China Zheshang Bank $1.7 billion HKSE IPO

Overview:

• China Zheshang Bank has raised $1.7 billion (HK$13 billion) through an IPO in Hong Kong.
• The IPO is the world's largest so far in 2016 and is Hong Kong's first over HK$10 billion this year.
• Zheshang Bank issued 3.3 billion H shares listed on HKSE—pricing its shares at HK$3.96 per share—and the listing included a concurrent Rule 144A and Regulation S offerings.
• The underwriters in the transaction were CITIC CLSA, China International Capital Corporation, Goldman Sachs and Agricultural Bank of China International.  
• The deal is another landmark in the Chinese banking system's pursuit of private capital as Zheshang Bank becomes the ninth of 12 Chinese joint-stock commercial banks—second-tier lenders below the Big Four—to publicly float its shares. 
• King & Wood Mallesons (Yang Xiaolei, Li Yuanyuan, Liu Dongya) advised China Zheshang Bank on its listing, and acted as the underwriters' PRC counsel.
• Freshfields Bruckhaus Deringer advised the issuer on Hong Kong and US law.
• Zhejiang T&C Law Firm acted as China Zheshang Bank's PRC counsel. 
• Jones Day (Joelle Laum, Julian Lin, Terry Kwok, Halent Zhang, Quiny Chan, Tina Wong, Maggie Bai) acted for the underwriters on US law.

Adam Majeed - Asia Editor