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Penny Shen

Penelope Shen

Partner

Penelope Shen is a leading funds lawyer specialising in investment funds and asset management.

D +852 3166 6936
M +852 7072 8926

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Awards & Recognition

"Penelope Shen's ability to navigate complex legal frameworks and provide strategic advice was truly remarkable. She consistently demonstrated a comprehensive understanding of our unique needs and delivered tailored solutions that exceeded our expectations." - Leading partner, Legal 500 Asia Pacific – Investment Funds (Hong Kong), 2025 

Up-and-coming partner, Chambers Greater China Region – Investment Funds (International Firm), 2025 

Outstanding Contribution to Wealth For Good Initiatives (APAC) award 2025 

Green Ambassador, Legal 500 Asia Pacific Green Guide 2025 

Thomson Reuters Stand-out Lawyers, 2023 

Biography

Languages - English, Mandarin, Cantonese
Jurisdiction - Hong Kong

Penelope Shen is a trusted partner for top asset managers, family offices, and investors across the region, including Hong Kong, mainland China, Singapore and Dubai. Her clients value her deep understanding of the dynamic asset management market in Asia, where she provides strategic guidance on the establishment and structuring of, and investing into private funds, including hedge funds, venture capital funds, private equity and real estate funds.  

Penelope's expertise extends to advising on fund distribution, compliance and regulatory requirements and derivative documentation. Her years of experience and relationships with key industry players equip her with first-class knowledge in the constantly evolving market, ensuring clients receive sterling services. 

At Stephenson Harwood, Penelope also spearheads the firm's Asia ESG initiative.  As a leading funds practitioner and an advocate for impact investment, Penelope is dedicated to providing advisory services related to corporate and social responsibility in the industry. 

Experience

  • CTI Hong Kong - Updating an award-winning hedge fund

    Advised CTI Capital Hong Kong on the update of an award-winning hedge fund in the Cayman Islands. 

  • State-owned enterprise - Establishment of a Cayman Islands segregated portfolio company and its various sub-funds

    Advised a state-owned enterprise to establish a Cayman Islands segregated portfolio company (SPC) and its various sub-funds, including sub-fund with co-GP arrangement and sub-fund in collaboration with multiple external investment advisers.

  • Seoul-based global asset manager - Structuring a Hong Kong private umbrella open-ended fund company with multiple closed-end sub-funds

    Advised a Seoul-based global asset manager on structuring a Hong Kong private umbrella open-ended fund company with multiple closed-end sub-funds for pre-IPO equity investments. 

  • Bridgeway Prime Shop Fund Management Limited - Redomiciliation of Cayman corporate structured real estate fund to a Hong Kong limited partnership fund

    Advised Bridgeway Prime Shop Fund Management Limited on the redomiciliation of their Cayman corporate structured real estate fund to a Hong Kong limited partnership fund, as well as on the related stamp duty exemption application. 

EXPERTISE

NEWS AND INSIGHTS

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Private Wealth

Penelope Shen recognised at WealthBriefing Awards 2025

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Green & Sustainable Finance

Building a business case for sustainability

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Maritime, Trade & Offshore

Stephenson Harwood featured in the Legal 500 Green Guide

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Funds

SFC warns deficiencies and misconduct in management of private funds and discretionary accounts

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Private Funds

Failures in managing a private fund

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Listed Funds

New CIES rules released – Takeaways for fund managers 新资本投资者入境计划规则出台 – 基金管理公司应注意的重点内容

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Private Capital & Funds

New CIES scheme may spark interest in funds 政府推出新资本投资者入境计划,基金再次备受关注

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Finance

Tokenisation – not a token development

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