Herbert Smith has advised Chongqing Rural Commercial Bank (CRCB) on both the Hong Kong and US law aspects of its HK$10.5 billion (US$1.35 billion) Hong Kong public offering and Rule 144A / Regulation S international offering. The global offering consisted of an aggregate of 2,185,509,601 H shares, priced at HK$5.25 per share.
CRCB is the largest bank in terms of total assets and total deposits in Chongqing and the third provincial level rural commercial bank established in the PRC. It is the first among the country’s city commercial banks to go public in Hong Kong and ranks as the fourth largest IPO in Hong Kong this year after ABC, AIA and Chinese shipbuilder Rongsheng Heavy Industries.
The US team was led by corporate partner John Moore and was assisted by senior associate Melody Chen, associates Benjamin Chou and Minchu Wang. Corporate partner Tom Chau led the Hong Kong team and was assisted by associates Florense Tong, Arthur Xu, Lawrence Wang and ShouYe Hu.
John Moore commented:
“This is a significant transaction and a further demonstration of the strength of our capital markets team in advising major Chinese issuers. It is also a fitting finale to a very successful year for the team – one that included advising Agricultural Bank of China on their Hong Kong IPO – the world’s largest ever public offering. The Chongqing deal reinforces our market standing as the leading capital markets team in greater China – a team who successfully execute complex capital markets transactions under challenging deadlines.”
Tom Chau added:
“Our appointment as the legal adviser on this IPO was a direct result of our strong relationships with the issuer. The successful closure once again emphasises the high quality of the work and our reputation in Hong Kong and across Asia. I would like to thank our team for their dedication and hard work.”
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