US$3.2 billion rights issue for China Merchants Bank
June 18, 2010 | BY
clpstaff &clp articlesIn the first global rights offering by a Chinese bank, China Merchants Bank has raised US$3.2 billion in a rights issue. Additionally, this is the first…
In the first global rights offering by a Chinese bank, China Merchants Bank has raised US$3.2 billion in a rights issue. Additionally, this is the first rights offering by a PRC company that was made available to US investors. The underwriters were BNP Paribas, JP Morgan, Merrill Lynch and UBS.
Advising the underwriters was Freshfields Bruckhaus Deringer as its Hong Kong and US counsel. The team was led by Hong Kong managing partner Kay Ian Ng and US securities partner Calvin Lai. Commerce & Finance acted for the underwriters on PRC law. Representing the issuer were a trio of firms: Davis Polk & Wardwell advised on US law, Jun He advised on PRC law, and Herbert Smith advised on Hong Kong law. James Lin led the team at Davis Polk.
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