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Paul Hastings Advises on the US$540 million Global Offering of Sinoma

January 02, 2008

Paul Hastings Advises on the US$540 million Global Offering of Sinoma

Listing of world's largest cement equipment and engineering service provider

Hong Kong, January 2, 2008 Paul, Hastings, Janofsky & Walker LLP (Paul Hastings), a leading international law firm, represented PRC state-owned enterprise China National Materials Company Limited, otherwise known as Sinoma, on its US$540 million (HK$4.19 billion) global initial public offering. The offering, which comprised a listing on the Main Board of the Hong Kong Stock Exchange and a Reg-S Placement, was the sixth H-share IPO in the Hong Kong market in 2007.

According to the companys prospectus, Sinoma is the only fully integrated company in the non-metals materials industry in China and ranks as one of the five largest producers of glass fiber in the world and third largest in China; and with a 90 percent market share in China within the cement equipment and engineering sector, Sinoma is well-positioned to benefit from China's construction boom.

Raymond Li, partner in the Corporate Department in Paul Hastings Hong Kong office, commented, We are delighted to have advised Sinoma on this successful IPO, which we understand was oversubscribed in both the institutional and retail tranche."

Commenting on the Firm's strength in advising PRC enterprises, Mr. Li added, "This transaction represents the second time Paul Hastings has represented a PRC state-owned enterprise on its public offering. In June 2005, Paul Hastings represented China COSCO on its US$1.28 billion H-share IPO. More recently the Firm served as international counsel for China COSCOs US$2 billion plus A-share listing on the Shanghai Stock Exchange and as international counsel in the US$800 million A-share IPO on the Shanghai Stock Exchange of Western Mining Co., Ltd."

The Paul Hastings team in Hong Kong was led by partners Raymond Li, Benny Pang and Andrew Hutton and was supported by associates Iris Yeung and Beryl Sit.

2007 has been an extremely successful year for the Paul Hastings Asia Equity Capital Markets team. During the year, the team has acted on nearly ten percent of the 78 IPOs listed on the Hong Kong Stock Exchange, one of the six H-share listings and one of the four Red Chip listings.

Recent Paul Hastings deals include:

  • The US$465 million global offering and listing of Zhong An Real Estate Holdings on the Hong Kong Stock Exchange (advised the joint global coordinators, Deutsche Bank and JPMorgan Securities)

  • The US$600 million global offering and listing of Hidili Industry International Development Ltd on the Hong Kong Stock Exchange (advised the underwriter, UBS)

  • The US$628 million global offering of STX Pan Ocean Co, Ltd., Korea's largest IPO this year and the second domestic IPO in Korea with an international tranche (advised the underwriters, Goldman Sachs and Samsung Securities)

  • The US$424 million global offering and listing of Franshion Properties on the Hong Kong Stock Exchange (advised the underwriter, Deutsche Bank)

  • The US$800 million A-share listing of Western Mining Co Ltd on the Shanghai Stock Exchange (advised the issuer as international counsel)

  • The US$2 billion A share listing of China COSCO on the Shanghai Stock Exchange (advised the issuer as international counsel)

  • The US$320 million listing of RREEF China Commercial Trust on the Main Board of Hong Kong Stock Exchange (advised the issuer). This is only the second-ever REIT backed by PRC properties to list on the Hong Kong Stock Exchange

  • The HK$2.1 billion IPO of CITIC 1616 on the Main Board of the Hong Kong Stock Exchange (advised BNP Paribas as the underwriter)

  • The US$130 million IPO of Sunny Optical Technology Group on the Main Board of the Hong Kong Stock Exchange (advised BNP Paribas as the underwriter)

  • The US$769 million global offering of BYD Electronic, and spinoff of BYD Company Limited, on the Main Board of the Hong Kong Stock Exchange (advised BYD Company Limited)

Paul, Hastings, Janofsky & Walker LLP, founded in 1951, is a leading international law firm with over 1,200 attorneys in 17 offices. The firm serves a diverse client base including many of the leading global financial institutions and Fortune 500 companies and offers deep capabilities in capital markets, finance and restructuring, intellectual property, international arbitration and dispute resolution, investment management, labor and employment, mergers and acquisitions, private equity, product liability, project finance, real estate, securities litigation and tax advisory services. For additional information, please visit our website at www.paulhastings.com.

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