On Friday, May 28, 2010 from 6:30 pm until 10:00 pm at the Asian Culture Center, the Chinese Business Lawyers Association (“CBLA”) is hosting a discussion on international investments by companies based in China. The discussion is to be lead by Sean Wang and Francis Zou, partners at White & Case, an internationally renowned law firm with offices in Beijing, Hong Kong and Shanghai. This program is especially designed for those with an interest in law and business in the U.S. and China. The CBLA is a New York-based non-profit organization that provides a unique forum of professional and social exchanges without regard to geographic location, ethnicity and language. Snacks and refreshments will be served. Tickets to the event are free for CBLA members and friends. To register, please go to http://cblagallery.eventbrite.com/

The Rise of Asia

Winston Churchill once said, “The longer you can look back, the farther you can look forward.” According to a recent issue of The Economist, the new economic order is in fact a resurgence of a very old one.  For 18 of the last 20 centuries Asia has accounted for over half of the world’s economic output.  Whether or not you’re interested in Asia’s capital spending, consumption, or PPP (GDP measured at purchase-power parity), the importance of the Asian financial and legal markets in 2009 and beyond is undeniable.  The “Rise of Asia” is not a myth, and we have seen Asia rebound from the global recession faster than the Western world, due in part to the strength of their banking systems and debt dynamics.  In 2009, China became the world’s largest exporter and continued economic growth in several countries in the region, namely Australia and India, contributed to Asia’s attraction and the anticipation of further growth in 2010.  The region has become increasingly important to bankers, lawyers, senior executives, and businessmen.  As a result, the landscape of private practice in Asia has been forever altered. We have outlined below some of the major trends of 2009 related to Hiring, Investment Strategies/Deal Flow, Diversification, Localization and Office Openings.  For information on last year’s unprecedented partner movement, please visit our website’s Partner Watch page.

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Clifford Chance has promoted five Asia-based lawyers to partner as part of its annual promotions.  Cameron Hassall (arbitration & commercial litigation, Hong Kong), Leng-Fong Lai (capital markets and structured finance, Tokyo), Ho Han Ming (funds & corporate, Singapore), James Abbott (dispute resolution & litigation, Dubai) and Tim Wang (corporate, Beijing) were all promoted.  The firm has promoted 22 partners globally in total, with most of them being in the corporate, finance and litigation & dispute resolution practices.

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Ropes & Gray has reportedly appointed Arthur Mok, the former managing partner of Hogan & Hartson’s Shanghai office, to partner in the firm’s life sciences, M&A and private equity practices in China.  He will initially be based in Washington, but he will launch Ropes & Gray’s Shanghai office once the office is approved by the Chinese government.

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Lovells has promoted 21 new partners across its offices, the largest number of its lawyers promoted to partner since 2007 when it made up 13 lawyers to partner, before it rebrands and merges with US firm Hogan & Hartson in May. Six of the new partners are from Asia and the Middle East. The new partners will be officially promoted on the day that Hogan Lovells debuts, and they increase the total partnership to over 800 partners.

Hogan Lovells’ new partners in Asia & Middle East

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Freshfields Bruckhaus Deringer has advised Chinese company Zhejiang Geely Holding Group on its $1.8bn acquisition of Volvo from the Ford Motor Company. This is a landmark deal as it is the first time a major car manufacturer has been taken over by a Chinese company and is also the biggest takeover of a luxury brand so far in the country. Freshfields’s advising team was led by London corporate partner Chris Bown, Jack Wang in Beijing, Teresa Ko in Hong Kong and Tim Wilkins in New York. IP partner Avril Martindale was also involved. Ford consulted Hogan & Hartson, with European head of M&A William Curlin leading the team.

Japanese ‘big four’ firms Nishimura & Asahi and Anderson Mori & Tomotsune, along with Wall Street firms Simpson Thacher & Bartlett and Sullivan & Cromwell have advised Japanese insurer Dai-ichi Life with its IPO on the Tokyo Stock Exchange. The IPO, which raised US$18.4 billion, is the world’s largest IPO in two years and also the largest in Japan since the US$18.4 billion IPO of NTT DoCoMo over a decade ago. Nishimura & Asahi’s, Japanese counsel for Dai-ichi Life, team was led by Yasutaka Nishikori, while Simpson Thacher & Bartlett’s, international counsel for Dai-ichi Life, team was led by Alan Cannon. The managers were assisted by Sullivan & Cromwell and Anderson Mori & Tomotsune who acted as international counsel and Japanese counsel, respectively. Sullivan & Cromwell’s team was led by Izumi Akai, and Anderson Mori & Tomotsune’s team was led by Hironori Shibata.

Davis Polk & Wardwell, Simpson Thacher & Bartlett, Lee & Ko, and Shin & Kim were involved with the global IPO by Korean Life Insurance on Korea Exchange. Korean Life Insurance is the oldest life insurance company in Korea and is also the second-largest one. The deal was the largest Korean IPO since 2006 and the second largest among all IPOs in Korea, including dual-listed IPOs. Davis Polk & Wardwell and Shin & Kim represented the underwriters, while Lee & Ko and Simpson Thacher & Bartlett represented Korea Life Insurance. Lawyer Eugene Gregor was involved from Davis Polk & Wardwell, and Kristina Kang, Soo K Chung, and Youngjin Sohn were involved from Simpson Thacher & Bartlett.

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Latham & Watkins has allied with former White & Case Saudi sponsor Mohammed Al Sheikh and how has a branch in Riyadh. Al Sheikh’s departure from White & Case to Latham & Watkins is the fifth senior-level defection from White & Case’s Middle East operations this year, and all have been to Latham & Watkins. This will be Latham’s fourth branch in the Middle East.

Although White & Case still lists the Riyadh branch on its website, there are no local lawyers and no active search for a local sponsor either.

White & Case LLP advised Pacific Century Group, a Hong Kong-based investment company, in the acquisition of AIG’s investment advisory and asset management business. AIG, a leading international insurance organization, manages approximately US$87 billion of investments for retail and institutional clients. PCG is currently focusing on infrastructure, property and satellite communications in the Asia-Pacific region. Steve Teichman and John Hartley led the firm’s advisory team.

Davis Polk & Wardwell LLP advised underwriters led by JPMorgan Securities (Far East) Limited and Credit Suisse Securities (Europe) Limited regarding the global IPO by Korea Life Insurance (KLI). The IPO included more than 217 million common shares priced at roughly KRW1.8 trillion, making it the largest Korean IPO since 2006. KLI is respected as the second-largest and longest-running Korean life insurance agency. Eugene Gregor, a Tokyo partner, led the firm’s advisory team.

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Paul Hastings has appointed Toshiyuki Arai as chair of its Tokyo branch.  Arai has been with the firm for almost 20 years and specializes in the cross-border investment and M&A.   With his new position, Arai will oversee the strategic development of the firm’s considerable but expanding Tokyo base.

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White & Case has hired Francis Zou, a lawyer from Allen & Overy’s US China group, to be a partner in its global banking practice. He is expected to help bridge the firm’s US and Asia banking practices, and his extensive experience with Chinese clients is expected to bring in new clients.

Global banking head, Eric Berg, stated: “He has significant background working with top Chinese commercial banks and corporations that will greatly increase our cross-border opportunities for serving these companies, especially as they ramp up their activities in the US and other key markets, including Asia and Latin America.

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White & Case has decided to end plans to merge with local alliance partner VentureLaw after being one of the six international firms granted a license to practice Singapore law last December. The firm had been allied with VentureLaw since 2003.

“We have agreed with Venture Law to bring our Singapore formal law alliance with them to an end,” White & Case said in a statement. “Our commitment to Singapore, and our plans for the Qualifying Foreign Law Practice license that we were recently awarded, are unchanged.”

This is quite a turn from when the firm received its local law license last year at which White & Case advertised the long-term benefits of the alliance.

“Our excellent relationship with the lawyers of Venture Law, our formal law alliance partner, has allowed us to deliver on numerous high-profile transactions,” Singapore managing partner Douglas Peel said in a Dec. 4 statement. “We look forward to continued success with them in the united, ‘one stop-shop’ firm that the license will enable.”

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Linklaters has promoted London-based partner Stuart Salt to managing partner of its Asia offices. This move comes in response to the current managing partner Zili Shao taking a position at JP Morgan, a firm client.

Salt is currently the head of the firm’s Europe, Middle East and North Africa (EMENA) operations, but he will step down in that office once a successor has been found.

He will move to the Hong Kong office to supervise the firm’s six offices in Asia comprised of 300 lawyers. Salt’s experience in the Middle East will be used to help direct the growth of the Asia region. “Cross-border activity between Asia and the EMENA region is now a major area of global investment and our clients are at the forefront of this,” said Salt.

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Minter Ellison has hired Yi Yi Wu, a partner at Shanghai-based Rolmax Law Office, to replace the position of chief representative of the Shanghai office left vacant by Wan Li’s move to DLA Piper.

“I hope to bring an international perspective to the firm’s work in this region. My focus will be to work closely with our offices in Hong Kong, Australasia and the UK to continue to raise the profile of our China practice,” Wu said.

Wu joined Minter Ellison in 2001 and started off at the Melbourne office, but was acting chief representative of the Shanghai branch in 2002. She specializes in M&A, foreign direct investment, corporate finance, and employment and real estate sectors.

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