Legal DealFolio - Stable Investment Corporation investment in China Lumena New Materials

Davis Polk is advising Stable Investment Corporation (SIC), a wholly owned subsidiary of China Investment Corporation, the Chinese sovereign wealth fund, and CITIC Capital China Access Fund Limited (CITIC Capital), a private investment fund managed by a subsidiary of CITIC Capital Holding Limited, in connection with their investment in China Lumena New Materials Corp. SIC and CITIC Capital agreed to subscribe for 6% convertible bonds due 2014 of Lumena in an aggregate principal amount of US$120 million (equivalent to approximately HK$933 million). In addition, Lumena has granted SIC and CITIC Capital an option to subscribe for additional convertible bonds in an aggregate principal amount of up to US$100 million. The transaction is subject to the approval of Lumena shareholders. Lumena focuses its operations on the mining, processing and manufacturing of natural thenardite products, and is one of the largest thenardite producers in the world in terms of production capacity as of December 31, 2010. Its shares are listed on the Hong Kong Stock Exchange. The Davis Polk team include partners Howard Zhang and Kirtee Kapoor, counsel Zhan Chen and associates Peter Cheng and Yang Chu, all of whom are based in the Hong Kong or Beijing office.

Deal Date:	08-04-2011	Practice Area:	Corporate and M&A
Deal Title:	Stable Investment Corporation investment in China Lumena New Materials	Industry:	Mining
Description:	Davis Polk is advising Stable Investment Corporation (SIC), a wholly owned subsidiary of China Investment Corporation, the Chinese sovereign wealth fund, and CITIC Capital China Access Fund Limited (CITIC Capital), a private investment fund managed by a subsidiary of CITIC Capital Holding Limited, in connection with their investment in China Lumena New Materials Corp. SIC and CITIC Capital agreed to subscribe for 6% convertible bonds due 2014 of Lumena in an aggregate principal amount of US$120 million (equivalent to approximately HK$933 million). In addition, Lumena has granted SIC and CITIC Capital an option to subscribe for additional convertible bonds in an aggregate principal amount of up to US$100 million. The transaction is subject to the approval of Lumena shareholders. Lumena focuses its operations on the mining, processing and manufacturing of natural thenardite products, and is one of the largest thenardite producers in the world in terms of production capacity as of December 31, 2010. Its shares are listed on the Hong Kong Stock Exchange. The Davis Polk team include partners Howard Zhang and Kirtee Kapoor, counsel Zhan Chen and associates Peter Cheng and Yang Chu, all of whom are based in the Hong Kong or Beijing office.
Financial Center:	Beijing	Value:	500.01-1000.00
Advised Party:	Private Equity Investor	Law Firm	Davis Polk
Target Company Jurisdiction	China	Acquiror Jurisdiction	China
Classification:	Financial Buyer Acquisitions Primary Buy-Out	Lawyer	Howard Zhang

Practice Areas -

Corporate and M&A Law Firms and Lawyers

Practice Areas - Corporate and M&A Law Firms and Lawyers