Davis Polk advised Best Investment Corporation, a wholly owned subsidiary of CIC International Co., Ltd., on its subscription of 275,690,000 H shares in Bank of Communications Co., Ltd. for a total consideration of approximately US$199 million, as part of the proposed non-public issuance and placing of 6,541,810,669 new A shares and 5,559,619,881 new H shares at the subscription price of RMB4.55 per A share and HK$5.63 per H share, respectively, by Bank of Communications.
Bank of Communications Co., Ltd. is one of the leading state-owned commercial banks in China and has an extensive network of over 2,800 branches covering over 80 major cities. Apart from the Hong Kong Stock Exchange, it is also listed on the Shanghai Stock Exchange and has established overseas branches in New York, Tokyo, Singapore and representative offices in London and Frankfurt.
The Davis Polk team included partner Paul Chow and associate Peter Cheng, both of the Hong Kong office.
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