Morrison & Foerster represented Abax Global Opportunities Fund in connection with its US$45 million (HK$352 million) investment in Coastal International Holdings Limited, the majority shareholder of a Hong Kong listed company, Coastal Greenland Limited, through subscription of 8% notes due 2010 with warrants.  HSBC and its affiliates acted as trustee and agents of the issue.  Coastal Greenland Limited is a real estate development and management company with operations in various major cities in China.

The Abax Global Opportunities Fund was launched in early July of this year with US$300 million (HK$2.34 billion) in assets under management in one of Asia’s biggest-ever hedge fund launches. The fund has been reported to have investor demand of more than $1 billion for the first year.  The deal team was led by Hong Kong-based partner Marcia Ellis.