Paul Hastings Advises China COSCO In Relation to US$601 Million Placement and Top-up Subscription of Shares
Hong Kong (May 13, 2010) Paul, Hastings, Janofsky & Walker, a leading global law firm, announced today that it has advised China COSCO in relation to the placement of existing shares, and the top-up subscription of new shares, in COSCO Pacific Limited, a subsidiary of China COSCO listed on the Main Board of the Hong Kong Stock Exchange. J.P. Morgan Securities Ltd. and Goldman Sachs (Asia) L.L.C. acted as placement agents on the US$601 million transaction.
Raymond Li, chair of the firms Greater China practice in Hong Kong, commented: We are delighted to have represented China COSCO, a long-standing client of the firm, on this transaction. In recent weeks, Paul Hastings has advised on Hong Kong top-up placements which have raised close to US$750 million, across a wide range of industries. We expect this to be a continuing trend and the firm is well placed to advise on future top-up placements. In addition, we are working on a significant number of Hong Kong IPOs and high-yield debt offerings, as well as M&A transactions and other bank borrowing and private capital raising transactions involving listed companies, reflecting both the breadth of our practice and the robustness of the markets in Asia at this time.
The Paul Hastings team comprised partner Raymond Li, of counsel Jenny Lau and associates Ling Ling and Eve Chan.
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