On October 12, 2005, BNP Paribas (BNPP) signed a strategic alliance agreement with Nanjing City Commercial Bank (NJCCB). According to the strategic alliance agreement, BNPP will invest US$85 million (equivalent to RMB 700 million) in NJCCB to acquire about 19.2% equity shares of NJCCB, which led BNPP to be the second largest shareholder of NJCCB. In consideration of NJCCB's A Share listing, BNPP's equity investment took the form of share transfer from existing shareholders instead of new issue. Llinks advised BNPP as sole deal counsel on this deal in all respects, including conducting due diligence, drafting, negotiation, documentation and providing legal and regulatory advice.