David K. Cho

David Cho, a partner in Orrick's Hong Kong office, is a member of the Corporate Group.  Mr. Cho's practice focuses on corporate transactions, including cross-border mergers and acquisitions and corporate financings, including U.S. SEC-registered public offerings and Rule 144A/Regulation S equity/debt and equity-linked offerings.

Mr. Cho is recognized for his expertise in M&A and capital markets in Chambers Asia.

Mr. Cho’s recent representations include the following.

• Orchid Asia Group Management Limited, an Asia-based private equity fund, on its investment in a PRC manufacturer of power equipment and machinery products.
• Orchid Asia Group Management Limited, an Asia-based private equity fund, on its investment in a PRC manufacturer of precision machinery tools.
• A major Korean conglomerate in its proposed acquisition of a solid oxide fuel division, located in the United States, from a multi-national global conglomerate.
• A major player in the solar photovoltaic industry in its proposed acquisition of NextLight Renewable Power LLC, a leading independent utility-scale solar power development company in the United States.
• SK Gas Co., Ltd. in its proposed acquisition of a business engaged in the purchase, transport, storage and distribution of natural gas liquids in the United States, as part of a sale process under Section 363 of the Bankruptcy Code.
• One Equity Partners, in the US$69.6 million purchase by its wholly-owned affiliate, OEP CHME Holdings, LLC, of a controlling stake in China Medicine Corporation.
• A major Asia-based telecommunications company in its cross-border acquisition of a significant stake in another telecommunications company, with an expected transaction value of more than US$600 million.
• A major private equity fund in its proposed acquisition of a minority stake in one of Taiwan's largest banking institutions. The transaction was valued at approximately US$800 million and involved a co-investment by another major U.S.-based private equity fund.
• SK Telecom Co., Ltd., South Korea's largest mobile telecommunications service provider, in its sale of a 3.7 percent stake in China Unicom (Hong Kong) Limited back to China Unicom for approximately US$1.3 billion.
• Comtec Solar Systems Group Limited, a China-based manufacturer of high-quality monocrystalline solar ingots and wafers, in its HK$525 million (US$67 million) initial public offering on the Main Board of the Hong Kong Stock Exchange, with an international placement under Rule 144A and Regulation S.
• 361 Degrees International Limited, a Chinese sportswear maker and distributor, in its HK$1.8 billion (US$233 million) initial public offering, with an international placement under Rule 144A, on the Main Board of the Hong Kong Stock Exchange.
• Gmarket Inc., Korea's largest e-commerce provider, in eBay's all cash public tender offer for up to 100 percent of Gmarket for US$1.2 billion.
• MBK Partners L.P. in a leveraged buyout of Gala Television Corporation, a leading television network that operates three of the most popular and highest rated commercial cable television channels in Taiwan.
• OCI Company Limited (previously known as DC Chemical Co., Ltd.) in the sale of its entire stake in Columbian Chemicals Company to One Equity Partners LLP.
• JP Morgan Global Special Opportunities Group and Intel Capital in their US$45 million Series A investment in Trony Solar Holdings Co., Ltd., a PRC-based solar technology company.
• NT Pharma, a company that distributes ingredients and finished products to the pharmaceutical manufacturing industry, in an investment by TPG, a leading global private investment firm.
• OCI Company Limited (previously known as DC Chemical Co., Ltd.) in its Series A investment in Confluence Solar Inc., a manufacturer of single silicon substrates for solar applications, and the polysilicon supply and license agreements entered into by and between DCC and CSI in connection with such investment.
• Xtep International Holdings Limited, in its US$285 million initial public offering, with an international placement under Rule 144A, on the Main Board of the Hong Kong Stock Exchange.
• MBK Partners, L.P. in its acquisition of China Network Systems, Co., Ltd., a major cable systems operator in Taiwan.
• Cazenove Asia Limited, in a US$119 million initial public offering, with an international placement under Rule 144A, on the Main Board of the Hong Kong Stock Exchange of DaChan Food (Asia) Limited.
• Asia Renal Care and its shareholders in the sale of the company to a subsidiary of the Bumrungrad Hospital Group Ltd.
• OCI Company Limited (previously known as DC Chemical Co., Ltd.), a leading Korean chemical company, in its acquisition of a strategic equity stake in Evergreen Solar, Inc., a U.S.-based manufacturer of solar power products and a long-term supply agreement of polysilicon.
• Pangaea Capital Management and its affiliates in connection with Pangaea’s co-investment arrangements relating to Pangaea’s acquisition of a 5.61 percent stake of Daewoo Engineering & Construction for approximately US$520 million.
• Korea Highway Corporation in the establishment of a US$2 billion Medium-Term Note Program and take down of €400 million.
• Gmarket Inc. in its US$144 million initial public offering on the NASDAQ Stock Market, and in the agreement by Yahoo! Inc. to acquire a 10 percent stake in Gmarket from Oak Investment Partners.
• SK Telecom Co., Ltd. and its selling shareholder in a U.S.-registered offering of American Depositary Shares of SK Telecom valued at more than US$1 billion.
• Korea Development Bank, Morgan Stanley and UBS Investment Bank in a Regulation S offering of US$300 million Notes by SK Corporation.
• Citigroup Global Markets, JP Morgan and UBS Investment Bank in a Rule 144A/Regulation S offering of US$500 million global notes by Korea Highway Corporation.
• Lone Star Funds in its KRW 1.4 trillion (US$1.2 billion) acquisition of 51 percent of the voting stock of Korea Exchange Bank.
• Credit Suisse First Boston and Deutsche Bank in a US$1.7 billion dual listing (NYSE and the HKSE) IPO by Semiconductor Manufacturing International Corporation, a leading semiconductor foundry with operations based in Shanghai, China.
• Korea Electric Power Corporation in the sale of its subsidiary, Powercomm Corporation, to a consortium led by DACOM Corporation, valued at approximately US$682 million.
• Korea Deposit Insurance Corporation in the sale of a 51 percent interest in its holdings of Korea Life Insurance Co., valued at approximately US$700 million, to a group of investors led by Hanwha Group. Korea Life is the second largest insurance company in South Korea.
• SK Corporation and SK Telecom Co., Ltd. in an offering of exchangeable bonds (exchangeable into SK Telecom Shares) valued at US$1.25 billion and a concurrent offering by SK Corporation and SK Global of American Depositary Shares of SK Telecom valued at US$431 million.  The deal represented the largest equity transaction out of South Korea in 2002 and the largest equity linked transaction out of Asia for 2002.
• Korea Deposit Insurance Corporation in its public auction of non-performing loans held by Hanareum, its wholly owned subsidiary.
• A private equity fund in its proposed participation in an international consortium seeking to acquire a major liquor manufacturer in Korea.
• A Korean telecommunications company in a proposed high-yield debt offering of US$500 million notes.
• Hynix Semiconductor in the restructuring of its business divisions via a proposed sale of its TFT-LCD monitor division to Cando Corporation of Taiwan.
• Korea Electric Power Corporation in a US$250 million offering of exchangeable bonds (exchangeable into shares of Powercomm Corporation upon a qualified public offering).
• Morgan Stanley, UBS Warburg LLC and other underwriters in a US$2 billion registered public offering and New York Stock Exchange and London Stock Exchange listing of ADRs by Korea Telecom.
• PT Telekomunikasi Indonesia Tbk, Indonesia’s leading telecommunications carrier, in a series of corporate restructuring transactions valued at more than US$1.3 billion.
• Citigroup Inc. in its proposed sale of its holdings of Fubon Financial Holding Company.
• China Netcom Group Corporation in its dual listing (NYSE and HKSE) IPO.
• SK Corporation in several corporate restructuring transactions involving divestitures of South Korean-based assets to European and U.S. companies.
• SK Corporation in its formation of SK-Enron Corporation, a joint venture that owns and operates several local gas distribution utilities in South Korea.

Before joining Orrick, Mr. Cho was an associate at Debevoise & Plimpton LLP in Hong Kong.  Prior to that, he was an associate in the Hong Kong office of Skadden, Arps, Slate, Meagher & Flom and legal counsel for SK Corporation in Seoul, Korea.

Admitted in

• California
• Illinois

Memberships

• American Bar Association
• The Law Society of Hong Kong

Multimedia

Speeches & Programs

• "Unregistered Securities Offerings: Offerings Under Rule 144A, Reg D, and Reg S," Courses & Seminars, Hong Kong, November 2007.
• "Risks of Being a Director or Officer of a Publicly Listed Company - Tips on Managing and Minimizing the Risks," HSBC/NASDAQ Seminar on Directors and Officers Liability Insurance, Hong Kong, October 2007.