Paul Hastings Advises on First Hong Kong IPO by a Chinese Property Developer in 2011

March 23, 2011

Hong Kong (March 23, 2011) Paul, Hastings, Janofsky & Walker, a leading global law firm, announced today that it has advised Macquarie Capital Securities Limited (Macquarie), The Hong Kong and Shanghai Banking Corporation Limited (HSBC) and Nomura International (Nomura) as the underwriters in Top Spring International Holdings Limiteds (Top Spring), a Shenzhen-based Chinese property developer, US$200 million Hong Kong Initial Public Offering (IPO). The listing comprised a Hong Kong public offering and a Reg S/Rule 144A international offering.

The majority of the proceeds of the offering will be used to acquire new projects for development on the Chinese mainland. Approximately 10% will be used for general corporate and working capital purposes.

Raymond Li, chair of the Greater China practice at Paul Hastings in Hong Kong, commented: We are delighted to have worked with Macquarie, HSBC and Nomura on Top Springs IPO which marks the first Chinese property developer to list on the SEHK this year. Despite stringent regulations companies in Chinas real estate market face, we are pleased to have played a part in helping Top Spring successfully raise capital. We look forward to working with more overseas real estate companies listing in Hong Kong in the future.

Sammy Li, Partner in the Hong Kong office, added: This is an important IPO because it is the first in Hong Kong to provide a mixed media offering (MMO). MMOs allow the issuer to make available the application forms without them being accompanied with a printed prospectus whilst prospectuses are given to people who specifically request them.

The Paul Hastings team was led by capital markets partners

and who were assisted by , , and .

Paul, Hastings, Janofsky & Walker LLP 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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