We acted as the financial adviser to RailPartners, Inc. which indirectly owns Tangula Group Limited to raise capital regarding the proposed operation of luxury trains to run between Beijing and Tibet from the summer of 2008.

• Overall advice on strategy
• Valuation
• Timetable and deal management
• Design of offer and corporate structure
• Offer negotiation

• a truly greenfield project
• lengthy investor education on organizational structure, technical and operating issues and valuation upside arising from potential real estate opportunities along the routes
• unique complex deal structure entailing different groups of capital providers:
  • equity: US$52.9 million provided by Wing On Travel (Holdings) Limited
  • bridge loan: US$35million at the minimum from third-party investors
  • project loan: US$73.6 million from Société Générale consortium with rolling stock as collateral