7 December 2005, Hong Kong - International law firm Shearman & Sterling LLP is advising PetroChina Company Limited in connection with its landmark proposed privatization of Jilin Chemical Industrial Company Limited.  Jilin Chemical, a majority owned affiliate of PetroChina, has domestic invested shares or "A shares" listed on the Shenzhen Stock Exchange and foreign invested shares or "H shares" listed on the Hong Kong Stock Exchange and the New York Stock Exchange, in the form of American depositary shares.

The transaction, which was announced on October 28, 2005, was structured as a pre-conditioned offer and represents the first ever voluntary offer for a company with domestic invested shares and foreign invested shares.  The transaction is valued at approximately US$470 million.

The Shearman & Sterling team advising PetroChina include partners Abigail Arms (Washington DC - Capital Markets), Leiming Chen (Hong Kong – Capital Markets), Michael Coleman (Menlo Park – Mergers & Acquisitions), Lee Edwards (Beijing - Mergers & Acquisitions) and Bonnie Greaves (London - Mergers & Acquisitions), and associates Babett Carrier (London - Mergers & Acquisitions), James Comyn (London - Mergers & Acquisitions), Bei Ding (Beijing - Mergers & Acquisitions), Ling Huang (Beijing - Mergers & Acquisitions), Bryn Jedlic (San Francisco - Mergers & Acquisitions), George Karafotias (London - Mergers & Acquisitions), Dae Kim (San Francisco - Mergers & Acquisitions), Jennifer Peng (Hong Kong – Capital Markets), Angus Rollo (London - Mergers & Acquisitions), Paul Strecker (Hong Kong - Mergers & Acquisitions), Yihan Sun (Beijing - Mergers & Acquisitions) and Brian Wheeler (London - Mergers & Acquisitions).