Freshfields Bruckhaus Deringer, King & Wood Mallesons, Davis Polk & Wardwell, Li & Partners and Jingtian & Gongcheng have scored advisory roles on China Everbright Bank’s $2.8 billion Hong Kong initial public offering.
The offering would be Hong Kong’s biggest since China Petroleum & Chemical Corp (Sinopec), Asia’s largest refiner, raised $3.1 billion in February.
Freshfields and Li & Partners advised China Everbright on the offering, while King & Wood Mallesons provided PRC law advice.
China Everbright Securities, China International Capital Corp, Morgan Stanley and UBS AG coordinated the offering, and were advised by Davis Polk and Jingtian & Gongcheng.
China Everbright, China’s 11th biggest bank by market capitalisation, is attempting to raise capital in Hong Kong for the third time after market conditions led it to abandon efforts last year and the year before, Reuters reported.
The offer will be priced on Dec. 13, with trading to start on Dec. 20.
China Everbright Bank received commitments worth $1.74 billion from 19 cornerstone investors including China Shipping (Group) Co and Prudential Financial Inc, according to its prospectus.
Kanishk Verghese is North Asia journalist at ALB. Follow us on Twitter: @ALB_Magazine.