Latham and MoFo score leads on Hong Kong aluminium IPO
Latham & Watkins and Morrison & Foerster have taken leading roles on a high-profile Asian initial public offering (IPO) as a run of major deals hit the region. The two firms are advising on the Hong Kong float of aluminium maker China Zhongwang. Latham Hong Kong partner David Zhang led representation of China Zhonwang in its international float of shares valued at around $1.2bn (£800m). Morrison & Foerster represented the lead underwriters on the deal, CITIC Securities, JP Morgan, Macquarie Capital Securities and UBS with a team including partners Ven Tan, Paul Boltz, and Xiaohu Ma. It is the largest IPO in the region so far this year.
May 21, 2009 at 12:03 AM
2 minute read
Latham & Watkins and Morrison & Foerster have taken leading roles on a high-profile Asian initial public offering (IPO) as a run of major deals hit the region.
The two firms are advising on the Hong Kong float of aluminium maker China Zhongwang. Latham Hong Kong partner David Zhang led representation of China Zhonwang in its international float of shares valued at around $1.2bn (£800m). Morrison & Foerster represented the lead underwriters on the deal, CITIC Securities, JP Morgan, Macquarie Capital Securities and UBS with a team including partners Ven Tan, Paul Boltz, and Xiaohu Ma. It is the largest IPO in the region so far this year.
Meanwhile, in other major deals in the Asian market, Clifford Chance (CC) has advised Korea's Kookmin Bank on Asia's first covered bond issue. CC Tokyo partner Peter Kilner and Hong Kong partner Alex Lloyd led the firm's team on the $1bn (£660m) offering. Covered bonds are asset-backed securities whose underlying assets must be recorded on the issuer's balance sheet, providing investors further protection against default.
Elsewhere, Herbert Smith and Fulbright & Jaworski have advised on China National Offshore Oil Corp's (CNOOC's) long-term agreement to buy liquefied natural gas from a project under development in Australia by British energy company BG Group.
Herbert Smith represented CNOOC, which agreed to purchase 3.6 million tons of gas from BG's planned Queensland Curtis project each year for the next 20 years, with a team led by Hong Kong partner and Asia energy practice head Anna Howell.
BG was represented by Fulbright & Jaworski, whose Hong Kong-based Asia energy leader, Stefan Ricketts, previously served as BG's general counsel.
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