Cheryl Cheng, CPA, CFA, Finance Expert in Toronto, ON, Canada
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Cheryl Cheng, CPA, CFA

Verified Expert  in Finance

Finance Expert

Toronto, ON, Canada
Toptal Member Since
March 8, 2021

Cheryl is a seasoned full-stack financial advisor who supported $5 billion in fundraising (debt/equity financing, venture/growth/PE financing), closed $20 billion in transactions (financial analysis, modeling, due diligence), and prepared companies for audit/IPO readiness. She held roles in advisory and audit practices at Tier-1 accounting firms and corporate development at a Fortune 500 company. Cheryl enjoys working with entrepreneurs and founders to grow their vision into a thriving business.

Career Highlights

Analyst, Corporate Development
Evergrande Real Estate Group China

Certification Highlights

CPA Ontario
CFA Institution

Case Studies

Work Experience

Senior Manager

2014 - 2020
  • Closed acquisition of $3 billion midstream assets (including processing facilities and pipelines/storages/terminals) in Western Canada. Performed credit rating and market benchmarking analysis in support of $1 billion debt financing.
  • Performed independent valuation of a $2 billion PPP portfolio consisting of data infrastructures, transportation assets, education, and healthcare facilities in North America in support of litigation disputes for loss recovery.
  • Developed valuation framework based on industry best practices to improve governance and efficiency by 250%. Developed valuation models for $250 million-$1 billion private equity investments, $100-$250 million private debt positions, and $250 million-$1 billion PPP assets.
  • Closed acquisition of $500 million hotel and casino property in Las Vegas. Performed financial analysis supporting a $150 million revitalization plan, which resulted in a 200% increase in asset value in three years.
  • Closed a $1 billion acquisition of an AI-driven medical claims recovery company by leading a team of data scientists and lawyers to perform due diligence on the assets; target MOC of 3x in ten years.
  • Advised executives of a biotech company on structuring $300 million Series C to provide funding for clinical trials and allow the option for purchase upon FDA approval; expedited clinical trial and commercial use within a 24-month period.
  • Performed valuation of $3 billion loan portfolio and $1 billion derivative portfolio for regulatory review at a time of liquidity run-off; assisted executives in defending capital adequacy assertions and prevented regulatory sanction and take-over.
  • Closed a $5 billion M&A between an investment manager and a distressed credit lender. Performed financial due diligence and supported post-transaction integration. Boosted acquirer's net asset by 50% and share price increased by 50% in 12 months.
  • Performed model validations and valuation review on derivative products of Schedule I banks, covering futures/forwards, options, swaps, structured notes. Audited model logic and mechanical accuracy of models.
Focus areas: Valuation, Mergers & Acquisitions (M&A), Presentations, Due Diligence, Three-statement Modeling, 409A Valuation, Valuation of Financial Instruments, Fundraising, Banking & Finance, Financial Modeling, Biotechnology, Derivatives, Capital Markets, Monte Carlo Simulations

Senior Accountant

2011 - 2014
  • Led the audit of a $100 billion Schedule-I bank with off-shore teams. Assessed SOX compliance by testing hundreds of controls and designing remediation plans to address control weaknesses. Opined on technical accounting issues and reporting requirements.
  • Led the audit of Richardson GMP’s $250 million acquisition of Macquarie Private Wealth. Reviewed the consolidation of accounts and purchase price allocation and designed and executed a test of controls on both sets of reporting systems.
  • Led the audit of various $1-$5 billion Schedule-II banks with a focus on loan loss allowance. Leveraged the off-shore team to increase efficiency by 50% by a reduced timeline of 30%.
Focus areas: Audits, SOX Compliance, Accounting Policy, Internal Control Evaluation, Financial Reporting, Banking & Finance

Analyst, Corporate Development

2008 - 2010
Evergrande Real Estate Group China
  • Closed IPO at the HKSE and raised $800 million in equity with 10x oversubscription. Collaborated with bankers, lawyers, and auditors in completing the underwriting and due diligence process. Prepared investor presentations and roadshow materials.
  • Issued a high yield bond and raised $1 billion to fund an expansion plan outreaching to 50 new projects. Prepared financial materials in support of the underwriting and credit rating process and managed creditor relationships post-closing.
  • Negotiated the restructuring of $1.5 billion debt to PIK payment and extension of maturity, resolved liquidity crunch that could be lethal.
Focus areas: Corporate Finance, Investor Relations, Fundraising, Financial Modeling
2010 - 2012

Master's Degree in Management and Professional Accounting

University of Toronto - Toronto, Ontario, Canada

2005 - 2008

Bachelor's Degree in Business Administration

Simon Fraser University - Vancouver, British Columbia, Canada






CPA Ontario



CFA Institution

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