Cleary, Gottlieb, Steen & Hamilton has advised Chinese metals giant Sichuan Hongda Group on a $3 billion joint venture to develop coal and iron ore projects in East Africa. The firm’s Beijing office director Li Li and Hong Kong partner Michael Preston worked along with Tanzanian firm K&M Advocates on the two projects, which together are the largest-ever investment venture in the region. Tanzania’s state-owned National Development Corp., which will own 20 percent of the JV, turned to DLA Piper for counsel. London partner Charles Morrison led the firm’s team. [Read full story]
China’s e-commerce giant, Alibaba Group, is selling a stake worth $1.6 billion–representing just under 5 percent of the company’s equity–to a cross-border consortium of investors. Paul, Weiss, Rifkind, Wharton & Garrison partners Jeanette Chan in Hong Kong and Tong Yu in Tokyo are advising Silicon Valley’s Silver Lake Technology Management, Singapore’s Temasek Holdings and a group of Hong Kong-based individual investors on the deal, with Beijing-based Haiwen & Partners providing Chinese law advice. Another investor, Russian venture capital group Digital Sky Technologies Global, sought advice from Goodwin Procter through Hong Kong partner Yash Rana. Simpson Thacher & Bartlett partners Leiming Chen and Philip Culhane are leading a team advising Chinese investor Yunfeng Capital, which is owned by Alibaba’s founder, Jack Ma. Hong Kong partner Thomas Britt is leading Debevoise & Plimpton‘s team advising Alibaba. [Read full story]
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