The last of China's 'big four' state-owned commercial banks to go public, the Agricultural Bank of China (ABC), has received approval from the China Securities Regulatory Commission (CSRC) for its A-share IPO.
This marks a critical step in the bank's plan to launch a dual listing in Shanghai and Hong Kong, which is expected to raise between US$17.6bn and US$23bn when it is expected to be launched in mid-July.
According to the bank's A-share IPO draft prospectus, Beijing's DeHeng Law Office has secured the role as the issuer's legal advisor, while King & Wood has been appointed as the legal advisor to the lead underwriters - CICC, Citic Securities, Galaxy Securities and Guotai Junan Securities.
DeHeng's managing partner Wang Li leads the firm's team on the IPO, consisting of partners Xu Jianjun and Li Guangxin and lawyers Wu Lianhua and Sun Yanli. King &Wood's legal team is co-headed by partners Yang Xiaolei, Tang Lizi and Su Zheng.
King & Wood recently advised Bank of Communication on its US$4.9bn right issuance in Shanghai and Hong Kong, and, in 2006, it acted for Industrial and Commercial Bank of China in its A+H share IPO, which raised US$22bn and is the world's largest IPO to date. ALB
DeHeng Law Office [Leader partner: Wang Li] Issuer Haiwen & Partners [Lead partner: Wang Jianyong] PRC counsel Allen & Overy [Lead partners: David Johnson, Mark Roppel and Linda Lee] Investor: Standard Chartered
Agricultural Bank of China IPO
US$19bn
Synopsis Agricultural Bank of China launches listing on the Hong Kong Stock Exchange as well as an A-share offering on the Shanghai Stock Exchange
Firm
Client
Role
Issuer
PRC counsel
Freshfields [Lead partners: Teresa Ko and Antony Dapiran]
Issuer
Hong Kong counsel
Davis Polk [Lead partner: Show-Mao Chen]
US counsel
King & Wood [Lead partners: Yang Xiaolei, Tang Lizi and Su Zheng]
Underwriters
PRC counsel
Herbert Smith [Lead partners: Tom Chau and John Moore]
Sponsors
Hong Kong counsel
Sponsors
Sponsors
US counsel
Slaughter and May [Lead partners: Laurence Rudge and Nilufer von Bismarck]
Hong Kong and UK counsel
Clifford Chance [Lead partner: Roger Denny]
Investor: Rabobank
Hong Kong counsel
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