Paul Hastings, a leading global law firm, announced today that it advised Morgan Stanley as the sole placing agent, global coordinator and bookrunner on Ping An Insurance Group Company of China, Ltd.’s US$4.75 billion private placement of new H-shares.
The successful completion of the placement marks the largest primary follow-on offering in the financial institutional group sector globally over the past 3 years. According to publicly available information, the transaction is also the largest H-share placement ever and one of the largest primary follow-on offering in Asia Pacific (excluding Japan) over the past 10 years.
Ping An is a Shenzhen-based integrated financial services conglomerate with three core businesses including insurance, banking, and investment. It intends to use the net proceeds from the placing to fund its business development and replenish its equity and working capital.
The Paul Hastings team was led by Sammy Li, partner and Chair of the Hong Kong office, and Hong Kong capital markets partner Edwin Kwok, with U.S. capital markets partner Steven Winegar advising on the U.S. law aspect of the transaction and support from associates Tim Sung and Winfield Lau.
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