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deals in brief
Firm: K&L Gates Client: Tianjin Port Development Holdings
| CHINA/HONG KONG | ►► China Zhongwang IPO Value: US$1.3bn
Lead lawyer: David Zhang
Firm: Morrison & Foerster Client: Underwriters Lead lawyer: Ven Tan
Firm: Conyers Dill & Pearman Client: China Zhongwang
Ven Tan Morrison & Foerster
Firm: Commerce & Finance Client: China Zhongwang Firm: Latham & Watkins Client: China Zhongwang
| CHINA/US | ►► Changyou.com IPO and Nasdaq Listing Value: US$138m
• IPO is largest worldwide so far this year, breaking the eightmonth drought on billiondollar IPOs since China South Locomotive raised US$1.6bn in August 2008 • China Zhongwang is one of Asia’s largest extruded-aluminium product makers
• Credit Suisse Securities (USA) LLC and Merrill Lynch, Pierce, Fenner & Smith were joint bookrunners and representatives of underwriters • First IPO on Nasdaq and second IPO in the US this year
Firm: Campbells Client: Changyou
• Largest IPO in US by Chinese company since July 2008
Firm: Commerce & Finance Law Offices Client: Changyou Firm: Goulston & Storrs Client: Changyou
HEADLINE DEAL
Firm: Jingtian & Gongcheng Client: Underwriters Lead lawyer: Fu Siqi
Firm: Richards Butler Client: China Zhongwang Lead lawyer: KC Mok
| CHINA | William Barron Davis Polk
Firm: Davis Polk & Wardwell Client: Joint bookrunners Lead lawyer: William Barron
►► Grand Point Investment - Tianjin Port Company stake acquisition Value: US$1.8bn
Firm: King & Wood Client: Underwriters
Firm: Freshfields Bruckhaus Deringer Client: Grand Point Investment
• Changyou.com and Sohu.com listing of 7.5 million American depositary shares
Firm: Global Law Office Client: Tianjin Port Development
“The China Zhongwang listing is significant not only for its size but for its role in raising investor confidence in the IPO market in Hong Kong… It has overcome extreme market volatility and uncertainty. While the market still has a long way to recover to its pre-2008 activity, the listing indicates a positive turning point in the market” Ven Tan, Morrison & Foerster 6
| CHINA |
Holdings Lead lawyer: Liu Jinrong
►► CPIC Life - Changjiang Pension shares acquisition Value: US$73m Liu Jinrong
Global • Grand Point Investment signed agreement to acquire 56.81% stake in Tianjin Port Company Limited from Tianjin Port (Group) Company
| CHINA/HONG KONG | ►► CITIC Bank - CIFH stake acquisition Value:US$1.7bn Firm: Richards Butler (in Association with Reed Smith) Client: CITIC Group Lead lawyer: Denise Jong Firm: Freshfields Client: China CITIC Bank Lead lawyer: Christopher Wong
Denise Jong Richards Butler
• China CITIC Bank has agreed to acquire a 70% interest in CITIC International Financial Holdings (CIFH) for US$1.7bn from CITIC Group and Gloryshare Investments • CIFH previously listed on Main Board of Hong Kong Stock Exchange • Acquisition will allow CITIC Bank to expand branch network to other international finance centres and establish stronger presence in Hong Kong
| CHINA/CANADA | ►► CNPC International - Verenex Energy acquisition Value: US$350m Firm: Dewey & LeBoeuf Client: CNPC International Lead lawyer: Ingrid Zhu-Clark • CNPC International, subsidiary of China National Petroleum, has acquired Canada's Verenex Energy • The acquisition of Verenex, which holds oil assets in Libya, will give CNPC a stake in a promising Libyan oil concession
Firm: King & Wood Client: China Pacific Life Insurance Firm: Zhong Lun Client: Changjiang Pension Lead lawyers: Jeremy Dai, Gong Lefan • China Pacific Insurance (Group) announced that its subsidiary China Pacific Life Insurance (CPIC Life) will acquire shares of Changjiang Pension Insurance (Changjiang Pension) for approximately US$73m • King & Wood has been a longstanding legal advisor to China Pacific Insurance having advised on the group’s IPO in 2007 and on the investment by Carlyle in 2005
| CHINA/US | ►► Ctrip - Home Inn shares acquisition Value: US$50m Firm: Latham & Watkins Client: Home Inn Lead lawyer: David Zhang Firm: Maples & Calder Client: Home Inn Firm: Shearman & Sterling Client: Ctrip
David Zhang Latham & Watkins
• Nasdaq-listed Home Inns and Hotels Management has signed agreement to issue US$50m of shares to Ctrip.com International through private placement • Upon completion, Ctrip’s shareholding in Home Inns will be increased from 9.64% to 18.25%
| CHINA | ►► Airbus A340 aircraft sale Value: US$87m
Firm: Run Ming Client: Bank of Communications Finance Leasing Lead lawyer: Liu Yi • Sale and leaseback of two Airbus A340 aircraft by Bank of Communications Finance Leasing with China Eastern Airlines • Partner Liu Yi led Run Ming team ISSUE 6.5