Chongqing Rural Commercial Bank in US$1.35 billion IPO

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Chongqing Rural Commercial Bank in US$1.35 billion IPO, 重庆农村商业银行 IPO 募集 13.5 亿美元

Chongqing Rural Commercial Bank (CRCB) made a HK$10.5 billion (US$1.35 billion) Hong Kong public offering and a Rule 144A/Regulation S international offering in December. 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. It is the first among China’s city-based commercial banks to go public in Hong Kong and its IPO ranks as the fourth largest in Hong Kong last year after Agricultural Bank of China, AIA and shipbuilder Rongsheng Heavy Industries.

The bank’s PRC counsel was Junhe Law Offices. Herbert Smith advised it on both the Hong Kong and US law aspects of its IPO. Its US team was led by corporate partner John Moore and was assisted by senior associate Melody Chen, associate Benjamin Chou and Wang Minchu. Corporate partner Tom Chau led the Hong Kong team and was assisted by associates Florense Tong, Arthur Xu, Lawrence Wang and Hu Shouye.

Meanwhile, Clifford Chance acted as the underwriters’ counsel regarding Hong Kong and US law, while King & Wood advised them as to PRC law.