Bank of Communications raises US$4.9 billion
July 15, 2010 | BY
clpstaff &clp articlesPRC Bank of Communications has sold 3.89 billion yuan-denominated A-shares in Shanghai and 3.46 billion Hong Kong dollar-denominated shares in Hong Kong.…
PRC Bank of Communications has sold 3.89 billion yuan-denominated A-shares in Shanghai and 3.46 billion Hong Kong dollar-denominated shares in Hong Kong. The combined A-share and H-share rights issue raised $4.9 billion. The joint bookrunners includes HSBC, which owns a 19% stake in the issuer.
King & Wood and Baker & McKenzie acted for the Bank of Communications as PRC and Hong Kong counsel respectively. Freshfields Bruckhaus Deringer advised the joint bookrunners, its Hong Kong team led by Chris Wong and its US team led by Calvin Lai. All 13 underwriters, which included UBS, Huatai Securities, and Goldman Sachs, were represented by a Grandall team led by Shanghai partner Liu Wei.
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