Paul Hastings has advised Zhongyuan Bank, the largest city commercial bank in central China's Henan province, on its $1 billion debut on the Hong Kong stock exchange.

Sullivan & Cromwell is also involved in the transaction, representing IPO joint sponsors CCB International, CITIC, CLSA, CMB International and JP Morgan. 

Zhongyuan's IPO comes months after several smaller Chinese banks have also gone public in Hong Kong to strengthen their balance sheets amid a lending boom in the world's second largest economy, according to Reuters.  

The Paul Hastings team was led by Raymond Li, partner and chair of Greater China, and capital markets partners Zhaoyu Ren, Nan Li and Bonnie Yung.