Hong Kong, October 16, 2006 – Hong Kong Morrison & Foerster represented the Hong Kong Stock Exchange-listed Sino Biopharmaceutical Limited in the formation of a joint venture in the PRC which will undertake a US$620 million project utilizing specialized technology to refine coal into olefin products. The project will be located in the coal-rich Shaanxi province in China, and targets to exploit the increased price differential between coal and petroleum as the base raw material for olefin products. The joint venture is capitalized at US$215 million, with Sino Biopharmaceutical taking up a 43% stake. The proposal received shareholders' approval on October 12, 2006. Tien-yo Chao of Morrison & Foerster's Hong Kong office was the lead partner in this transaction.