Freshfields Bruckhaus Deringer, Zhejiang T&C Law Firm, Jones Day and King & Wood Mallesons have advised on Zheshang Bank’s $1.7 billion Hong Kong initial public offering, the largest in Hong Kong this year.

Freshfields partners Richard Wang and Calvin Lai represented the Zhejiang-based bank on Hong Kong and U.S. law, while Zhejiang T&C Law firm’s Hangzhou-based partner Liu Bin advised on PRC law.

Jones Day, led by partner Joelle Lau, represented the joint sponsors and underwriters, which tapped in King & Wood Mallesons for PRC legal advice.

Zheshang Bank’s IPO secured $963 million in commitments from cornerstone investors including Zhejiang Seaport Group and Alipay (Hong Kong) Investment, which is part of Alibaba Group Holding Ltd's Ant Financial Services Group.

The IPO’s debut on the Hong Kong stock exchange traded near the bottom of expectations, reflecting investors’ concerns about non-performing loans and bad debts in mainland China.

According to Dealogic, Hong Kong had fewer than a dozen IPO this year, raising a collective $853 million, compared to $1.3 billion at this point last year

Citic CLSA, CICC, Goldman Sachs, and ABC International were joint sponsors of the IPO.