China/Hong Kong

Norton Rose Fulbright Hong Kong partner Davide Barzilai has advised two investment company subsidiaries of China Petrochemical Corp., or Sinopec Group, on their taking out of a $3.5 billion syndicated loan. Sinopec acted as guarantor on the five-year loan for Tiptop Energy Ltd. and Sinopec Century Bright Capital Investment Ltd, which will use the funds for general corporate purposes. China Construction Bank Corp., Bank of Tokyo-Mitsubishi UFJ Ltd., Citigroup Inc., HSBC Holdings Plc., United Overseas Bank Ltd. and the Royal Bank of Scotland Group Plc. were the lead lenders in the syndicate. Other participants included Bank of Nova Scotia, Commonwealth Bank of Australia, JPMorgan Chase & Co., National Australia Bank Ltd., Société Générale S.A., Royal Bank of Canada, National Bank of Abu Dhabi P.J.S.C., Canadian Imperial Bank of Commerce, China Merchants Bank Co., First Gulf Bank P.J.S.C. and Banco Bilbao Vizcaya Argentaria S.A. Allen & Overy Beijing partner Yvonne Ho represented the lenders. Beijing partner Ma Chen of Fangda Partners was Chinese counsel to the banks. [Read full story]

Gibson, Dunn & Crutcher Hong Kong partner Graham Winter is advising Hong Kong telecommunications company HKT Ltd. on its proposed $2.4 billion acquisition of local mobile phone company CSL New World Mobility Ltd. HKT is a division of Hong Kong’s largest telecom operator, PCCW Ltd., which is controlled by Richard Li, the son of Hong Kong tycoon Li Ka-shing. The company is buying the 74 percent of CLS, which operates the 1O1O and One2Free brands in Hong Kong, controlled by Australia’s Telstra Corp. for $1.8 billion. HKT will also purchase the remaining 26 percent from Hong Kong conglomerate New World Development Co. Ltd. for $572.3 million. The deal, subject to regulatory and shareholder approval, is expected to close in the first quarter of next year. King & Wood Mallesons Melbourne partner Stephen Minns are representing Telstra, with help from Hong Kong partner Joshua Cole. Telstra acting general counsel Simon Brookes is advising on the deal. Freshfields Bruckhaus Deringer Hong Kong partners Simon Weller and Teresa Ko and London partner Jenny Connolly are advising New World Development. [Read full story]

Paul Hastings and Linklaters have the lead role on Chinese meat processor Shuanghui International Holdings Ltd.’s joint $966 million bid with Mexican food company Sigma Alimentos SA de CV to acquire Spain’s Campofrio Food Group SA. Shuanghui will hold 36.99 percent interest in Campofrio while Sigma Alimentos, food unit of Mexican conglomerate Alfa SAB de CV, will hold 44.72 percent, subject to customary closing conditions and regulatory approval. Paul Hastings San Diego partner Carl Sanchez teamed up with Hong Kong partners Raymond Li, Vivian Lam and Catherine Tsang advising Shuanghui. Cuatrecasas, Gonçalves Pereira Barcelona partners Pere Kirchner and Gerard Correig and Madrid partner Andrew Ward also acted for Shuanghui on Spanish law, with Commerce & Finance Law Offices and Maples and Calder as Chinese and Cayman Islands counsel, respectively. Linklaters Hong Kong partner Betty Yap advised Sigma Alimentos. [Read full story]

Paul Hastings has advised China International Marine Containers Co. Ltd. on a $496 million Hong Kong share placement. On Dec. 23, 2013, CIMC issued 286 million shares to COSCO Container Lines Co. Ltd, Hony Capital and an entity formed by CIMC’s senior managers for the purpose of increasing working capital, according to documents filed with the Hong Kong Stock Exchange. Commerce & Finance Law Offices advised CIMC on Chinese law. Freshfields Bruckhaus Deringer Beijing partner Richard Wang acted for underwriter Industrial and Commercial Bank of China International with Jingtian & Gongcheng Beijing partner Fu Siqi as Chinese counsel.

Paul Hastings Hong Kong partners Raymond Li and Sammy Li advised China Everbright International Ltd. on a $472 million share placement on Dec. 10, 2013. In a filing with the Hong Kong Stock Exchange, Everbright said the proceeds would be used to develop its environmental protection business and for general working capital. Freshfields Bruckhaus Deringer Beijing partner Richard Wang advised underwriters Morgan Stanley & Co. International plc and China Everbright Securities (HK) Ltd.

Latham & Watkins Hong Kong partner Ji Liu has advised China Conch Venture Holdings Ltd. on its $460 million Hong Kong initial public offering. According to a prospectus, China Conch, an affiliated company of building materials maker Anhui Conch Cement Co. Ltd., makes environmental-friendly building materials. The company said the proceeds will be used to fund several production plants in Anhui province. Leo Chiu and Andrew Liu of Hong Kong’s Chiu & Partners advised China Conch on Hong Kong law, with Jingtian & Gongcheng Beijing partner Zhang Xusheng acting as Chinese counsel. Conyers Dill & Pearman Hong Kong associate Anna Chong served as Cayman Islands counsel. Simpson Thacher & Bartlett partners Chris Lin and Chris Wong acted for underwriters Deutsche Bank AG, Hong Kong Branch; Goldman Sachs (Asia); Hongkong and Shanghai Banking Corp. Ltd.; and Morgan Stanley Asia Ltd., with Commerce & Finance Law Offices for the underwriters as Chinese counsel.

Clifford Chance Hong Kong partner Cherry Chan has advised Hong Kong property group New World Development Co. Ltd. on its $304 million acquisition of shares in Beijing Capital International Airport Co. Ltd. from Singapore’s GIC Pte. Ltd. After the transaction, New World will hold about 8.84 percent of the total issued share capital in the Beijing airport. The developer is betting on an increase of passengers. Freshfields Bruckhaus Deringer Hong Kong partner Robert Ashworth acted for GIC.

Sidley Austin Hong Kong partners Constance Choy, Janney Chong and Jason Kuo have advised Logan Property Holdings Co. Ltd. on its $202 million initial public offering in Hong Kong. Shenzhen-based Logan is a property developer focusing on residential projects in China’s Guangdong, Guangxi and Sichuan provinces. In a prospectus, the company said it will use the proceeds to fund acquisition of suitable land parcels in China as well as to repay bank loans. Haiwen & Partners Beijing partner Kang Yan advised Logan Property on Chinese law, with Conyers Dill & Pearman Hong Kong associate Flora Wong acting as Bermuda counsel. Paul Hastings Hong Kong partners Raymond Li and Sammy Li advised underwriters Macquarie Capital Securities Ltd., ABCI Capital Ltd., ABCI Securities Co. Ltd., BOCI Asia Ltd, BOCOM International Securities Ltd., Haitong International Securities Co. Ltd., ICBC International Capital Ltd. and ICBC International Securities Ltd.

Morrison & Foerster San Francisco partner Jackie Liu and Hong Kong partner Jeremy Hunt have advised Hong Kong–listed MicroPort Scientific Corp. on a $200 million loan from Japan’s Otsuka Medical Devices Co. Ltd. Shanghai-based MicroPort, a medical device manufacturer and exporter, said the loan will be partly used to finance its acquisition of Wright Medical Group Inc.’s OrthoRecon business, which consists of hip and knee implant products. Clifford Chance Hong Kong partners Cherry Chan, Ling Ho and Peter Kilner acted for Otsuka.

Shearman & Sterling Hong Kong partners Colin Law and Matthew Bersani have advised Fu Shou Yuan International Group Ltd. on its $188 million initial public offering in Hong Kong. Shanghai-based Fu Shou Yuan is one of the largest private funeral service providers in China. In a prospectus, the company said proceeds of the IPO will be used to acquire land in China for building cemeteries and funeral facilities. Watson & Band Law Office acted for Fu Shou Yuan as Chinese counsel, with Appleby Hong Kong partner Judy Lee as Cayman Islands counsel. Paul Hastings Shanghai partner David Wang and Jia Yan and Hong Kong partners Sammy Li and Steven Winegar advised underwriter Citigroup Global Markets Asia Ltd, UBS A.G. and CIMB Securities Ltd on Hong Kong law, with Jingtian & Gongcheng Beijing partner Dai Guanchun acting as Chinese counsel.

Sidley Austin Hong Kong partner Constance Choy has advised Sino Biopharmaceutical Ltd. on taking out a $165 million syndicated loan from lenders including Société Générale Asia Ltd., Industrial and Commercial Bank of China (Asia) Ltd. and Mega International Commercial Bank Co. Ltd. The Beijing-based drugmaker said the loan will be used for general corporate purposes. Norton Rose Fulbright Hong Kong partner Davide Barzilai advised the lenders, with Mourant Ozannes Hong Kong partner Simon Lawrenson acting as Cayman Islands counsel.

Orrick, Herrington & Sutcliffe Hong Kong partner Edwin Luk and Beijing partner Mathew Lewis have advised Fuguiniao Co. Ltd. on its $150.6 million initial public offering in Hong Kong. In a prospectus, Fuguiniao, a menswear and footwear manufacturer based in China’s Fujian province, said the proceeds will be used to open new retail shops in China as well as for overseas expansion plans, including establishing sales channels, promotion and advertising. Zhong Lun Law Firm Beijing partners Lai Jihong and Chen Limin acted for Fuguiniao on Chinese law. Simpson Thacher & Bartlett Hong Kong partners Chris Wong and Leiming Chen advised underwriters CITIC Securities Corporate Finance (HK) Ltd. and Macquarie Capital Securities Ltd.

Paul Hastings Shanghai partners Jia Yan and David Wang have advised China Media Capital on its acquisition of the 47 percent stake of broadcaster Star TV held by 21st Century Fox. Terms of the deal were not disclosed, though media reports say Fox, which previously sold a controlling interest in Star TV to Chinese Media Capital in 2010, sold its remaining stake for an estimated $150 million. Kirkland & Ellis Hong Kong partners Nicholas Norris, Steven Tran and Ashley Young acted for Fox.

Baker & McKenzie Hong Kong partners Milton Cheng, Debbie Cheung and Simon Leung have advised ARA Asset Management (Prosperity) Ltd on its $129 million purchase of a 25-story office building in Kwun Tong, Hong Kong. Deacons Hong Kong partner Eugina Chan acted for seller Hutchison Whampoa Ltd.

Jingtian & Gongcheng Beijing partner Liang Chunwei has advised Consun Pharmaceutical Group Ltd. on its $116 million initial public offering in Hong Kong. Guangzhou-based Consun, a Chinese medicine manufacturer, said in a prospectus that it will use the proceeds to finance new production plants in Guangdong and Inner Mongolia as well as research and development. Li & Partners acted as Hong Kong counsel for Consun, with Appleby Hong Kong partner Judy Lee advising on Cayman Islands law. Eversheds Hong Kong partners Stephen Mok and Norman Hui acted for underwriter BOCI Asia Ltd., with Jia Yuan Law Offices advising on Chinese law.

Stephenson Harwood Hong Kong partner Hilda Chiu has advised Fujian Nuoqi Co. Ltd. on its $55.7 million initial public offering in Hong Kong. The Fujian-based menswear maker will use the proceeds to expand retail sales network and build a research and development center in Shanghai. Fujian Junli Law Firm acted for Fujian Nuoqi on Chinese law. Morrison & Foerster Hong Kong partner Ven Tan advised underwriters CCB International Capital Ltd., BOCI Asia Ltd. and RHB OSK Securities Hong Kong Ltd., with Jingtian & Gongcheng Beijing partner Chen Guiyi acting as Chinese counsel.


Singapore

Allen & Gledhill Singapore partners Richard Young, Tang Siau Yan and Andrew Chan have advised Singaporean sovereign wealth fund GIC Pte Ltd on its $2.8 billion acquisition of Blackstone’s 50 percent interest in the Broadgate development in the City of London. The terms of the agreement were not disclosed, but the Financial Times reported that the New York–based private equity firm sold its stake for $2.8 billion. Developer British Land Company plc will continue to hold the remaining 50 percent stake in the 4.7 million square foot complex. Simpson Thacher & Bartlett London partner Michael Wolfson advised Blackstone. [Read full story]

WongPartnership Singapore partner Alvin Chia, Tan Beng Lee and Angela Lim have advised FC Commercial Trustee Pte. Ltd., as trustee manager of Aquamarine Star Trust, on a $630 million loan facility from lenders including DBS Bank Ltd. Sumitomo Mitsui Banking Corp. and United Overseas Bank Ltd. The loan will be used to purchase a site at Cecil Street and Telok Ayer Street in Singapore, as well as for the office and retail development on the site. Allen & Gledhill Singapore partner Lim Wei Ting advised the lenders.

Shook Lin & Bok Singapore partner Marilyn See has advised Oxley Holdings Ltd. on a $395 million multicurrency medium-term note program. According to a filing to the Singapore Stock Exchange, property developer Oxley will use the proceeds to repay debts and as working capital for general corporate purposes. Allen & Gledhill Singapore partners Margaret Chin and Sunit Chhabra advised underwriter DBS Bank Ltd., while partner Daselin Ang acted for trustee DB International Trust (Singapore) Ltd.

WongPartnership Singapore partners Ng Wai King, Annabelle Yip, Dorothy Marie Ng, Serene Soh and Joyce Ang have advised Japan’s Daisho Development Singapore Pte. Ltd. on its $368 million acquisition of The Westin Singapore hotel business from Asia Square Tower 2 Pte. Ltd., a unit of U.S. asset management giant BlackRock Inc. Daisho, a Japanese developer and investment company, currently holds property assets worth $1.5 billion in Australia, Malaysia, Japan and Singapore. White & Case Singapore partner Charlie Wilson advised Asia Square Tower 2, with Shook Lin & Bok partner Chew Mei Choo acting as local counsel.

WongPartnership Singapore partners Hui Choon Yuen and Goh Gin Nee have advised Mohamed Mustafa & Samsuddin Co. Pte. Ltd. on a $236 million multicurrency medium-term note program. Mohamed Mustafa operates shopping centers, online stores, travel agents and restaurant chains in Singapore, India and Indonesia. Allen & Gledhill Singapore partners Margaret Chin and Sunit Chhabra acted for underwriter Overseas-Chinese Banking Corporation Ltd, while partner Daselin Ang advised trustee DB International Trust (Singapore) Ltd.

Shook Lin & Bok Singapore partner Marilyn See has advised Q & M Dental (Singapore) Ltd. on a $158 multicurrency medium-term note program. The Singaporean dental clinic operator said in a filing with the Singapore Stock Exchange that the proceeds will be used for general corporate purposes. Allen & Gledhill Singapore partners Margaret Chin and Sunit Chhabra advised underwriter Hongkong and Shanghai Banking Corp. Ltd., while partners Daselin Ang and Ong Kangxin acted for trustee HSBC Institutional Trust Services (Singapore) Ltd.

Herbert Smith Freehills Sydney partner Philippa Stone has advised Singapore-based oil and gas service vessel operator Miclyn Express Offshore Ltd. on its $139 million merger with investment company Manta 2 Holdings Ltd. Gilbert + Tobin Sydney partner Peter Cook advised CHAMP Private Equity, one of the owners of Manta 2. Conyers Dill & Pearman Hong Kong partner David Lamb acted for Miclyn Express as Bermuda counsel. Allen & Gledhill Singapore partners Glenn Foo and Lim Wei Ting have advised investment company Manta 2 Holdings Ltd. on an issue of $157 million in bonds to finance the deal. Herbert Smith Freehills Sydney partner Melita Cottrell advised Manta 2 on Australian law. Latham & Watkins Singapore partners Timothy Hia and Sin Chei Liang acted for bond underwriter DBS Bank Ltd.

WongPartnership partners Rachel Eng, Christy Anne Lim, Mark Choy and Tan Sue-Lynn have advised Pan-United Infrastructure Pte. Ltd. on an $88.4 million purchase of shares in Singapore Changshu Development Company Pte. Ltd. from Macquarie International Infrastructure Holding Ltd. Singapore Changshu Development is the controlling shareholder of China’s Changshu Xinghua Port Co. Ltd. Pan-United said the investment in CXP would increases the company’s foreign-sourced income and earnings. Allen & Gledhill Singapore partners Tan Tze Gay, Richard Young and Bernie Lee acted for Macquarie.


Southeast Asia

Davis Polk & Wardwell has advised Thai telecom company True Corp. Pcl. on the establishment and $1.8 billion initial public offering of a new infrastructure fund. True Corp. is a subsidiary of Thai conglomerate Charoen Pokhphand Group Co. Ltd., which is controlled by billionaire Dhanin Chearavanont. The money raised in the IPO was used by the fund to pay True Corp. for the assets. Hong Kong partner William Barron, London partner John Paton and New York partner Daniel Budofsky led the Davis Polk team serving as international counsel to True Corp. on the asset spinoff. They also advised True Corp., the fund and management company SCB Asset Management Co. on the IPO. Baker & McKenzie Bangkok partners Thinawat Bukhamana and Chaveewan Likhitwattanachai were Thai counsel to True Corp. on the spinoff and True Corp., the fund and the management company on the stock offering. Linklaters Bangkok partner Wilailuk Okanurak advised joint global coordinators Credit Suisse (Singapore) Ltd. and Siam Commercial Bank Pcl. on U.S. and Thai law matters. Linklaters also advised the fund and the management company on the spinoff. [Read full story]

Sidley Austin Hong Kong partner Alex Lloyd has advised Indonesia’s PT Chandra Asri Petrochemical TBK on a $265 million loan from lenders Bangkok Bank Public Company Ltd., The Siam Commercial Bank Public Co. Ltd., IndonesiaExim Bank, DBS Ltd. and Deutsche Bank (Singapore). The Jakarta-based petrochemical company sought additional funding to finance the expansion of its existing plants. Allen & Gledhill acted for Chandra Asri on Singaporean law, with Assegaf Hamzah & Partners as Indonesian counsel. Norton Rose Fulbright Singapore partner Nick Merritt and Jakarta partner Tasdikiah Siregar acted for the lenders.


Australia

King & Wood Mallesons Melbourne partner Stephen Minns and Sydney partner Dominic Bortoluzzi are advising Australian pipeline operator APA Group on its proposed $1.3 billion takeover of fellow natural gas distributor Envestra Ltd. APA, the largest such distributor in Australia, already owns a 33 percent share of Adelaide-based Envestra and is offering $1.04 a share for the remaining majority stake. The deal will allow APA to diversify and expand its national pipeline network, according to a company statement. An independent board committee at Envestra has agreed to put the proposal before shareholders. If approved, the deal is expected to close next June. Johnson Winter & Slattery Sydney partner John Keeves and Adelaide partner Gordon Radford are representing Envestra. [Read full story]


Japan

Clifford Chance Hong Kong partners Ashvin Seetulsingh and Andrew Whan have advised Development Bank of Japan Inc. on the acquisition of a 24.95 percent interest in two U.K. wind farms from Marubeni Corp. The terms of the deal were not disclosed, but Bloomberg reported that Tokyo-based Marubeni bought its original 49.99 percent share for $200 million in 2011. As part of the deal, Marubeni will also continue to hold a 24.95 percent interest in the two wind farms. Denmark-based Dong Energy A/S, which operates the farms, will continue to hold a majority 50.1 percent stake. Linklaters Tokyo partner John Maxwell advised Marubeni.

Email: azhang@alm.com.