ALM Properties, Inc.
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Asia Deal Digest: December 6, 2012
The Asian Lawyer
Freshfields Bruckhaus Deringer and Linklaters have the key legal roles in HSBC Holdings Plc.s planned $9.4 billion sale of its minority stake in Ping An Insurance (Group) Co. of China Ltd. to Thai conglomerate Charoen Pokphand Group Co. Ltd. Hong Kong partners Teresa Ko and David Winfield are representing HSBC in the sale, which is expected to be completed by January 7. Linklaters Hong Kong partner Tien-yo Chao is leading a team advising Bangkok-based CP, which is controlled by billionaire Dhanin Chearavanont. The company is purchasing a 15.6 percent stake in Ping An through four of its wholly owned subsidiaries. [Read full story]
Clifford Chance is advising Hong Kong Exchanges and Clearing Ltd. on two transactions aimed at helping to fund its planned $2.2 billion acquisition of the London Metal Exchange. The Hong Kong Exchange plans to sell 65.7 million shares to investors at about $15.23 apiece to raise nearly $1 billion. In an earlier transaction, which took place October 24, it raised $500 million through the sale of selling five-year convertible bonds on the exchange. Hong Kong partner Cherry Chan is leading the Clifford Chance team advising the Hong Kong Exchange on its share placement, while partner Connie Heng acted for the company on its bond issue. Linklaters Hong Kong partners Samantha Thompson and Jeremy Webb are representing Deutsche Bank A.G., The Hongkong and Shanghai Banking Corp., and UBS A.G., which are serving as placing agents and lead managers for both transactions. [Read full story]
Baker & McKenzie and Beijing-based Zhong Lun Law Firm have advised Zhengzhou Coal Mining Machinery Group Co. Ltd., a Chinese coal miner and mining equipment maker, on a $296 million initial public offering on the Hong Kong Stock Exchange. Four cornerstone investors including China Huadian Hong Kong Co. Ltd. and Yitai (Group) HK Co. Ltd. have subscribed to 40 percent of shares in the offering. Proceeds will be used to fund the companys international expansion, develop products and facilities, and procure raw materials. The Baker & McKenzie team was led by Hong Kong partner Elsa Chan with Zhong Lun advising on Chinese law. The issuer, which also has assets in India, retained Mumbai-based Khaitan & Co. as Indian counsel. Clifford Chance Beijing partner Tim Wang and Beijing firm Jia Yuan Law Firm acted for the underwritersUBS A.G., CITIC Securities Corporate Finance (HK) Ltd., J.P. Morgan, and Deutsche Bank.
Goldman Sachs has sold around 45 percent of its stake in Chinese automaker Geely Automobile Holdings for $254 million. Goldman had held a 17.93 percent stake in the Zhejiang-based automobile company, making it the company's second-largest shareholder prior to the sell down. After the sale, Goldman will still hold around 740 million shares in Geely. The investment bank's private equity arm acquired its stake in Geely for around $250 million in 2009, not long before the Chinese company acquired Sweden's Volvo Car Corp. Sullivan & Cromwell, led by Hong Kong partner Michael DeSombre and New York partner Robert Schlein, advised Goldman on the sale.
Freshfields Bruckhaus Deringer has advised the Agricultural Bank of China Ltd. on its debut dim sum bond issue on the Hong Kong Stock Exchange. The $161 million in renminbi-denominated bonds bear a 3.2 percent coupon and are due in 2015. The Freshfields deal team was led by Hong Kong partner Howard Lam and included finance partner Andrew Heathcote. Counsel to the underwritersBank of China (Hong Kong), Standard Chartered Plc, Industrial and Commercial Bank of China (Asia) Ltd, CCB International Capital Ltd, Agricultural Bank of China Ltd., and Bank of Communications Co.could not be identified at press time.
Freshfields Bruckhaus Deringer has also acted for China-focused private equity firm Boyu Capital Consultancy Co. on its investment in Stelux Holdings International Ltd. Boyu has subscribed to $48 million worth of unsecured convertible bonds issued by Hong Konglisted Stelux, a Hong Kong-based watch and optical retailer that operates brands like City Chain, Optical 88, and Seiko. The Freshfields team was led by Hong Kong partner Simon Weller.