King & Wood Mallesons and Paul Hastings have advised on Hong Kong-listed Fosun International’s $1.5 billion rights issue, the biggest rights issue in Hong Kong to date this year. 

Fosun, China’s largest privately-owned conglomerate, mainly operates in the asset management, investment, industrial operations and insurance industries. It plans to use the net proceeds from the rights issue to repay loans and for M&A activity in the insurance and banking sectors.

KWM’s team was headed by partners Gary Lock, who handled matters pertaining to Hong Kong law; Christine Chen, who provided advice on U.S. law; and Richard Mazzochi, who was in charge of bank financing matters. 

Paul Hastings, led by Hong Kong capital markets partners Sammy Li and Zhaoyu Ren, advised CMB International Capital, the joint underwriter, joint global coordinator, joint bookrunner and financial advisor.