Clifford Chance has advised China Minsheng Banking Corp on the sale of its 1.65 billion new Hong Kong-listed shares at HK$6.79 each ($0.87), which has raised HK$11.2 billion ($1.44 billion). Haitong International and UBS were the joint global co-ordinators of the offering, and were advised by Freshfields Bruckhaus Deringer.

China Minsheng is the second bank to tap shareholders this month, said Reuters, after Bank of Communications, China’s fifth-largest lender by assets, raised about $8.9 billion through a private placement.

Reuters added that the offering was about five times covered, indicating a healthy demand for the issue, which was priced at a 5 percent discount.

In a statement, China Minsheng said the issue “offers a good opportunity for the company to raise additional capital in the most effective manner, and will also provide an opportunity for the company to broaden its shareholder base.”

Clifford Chance’s Beijing-based partner Tim Wang led the team, with additional support from partner Jean Thio, counsel Jean Yu, senior associate Eli Gao and associate Yufei Liao.

“We are delighted to have advised China Minsheng Bank on this important capital raising transaction, and on the bank’s successful Hong Kong listing,” said Wang in a statement. “It reflects our strong capability to serve our mainland clients on their fund raising activities.” ALB

Kanishk Verghese is North Asia Journalist at ALB. Follow him on Twitter: @ALB_Magazine.

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