6 June 2008

Freshfields advises on the debut of a leading Chinese sportswear retailer on the Hong Kong Stock Exchange

Freshfields Bruckhaus Deringer has advised Merrill Lynch and Morgan Stanley on the successful initial public offering (IPO) of Pou Sheng International Holdings (Pou Sheng), which listed today on the Hong Kong Stock Exchange. Freshfields Bruckhaus Deringer acted as Hong Kong and US counsel to Merrill Lynch and Morgan Stanley, the joint sponsors, joint lead managers and joint bookrunners of the IPO. Total proceeds from the IPO were US$322m, and could rise to US$370m if the over-allotment is exercised in full.

Pou Sheng is a leading sportswear retailer in China. Together with its joint venture, the retailer operates 3,260 retail outlets with another 747 outlets operated by their sub-distributors in China as at 31 December 2007. The brand portfolio includes leading international and domestic brands such as Nike, Adidas, Li Ning, Kappa, Reebok, PUMA, Converse, Hush Puppies, Nautica, Wolverine and Asics. Pou Sheng, together with its joint ventures, is the number one sportswear retailer for Adidas, Li Ning, Converse, Kappa, Reebok, PUMA, Hush Puppies and Wolverine, and the number two sportswear retailer for Nike, in terms of the number of directly operated retail outlets in China as at 31 December 2007.

Pou Sheng is also a subsidiary of Yue Yuen Industrial (Holdings) Limited (Yue Yuen). Yue Yuen, the world’s largest sports footwear manufacturer, is also listed on the Hong Kong Stock Exchange and is a Hang Seng Index constituent stock.

The Freshfields team was led by Hong Kong-based partner Kay Ian Ng. Kay Ian was assisted by a team of corporate associates including Edwin Kwok, Raymond Ng and Mingxin Eva Wang in Hong Kong and Stella Chen in Shanghai. Partner Don Guiney provided US securities advice, with the assistance of corporate associates Jay Wetterau, Erika Rose and Jim McInerney. Partner Claude Stansbury and associate Reagen Davis provided US tax advice.

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