Deal highlights

Listings

China Pacific Insurance Company (CPIC) floated its global depositary receipts on the London Stock Exchange. The US$1.8 billion offering was under the Shanghai-London Stock Connect scheme and makes CPIC the first Shanghai, Hong Kong and London listed insurance company.

Baker McKenzie acted as the English, the US and Hong Kong law counsel. Fangda Partners and Clifford Chance advised the global coordinator and underwriters of the offering. Linklaters Zhao Sheng advised Citibank, as the depositary, and Swiss Re, as the cornerstone investor.

Tumour test provider Burning Rock Biotech raised US$223 million from a Nasdaq listing in the first week of June. Burning Rock is the first listed next generation gene sequencing company in China. Shihui Partners and Cleary Gottlieb Steen & Hamilton served as its PRC and US legal advisers respectively. Jingtian & Gongcheng and Simpson Thacher & Bartlett advised the underwriters.

Genetron Holdings, a cancer precision medicine company, raised US$260 million in a Nasdaq IPO in mid-June. Shihui served as the PRC legal counsel to the issuer, while Davis Polk & Wardwell acted as its US legal adviser. Fangda and Clifford Chance acted as PRC and US legal adviser, respectively, to the underwriters.

Bond issuances

Fangda Partners advised Asian Infrastructure Investment Bank (AIIB) on its RMB3 billion Panda bond issuance in the Chinese interbank bond market, the first such offering by the development institution. The bond has a maturity of three years and coupon of 2.4% and the capital will be used to facilitate AIIB’s response to covid-19.

Zhonglun W&D Law Firm advised Hebei provincial government on its RMB15 billion special bond offering. The proceeds of the issuance will be used for the construction of Xiong’an New Area (phase I).

China Gold Inter-national Resources, the state-owned miner, raised US$300 million from an issue of guaranteed bonds on the Hong Kong Stock Exchange. Tian Yuan Law Firm served as the issuer’s PRC legal counsel for the offering, and Linklaters acted as the issuer’s Hong Kong legal counsel. Video platform Bilibili raised US$800 million from a convertible bond offering on Nasdaq due 2027. AnJie Law Firm and Tian Yuan were the PRC legal advisers for the issuer and Commerce & Finance Law Offices advised the bookrunners.