Simpson Thacher represented China International Capital Corporation Limited, Deutsche Bank AG, Hong Kong Branch and Merrill Lynch International in the initial public offering by China Shenhua Energy Corporation Limited and its parent corporation of $3.3 billion of ordinary shares listed on the Hong Kong Stock Exchange. The global offering included sales to qualified institutional buyers in the United States pursuant to Rule 144A. The transaction closed on June 15, 2005.
Shenhua, China's largest coal producer, is an integrated coal-based energy company, encompassing coal production, power generation, rail transport and port facilities. At closing, the IPO was the largest in the world for 2005, and was viewed as a successful start to a series of PRC privatizations coming to market this year.
The team for the offering included Chris Lin, Gene Buttrill, Daniel Fertig and Zhengming Pan (Corporate--HK) and Wei Cui (Tax).
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The Firm also represented Focus Media Holding Limited and the selling shareholders in the $174 million initial public offering by Focus Media of American depositary receipts on the Nasdaq National Market, Inc. Goldman Sachs (Asia) L.L.C. and Credit Suisse First Boston acted as representatives of the underwriters, with Goldman Sachs (Asia) L.L.C. serving as global coordinator and sole bookrunner.
Focus Media operates China's largest out-of-home advertising network, using audiovisual flat-panel television displays placed in office buildings, shopping malls and other commercial locations and in supermarket chains. The $174 million offering was the largest IPO ever on the Nasdaq by a Chinese issuer.