hungary VI Assets Investment Kft. and CGL Hungary EU Investment Management Kft., as Borrowers, in connection with their acquisition from the Singapore sovereign wealth fund, GIC, of a pan-European logistics property portfolio involving over 10 jurisdictions.
- Tai Fung Bank Limited on an RMB 300 million term loan facility made to Eosaurora Limited in connection with its subscription of certain participating shares in a segregated investment portfolio for the ultimate purpose of investing in certain shares in a major PRC infrastructure company.
- The Singapore branch of a leading PRC bank on a US$100 million term loan facility made to Dito Telecommunity Corporation, a major telecommunications provider in the Philippines.
- The Hong Kong arm of a leading PRC bank on a US$200 million term loan facility made to Dito Telecommunity Corporation, a major telecommunications provider in the Philippines.
- A Hong Kong-based asset management company, as borrower, in a US$120 million term loan facility made from Bank of Shanghai (Hong Kong) Limited, as agent, Bank of Shanghai (Hong Kong) Limited, The Shanghai Commercial & Savings Bank, Ltd., Hong Kong Branch, Fubon Bank (Hong Kong) Limited and Macao Development Bank Limited as original lenders, for financing the investment needs and refinancing existing indebtedness of the borrower.
- A Hong Kong-based asset management company, as borrower, on a US$150 million term loan facility made from Neutron Three, an orphan special purpose vehicle, for financing a highly structured performance linked swap transaction.
- A wholly-owned subsidiary of a Hong Kong-based asset management company, as borrower, on a HK$1.256 billion term loan facility made from Chong Hing Bank Limited, as Lender, for financing the borrower's payment under a highly structured performance linked swap transaction.
- A wholly-owned subsidiary of a Hong Kong-based asset management company, as borrower, on a US$100 million term loan facility made from Tai Fung Bank Limited, as Lender, for financing a highly structured performance linked swap transaction.
- Tai Fung Bank Limited on a HK$780 million term loan facility made to United Strength Harmony Limited, an investment holding company, in its acquisition of 1.594% of the issued shares of New Gains Group Limited.
- Ping An Bank Co., Ltd., Hong Kong Branch on a HK$3 billion multicurrency term loan facility made to Mei Wah Industrial (Hong Kong) Limited, as Borrower, in its acquisition of the entire issued share capital of Shenzhen Investment International Capital Holdings Infrastructure Co., Ltd.
- Ping An Bank Co., Ltd., Hong Kong Branch on a US$150 million (or its HK dollars equivalent) dual currency revolving facility made to Yuexiu Property Company Limited, a comprehensive property development enterprise in China, as Borrower, for financing of working capital of the Borrower.
- A leading PRC bank and its ten overseas branches in Europe and Asia Pacific on the US$3.5 billion financing to Spring Chem Ltd for the subscription of the of the perpetual bond issued by CNAC (HK) Golden Bridge Company Limited, a Hong Kong Subsidiary of China National Agrochemical Company Limited and China National Chemical Corporation (ChemChina).
- A syndicate of PRC and international banks on the US$4 billion facility made to China Yangtze Power International (Hong Kong) Co., Limited on the acquisition of Peru’s largest electric company Luz del Sur from Sempra Energy. The deal would be the largest acquisition made by a Chinese state-owned enterprise in the Americas since 2015.
- A leading PRC bank as mandated lead arranger, bookrunner and underwriter and agent on a facility to COFCO (Hong Kong) Limited, a wholly-owned subsidiary of COFCO Corporation, China’s largest food processing company with interests in, among others, agricultural commodities trading and agricultural products processing, to take China Agri-Industries Holdings Limited private pursuant to a scheme of arrangement.
- A leading PRC Bank on the financing to Warburg Pincus for its investments in Ant Financial, the affiliate of Alibaba Group Holding Ltd. China's Ant Financial, raised about US$14 billion in what market watchers called the biggest-ever single fundraising globally by a private company. The deal was awarded "Private Equity Deal of the Year 2018" by China Law & Practice Awards, “Deal of the Year 2018: PE/VC and Fintech” by China Business Law Journal and “Private Equity Deal of the Year 2019” by Asia Legal Awards hosted by The Asian Lawyer.
- A leading PRC Bank on the US$850 million acquisition financing involving eight jurisdictions for the acquisition of all the issued shares of Sirtex Medical Limited, an Australian medical device company specializing in oncology treatment using Selective Internal Radiation Therapy (SIRT). The buyers CDH and China Grand Pharmaceutical and Healthcare Holdings Limited have jointly offered a total consideration of US$1.4 billion in cash for the acquisition. The deal was awarded "Inbound M&A Deal of the Year 2018" by Mergermarket Inaugural Australia M&A Awards and “Deal of the Year 2018: M&A” by China Business Law Journal.
- A syndicate of international and PRC banks on the EUR2.2 billion multi-tranch and multi-currency financing to Beijing Automotive Group on its acquisition of the public listed shares of a certain German automotive company.
- A leading PRC Bank on the approximately US$4.3 billion and EUR 1.8 billion term loan and US$900 million revolving loan facility transaction for the Euro 10.1 billion acquisition of 100% of Akzo Nobel's specialty chemicals business by The Carlyle Group and GIC.
- A leading PRC Bank on a proposed US$10 billion acquisition loan to a Chinese power company on the proposed acquisition of a public listed European utility company.
- Major PRC banks on the EUR 6.8 billion acquisition loan to a Chinese sovereign investment corporation on its approximately 12.25 billion euro acquisition of logistics assets in Europe. The deal was awarded "Real Estate Deal of the Year 2018" by China Law & Practice Awards.
- A leading PRC Bank on a proposed US$10 billion acquisition loan to a Chinese power company on the proposed acquisition of a public listed European utility company.
- Three leading PRC banks as mandated lead arrangers and a syndicate of eight Chinese and international banks as lenders on a term facility of US$300 million to ZTE (H.K.) Limited on financing the general working capital requirement and refinancing of its and its subsidiaries’ existing indebtedness.
- The Singapore branch of a leading PRC Bank on a US$200 million facility made to Dito Telecommunity Corporation, the third largest telecommunications service provider company in the Philippines for the rollout and operation of its 4G/5G network in the Philippines.
- A leading PRC bank on the financing of US$44.8 million to Minsheng Education Group Company Limited for the acquisition of 100% of the shares of TCL Educational Web, an online education platform incorporated in the British Virgin Islands with business operations in multiple cities and provinces of China.
- A lender on the EUR50 million financing facility to Dika Morocco Africa on the borrower’s general corporate purposes.
- A leading PRC bank on the US$30 million revolving financing to Oaktree Pinnacle Investment Fund, L.P. The revolver shall operate as a sub line credit for financing the investment activities and working capital of Oaktree Pinnacle Investment Fund, L.P.
- A leading PRC bank on the US$30 million revolving facility to BNR Lotus Investment LP, an investment vehicle of Silk Road Fund with the Macau sovereign fund as one of the Limited Partner.
- A leading PRC bank on the US$10 million trade financing to Sod Mongol Group LLC on the purchase of imported goods. The transaction involves taking real estate and other securities in Mongolia and is the first trade financing of this type for the bank in Mongolia.
- A leading PRC bank, as arranger, and the Luxembourg branch of the PRC bank, as agent and security agent extend a US$10 billion term loan facility to Global Chem Investment in support of its equity investment in an affiliate of China National Chemical Corporation for application toward the US$45 billion acquisition of Syngenta, a major and global Swiss agribusiness conglomerate.
- China Everbright Bank on a term loan facility to an international tyre manufacturer.
- China Development Bank on the facilities to a South Africa bank as part of its SME programme.
- A Major state owned European oil & gas company on its restructuring.
Export Credit Facility
- The Export-Import Bank of China, as Lender, in a second amendment to the US$127.5 million term loan facility made to Ahmed Siyam Holdings Private Limited, as Borrower.
- The Export-Import Bank of China Paris Branch, as Lender, in a US$68 million term loan facility made to Serbia Zijin Copper Doo Bor, as Borrower, for financing the Borrower's working capital needs. The Borrower is Zijin Mining Group's first company in the Balkans and is one of the largest companies in Serbia.
- A syndicate of PRC bank on an EUR 90 million export credit facility on the financing of the development of a hotel and tourism complex at the Ouidah Port in Benin.
- A major Chinese EPC contractor on its role as concessionaire, sponsor and shareholder in tollroad projects located in Kenya.
- A syndicate of PRC and international banks on EUR149 million export credit facilities on the renovation and asphalting of two road projects in Côte d'Ivoire.
- A syndicate of PRC banks on the EUR75 million export credit finance on a three million wheels manufacturing project in Morocco.
- Two leading PRC banks on the EUR167 million facility made to the Republic of Benin as part of the country’s largest planned infrastructure development and the first export credit financing made by Chinese banks in support of Chinese construction companies for projects in Benin.
- A syndicate of PRC banks on an approximately US$1 billion export credit facility on a highway project in Zambia.
- A leading PRC bank on an approximately US$360 million export credit facility on a housing project in Ukraine.
- China Development Bank on an export credit facility to Bulgaria BTC Network.
- China Development Bank on an export credit facility to Ukrtelecom in Ukraine.
- China Development Bank on an export credit facility to PT Smart Telecom in Indonesia.
Energy, Power and Infrastructure Project
- China Gas Holdings Ltd. on the US$20 million private sector loan agreement to support natural gas and liquefied petroleum gas deliveries to households, hospitals, industry, and services crucial to the ongoing response COVID-19 and the post-pandemic recovery in Wuhan and other affected areas in Hubei province, PRC. The deal was awarded “Oil & Gas Deal of the Year (North Asia) (China) 2021”by the Asset Triple A Infrastructure Awards.
- A syndicate of leading international and PRC banks on the project financing of US$ 980 million financing to Bracell SP Celulose LTDA and Bracell SP Cellulose Trading FZCO. Bracell is the world’s largest producer of dissolving pulp and specialty cellulose, whose operations are supported by the sustainable cultivation of eucalyptus and state-of-the-art factories. The financing aims to support the ambitious Project Star in Brazil on dissolving pulp capacity expansion, from the current 250,000 tons per year to add another 1.25 million tons, in the state of San Paolo. Project Star, upon completion in 2021, is expected to be the largest foreign direct investment in the State of São Paulo in the last 20 years.
- A PRC sovereign fund on the project financing facility of RMB 1.4 billion on the design, construction, financing, development, implementation, commissioning and operation of the Samarkand Tourism Centre in Uzbekistan to be used on the 2022 Shanghai Cooperation Organisation Summit in Samarkand – the historic town and cross-road of Silk Route.
- A syndicate of PRC and international banks on the five project financing facilities with an aggregate value of US$450 million to the subsidiaries of Goldwind for the development of five wind power projects with an aggregate 374.65 megawatts in Argentina, accounting for more than 40 percent of the total wind power capacity of Argentina. This deal was awarded “Projects & Energy Deal of the Year 2020” at the China Law & Practice Awards.
- A syndicate of PRC and international banks at the pre-bid phase on a US$550 million soft mini perm project financing facility for the development of the 750 MW Al Kharsaah solar project in Qatar.
- China Exim Bank on the financing of the development of an international airport in Benin.
- Asian Development Bank on the US$150 million A Loan and US$300 million B Loan syndication financing to China Water Environment Group Investment Limited for the construction of multiple wastewater treatment plants and related works for the improvement of river and lake water quality in central and western regions of China.
- Asian Development Bank on a US$200 million (and its RMB equivalent) financing to help China Water Affairs Group Limited to improve waste water management and increase people's access to clean and reliable water supply in the PRC.
- Asia Development Bank on with facilities of approximately US$200 million A Loan and B Loan to Beijing Capital on the construction and management of wastewater treatment facilities in China.
- Asia Development Bank on with a facility of approximately US$100 million to China Everbright Environmental Energy Ltd. to finance a portfolio of waste-to-energy projects in Vietnam.
- A major Chinese SOE on its role as concessionaire, sponsor and shareholder in four tollroad projects located in Kenya which are part of the first annuity based road project in Kenya and east Africa.
- A major Chinese SOE on the development of an approximately US$260 million highway project in Bangladesh.
- A major Chinese SOE on the development of a railway project in Guinea.
- A major Chinese SOE as investor and EPC Contractor on its potential investment in Ramu II hydro project in Papua New Guinea.
- A major Chinese SOE as investor and EPC Contractor on the development of Terminal Poruario Sao Luis in Brazil.
- China Exim Bank on the US$1.17 billion financing of the development of the Souapiti hydropower project and the restructuring of the Kaleta hydropower project, both located in Guinea. This project adopted an innovative and complex structure of a hybrid sovereign loan and project finance and required the amendment of Guinean local legislation.
- A Chinese sovereign fund on a US$200 million equity investment for the development of certain platinum mining project in South Africa.
- A Chinese sovereign fund on a US$200 million equity investment for the development of the Dari zinc-lead mining project in Indonesia.
- A Chinese sovereign fund on a US$200 million term loan facility to a mining group for the import of bauxite from the Republic of Guinea.
- A Chinese sovereign fund and a major PRC telecommunications company on the investment in a public private partnership project for building, operating and transferring of a fibre-optic network in Kazakhstan.
- A Chinese sovereign fund on a US$200 million equity investment on an Ethiopian LNG project. The US$4 billion project consists of five exploration blocks in the Ogaden Basin of Ethiopia and will also involve the construction of a 700 km gas pipeline to transport up to 12 billion cubic metres of gas per year from the Ogaden Basin to the port of Damerjog in Djibouti where an LNG liquefaction and export plant will be built. The deal was awarded as "Project & Energy Deal of the Year 2018" by China Law & Practice.
- A major Chinese oil company on a proposed crude oil pipeline project in Africa.
- A Major Chinese SOE on its potential investment in relation to a hydro power project in Georgia.
- IFC and CITIC Construction on a pan-Africa housing development in project. The transaction received the award of 2015 Construction Team of the Year from Africa Legal Award.
- A European development fund on the development and transfer of a hydropower plant in Uganda.
- The lenders on the project financing of the development of the 630 MW first coal fired IPP project in South Africa.
- Major Chinese mining company on its multi-billion dollar joint venture in Africa with one of the largest chrome miner in the world.
University of Oxford, MSc
BPP University Law School, BVC
The University of Warwick, LLB
- Rising Star Partner - Banking, China – IFLR1000 (2022)
- Rising Star Partner - Project Development, China – IFLR1000 (2022)
- Rising Star Partner - Project Finance, China – IFLR1000 (2022)
- Next Generation Partner - Banking & Finance: Foreign Firms, China – The Legal 500 Asia Pacific (2021, 2022)
- Rising Star - Projects and Energy: Foreign Firms, China – The Legal 500 Asia Pacific (2020-2022)
- China Top 15 Rising Lawyers - Asian Legal Business (2021)