On March 29 2017, ZheShang Bank Co., Ltd. completed an offshore private placement of non-cumulative permanent preferred shares worth US$ 2.175 billion, with the first-phase coupon rate fixed at 5.45%. King & Wood Mallesons assisted the bank with the share offering as the Chinese legal advisor to the underwriters, and its lawyers SU Zheng and LI Yuanyuan were designated as the responsible partners for the project. Clifford Chance acted as the foreign legal advisor to the underwriters, and its team was led by partner FANG Liu. T&C Law Firm and Linklaters acted respectively as the Chinese and foreign legal advisors to the issuer, and their teams were led by LIU Bin (T&C) and Terence LAU (Linklaters).