Firms act on $8bn HK IPO

Major multinational law firms and a leading Chinese law firm advised Postal Savings Bank of China (PSBC) on its initial public offering in Hong Kong

by Michael Mata

China’s largest bank by number of branches, state-owned Postal Savings Bank of China (PSBC) recently launched an initial public offering in Hong Kong worth up to $8.1bn, with the vast majority of the deal being covered by six cornerstone investors.

The six cornerstone investors will purchase as much as $5.86bn worth of stock on offer, which is about 72% of the initial public offering. That would place it near the record 77% cornerstone tranche for the $810m listing of China Development Bank Financial Leasing in July.

Multinational law firms King & Wood Mallesons, Davis Polk & Wardwell LLP, and Clifford Chance LLP, as well as the Chinese law firm Haiwen & Partners, all advised on the IPO, which launched on September 14.

Davis Polk & Wardwell LLP advised PSBC on the float on the Hong Kong Stock Exchange, with Haiwen & Partners acting as the Chinese counsel on the deal.

Meanwhile, “Magic Circle” firm Clifford Chance LLP advised the underwriters China International Capital Corporation, Morgan Stanley, Bank of America Merrill Lynch, Goldman Sachs, and JP Morgan as joint sponsors on the Hong Kong Stock Exchange, while King & Wood Mallesons acted as Chinese counsel to the banks.

Clifford Chance’s team was led by Tim Wang, China co-managing partner, with Hong Kong partners Amy Lo and Fang Liu. The team was supported by Singapore-based Jean Thio.

According to a term sheet seen by Reuters, PSBC is offering 12.1 billion new shares in an indicative range of HKD4.68 to HKD5.18 each.
 

Recent articles & video

Gadens to merge with Canberra firm

Clio's APAC GM was a linguistics student who 'never considered' a career in legal

Majority of Australian legal professionals think AI use is ethical: report

Nominations for Elite Women 2024 close next week

Kain Lawyers scoops up ex-PwC Australia legal business head as director

US federal judge upholds law suspending 97-year-old appeals judge

Most Read Articles

Hall & Wilcox helps CHG-Meridian acquire asset portfolio from Maia Financial

Maurice Blackburn director to helm the Australian Lawyers Alliance as national president

Lawyers seek access to Johnson & Johnson communications in talcum powder lawsuit

CRH takes major stake in Adbri with G+T's support