Davis Polk is advising TPG Rave Holdings, L.P. (TPG Rave), an affiliate of TPG, in connection with its investment in China Ruifeng Galaxy Renewable Energy Holdings Limited (China Ruifeng). TPG Rave and Diamond Era Holdings Limited, a substantial shareholder of China Ruifeng, have agreed to respectively subscribe for 8% convertible bonds due 2017 and warrants issued by China Ruifeng with TPG Rave subscribing for an aggregate principal amount of $60 million of bonds and warrants with an exercise value of $15 million. The aggregate proceeds from the transaction will be used to increase China Ruifeng’s indirect holding in Hebei Hongsong Wind Power Co., Ltd. to no less than 51%. The transaction is subject to a number of conditions, including shareholders and regulatory approval.

China Ruifeng, whose shares are listed on the Hong Kong Stock Exchange, is principally engaged in the design, development, manufacturing and sales of diodes, power grid construction and production of wind turbine blades. TPG is a global private investment firm founded in 1992 with $49 billion of assets under management and offices in San Francisco, Beijing, Fort Worth, Hong Kong, London, Luxembourg, Melbourne, Moscow, Mumbai, New York, Paris, São Paulo, Shanghai, Singapore, Tokyo, Houston and Chongqing. 

The Davis Polk team includes partners Paul Chow and Mark J. Lehmkuhler and associates Peter Cheng, Yang Chu and Katie Lam (not yet admitted). Xu Zheng and Andrew Daniel Kang are the legal assistants on the transaction. Members of the Davis Polk team are based in the Hong Kong and Beijing offices.