King & Wood Mallesons advises PICC P&C on domestic share H placement

King & Wood Mallesons has advised PICC Property and Casualty Company Ltd (PICC P&C) on its domestic share H placement.

The Rights Issue is conducted on the basis of 1.1 Rights Shares for every 10 existing shares. Overall, PICC P&C successfully issued 929,984,220 shares of domestic offering at RMB4.3 apiece and 418,173,580 shares of public offering in Hong Kong at HK$5.38 per share, raising approximately RMB5.787bn (HK$7.28bn).

Upon completion, the issue share was increased from 12,255,980,000 to 13,604,137,800 and People’s Insurance Company (Group) of China Ltd (PICC Group) still holds 69 per cent of the total shares.

King & Mallesons served as the PRC legal counsel to the issuer. The project was led by partner Yang Xiaolei and Su Zheng.