Hong Kong, 25 August 2008 – Baker & McKenzie recently advised China South Locomotive & Rolling Stock Corporation Limited (“CSR”), as Hong Kong and US law counsel, on its HK$4.16 billion / US$533 million global share offering.  The H shares commenced trading on the Hong Kong Stock Exchange on 21 August 2008.  The A shares offering of CSR, which raised RMB6.54 billion, commenced trading on the Shanghai Stock Exchange on 18 August 2008.

With the successful listing of CSR, the securities team at Baker & McKenzie has been involved in three of the top four new Hong Kong listings in 2008 – the other two being the listings of SJM Holdings and China Railway Construction Corporation.  This is the second “A then H” listing advised by Baker & McKenzie, the first one being China Railway Construction Corporation and in the two “A then H” listings, Baker & McKenzie acted as the Hong Kong and US law counsel for the issuer.

CSR is China’s largest rolling stock manufacturers and solutions provider, and one of the largest in the world.  CSR exports its products to more than 30 countries and regions, including the United States, Australia and Brazil.  CSR is also one of China’s two major developers and manufacturers of passenger carriers, having developed the advanced passenger carriages used on the Qinghai-Tibet Railway Line, the highest plateau railway in the world.  CSR develops, manufactures and sells a full range of rolling stock along five principal product lines – locomotives, passenger carriages, freight wagons, multiple units and rapid transit vehicles.

The Baker & McKenzie team was led by partners CY Leung, PH Chik (on Hong Kong law aspects) and Allen Shyu (on US law aspects).  The team had lead responsibility for legal documentation, drafting of the offer documentation, corporate and regulatory issues, liaison and clearances with the Hong Kong Stock Exchange, and general transaction management.

China International Capital Corporation Limited and Macquarie Capital Securities Limited acted as the joint global coordinators and joint bookrunners, and China International Capital Corporation (Hong Kong) Limited and Macquarie Capital Securities Limited as joint sponsors and joint lead managers of the global offering.

Commenting on the deal, CY Leung, senior partner of the Securities Group at Baker & McKenzie said, “We are delighted to have acted for CSR, China’s largest rolling stock manufacturer and solutions provider, on its global offering.  It is highly gratifying to have completed the IPO of yet another industry leader, which is the third largest Hong Kong IPO, and to be involved in three of the top four Hong Kong listings in 2008 – the other two being the listings of SJM Holdings and China Railway Construction Corporation.  Our involvement in this high profile IPO further fortifies our position as the premier legal advisor on mega-listings and fund raisings on the Hong Kong Stock Exchange by Chinese state-owned companies and major corporates.”