China Travel Service (Holdings) Hong Kong Limited US$300 Million 3.875% Guaranteed Notes and US$700 Million 5.625% Guaranteed Notes Offering

Davis Polk advised The Hongkong and Shanghai Banking Corporation Limited, UBS AG, Hong Kong Branch, CCB International Capital Limited, ABCI Capital Limited, Industrial and Commercial Bank of China (Asia) Limited and J.P. Morgan Securities plc as joint bookrunners and joint lead managers in connection with the Regulation S only offering by King Power Capital Ltd. (“Issuer”) of its US$300 million 3.875% guaranteed notes due 2019 and US$700 million 5.625% guaranteed notes due 2024 (“Notes”). The Notes are unconditionally and irrevocably guaranteed by China Travel Service (Holdings) Hong Kong Limited (香港中旅(集團)有限公司)(“Guarantor”). The Issuer is a wholly owned subsidiary of the Guarantor.

The Guarantor is a leading PRC state-owned travel agency group which focuses on travel and tourism and has diversified its businesses into real estate development, logistics and freight forwarding services, and iron and steel production. The Guarantor is the sole overseas platform of China National Travel Service (HK) Group Corporation (中國港中旅集團公司), which is one of the 53 key state-owned enterprises that are under the purview of the PRC central government through the State-owned Assets Supervision and Administration Commission of the PRC.

The Davis Polk corporate team included partner Paul Chow, counsel Margie Chan, associates Jesse Gillespie, Ying Su and Hua Zhao. Counsel Alon Gurfinkel and associate Dominic Foulkes provided tax advice. Members of the Davis Polk team are based in the Hong Kong, London and Menlo Park offices.

www.davispolk.com


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