Herbert Smith has advised the underwriters of the H-share rights issue by Industrial and Commercial Bank of China (ICBC). BOC International, BNP Paribas, ICBC International and UBS were joint lead underwriters and Bank of America Merrill Lynch, Credit Suisse, HSBC and Nomura were co-lead underwriters of the H-share rights issue.
The rights issue will raise approximately HK$52 billion (US$6.75 billion) through the issue of 3.73 billion H-shares and 11.29 billion A-shares.
ICBC is the largest commercial bank and listed lender in Mainland China (in terms of total assets). Listed on both the Hong Kong Stock Exchange and the Shanghai Stock Exchange, ICBC has 44 branches, 10 “Elite Club” Wealth Management Centres and 4 commercial business centres in Hong Kong.
Herbert Smith advised on both the Hong Kong and US law aspects of the transaction.
Corporate partner Tom Chau led the transaction and advised on the Hong Kong law aspects. He was assisted by senior associate Victor Pang.
The US team was led by corporate partner Kevin Roy, assisted by senior associate Melody Chen, together with associates Han Han and Stanley Xie.
Tom Chau commented:
“We are delighted that we have been able to work with a number of our most significant investment banking clients on this successful transaction. Our appointment as the legal adviser in this rights issue was a direct result of our strong relationships with both the issuer and the investment banks. We look forward to further such deals for clients across Asia. The successful closure, under a tight timeframe, once again emphasises the high quality of the work and our reputation as the leading capital markets practice in Hong Kong and across Asia. I would like to thank our team for their dedication and hard work.”
Kevin Roy added:
“We are pleased to have advised the underwriters on this major rights issue. Particular credit goes to the Herbert Smith associates, who did a remarkable job on this significant transaction.”
Melody Chen commented:
“We are delighted to have assisted in bringing this significant transaction to a successful completion, which once again demonstrates our strong capital markets abilities. We look forward to working closely with these significant clients of the firm on future transactions.”
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