Paul Hastings Advises Morgan Stanley and CCB International on Changfeng Axles Hong Kong IPO

September 24, 2010

Hong Kong (September 24, 2010) Paul, Hastings, Janofsky & Walker, a leading global law firm, announced today that it has advised Morgan Stanley Asia Limited (Morgan Stanley), as the Sole Bookrunner and Sole Global Coordinator, and CCB International Capital Limited (CCB International) and Morgan Stanley, as Joint Sponsors and Joint Lead Managers, in the approximately US$103 million Hong Kong IPO and global offering of Changfeng Axle (China) Company Limited (Changfeng Axle), a leading Chinese auto parts manufacturer based in Fujian Province. The offering comprised a Hong Kong public offering and an international offering under Reg S/Rule 144A.

Morgan Stanley and CCB International are important clients of our firm and we were delighted to advise them on this IPO, said partner Sammy Li, who led the transaction.

"We have seen the number of completed listings in the Hong Kong IPO market pick up over the past few weeks and the Changfeng Axle IPO is the first in a series of upcoming IPOs that our capital markets team expect to complete in the next several weeks. We are currently advising our clients on approximately two dozen Hong Kong IPOs covering a broad spectrum of industries, advising both issuers and underwriters. said Raymond Li, Chair of the firms Greater China practice.

The Hong Kong capital markets team included partner Sammy Li, assisted by associates John Baptist Chan and Sunny Li. The U.S. capital markets team was led by Milton Chou.

Paul, Hastings, Janofsky & Walker is a leading global law firm with offices in Asia, Europe, and the United States. We provide innovative legal solutions to financial institutions and Fortune 500 companies. Please visit www.paulhastings.com for more information.