Singapore, April 23, 2007 - Shearman & Sterling has represented underwriters UBS and DBS Bank, in connection with the US$717 million Rule 144A/ Regulation S initial public offering by Yangzijiang Shipbuilding (Holdings) Ltd.  This is the largest IPO in Singapore in recent years, after Thai Beverage's US$850 million offer in 2006 (in which Shearman & Sterling was also involved, representing the underwriters on that transaction).

Yangzijiang, one of the leading shipbuilders in the PRC, is based in the coastal province of Jiangsu, near Shanghai. UBS was the global coordinator and sole bookrunner, as well as joint lead manager with DBS Bank for the deal.

The Shearman & Sterling team was led by Hong Kong capital markets partner Matthew Bersani and Singapore capital markets counsel Gail Ong.  The team included Menlo Park partner Laurence Crouch, New York partner Paul Schreiber, associates Su-Ann Cheah in Singapore, Lorna Chen and Isabelle Sajous in New York, Fan Ziyang and Liu Jun in Beijing and Elizabeth Lieb in Menlo Park and legal assistants Derek Perriam and Wei Li in Singapore.