Allen & Overy has advised China Construction Bank (CCB), the second largest bank in the world based on market value, on the set up of its European base in Luxembourg. CCB is the third Chinese bank to establish a base in Luxembourg after Bank of China and Industrial and Commercial Bank of China (ICBC).

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Akin Gump Strauss Hauer & Feld LLP has bolstered its corporate practice further in Asia with the addition of Li Chen as a partner in the firm’s Beijing office. She joins the firm from Milbank, Tweed, Hadley & McCloy LLP.

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Scott J. Palmer has joined Sheppard, Mullin, Richter & Hampton LLP as a partner in the firm’s IP practice group, based in the firm’s Beijing office. Palmer joins from Baker & McKenzie in Beijing, where he led that firm’s IP practice in Beijing. He will be supported by a full team of IP professionals in Sheppard Mullin’s Beijing and Shanghai offices.

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Herbert Smith Freehills has advised State Grid Corporation of China (State Grid) on a US$2 billion Rule 144A/Regulation S offering of senior guaranteed notes.

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Simpson Thacher is representing Danone Asia Pte. Ltd. (“Danone”) in connection with the formation of joint ventures with Inner Mongolia Mengniu (Group) Co., Ltd. (“Mengniu”) for chilled yoghurt and related products in China. Mengniu will own an 80% equity interest and Danone 20% in the joint ventures. The joint ventures are subject to customary closing conditions, including obtaining anti-monopoly clearance and other regulatory approvals. In addition, an affiliate of Danone will form a joint venture with an affiliate of COFCO Corporation (“COFCO”), the largest shareholder of China Mengniu Dairy Company Limited (“Mengniu Listco”), a Hong Kong listed company and the parent of Mengniu. COFCO will transfer its holding of 8.33% of the outstanding shares of Mengniu Listco to the joint venture and Danone, by subscribing to 49% of the shares of the joint venture, will become an indirect owner of approximately 4% of the outstanding shares of Mengniu Listco. Danone will invest a total of approximately $420 million in the two transactions.

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On May 16, 2013, Simpson Thacher client Mining Machinery Limited (“MML”) and Caterpillar, Inc. resolved all outstanding issues arising out of Caterpillar’s June 2012 acquisition of Zhengzhou Siwei, a leading manufacturer of hydraulic roof supports used in the mining industry in China. After it acquired Siwei, Caterpillar alleged that it had uncovered deliberate accounting misconduct and recorded a $580 million goodwill impairment charge in the fourth quarter of 2012. Simpson Thacher represented Emory Williams and John Lee, former directors of Siwei’s parent company and two of the leading entrepreneurs in China, and MML and James Thompson III, two other parties with an interest in the settlement, in responding to Caterpillar’s allegations. The parties have now entered into an agreement under which they exchanged releases, certain payments owed by Caterpillar were reduced, and an entity affiliated with MML has been given the right to purchase certain assets from Caterpillar. In addition, Caterpillar publicly stated that it had found no evidence that any of Simpson Thacher’s clients had engaged in any accounting misconduct.

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Leading international law firm Clifford Chance has advised the 21 joint bookrunners* on China Galaxy Securities US$1.07 billion IPO on the Hong Kong Stock Exchange. Joint global coordinators for the deal were Goldman Sachs, JP Morgan, China Galaxy International Securities Hong Kong Limited, ABCI Capital Limited and Nomura. The company sold approximately 1.6 billion H shares at HK$5.30 each.

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Eversheds has announced the launch of its Beijing office, opening on 20 May 2013, with the appointment of two new partners: corporate energy law expert Ingrid Zhu-Clark and corporate lawyer Jay Ze.

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Davis Polk advised Goldman Sachs International, Merrill Lynch Far East Limited and BNP Paribas Securities (Asia) Limited as joint bookrunners and lead managers in connection with a Regulation S offering of $220 million zero coupon convertible bonds due 2018 by Asia Cement Corporation.

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