FOSUN INTERNATIONAL RAISES US$1.5 BILLION IN IPO

Fosun International, one of China's largest privately-owned conglomerates, has raised HK$11.54 billion (US$1.5 billion) through its July 16 2007 initial public offering (IPO) on the Hong Kong stock exchange. Fosun offered 1.25 billion shares at HK$9.23 per share, at the top of the marketed price range, and the shares represent 20% of the company's enlarged share capital.

Fosun's business portfolio includes steel, property development, pharmaceuticals, retail, mining, financial services and strategic investments. Fosun Group, the wholly-owned subsidiary of parent company Fosun International, is a shareholder of a number of public companies, including the Shanghai-listed Nanjing Iron & Steel and the Hong Kong-listed Shanghai Forte Land and Zhaojin Mining.

Herbert Smith advised Fosun on matters of Hong Kong and US law, with a team comprising Shanghai-based partner Gary Lock and Hong Kong-based partner John Moore. Fosun was also advised by Chen & Co on PRC law.