Paul Hastings Advises on First Hong Kong IPO by a Chinese Property Developer in 2010

February 07, 2010

Hong Kong (February 5, 2010) Paul, Hastings, Janofsky & Walker, a leading global law firm, announced today that it has advised China SCE Property Holdings Limited (China SCE), a PRC property developer based in Fujian Province, on its approximately US$200 million Hong Kong IPO. This marks the first successful IPO by a Chinese property developer in Hong Kong this year.

The offering comprised a Hong Kong public offering and an international offering under Reg S/Rule 144A. Deutsche Bank AG, Hong Kong Branch, CCB International Capital Limited and Macquarie Capital Securities Limited acted as bookrunners and joint lead managers on the offering.

Raymond Li, Chair of the firms Greater China practice, who led the transaction, commented: We are delighted to have successfully closed the first Hong Kong IPO by a Chinese property developer in 2010, especially in light of the inconsistent market conditions at present. We expect to see more Chinese property developers list in Hong Kong this year and this transaction highlights our strength in this particular sector.

The Hong Kong capital markets team on the IPO was led by Raymond Li and Sammy Li, assisted by associates Christina Loh and Zoe Lau. The U.S. capital markets team on the transaction was led by Neil Torpey, Chair of the Paul Hastings office in Hong Kong, assisted by associate Matthew Smith.

In 2009, Paul Hastings advised on six completed IPOs in Asia totaling over US$3.5 billion. In addition the firm advised on nine top-up placements, rights issues, or bond offerings totaling over US$1.5 billion in value for PRC and Korean issuers and banks such as Citigroup, Deutsche Bank, Goldman Sachs, J.P. Morgan, Macquarie, Morgan Stanley, Samsung Securities, and UBS. These successes reflect the strength of our capital markets team and the depth of our experience in this region. With a strong pipeline of IPOs and other capital markets transactions, we believe this year is set to continue in the same vein, bringing more significant capital raising opportunities in the region.

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.



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