China Zheshang Bank rights issue to raise HKD13.8bn

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Four law firms counselled China Zheshang Bank on its HKD13.8 billion (USD1.77 billion) rights issue on the HKEX and the SSE, which is a fundraising option allowing existing security holders to subscribe for additional securities in proportion to their current holdings.

The transaction involved the placement of a total of 1.366 billion H shares and 5.014 billion A shares, raising HKD3.05 billion and RMB9.8 billion, respectively.

Partners Richard Wang and Howie Farn led the Freshfields Bruckhaus Deringer team, acting for China Zheshang Bank on Hong Kong and US law, while T&C Law Firm provided PRC law advice.

CLSA was the underwriter of the H-share issue. CITIC Securities was the sponsor of the A-share issue. The underwriters of the A-share placement were CITIC Securities, China International Capital, CSC Financial, Huatai United Securities, Shenwan Hongyuan Finacial Services, Guotai Junan Securities, China Industrial Securities, and Caitong Securities.

Partners Virginia Lee and Jean Thio led the Clifford Chance team, advising CLSA on Hong Kong and US law, while JunHe’s leading parrners Zhao Jun and Ma Rui consulted on PRC law, with support from partner Xia Ruhai

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