Paul Hastings Capital Markets Group advises on US$2.3 billion of Asian securities transactions in 2005

December 19, 2005

The Hong Kong-based Capital Markets Group of international law firm Paul, Hastings, Janofsky & Walker (Paul Hastings) has successfully completed more than sixteen major international securities transactions for Chinese and Asian companies, raising a total of US$2.3 billion in capital in 2005.

In the last eight weeks alone, the Hong Kong-based team, led by Raymond Li, Neil Torpey, Jong Han Kim, Maurice Hoo, Vivian Lam and Mark Hwang, has completed six Hong Kong Stock Exchange initial public offerings (IPOs) – see list below for details.

Says Neil Torpey, a partner in Paul Hastings’ Hong Kong office: “This year has seen a tremendous growth in the size and complexity of international securities transactions that Paul Hastings’ Hong Kong-based capital markets team has successfully closed. Not only have we represented some of the highest-profile issuers in China and Hong Kong, but we have also been involved in ground-breaking capital markets transactions across the region including the Nasdaq IPO of Pixelplus, one of the first unlisted Korean companies to go public in the U.S.; the listing of the GZI REIT, the first PRC property REIT to list in Hong Kong; securitizations for Korean Air Lines, Samsung Card and Indocoal; as well as representing the Chinese lenders in the award-winning Guangdong Dapeng LNG terminal project. We would like to thank all our clients for their support and we look forward to continued success in 2006.”

The sixteen transactions, which represent over US$2.3 billion in investments, include:

IPOs:

Represented China COSCO Holdings Company Limited in its US$1.2 billion IPO on the Hong Kong Stock Exchange, one of the largest cross-border IPO in Hong Kong for the largest container shipping company in China (June 2005).
Representing Pixelplus, an unlisted Korean company, in its IPO on Nasdaq. The listing is due to take place in mid-December 2005.
GZI REIT Asset Management Limited (GZI) in an estimated US$230 million IPO listing on the Main Board of the Hong Kong Stock Exchange on December 21, 2005. The firm also advised on a US$165 million three year syndicated loan facility to GZI REIT.
Represented the underwriter in a US$110 million Hong Kong IPO for Xinyi Glass, one of the leading auto glass manufacturers in China (February 2005)
Represented Biosensors International Group, a medical device manufacturer, in a S$129.8 million (US$79 million) IPO on the Singapore Stock Exchange (May 2005)
Represented Man Sang Holdings, one of the world’s largest companies trading in Chinese cultured and freshwater pearls, in a listing on the American Stock Exchange (August 2005)
Represented Guangdong Nan Yue Logistics Company, a PRC logistics company, in a US$61 million Hong Kong IPO (October 2005)
Represented Minth Group, a Chinese auto parts manufacturer, in a US$65 million Hong Kong IPO (November 2005)
Represented Lijun International Pharmaceutical Company, a PRC pharmaceutical manufacturer, in a US$20 million Hong Kong IPO (December 2005).
Represented China Construction Bank International as underwriter in a US$77 million IPO of Xiwang Sugar Holdings Co, a confectionary manufacturer in China (December 2005)
Represented China Ting Group Holdings, a PRC silk apparel manufacturer, in a US$128 million Hong Kong IPO (December 2005)

Other Major Transactions:

Represented SK Telecom in a US$440 million cross-border joint venture. This is one of the largest cross-border US-Korean telecommunications joint ventures to date (January 2005)
Represented Nikko Citigroup and the Korea Development Bank in a pioneering US$182.5 million (JPY20 billion) securitization by Korean Airlines of their future Japanese yen cargo receivables (March 2005)
Represented the Chinese lenders – ICBC, Bank of China, China Construction Bank, China Development Bank and Agricultural Bank of China – in the US$897 million Guangdong Dapeng LNG terminal project in China (April 2005)
Represented Fitch, the rating agency, in a pioneering US$600 million securitization for Indocoal Exports, Indonesia’s second largest coal exporter (June 2005)
Represented Standard Chartered Bank and HSBC in a US$300 million credit card securitization for Samsung Card, the 7th cross-border credit card securitization (November 2005)

Paul, Hastings, Janofsky & Walker LLP, founded in 1951, is a global law firm with 1,000 lawyers located in 17 offices in Asia, Europe and the United States. Paul Hastings has one of Asia’s largest global legal practices, with a team of over 130 lawyers located in Hong Kong, Beijing, Shanghai and Tokyo.