Morrison & Foerster represented Angang New Steel Company ("ANSC") in a RMB 18.0 billion (US$2.2 billion) buyout of operating assets from ANSC's parent and controlling shareholder, Anshan Iron & Steel Group Complex ("Angang Holding"). ANSC, a joint stock company incorporated in the PRC, is listed on both the Hong Kong Stock Exchange and Shenzhen Stock Exchange. Following the acquisition, ANSC will be the second largest crude steel producer in the PRC. The acquisition was one of the largest M&A deals in the PRC in 2004, funded from the proceeds of a RMB 8.1 billion (US$1.0 billion) rights issue of domestic shares (to PRC shareholders) and foreign shares (to international shareholders) by ANSC. This is the first time a PRC company is conducting a rights offering simultaneously in the PRC market and the international market.