Deacons acted for Hong Long Holdings Limited in its Main Board red-chip listing 23 February 2007 Hong Long Holdings, which is a leading mid-range property developer in Shenzhen, offered 250 million shares and raised HK$450 million in its red-chip IPO on the Main Board. The second largest shareholder of Hong Long is Lehman Brothers, who was the pre-IPO investor by acquiring a convertible note and a loan note from Hong Long Holdings prior to the completion of the IPO. The share offer was well received, with the public offer tranche over-subscribed by about 170 times, and with a significant portion of the international placing tranche subscribed by the US Tiger Fund. Trading commenced on 22 February, as the first listing in the Year of Pig. Deacons acted as the Hong Kong legal adviser to Hong Long Holdings in the placement of the convertible note and loan note to Lehman Brothers and the IPO.