Following China Pacific Insurance (Group) Co Ltd’s (CPIC) plan to raise HK$10.4 billion ($1.3 billion) through a Hong Kong H-share private placement, Clifford Chance and Jun He Law Offices have advised the Government of Singapore Investment Corporation Private Limited (GIC) on its purchase of about $700 million of CPIC’s shares.
Clifford Chance Beijing partner Terence Foo and Hong Kong-based partner Amy Lo advised GIC on the transaction. Freshfields Bruckhaus Deringer acted for CPIC, while King & Wood Mallesons was PRC counsel to the insurance company.
The shares will also be sold to Norges Bank and the Abu Dhabi Investment Authority, China Pacific said in a statement.
“China is currently undergoing demographic and economic changes which present growth opportunities in what is one of the fastest growing insurance markets in the world,” said Foo of Clifford Chance. “This investment demonstrates the continued interest of investors in this sector.”
Kanishk Verghese is North Asia journalist at ALB. Follow us on Twitter: @ALB_Magazine.
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