Paul Hastings and Beijing-based Commerce & Finance Law Offices have advised Chinese state-owned meat processor Henan Luohe Shuanghui Industry Group Co. Ltd. on a $4.6 billion intra-company asset swap. The deal aims to end horizontal competition between the parent and a Shenzhen-listed subsidiary. The subsidiary will take over all meat processing assets in the group while the parent will take over logistics assets. The swap triggered a mandatory offer in which the group’s investment holding subsidiary will pay $2.5 billion for Shuanghui Investment’s outstanding shares. Paul Hastings’ Hong Kong-based China practice head Raymond Li advised the group on offshore legal and regulatory issues. Commerce & Finance acted as Chinese counsel. The financial advisor to the deal–CITIC Securities Co. Ltd.–was represented by Beijing-based Jingtian & Gongcheng. [Read full story]

Agricultural Development Bank of China Ltd. has appointed Linklaters as lead counsel for an offering of bonds. The $475 million debt issue is expected to be listed on the Hong Kong Stock Exchange on January 17. The deal marks the bank’s first issue of renminbi-denominated bonds—also known as dim sum bonds–in Hong Kong. The issuer’s Chinese counsel is King & Wood Shanghai partner Zhao Xiaohong. Clifford Chance Hong Kong partner Connie Heng is acting for the underwriters, Bank of China Ltd. and Standard Chartered Bank. The Chinese legal advisor to the underwriters is Jun He Law Offices.

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