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King & Wood Mallesons and Latham & Watkins are among the firms that have landed roles in the $1.1bn IPO of Huishang Bank, the third Chinese bank to go public in Hong Kong in a month.
King & Wood Mallesons, fielding Beijing corporate partners Yang Xiaolei and Su Zheng, acted as the bank’s PRC legal counsel. Latham & Watkins provided Hong Kong law and US law advice to the issuer in the IPO and listing. The Latham team was led by Hong Kong corporate partners Cathy Yeung and Michael Liu on Hong Kong law and Eugene Lee on US law.
Clifford Chance and Grandall acted for the underwriters as international counsel and PRC counsel respectively. Clifford Chance’s team in this transaction was headed by Beijing corporate partner Tim Wang and Hong Kong corporate partner Cherry Chan. Grandall’s Shanghai-based partners Wei Wei and Fang Jie were the lead partners.
BOC International, CITIC Securities, JP Morgan, Morgan Stanley and UBS were the joint global coordinators for Huishang Bank’s IPO.
“This is a high quality PRC bank IPO deal and we expect a lot more activity in this space,” said Micheal Liu, Latham’s Hong Kong managing partner.
In the past month, two other Chinese banks have also debuted in Hong Kong. Huirong Financials raised $106m from its IPO and Bank of Chongqing raised $593m.