Paul Hasting, Clifford Chance, Tian Yuan Law Firm and JunHe LLP have secured leading roles in the initial public offering of Bank of Tianjin Co, a commercial lender based in the northern Chinese port city.
The commercial lender secured $560 million in commitments from cornerstone investors, including $270 million from China State Shipbuilding Corp, according to IFR.
Paul Hastings represented the bank on Hong Kong and U.S. law matters while a team led by Tian Yuan partners Wang Lihua, Liu Yan, Kong Xiaoyan and Zhang Deren acted as PRC counsel.
A Clifford Chance team led by partners Amy Lo, Jean Thio and Tim Wang represented the joint sponsors and underwriters alongside Beijing-based JunHe, which advised on PRC law.
Bank of Tianjin’s IPO comes on the heels of China’s Zheshang Bank’s listing in Hong Kong. Shares of the two mid-sized Chinese lenders were set to open flat on their Hong Kong debut after they raised a combined $2.6 billion, with both deals pricing near the bottom of expectations in the face of tepid investor demand.
