Ashurst has advised ITOCHU Corporation in relation to a HK$1.55 billion (approximately US$200 million) indirect investment in Bosideng International Holdings Limited, a Hong Kong Stock Exchange listed manufacturer of apparel and down jackets, together with GoldStone Investment, a wholly-owned investment platform of CITIC Securities.  The transaction also involved investment by ITOCHU Corporation in indirect stakes in other Chinese companies.

The transaction is the first synergy co-investment transaction since ITOCHU Corporation's landmark US$10.3 billion investment in CITIC Limited, together with Charoen Pokphand Group.

The Ashurst team was led by Hong Kong office corporate partner Jonathan Hsui and counsel Chin Yeoh, with Shanghai office managing partner Michael Sheng and associates Mirror Zhou and Tian Zhou, Tokyo office counsel Arabella Dove and Hong Kong office associates Lilian Leung and Adrian Cheung being the principal members of the transaction team.

Kohei Kondo of ITOCHU Corporation's legal division commented:

"We were pleased to work with the Greater China team of Ashurst, led by Jonathan Hsui, Chin Yeoh, Michael Sheng and Mirror Zhou.  Thank you to them as well as to the entire Ashurst lawyers and staff members who tirelessly supported us towards the successful signing."

Jonathan Hsui commented:

"We are delighted to have advised ITOCHU on its first co-investment with CITIC after ITOCHU and CP Group's acquisition of a strategic stake in CITIC.  The investment into Bosideng presents an exciting opportunity for ITOCHU to further its exposure to the fast growing China consumer market."