IFLR 1000
The Guide to the World's Leading Financial Law Firms

Jeffrey Sun and Tom Tobiason are two noted names in the China practice. The team has also added associate John Li from Morrison Foerster and managing associate Sam Li from Skadden, Arps Slate Meagher & Flom. The firm has a focus on issuer side in China, acting for example for 361 Degrees International on the April 2012 $150 million offering of 4.5% convertible bonds due 2017 listed in Singapore, with Bank of America Merrill Lynch as the sole lead manager and sole bookrunner.

The firm operated on a number of high level cross-border deals, prevalently from its Hong Kong practice. Elizabeth Cole, partner-in-charge of the Shanghai office, is according to a client, "Extremely commercial in her advice [...]. She's accessible, responsive and I can't rate her highly enough."A recent addition to the corporate team was Associate Michael Wang from Chinese law firm Global Law Office. Neal Stender, former senior partner in the corporate group retired in January 2012.

Deals
Shanghai partner Tom Tobiason assisted AMKO Industrial in its participation in a $112 million tender offer on the take private transaction of Singapore-listed JK Yaming International Holdings. Jeffrey Sun was legal counsel to online game developer and operator Perfect World on the $50 million acquisition of California-based developer Cryptic Studios.

The firm excels in private equity mostly thanks to its Hong Kong-based practitioners which include experienced partner Maurice Hoo. Some key deals involving China saw the firm act for Fung Investments in an Asia venture with NetJets, a firm controlled by Warren Buffet. On another deal, the firm advised long-term client Warburg Pincus in the course of its $42 million investment in PRC classified advertising site 58.com.

Elizabeth Cole is the key contact for project financing at Orrick Herrington & Sutcliffe in China. The firm has been involved in a number of projects that saw Chinese development agencies invest in the South-East Asia region, in particular Vietnam. Other specialties of the team are the Africa projects, both in energy and infrastructure, run out of the Paris and Shanghai offices. Finally, the team has acted on a number of projects in the wind power sector around the globe. Recent Chinese clients of the firm have included COSCO Pacific, China Development Bank, CBD Leasing, China Railway Construction Corporation and China Light & Power.

Orrick is best known for its strength on the issuer side. The equity capital markets team has continued to work on a number of transactions, including Huangzhong Holdings' Hong Kong listing, Hosa International's Hong Kong IPO and Rule 144A and Regulation S placement, and acting for Guotai Junan International as sponsor in China Weaving Materials Holdings Hong Kong IPO. One highlight transaction for the firm included its representation of Technovator on its Hong Kong IPO, which was the first listing on the Hong Kong Stock Exchange of a spin-off subsidiary from a foreign A-share listed parent. The team was further strengthened in mid-2011 with the hire of William Woo from Latham & Watkins.

Orrick is probably best known in Hong Kong for its securitisation experience. The firm advises clients in relation to all asset classes, with residential mortgages making a comeback and a strong and growing Korean client base.

Michelle Taylor has led the way in forging one of the best practices in Asia. Her expertise has been highlighted by one client who says, "Michelle is over and above the best person to work with on any securitisation deal. She gets it. She has a deep understanding of the product and a deep understanding of what the client wants and how to lay that in front of them."

Deals
The firm advised Standard Chartered and the Korea Development Bank, as joint lead arranges and joint lead managers, and DB Trustees (Hong Kong), as note trustee, in the $370 million airline ticket receivables securitisation for Asiana Airlines. The Yen-denominated receivables arose from the sale of passenger airlines tickets in relation to flights between Japan and Korea. The Korea Development Bank will provide a credit facility to maintenance payments under the Notes, as well as an interest rate swap. The complex transaction followed on from the firm advising the Korea Development Bank in the pioneering Korean Airlines $300 million securitisation.

The corporate team at Orrick Herrington & Sutcliffe maintains its presence in Tokyo with two partners, including noted practitioner L Mark Weeks, one of counsel and seven associates. In December 2011, the team closed the deal in which it assisted Nippon Soda, a Japan-based chemical company, on its acquisition of French holding company Alkaline, which controls MSSA, a producer of metallic sodium and other chemical products. Orrick Herrington & Sutcliffe also acted for Green Power Investment, a renewable energy investment fund based in Japan, in the transaction that made Softbank Mobile the major shareholder of the company.

The project finance team at Orrick Herrington & Sutcliffe is made up of partner Yoichi Katayama and counsel Minako Wakabayashi. Some of the clients the team has been acting for include Eurus Energy, Green Power Investment, Toyota Tsusho Corporation and Osaka Gas.