|Clifford Chance has advised FirstRand Bank Limited on its investment in Fudosan Alpha Fund (Offshore), which makes investments in Japan real property and real estate-related securities of Japanese issuers.
Fried, Frank, Harris, Shriver & Jacobson LLP (in association with Huen Wong & Co) has represented Citigroup Global Markets Asia Limited, who acted as the placing agent in connection with the HK$1.5 billion private placement of Hutchison Telecommunications International Ltd by the Egyptian-listed company Orascom Telecom Holding.
Fried, Frank, Harris, Shriver & Jacobson LLP (in association with Huen Wong & Co) has represented Green Dragon Gas Limited (Green Dragon) on its issuance of a US$45 million zero percent convertible notes due in 2012. Green Dragon is an upstream gas production company exclusively focused on developing environmentally-friendly coal bed methane in China. This is the second convertible bond issued by Green Dragon in 2007, following its similar capital raising in May.
Johnson Stokes & Master is advising Warner Brothers Entertainment Company on the Hong Kong elements of the new Batman movie, which will be filmed in Hong Kong in November of 2007.
Latham & Watkins has represented a syndicate of investment banks, including DSP Merrill Lynch, JM Financial Consultants Private Limited, Kotak Mahindra Capital Company Limited, JM Financial Services Private Limited, Kotak Securities Limited and Morgan Stanley India Company Private Limited, as underwriters to Maytas Infra Limited, in their US$83 million initial public offering of 8.85 million shares on the Bombay (BSE) and National (NSE) stock exchanges. The offering included a 144A and Regulation S offering.
Linklaters has advised Industrial and Commercial Bank of China (ICBC) on its partnership with Standard Bank Group Limited (Standard Bank), which involves the proposed acquisition by ICBC of a 20 percent stake in Standard Bank. The R36.7 billion (US$5.5 billion) transaction will allow ICBC and Standard Bank to capitalise on trade and investment flows between China and Africa. The acquisition involves an interconditional arrangement in respect of half of the stake to be acquired, and a subscription for new shares in respect of the remainder. ICBC and Standard Bank have agreed to provide a framework for strategic cooperation in Africa, China and other countries (upon completion of the acquisition).
O’Melveny & Myers has represented Goldman Sachs and Deutsche Bank as joint bookrunners in the US$182.6 million initial public offering of Longtop Financial Technologies Limited (Longtop) on the New York Stock Exchange. Longtop and selling shareholders sold 10,434,500 American depositary shares (ADSs) at US$17.5 per share. The ADSs, each representing one ordinary share of Longtop, began trading on October 24, 2007. Longtop and shareholders have granted the underwriters a 30-day option to purchase up to an additional 1,565,175 ordinary shares to cover overallotments. The shares will trade on the New York Stock Exchange under the trading symbol LFT. Longtop is a software developer and information technology services provider.
Sidley Austin has represented Bank of China Limited, one of China’s four largest commercial banks, in its three billion renminbi bond offering. The bond offering consisted of two tranches: A retail public offering in Hong Kong of 1.5 billion renminbi 3.15 percent bonds due in 2009 and 3.35 percent bonds due in 2010; and a Regulation S placement of 1.5 billion renminbi 3.15 percent bonds due in 2009 and 3.35 percent bonds due in 2010. The firm participated in the renminbi bond offerings by all three PRC banks scheduled for this year: Five billion renminbi by China Development Bank; two billion renminbi by the Export-Import Bank of China; and three billion renminbi by Bank of China Limited.
Sidley Austin has acted for Hong Long Holdings Limited with respect to its issuance of US$90 million 12.5 percent senior notes due in 2012 and warrants for up to 81,000,000 shares. Hong Long is principally engaged in the development of residential and commercial properties in Guangdong Province in the PRC. In early 2007 the firm represented the global coordinator in Hong Long’s initial public offering and listing on the main board of the Hong Kong Stock Exchange. The transaction represents the third senior-notes issuance with high yield covenants handled by the firm’s Hong Kong office in the last six months.
WongPartnership has advised Allgreen Properties Limited in its tender for a site situated in the PRC’s Hi-Tech Industrial Development Zone in Chengdu for about US$139.3 million.
WongPartnership has represented Banyan Tree Holdings Limited (BTHL) in the establishment of its US$247.3 million multicurrency medium term note programme. BTHL is a Singapore-incorporated company listed on the main board of the SGX-ST, which has various businesses in the hospitality, travel and leisure industries.
WongPartnership has acted for Macquarie Securities (Asia) Pte Limited as issue manager in the initial public offering of Mermaid Maritime Public Company Limited, including an international placement under Regulation S, which raised gross proceeds of approximately US$149.79 million.