Chinese media company makes follow-on offering
October 01, 2010 | BY
clpstaff &clp articlesJJ Media Investment Holding, a company wholly owned by the chairman of Chinese multi-platform digital media company Focus Media, has sold 8.1 million American…
JJ Media Investment Holding, a company wholly owned by the chairman of Chinese multi-platform digital media company Focus Media, has sold 8.1 million American depositary shares (ADSs) at a price of $18.90 per ADS in a follow-on offering.
Of these ADSs, the underwriter Goldman Sachs has purchased 5.3 million ADSs. Goldman Sachs International has purchased the remaining 2.8 million ADSs through the capped call options and over-the-counter derivative transaction with JJ Media.
Representing the underwriter was a cross-border Latham & Watkins team led by Rafal Gawlowski and Witold Balaban in New York, and David Zhang and Eugene Lee in Hong Kong. Anthony Zhao from Zhong Lun Law Firm led a team to advise Goldman on PRC law, and Conyers Dill & Pearman did the offshore piece. Simpson Thacher & Bartlett in Hong Kong acted for JJ Media and the team included Joyce Xu and Chris Lin. Fangda Partners was its PRC counsel.
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