Cleary Gottlieb est activement présent en Asie depuis plus de 30 ans, depuis l’ouverture de notre bureau à Hong Kong en 1980. Nous avons été un des premiers cabinets américains à établir un bureau en Asie et nous avons renforcé notre engagement dans la région au fil du temps. Nous avons maintenant environ 55 avocats quotidiennement impliqués dans des opérations novatrices dans les domaines des fusions et acquisitions, des private equity, des marchés financiers, des restructurations de dettes et des dettes souveraines.
Basé dans nos cabinets de Hong Kong et de Pékin, notre groupe spécialisé dans la Chine compte actuellement trois associés, un counsel, un senior attorney et 15 collaborateurs. Huit d’entre eux travaillent à Pékin et le reste à Hong Kong. Tous les juristes du groupe sont des avocats membres de barreaux américains et le Mandarin est la langue maternelle de 15 d’entre eux. Nos juristes travaillant en Chine tirent profit des autres juristes basés à Hong Kong, ainsi que des ressources mondiales de Cleary Gottlieb, grâce notamment aux différents juristes pratiquant le Mandarin se trouvant dans nos autres cabinets répartis partout dans le monde, ce qui permet à nos clients de recevoir un service homogène et les meilleurs conseils juridiques.
Nos activités en Chine sont centrées sur les fusions et acquisitions (y compris le private equity) et les opérations sur les marchés de capitaux, avec une compétence toute particulière en structuration, négociation et documentation d’un large éventail de transactions financières et commerciales complexes. Nous représentons notamment de nombreuses entreprises multinationales, des investisseurs et des fonds de capital risque dans le cadre de leurs opérations d’investissement, de financement et de co-entreprise en Chine. En tirant profit de notre activité mondialement reconnue dans le secteur des fusions et acquisitions et notre activité sur les marchés émergents (en particulier en Amérique latine et en Afrique), nous conseillons les entreprises chinoises sur leurs investissements mondiaux.
Dans le domaine des marchés de capitaux, des émetteurs et des souscripteurs des quatre coins du globe nous font confiance afin de les conseiller dans leurs activités d’exécution et de structuration de leurs opérations, les questions réglementaires concernant leurs activités commerciales et financières et les questions de gouvernance d’entreprise et de publication d’informations. Notre excellence en matière d’introduction en bourse est largement reconnue puisque nous travaillons régulièrement sur les introductions en bourse les plus grandes et les plus complexes partout dans le monde, y compris des introductions enregistrées auprès de la Commission des valeurs mobilières des États-Unis, des introductions sur le NYSE et le Nasdaq, des introductions faites aux termes de la Rule 144A et de la « Regulation S », et des introductions sur le marché de Londres. Notre cabinet dispose également d’une grande expérience en matière de mise sur le marché de dettes à valeur d’investissement, de dettes à haut rendement, de dettes souveraines et de titres hybrides. Nous travaillons sur des introductions en bourse récentes et en cours réalisées par des sociétés privées en Chine de divers secteurs.
Nous avons en Chine une licence de cabinet d’avocats étranger. Bien que les lois de la République Populaire de Chine concernant la profession d’avocat ne permettent pas à un cabinet étranger de pratiquer le droit chinois, nous disposons d’une grande expertise en ce qui concerne l’environnement légal chinois et les implications légales de l’exercice d’une activité commerciale en Chine. De plus, plusieurs de nos associés disposaient précédemment d’une licence d’avocat chinois. Nos excellentes relations et expériences avec plusieurs cabinets d’avocats chinois nous permettent de répondre à tous les besoins de nos clients pour leurs transactions en Chine d’une façon homogène et rentable.
Shorten »
Experience
Recent highlights in China include acting as:
- U.S., French and English counsel to UC RUSAL, in its $2.2 billion Reg S/Rule 144A Hong Kong-listed IPO and simultaneous listing on the professional compartment of Euronext Paris. RUSAL is the first Russian company to list in Hong Kong.
- Counsel to Vale, the world's largest iron ore miner, in connection with its listing of Hong Kong depositary receipts on the Hong Kong Stock Exchange.
May 03, 2013
Cleary Gottlieb represented CITIC Securities Company Limited and its wholly-owned finance subsidiary in a US$800 million offering of 2.50% Credit Enhanced Bonds due 2018. This is the inaugural international bond offering of the CITIC Securities group of companies. The Bonds have the benefit of a keepwell deed provided by CITIC Securities and an irrevocable standby letter of credit issued by Bank of China Limited, Macau branch, acting as an external credit enhancement provider. The Bonds were listed on the Stock Exchange of Hong Kong Limited. CITIC Securities International, Bank of China, Citi, HSBC and Standard Chartered Bank served as the Joint Global Coordinators and Joint Lead Managers; CITIC Securities International, Bank of China, Citi, HSBC, Standard Chartered Bank and BofA Merrill Lynch served as Active Joint Bookrunners; and Deutsche Bank, Credit Agricole CIB, J.P. Morgan, Barclays and ABC International served as the Joint Bookrunners of this transaction. The transaction priced on April 26 and closed on May 3.
CITIC Securities is one of the leading full-service investment banks in China. In 2012, it was ranked top in China for investment banking, asset management, sales and trading and brokerage, and had the highest revenue, net profit and total assets among China’s investment banks.
Dec 24, 2012
Cleary Gottlieb is representing the Special Committee of the Board of Directors of SYSWIN, a leading primary real estate service provider in China, in a going-private transaction by Mr. Liangsheng Chen, CEO, President and a director of the company. The execution of the merger agreement was announced on December 24, 2012. The merger will be financed by a combination of personal funds of the CEO and the cash of the company. Closing is expected to take place around the end of the first quarter of 2013, subject to the approval of shareholders representing two-thirds of the shares present and voting at the extraordinary general meeting and other customary closing conditions.
With operations in 28 cities throughout China, SYSWIN is the largest real estate agency relating to new residential properties in Beijing and Northern China and its shares have been listed on NYSE since 2010.
Jul 30, 2012
Cleary Gottlieb represented TPG in connection with its acquisition of HCP Holdings and its subsidiaries from members of the founding Chen family. HCP is one of the world’s leading primary packaging companies with a particular focus on the design, development and production of packaging materials and solutions for the cosmetics, skincare and fragrance industries.
The closing occurred in July 2012, subsequent to the signing of the share purchase agreement in April 2012 and the satisfaction of conditions precedent to the transaction.
Sep 02, 2011
Cleary Gottlieb represented Bank of America in its sale of approximately 13.1 billion H shares of China Construction Bank for an aggregate sale price of approximately $8.3 billion. The transaction was signed on August 29, 2011 and closed on September 2, 2011.
Cleary Gottlieb previously represented Bank of America in its 2005 acquisition of an approximately 8.5% interest in CCB, which was the single largest foreign investment ever in a Chinese company, in its 2008 exercise of an option to acquire an additional approximately 10.9% interest in CCB and its subsequent sales of CCB’s shares and share rights in 2009 and 2010, respectively.
Sep 21, 2011
Cleary Gottlieb is representing China’s Sichuan Hongda Group in connection with its joint venture with Tanzania’s National Development Corporation to implement an integrated coal mine and power plant project and an integrated iron ore mine and steel mill project in Tanzania. The two projects, representing a total investment of up to $3 billion, represent the single largest investment venture in East Africa.
Sichuan Hongda Group will hold an 80% interest in the joint venture company, and National Development Corporation, the statutory corporation established to implement projects on behalf of the Government of the United Republic of Tanzania, will hold 20%. The joint venture agreement and other transaction documents were signed on September 21. Completion of the transaction is subject to various conditions, including approvals from the PRC and Tanzanian governments.
Oct 22, 2012
Cleary Gottlieb represented Chinese airline company Hainan Airlines in connection with its acquisition of 48% of French airline company Aigle Azur.
Aigle Azur mainly operates flights from Europe to North Africa and plans to open new routes to China with the support of Hainan Airlines.
Aug 15, 2011
In late July, Cleary Gottlieb represented African Minerals in connection with Shandong Iron & Steel Group's investment of $1.5 billion in African Minerals' flagship Tonkolili iron ore project in Sierra Leone. The equity investment will be made in exchange for a 25% interest in the Tonkolili project companies which operate the mine and the related infrastructure. As part of the transaction, Shandong will also purchase iron ore at a discounted price under a life-of-mine off-take arrangement, and will retain the option to buy up to 25% of annual iron ore production from each of Tonkolili's three production phases based on prevailing benchmark prices. The signing of definitive transaction documents followed an extended period of diligence and negotiation that began in mid-2010. Completion of the investment is subject to various conditions, including PRC approvals, and is expected to close by the end of the year.
The Tonkolili project is a multi-billion dollar mining project to develop one of the world's largest deposits of magnetite iron ore. The project employs over 5,000 people in Sierra Leone, and will be the country's single most important source of revenue. The first commercial ore shipments are expected during the last quarter of 2011.
Jun 01, 2007
Cleary Gottlieb represented the underwriters in a $486 million SEC-registered initial public offering of LDK Solar Co., Ltd. Morgan Stanley and UBS Investment Bank acted as book-running manager for the offering, and Piper Jaffray, CIBC World Markets and CLSA Asia-Pacific Markets were co-managers. The ADRs began trading on the NYSE on June 1.
LDK is a leading manufacturer of multicrystalline solar wafers, the principal raw materials used to produce solar cells. LDK is based in Xinyu City, Jiangxi Province, China.
Dec 12, 2007
Cleary Gottlieb represented the underwriters, led by Citi and Merrill Lynch, in a $75 million SEC-registered initial public offering of VanceInfo Technologies Inc. The ADRs began trading on the NYSE on December 12.
VanceInfo, based in Beijing, is an information technology service provider and one of the leading offshore software development companies in China.
Nov 22, 2011
Cleary Gottlieb represented a consortium of existing shareholders in a going-private transaction of SOKO Fitness & Spa Group, an OTC BB traded company, through a short-form merger. As a result of the merger, SOKO became a wholly owned subsidiary of Queen Beauty and Wellness Group Limited and terminated its SEC-reporting obligations as a public company.
SOKO Fitness & Spa Group is an operator of fitness centers and beauty salons and spas in key cities in Northeastern China as well as in Beijing, Zhengzhou and Hangzhou.
Aug 25, 2011
Cleary Gottlieb represented a consortium of existing shareholders, including ARCH Digital Holdings, Capital Ally Investments, GM Investment, Sinowill Holdings, Huge Harvest Enterprises, Kingstate Group and Trend Focus, in the going-private transaction of Funtalk China Holdings Limited. As a result of the transaction, Funtalk became a private company and terminated its SEC-reporting obligations as a public company.
Funtalk is a leading China-based retailer and wholesale distributor of wireless communications devices, accessories and content. The company has branch offices and regional distribution centers, operates a chain of mobile phone retail stores and has an internet retailing platform. Its shares were listed on the NASDAQ Global Market.
Dec 14, 2011
Cleary Gottlieb represented Baoxin Auto Group Limited, a leading luxury auto dealership group in China, and its controlling shareholders, in a HK$3.2 billion (US$414.2 million) initial public offering and listing on the Main Board of the Hong Kong Stock Exchange. The offering, which closed on December 14, was underwritten by Morgan Stanley, JP Morgan and CMB International.
Dec 28, 2010
Cleary Gottlieb represented TPG in its equity investment in China International Capital Corporation, a leading domestic investment banking and securities firm in China. The transaction, which closed December 23, represents the first foreign private equity investment in a Chinese securities firm. CICC was founded in 1995 as China's first joint venture investment bank. TPG purchased its equity stake from Morgan Stanley, one of the founding CICC shareholders, in connection with the sale by Morgan Stanley of its entire 34.3% equity stake in CICC to TPG, KKR, Government of Singapore Investment Corporation Pte Ltd and The Great Eastern Life Assurance Company Limited.
May 11, 2010
Cleary Gottlieb represented TPG in the sale of its stake in Shenzhen Development Bank to Ping An Insurance (Group) Company of China. TPG’s investment in SDB shares in 2004 was the first sale of a de facto controlling interest in a Chinese bank to a foreign investor.
Ping An is an integrated financial services conglomerate that covers a broad range of businesses, including insurance, securities brokerage, commercial banking, trust and investment, assets management and corporate pension business. Its shares are listed on the Shanghai Stock Exchange and Hong Kong Stock Exchange
Jan 15, 2010
Cleary Gottlieb represented Precision Castparts Corp. in its acquisition from a foreign private equity fund of an indirect 49 percent equity interest in Yangzhou Chengde Steel Tube Co., a leading manufacturer of metal alloy seamless pipe for various energy applications. PCC is a diversified manufacturer of complex metal components and products, serving the aerospace, power generation, and general industrial markets.
The transaction closed on January 15 in Hong Kong. In connection with the acquisition, PCC's Gordon Wyman division also entered into various commercial arrangements with Chengde.
Energy & Natural Resources Deal of the Year
(Shandong Iron & Steel Group's $1.5 billion investment in African Minerals Limited)
China Law & Practice (2012)
#1 China & Hong Kong M&A Legal Advisor by Value
mergermarket (2011)
Asia Equity Deal of the Year
(Vale’s listing of Hong Kong Depositary Receipts)
International Financial Law Review (2011)
M&A Deal of the Year (Inbound & Domestic)
(Titan Petrochemicals/Grand China Logistics strategic alliance)
China Business Law Journal (2011)
Infrastructure, Power & Project Finance Deal of the Year
(Sichuan Hongda/Tanzania joint venture)
China Business Law Journal (2011)
Take-Private Deal of the Year
(Funtalk)
China Business Law Journal (2011)
China M&A Deal of the Year, Investment & Joint-Venture of the Year, Best China Deal of the Year
(Chinalco's $14 billion stake acquisition in Rio Tinto)
Asian Legal Business (2009), Asian-Counsel (2009), FinanceAsia (2008)
Best Secondary Offering of the Year
(Bank of America’s $2.85 billion block trade of China Construction Bank shares)
FinanceAsia (2009)
China M&A Deal of the Year and China Deal of the Year
(Bank of America’s investment in China Construction Bank)
Asian Legal Business (2006)
Asian M&A Deal of the Year and Asian Pacific Loan of the Year
(Texas Pacific Group and Newbridge Capital's investment in Lenovo)
International Financial Law Review, International Financing Review (2006)
“This American firm garners tremendous respect from sources for its transactional abilities, and its presence in Asia has recently been strengthened with the opening of a new office in Seoul. Although it has well-regarded expertise in India and Korea, it is strongest in China. ‘We have tremendous respect for the team; we think they are top-notch.’”
Chambers Global (2013)
“This 55-lawyer practice handles all facets of complex and sophisticated corporate transactions covering cutting-edge M&A, private equity, capital markets and restructuring issues. It advises on inbound investments into the Asian region and outbound transactions by PRC and Hong Kong-based corporates. Sources say: ‘For public M&A they are my preferred advisory lawyers.’”
Chambers Asia (2013)
“Predominantly recognized in the market as a group which offers solid inbound M&A experience, it has a strong grounding in the legal intricacies of doing business in Greater China. In addition, it has seen a growing uptake on representing Chinese companies on their outbound investment targets..... Sources say: ‘They facilitate getting deals done by providing commercial advice which is not overly technical and lawyerly.’”
Chambers Asia (2012)
“The bulk of the M&A deal flow is inbound, although the group’s outbound activity is increasing, particularly on behalf of Chinese companies. Private equity investment is another significant source of instruction. Sources say: ‘Cleary has done a good job of localizing its knowledge base.’”
Chambers Asia (2011)
“Hong Kong and Beijing are the centers of influence for this US firm’s China practice, especially on the capital markets and corporate fronts. Interviewees recommend the firm for its ‘highly dedicated and professional lawyers with a real understanding of the local market.’”
Chambers Global (2011)
“This firm directs its Asia practice through its Hong Kong and Beijing offices. As well as a strong presence in China itself, the firm enjoys great standing in the Korean market and is also strong in Taiwan, most notably in distressed acquisitions within the technology sector. The firm is particularly popular with US private equity players.”
Chambers Global (2010)
“Cleary is widely renowned for its first-rate global network and broad experience in international buyouts. This reputation extends to its Asia private equity practice, which is gaining momentum.”
Chambers Asia (2010)
|
|