Deal Watch - 10/22/09

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Posted on October 22, 2009 at 8:10 PM


Fried, Frank, Harris, Shriver & Jacobson LLP assisted Merrill Lynch Far East Limited, as placing agent, in regards to the top-up placement of 80 million shares of Tianneng Power International Limited, and the placement of 30.8 million shares of Tianneng Power by management shareholders, collectively valued at about US$50 million. Corporate partners Victoria Lloyd and Joshua Wechsler led the firm’s team.

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Hogan & Hartson represented by partners Gordon Ng and Man Chiu Lee advised China Vanadium Titano-Magnetite Mining Company Limited with its HK$2.06 billion IPO on the Main Board of the Hong Kong Stock Exchange. Bookrunners and joint lead managers, Citigroup Global Markets Asia Limited and Deutsche Bank AG, Hong Kong Branch, were assisted by Paul, Hastings, Janofsky & Walker led by partners Raymond Li and David Grimm.

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Lovells has assisted a group of banks, including Standard Chartered Bank, DBS, ICBC Asia, Bank of Tokyo, Mitsubishi UFJ, Bank of East Asia and Wing Lung Bank, with Pacific Century Premium Developments Limited subsidiaries Pride Pacific Limited and Beijing Jing Wei House & Land Estate Development Co Ltd in regards to their HK$2.8 billion onshore and offshore financing. Hong Kong partner and head of banking Gary Hamp along with partner Owen Chan led the firm’s advisers.

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Paul, Hastings, Janofsky & Walker has represented sole bookrunner JP Morgan Securities (Asia Pacific) Limited in respect of the HK$1.16 billion sell-down of existing shares by the controlling shareholder of Huabao International Holdings Limited. Partners Raymond Li and Sammy Li led the firm’s team.

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Freshfields Bruckhaus Deringer assisted on the following IPOs listed on the Hong Kong Stock Exchange

· The firm was Hong Kong and US counsel to the underwriters headed by JP Morgan, Deutsche Bank, and UBS on the approximately US$1.28 billion listing of Glorious Property Holdings Ltd. Kay Ian Ng and Ken Martin led the firm’s team.

· The firm also acted as Hong Kong and US counsel to China Resources Cement Holdings Limited on its listing valued at US$825 million. Credit Suisse and Morgan Stanley were the main underwriters, and Teresa Ko and Calvin Lai were the main advisers.

· The firm acted as Hong Kong and US counsel to Yingde Gases Group Company Limited with its US$407 listing. Goldman Sachs and Morgan Stanley led the underwriters, while Antony Dapiran and Calvin Lai headed the firm’s team.

· In addition, the firm acted as Hong Kong and US counsel to the underwriters led by Goldman Sachs, Macquarie Capital and ICBC International as joint bookrunners on the Powerlong Real Estate Holdings Limited listing valued at US$355 million. The firm’s team was headed by Christopher Wong, Don Guiney, and Calvin Lai.

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Sidley Austin LLP has assisted Sinotruck (Hong Kong) Limited with its cooperation project with MAN SE. Under the agreement, MAN SE will provide Sinotruck with some heavy truck technologies, while MAN SE will inherit 25 percent of the capital of Sinotruck plus one more share. Hong Kong-based partners Timothy LI and Gloria Lam were the main advisers.

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Winston & Strawn advised Roth Capital Partners LLC in relation to China-Biotics Inc’s US$69 million underwritten 4.6 million share offering of common stock. Hong Kong-based partner and chairman of the firm’s Asia Practice Group Simon Luk and New York-based partner Eric Cohen were the advising team’s leaders.

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Orrick and Freshfields are representing SK Telecom and China Unicom, respectively, in China Unicom’s US$1.3 billion share buyback from SK Telecom. Freshfields Hong Kong partner Teresa Ko and Orrick’s David Cho headed their respective advising teams, having previously worked with the two companies before.

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Sidley Austin LLP represented Geely Automobile Holdings with its offering of convertible bonds and warrants worth up to US$243 million due in 2014 to GS Capital VI Fund, an affiliate of Goldman Sachs. Sidley Austin’s Hong Kong-based partner Constance Choy led the firm’s advising team, while Fangda and Slaughter and May’s Hong-Kong based partner Neil Hyman advised GS Capital.

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Herbert Smith and Guantao have advised Sinopec in its US$506 million acquisition of various assets from Asset Management Company, a subsidiary of China Petrochemical Corporation, with Sinopec eventually obtaining ownership of all the assets of Asset Management Company. Guantao’s founding partner Cui Liguo and partners Fu Sanzhong and Hong Yuhao along with Herbert Smith’s Tom Chau acted for the company.

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Clifford Chance has assisted the Toll Group in relation to it’s A$95 million purchase of Footwork Express. Tokyo-based mergers and acquisitions partner Paul O’Regan along with partner Tatsuhiko Kamiyama headed the firm’s team.

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Kim & Chang advised lead arrangers HSBS and BNP Paribas in regards to the issue by Shinhan Mortgage Second Securitization Specialty Co Ltd of US dollar denominated senior residential mortgage backed securities (RMBS) after the transfer of mortgage loan assets by Shinhan Bank to Shinhan Mortgage. The securities were issued by Shinhan Mortgage under the ABS Act for $400 million in addition to Korean won denominated mezzanine RMBS and junior RMBS. The main advisers were K.S. Kim, I.H. Yoo, and Hoin Lee.

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Lovells has represented Mizuho Corporate Bank Ltd, WestLB, HVB, UniCredit, and Ta Chong Bank with the debt-restructuring and debt-for-equity swap for First Engineering Limited. The key lawyers were partner Gary Hamp, head of Business Restructuring and Insolvency for Asia Neil McDonald, Singapore-based private equity partner Stephanie Keen. and Shanghai-based IP partner Douglas Clark.

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Debevoise & Plimpton LLP is assisting American International Group Inc with its sales agreement with Primus Financial Holdings Limited and China Strategic Holdings Limited for AIG’s 97.75 percent stake in Nan Shan Life Insurance Company Ltd for about US$2.15 billion. Partner John M. Vasily was the main adviser.


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