Admiralty Harbour Capital

WEBSITE TERMS OF USE

Thank you for visiting the Website of [Admiralty Harbour Capital Limited (“AHCL”)]. By accessing our Website (the “Website”), you agree to comply with, and acknowledge that you understand, the following terms and conditions (the “Terms”). If you do not agree to all of the Terms, you are not an authorised user and you should not use the Website. AHCL may change these Terms at any time, and your continued use of the Website after any such modifications will constitute your acceptance of any such amended Terms.
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This Website should not be used by persons in any jurisdiction where the availability or use of this Website is prohibited or which would subject AHCL or any of its affiliates to any additional licensing, registration or other legal or regulatory requirements. It is your responsibility to be aware of, to obtain all relevant regulatory approvals, licences, verifications and/or registrations under, and to observe all applicable laws and regulations of any relevant jurisdiction in connection with your use of this Website.

Ownership and Restrictions on Use
The content contained on this Website is owned or licensed by AHCL and its third-party information providers and is protected by applicable copyrights, trademarks, service marks, and/or other intellectual property rights. Such content is solely for your personal, non-commercial use. The prior permission of AHCL is required for (i) any commercial use of any materials on this Website; (ii) making more than minimal copies of Website materials; and (iii) copying large portions of our site, such as by bots, robots or spiders that “harvest” the Website. Should you wish to seek permission for such use of our Website, please contact us. Otherwise, AHCL permits copying and printing individual Website pages solely for non-commercial purposes. Any unauthorised use of images or information on this Website may violate copyright laws, trademark laws, the laws of privacy and publicity, and communications regulations and statutes.
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All trademarks, service marks, trade names, and logos displayed on this Website are proprietary to AHCL and/or their respective owners. Nothing contained on this Website should be construed as granting, by implication, estoppel, or otherwise, any license or right to use any trademark displayed on this Website without the written permission of AHCL or such other third-party owner.
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Linking and Framing
AHCL does not allow any third party to link to or frame this Website or any portion thereof. Moreover, AHCL does not review, monitor or endorse any websites linked from or to this Website and is not responsible for the content of any such websites, their terms of use or privacy policies. You are responsible for reviewing the terms of use and privacy policies of any other website that you visit. AHCL disclaims any and all responsibility for the policies and practices of any third-party websites linked from this Website.
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Submissions
Please note that any information or communication which you send through this Website will not be deemed confidential and may not be secure.
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No advice or offer
Nothing contained on this Website constitutes tax, accounting, regulatory, legal, insurance or investment advice. If you require tax, legal, accounting, or investment advice, you must consult with your own advisors as pertains to your individual circumstances and needs.
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This Website is strictly for information purposes and is not intended to be relied upon as a forecast, research or investment advice. Under no circumstances should this Website or the information or opinion on it be understood to constitute a promotion, recommendation, solicitation or offer by AHCL to buy or sell or subscribe for any securities, collective investment schemes, futures, options, derivatives or other financial instruments or services, nor shall any such investments be offered or sold to any person in any jurisdiction in which such offer, solicitation, purchase, or sale would be unlawful under the securities laws of that jurisdiction. The contents of this Website have been prepared without regard to the investment objectives, financial situation, or means of any particular person or entity, and AHCL is not soliciting any action based upon them. AHCL makes no representations that the contents are appropriate for use in all locations, or that the transactions, securities, products, instruments, or services discussed on this Website are available or appropriate for sale or use in all jurisdictions or countries, or by all investors or counterparties. Decisions based on information contained on this Website are the sole responsibility of the visitor and are responsible for compliance with applicable local laws and regulations.
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Although material on this Website is based upon information that AHCL considers reliable AHCL gives no representations or assurances that this material is accurate, current or complete, and it should not be relied upon as such. This Website and all information on it are provided on an “as is” basis with no warranties of any kind. Your use of this Website and use or reliance upon any of the materials on it is solely at your own risk.
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AHCL and does not warrant that the functions contained in this Website will be uninterrupted or error-free, that defects will be corrected, or that the Website will be free of viruses or other harmful components. AHCL expressly disclaims all liability for errors and omissions in the materials on this Website and for the use or interpretation by others of information contained on the Website.
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Disclaimers
If and to the extent provided, any performance information or commentary expressed on this Website are solely statements of past performance. Past performance is not indicative of future results. AHCL makes no representation that any investment will or is likely to achieve profits or losses similar to those achieved in the past, or that significant losses will be avoided.
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Investment involves risk and investments may lose value. If you are considering making an investment, you are advised to obtain your own independent professional advice and to carefully consider all relevant risk factors. The prices of securities and other investments and the income from them may go down as well as up. AHCL does not guarantee the performance of any investment or investment strategy.
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This Website may contain forward-looking statements concerning future financial and/or business performance. As such forward-looking statements are based on assumptions that are subject to significant business, economic and competitive uncertainties, many of which are beyond the control of AHCL and/or are subject to change, actual results could be materially different. AHCL undertakes no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise.
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Limitation of Liability
AHCL AND ITS AFFILIATES AND THEIR RESPECTIVE OFFICERS, DIRECTORS, EMPLOYEES OR AGENTS WILL NOT BE LIABLE TO YOU OR ANYONE ELSE FOR ANY DAMAGES OF ANY KIND, INCLUDING, BUT NOT LIMITED TO, DIRECT, CONSEQUENTIAL, INCIDENTAL, SPECIAL OR INDIRECT DAMAGES (INCLUDING BUT NOT LIMITED TO LOST PROFITS, TRADING LOSSES OR DAMAGES THAT RESULT FROM USE OR LOSS OF USE OF THIS WEBSITE), EVEN IF AHCL HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES OR LOSSES, INCLUDING, WITHOUT LIMITATION, FROM THE USE OR ATTEMPTED USE OF THIS WEBSITE.
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Privacy Policy
Please review our Privacy Policy, which is a part of this agreement and hereby incorporated by reference in these Terms, to learn about our information collection practices and the measures we take to preserve the privacy and security of your information.
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Governing Law
These Terms shall be governed by, and shall be construed in accordance with, the laws of Hong Kong. The courts of Hong Kong shall have non-exclusive jurisdiction to hear and determine any suit, action or proceeding, and to settle any disputes, which may arise out of or in connection with these Terms and, for such purposes, you agree to submit to the jurisdiction of the courts of Hong Kong. Each party hereby waives any objection which it might at any time have to the courts of Hong Kong being nominated as the forum to hear and determine any proceedings and to settle any disputes and agrees not to claim that the courts of Hong Kong are not a convenient or appropriate forum.
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Termination
AHCL may terminate your access to the Website for any reason, without prior notice.
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Integration and Severability
If any provision of these Terms is deemed to be unlawful, void, or for any reason unenforceable, then that provision will be deemed severable from these Terms and will not affect the validity and enforceability of the remaining provisions.
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The preceding Terms of use represent the entire agreement between AHCL and the user relating to the subject matter herein.
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Contact
If you have any queries in relation to these Terms please contact AHCL here.

WEBSITE PRIVACY POLICY

AHCL and its affiliates are committed to protecting and respecting your privacy. This policy (the “Privacy Policy”) sets out the basis on which any personal data we collect on our website (the “Website”) from you will be processed by us. Please read the following carefully to understand how we will treat your personal data.
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By visiting this Website, you are accepting the practices described in this Privacy Policy. If you do not agree to this Privacy Policy, please do not use this Website. Please review the Website Terms of Use learn of other terms and conditions applicable to your use of this Website.
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1. Information collection.
To provide better service to you, we may collect and process data about you which you choose to provide through the Website, for example, by sending us correspondence. Please do not provide information you do not want us to have.
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In addition, we may also collect information about you automatically through your use of the Website, for example, details of your visits and how you navigate the Website, the resources you access and your IP address.
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2. Uses made of your information.
If you choose to provide information to us through the Website, we will generally use the information for the purpose for which it was provided. In addition, information may be used by us for the purposes of:
(a) ensuring that content from our Website is presented in the most effective manner for you and for your computer;
(b) carrying out our obligations arising from any contracts entered into between you and us;
(c) complying with laws and regulations applicable to us or any of our affiliates;
(d) purposes directly related or incidental to the above; and
(e) as otherwise permitted by law.
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3. Disclosure of your information.
We will keep the personal data we hold confidential but may provide information to:
(a) our directors, employees and affiliates;
(b) our service providers in connection with our operations or services;
(c) protect the security and confidentiality of this Website and our records; and
(d) persons to whom we are required to make disclosure to comply with legal process or under applicable laws and regulations.
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4. Cookies.
Our Website uses cookies to distinguish you from other users of our Website. This helps us to provide you with a good experience when you browse our Website and also allows us to improve our Website. By continuing to browse the Website, you are agreeing to our use of cookies.
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A cookie is a small file of letters and numbers that we store on your browser or the hard drive of your computer, if you agree. Cookies contain information that is transferred to your computer's hard drive. Please note that third parties (including, for example, advertising networks and providers of external services like web traffic analysis services) may also use cookies, over which we have no control.
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You can block cookies by activating the setting on your browser that allows you to refuse the setting of all or some cookies. However, if you use your browser settings to block all cookies (including essential cookies) you may not be able to access all or parts of our Website.
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5. Security.
We seek to use reasonable organisational, technical and administrative procedures to protect the information you provide to us. Although we will do our best to protect your personal data, we cannot guarantee the security of your data transmitted to our Website and any transmission is at your own risk.
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6. Changes to our Privacy Policy.
Any changes we may make to our Privacy Policy in the future will be posted on this page We will not provide individual notice of any such changes, and such changes will be effective immediately upon posting.
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7. Data transfers.
We may hold your data on servers in Hong Kong and any other territories as we see fit from time to time. We may also transfer your data to overseas offices that we may have in the future or to any people listed in Clause 3 above, who may be located in or outside of Hong Kong.
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8. Your consent and rights.
By using our visiting our Website, you consent to the collection and use of your information and other activities as outlined in this Privacy Policy.
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Under the Hong Kong Personal Data (Privacy) Ordinance (the "Ordinance"), individuals have the right:
(a) to check whether we hold personal data about you and to access such data;
(b) to require us to correct as soon as reasonably practicable any data relating to you that is inaccurate;
(c) to ascertain our policies and practices in relation to personal data and the kind of personal data held by us; and
(d) to object to the use of your personal data for marketing purposes and we shall not use your personal data for marketing purposes after you communicate your objection to us.
You may exercise your opt-out right by notifying us if you wish to object to the use of your personal data for direct marketing purposes. Please contact us with requests for such objections, access to data, correction of data, information regarding policies and practices and kinds of data held, questions or complaints here.
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9. Governing law and jurisdiction.
Nothing in this Privacy Policy shall limit the rights of the data subject under the Ordinance. This Privacy Policy shall be governed by the laws of the Hong Kong Special Administrative Region. You submit to the exclusive jurisdiction of the Hong Kong courts with respect to any and all matters arising out of or in connection with this Privacy Policy.

Home Fund Contacts

Management

Admiralty Harbour is a credit-focused financial services firm based in Hong Kong

Michelle Xu

Head of Corporate Finance

Ms. Michelle Xu is Head of Corporate Finance at Admiralty Harbour Financial Group.
Ms. Xu has approximately 15 years of investment banking and corporate finance experience from working with global investment banks and a Hong Kong listed corporate.
Prior to Admiralty Harbour, Ms. Xu was the Vice President and Board Executive Director of Ta Yang Group Holdings Limited, an SEHK mainboard-listed corporate, where she oversaw M&A activities and capital market transactions, as well as the group’s strategies and operations.
Prior to Ta Yang Group, Ms. Xu was a Director at UBS AG in Hong Kong. She worked in the China Investment Banking team, executing equity and debt capital market transactions for Chinese corporates in real estate, consumer, technology and general industrial sectors. Prior to this, she worked in the Real Estate, Lodging and Leisure Investment Banking team, assisting her clients in equity and debt financing, M&A and reorganization exercises, with a specific focus on Hong Kong and South East Asia real estate and Macau gaming.
Prior to UBS AG, Ms. Xu worked in the Macquarie Capital Advisers' Real Estate Investment Banking teams in London and Hong Kong, executing IPO and M&A transactions, as well as private capital raisings from European investors for Asian-strategy funds.
Notable transactions in which Ms. Xu played a leading role include:
- In-court restructuring of offshore senior notes by way of Scheme of Arrangement for China Fortune Land Development, Hidili Industry, Yestar Healthcare, GCL New Energy, Hilong Holding, and Shandong Yuhuang (with Chapter 15 recognition), among others;
- In-court restructuring of offshore convertible bonds and senior notes by way of parallel Schemes of Arrangement in Hong Kong and Bermuda for China Shuifa Singyes, for which Admiralty Harbour was awarded “Asia-Pacific Restructuring of the Year” by IFR, “Turnaround Deal of the Year” by IFR Asia, and “Deal of the Year – APAC Restructuring” by The Banker;
- Offshore liability management transactions such as consent solicitations, exchange offers and tender offers for Shimao Services, Zhenro Properties, Yida China, Yango Group, China Minsheng Investment Group, China Shuifa Singyes, Hydoo International, and China Oceanwide , among others;
- Dispute-related negotiation and settlement, such as the negotiated settlement related to an arbitral award against Yida China;
- Primary senior notes offerings for Anton Oil, Beijing Hongkun Weiye, Chenming Paper, China Oceanwide, China South City, Ronshine China, Shirble Department Store, COLI, New World Development, Wanda Commercial Properties, Haitian International, Regal REIT, Asia Standard, Hysan Development, Champion REIT, Melco Crown, Guoco Group and PT Alam Sutera Realty, among others;
- Senior secured credit facilities of Melco Crown, MGM China and Wynn Macau;
- US, Hong Kong and Philippines IPOs of JD.com, China Everbright Bank, Huishang Bank, Top Spring, Jingrui, and Melco Resorts and Entertainment (Philippines), and a number of equity private placements;
- M&A transactions such as M3 Capital’s acquisition of UK motorway services station portfolio from Swayfields and the acquisition of Ta Yang Group’s controlling stake and subsequent asset injections; and
- Private placements from European investors for Asian-strategy funds managed by Goodman, COLI and Asia Pacific Land.
Ms. Xu holds a Master of Philosophy degree in Real Estate Finance from University of Cambridge, and a Bachelor of Science degree in Economics and Statistics from University College London.