Hong Kong, New York, August 7, 2013 ... Global law firm White & Case LLP has advised Wing Lung Bank Ltd and Cathay United Bank on a US$50 million financing for the privatization of NYSE-listed Feihe International, one of the biggest producers of premium infant milk formula, milk powder, soybean, rice and walnut products in China.

This is the first privatization of a US-listed Chinese company that includes a simultaneously drawn onshore place-holder RMB loan and a cross-border intercreditor arrangement with the main offshore financing. The deal closed on June 27, 2013 and brings to ten the total number of these transactions on which the Firm has advised the senior lenders.

"We're pleased to have worked with our clients on these major take-private financing deals," said White & Case partner John Shum. "Looking at the wide range of Chinese companies delisting from the US stock exchanges – technology, electronics, e-commerce, food products and processing, biotechnology and chemicals – this trend clearly is not limited to any particular industry sector.

"With the variety of financing sources involved, we've helped our clients explore and implement new structures to provide better credit support."

The White & Case deal team in the Wing Lung Bank Ltd and Cathay United Bank deal was led by Hong Kong-based partner John Shum, with support from senior legal consultant Frank Shu. US securities advice was provided by partner David Johansen and associate Elodie Gal.