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									                                  CORNERSTONE INVESTORS

The Cornerstone Placing

      We have entered into placing agreements with the following investors, or the Cornerstone Investors,
who in aggregate have agreed to subscribe at the Offer Price for such number of Offer Shares that may be
purchased with an aggregate amount of HK$5,657.5 million. Assuming an Offer Price of HK$7.21, the
mid-point of the estimated Offer Price range set forth in this prospectus, the total number of H Shares to be
subscribed for by the Cornerstone Investors would be approximately 784,669,000 H Shares, representing
approximately 10.99% of our total issued and outstanding share capital or 36.62% of the H Shares to be
issued under the Global Offering (assuming the Over-allotment Option is not exercised). Except for China
Life Insurance (Group) Company, China Life Insurance Company Limited and China Life Insurance
(Overseas) Company Limited, each of the Cornerstone Investors is not related to each other. Each of the
Cornerstone Investors is independent from our Company. None of the Cornerstone Investors will subscribe
for any Offer Shares under the Global Offering other than pursuant to the respective placing agreement.
Immediately following the completion of the Global Offering, no Cornerstone Investor will have any board
representation in our Company.

      The Offer Shares to be subscribed for by the Cornerstone Investors will not be affected by any
reallocation of the Offer Shares between the International Offering and the Hong Kong Public Offering in the
event of over-subscription under the Hong Kong Public Offering as described in the section headed
“Structure of the Global Offering — Hong Kong Public Offering.”

Our Cornerstone Investors

     We set forth below a brief description of our Cornerstone Investors:

Chengdong Investment Corporation

     Chengdong Investment Corporation (“Chengdong Investment”) has agreed to subscribe for such
number of H Shares (rounded down to the nearest whole board lot of 1,000 H Shares) which may be
purchased with an aggregate amount of HK$3,100 million at the Offer Price. Assuming an Offer Price of
HK$7.21 (being the mid-point of the Offer Price range set forth in this prospectus), Chengdong Investment
would subscribe for approximately 429,958,000 H Shares, representing approximately 20.06% of the H
Shares to be issued pursuant to the Global Offering (assuming that the Over-allotment Option is not
exercised).

     Chengdong Investment is a wholly-owned subsidiary of China Investment Corporation (“CIC”). CIC is
an investment company incorporated under the PRC Company Law and headquartered in Beijing. CIC is
operated on a commercial basis, seeking long-term, risk-adjusted financial returns.

China Life Insurance Group

      China Life Insurance Company Limited (“CLICL”) has agreed to subscribe for such number of H
Shares (rounded down to the nearest whole board lot of 1,000 H Shares) which may be purchased with an
aggregate amount of US$100 million at the Offer Price. Assuming an Offer Price of HK$7.21 (being the
mid-point of the Offer Price range set forth in this prospectus), CLICL would subscribe for approximately
107,489,000 H Shares, representing approximately 5.02% of the H Shares to be issued pursuant to the Global
Offering (assuming that the Over-allotment Option is not exercised).

      China Life Insurance (Overseas) Company Limited (“China Life Overseas”) has agreed to subscribe for
such number of H Shares (rounded down to the nearest whole board lot of 1,000 H Shares) which may be
purchased with an aggregate amount of US$50 million at the Offer Price. Assuming an Offer Price of
HK$7.21 (being the mid-point of the Offer Price range set forth in this prospectus), China Life Overseas
would subscribe for approximately 53,744,000 H Shares, representing approximately 2.51% of the H Shares
to be issued pursuant to the Global Offering (assuming that the Over-allotment Option is not exercised).


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                                  CORNERSTONE INVESTORS

      China Life Insurance (Group) Company (“China Life Group”) has agreed to subscribe for such number
of H Shares (rounded down to the nearest whole board lot of 1,000 H Shares) which may be purchased with
an aggregate amount of US$30 million at the Offer Price. Assuming an Offer Price of HK$7.21 (being the
mid-point of the Offer Price range set forth in this prospectus), China Life Group would subscribe for
approximately 32,246,000 H Shares, representing approximately 1.50% of the H Shares to be issued pursuant
to the Global Offering (assuming that the Over-allotment Option is not exercised).

      China Life Group is the controlling shareholder of CLICL. CLICL is a life insurance company
established in Beijing under the Company Law. CLICL was listed on the New York Stock Exchange (stock
code: LFC) and the Stock Exchange (stock code: 2628) in December 2003 and the Shanghai Stock Exchange
(stock code: 601628) in January 2007. CLICL is one of the largest life insurance companies in China’s life
insurance market. It is one of the largest institutional investors in China, and through its controlling
shareholding in China Life Asset Management Company Limited, CLICL is the largest insurance asset
management company in China. CLICL also has a controlling shareholding in China Life Pension Company
Limited. CLICL is a leading provider of annuity products and life insurance for both individuals and groups,
and a leading provider of accident and health insurance in China.

      China Life Overseas is a wholly-owned subsidiary of China Life Group. China Life Overseas is the first
and largest PRC state-owned life insurance corporation that operates in Hong Kong and Macau. China Life
Overseas has been operating in Hong Kong for 25 years. Its business covers three main categories, including
insurance, investment as well as provident fund service.

Wilbur L. Ross, Jr.

       WLR IV CLPG L.P. has agreed to subscribe for such number of H Shares (rounded down to the nearest
whole board lot of 1,000 H Shares) which may be purchased with an aggregate amount of US$100 million
at the Offer Price. Assuming an Offer Price of HK$7.21 (being the mid-point of the Offer Price range set forth
in this prospectus), WLR IV CLPG L.P. would subscribe for approximately 107,489,000 H Shares,
representing approximately 5.02% of the H Shares to be issued pursuant to the Global Offering (assuming
that the Over-allotment Option is not exercised).

      WLR IV CLPG L.P. is a Cayman Islands exempted limited partnership whose principal activities are
investing in securities. The general partner of WLR IV CLPG L.P. is WLR Recovery Associates IV LLC,
whose managing member is WL Ross Group, L.P., which is ultimately controlled by Wilbur L. Ross, Jr. The
principal activities of Wilbur L. Ross, Jr. are investing in securities of all types.

Value Partners Limited

      Value Partners Limited has agreed to subscribe for such number of H Shares (rounded down to the
nearest whole board lot of 1,000 H Shares) which may be purchased with an aggregate amount of US$30
million at the Offer Price. Assuming an Offer Price of HK$7.21 (being the mid-point of the Offer Price range
set forth in this prospectus), Value Partners Limited would subscribe for approximately 32,246,000 H Shares,
representing approximately 1.50% of the H Shares to be issued pursuant to the Global Offering (assuming
that the Over-allotment Option is not exercised).

       Value Partners Limited acts as investment manager or investment advisor to certain investment funds.
Value Partners Limited is a leading Asia Pacific asset management company headquartered in Hong Kong
and a wholly-owned subsidiary of Value Partners Group Limited, a company listed on the Stock Exchange
(stock code: 806). Value Partners Limited’s products include a range of absolute return long-biased equity
investment funds which invest in the Asia Pacific equity markets, with some focusing on the Greater China
markets. Value Partners Limited also manages hedge funds and provides investment advisory services for
institutional investors. Value Partners’ products and services also form part of a comprehensive range of
investment solutions offered by the Value Partners Group under Value Partners brand and Sensible Asset
Management brand.


                                                 — 191 —
                                  CORNERSTONE INVESTORS

South Valley Holdings Limited

      South Valley Holdings Limited has agreed to subscribe for such number of H Shares (rounded down
to the nearest whole board lot of 1,000 H Shares) which may be purchased with an aggregate amount of
US$20 million at the Offer Price. Assuming an Offer Price of HK$7.21 (being the mid-point of the Offer
Price range set forth in this prospectus), South Valley Holdings Limited would subscribe for approximately
21,497,000 H Shares, representing approximately 1.00% of the H Shares to be issued upon completion of the
Global Offering (assuming that the Over-allotment Option is not exercised).

      South Valley Holdings Limited is a company incorporated in the British Virgin Islands and wholly and
beneficially owned by Dr. The Hon. Sir David Li Kwok-po and family. Dr. The Hon. Sir David Li Kwok-po
is a shareholder and chairman of the board of directors of The Bank of East Asia, Limited, a company listed
on the Stock Exchange (stock code: 23).

Conditions Precedent

      The subscription obligation of each Cornerstone Investor is subject to, among other things, the
following conditions precedent:

     (1)   the Hong Kong Underwriting Agreement and the International Underwriting Agreement being
           entered into and have become effective and unconditional (in accordance with their respective
           original terms, as subsequently varied by agreement of the parties thereto or waived, to the extent
           it may be waived, by the relevant parties) by no later than the time and date as specified in these
           agreements;

     (2)   the Listing Committee of the Stock Exchange having granted the approval for the listing of, and
           permission to deal in, our H Shares and that such approval or permission not having been revoked;
           and

     (3)   neither of the Hong Kong Underwriting Agreement nor the International Underwriting Agreement
           having been terminated.

Restrictions on the Cornerstone Investors’ Investment

      Each of the Cornerstone Investors has agreed that, without the prior written consent of the Company
and the Joint Bookrunners, it will not, whether directly or indirectly, at any time during the period of twelve
(12) months following the Listing Date, dispose of (as defined in the relevant placing agreement) any of the
H Shares subscribed for by it pursuant to the relevant placing agreement (or any interest in any company or
entity holding any of the H Shares), other than transfers to any wholly-owned subsidiary or affiliate of such
Cornerstone Investor provided that such wholly-owned subsidiary or affiliate undertakes in writing to, and
such Cornerstone Investor undertakes to procure such wholly-owned subsidiary or affiliate will, abide by the
restrictions on disposals imposed on the Cornerstone Investor.




                                                 — 192 —

								
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