Paul Hastings Closes Over US$1 Billion in Hong Kong Equity Offerings

October 11, 2010

Hong Kong (October 11, 2010) Paul, Hastings, Janofsky & Walker, a leading global law firm, announced today that it has advised on a series of equity offerings in Hong Kong over the last two weeks totaling over US$1 billion.

In the first transaction, Paul Hastings advised Morgan Stanley and China International Capital Corporation (CICC) as the underwriters in the approximately US$492 million offering of new shares in China National Building Material Company, a PRC state-owned construction materials company, on the Hong Kong Stock Exchange.

This was followed by an approximately US$311 million top-up placement by China Everbright Ltd., a Hong Kong-listed company which provides financial services in Greater China, on the Hong Kong Stock Exchange. Paul Hastings advised the issuer with J.P. Morgan, CICC and China Everbright Securities as placing agents on the transaction.

Finally, the firm advised Morgan Stanley as the placing agent in the approximately US$214 million sell down of existing shares by Zhongsheng Group Holdings Ltd., one of the leading national automobile dealership groups in China, by its existing shareholders.

We are very pleased to have advised our clients on this series of transactions, said Sammy Li, a Hong Kong capital markets partner who led the transactions. The current market for equity offerings is very strong. In addition, we have seen a significant increase in the number of active and completed IPOs, which is a positive trend for our clients and the broader market in Hong Kong and Asia.

Hong Kong capital markets partners Raymond Li, Sammy Li and Catherine Tsang led the Paul Hastings teams on the transactions, assisted by associates Christina Loh, Edwin Kwok, Eve Chan and Eric Chow.

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

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