Clifford Chance Advises on Huishang Bank’s US$1.19 Billion Hong Kong IPO

Leading international law firm Clifford Chance has advised BOC International, CITIC Securities, JP Morgan, Morgan Stanley and UBS, as joint global coordinators of Huishang Bank Corp.’s (Huishang Bank) US$1.19 billion (approximately HKD9.21 billion) listing on the Main Board of the Stock Exchange of Hong Kong.

Huishang Bank, a regional bank based in the eastern Chinese province of Anhui, sold a total of 2.61 billion H-shares and priced its shares at HKD3.53 each. The Chinese bank started trading in Hong Kong on Tuesday, 12 November 2013.

Corporate partner Tim Wang said, “We are pleased to advise on Huishang Bank’s listing which is the biggest IPO in Hong Kong by a regional bank since Chongqing Rural Commercial Bank raised US$1.7 billion in its listing three years ago.”

Hong Kong Corporate partner Cherry Chan adds, “We are delighted to have advised on three out of four Hong Kong IPOs over US$1 billion this year. These include China Galaxy Securities’ US$1.1 billion listing, Huishan Dairy’s USD1.3 billion listing and Huishang Bank raising USD1.19 billion.”

The Clifford Chance team was co-led by Corporate partners Tim Wang and Cherry Chan, and supported by consultant John Baptist Chan, senior associate Philip Chan and associates Liao Yufei and Grace Huang. A separate team advising on US law was led by Capital Markets partner Jean Thio, supported by consultant Fang Liu, senior associate Naiting Cao and associate Samia Qian.

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