Hong Kong-Based Telecom Firm in $899 Million IPO

October 15, 2004

Cleary Gottlieb represented Hutchison Telecommunications International Limited (“HTIL”) and its parent, Hutchison Whampoa Limited, in the $899 million initial public offering of ordinary shares and American Depositary Shares of HTIL. Hong Kong-based HTIL is a leading international provider of mobile and fixed-line telecommunications services with operations in Hong Kong, India, Israel, Thailand, Sri Lanka, Paraguay, Ghana and Macau. The global offering included a U.S. registered offering, a Hong Kong public offering, a public offering without listing in Japan, an offering to institutional investors elsewhere in the world and a preferential offering to existing shareholders of Hutchison Whampoa. HTIL’s ordinary shares are listed on the Hong Kong Stock Exchange and its ADSs are listed on the New York Stock Exchange. The global offering of ordinary shares and ADSs closed today.

The IPO resulted from the spin-off by Hutchison Whampoa of a portion of its telecommunications businesses. Hutchison Whampoa is a Hong Kong-based conglomerate with interests in ports, telecommunications, property and hotels, retail and manufacturing, and infrastructure and energy investments. In the spin-off, Hutchison Whampoa retained its 2G and 3G mobile telecommunications businesses in Australia and Western Europe, and transferred substantially all of its telecommunications businesses in the rest of the world to HTIL.