King & Wood, Sidley Austin and Conyers have recently advised SouFun Holdings, the country’s largest property website, on its IPO on the New York Stock Exchange (NYSE). The company sold 2.9 million American Depositary Shares (ADS), raising US$125m.

According to SEC filings, Telstra, Australia’s largest telephone company and the owner of 50.5% of SouFun’s shares, will sell its entire stake in the company. Melbourne-based Telstra paid US$254m for 40 million shares in 2006. The price has since surged to approximately US$433m according to IPO value calculations.

Along with recent major transactions, Telstra’s significant profits mark the exponential growth in the local TMT industry.  Vodafone has recently sold its 3.2% stake in China Mobile for a whopping US$6.6bn. The deal was advised by Freshfields and Cayman Islands firm Ogier.

According to Bloomberg reports, at least three other PRC companies – China Ming Yang Wind Power Group, Country Style Cooking Restaurant Chain and ChinaCache International Holdings – are seeking to list and raise a combined US$536m on the NYSE this month.

*Deutsche Bank and Goldman Sachs Group were hired by SouFun to lead the offering. ALB

Related stories:

• TMT: King & Wood advises News Corp on TV channel sales (13 August 2010)
• TMT China Mobile 3.2% stake sold for US$6.6bn (13 September 2010)