Mega-IPO for last of the state-owned banks
July 21, 2010 | BY
clpstaff &clp articlesAgricultural Bank of China (ABC), the last of the four state-owned lenders to list, raised US$19.2 billion in its initial public offering (IPO) and dual-listing…
Agricultural Bank of China (ABC), the last of the four state-owned lenders to list, raised US$19.2 billion in its initial public offering (IPO) and dual-listing on the Shanghai and Hong Kong stock exchanges. Its global offering of H-shares comprised an international offering, a public offering in Hong Kong and an A-share offering in China. This is the largest IPO globally in 2010 to date and could be the world's largest ever if the overallotment option is fully exercised.
Beijing-based DeHeng Law Office advised the issuer on PRC law in the IPO. The team was led by Wang Li, Xu Jianjun and Li Guangxin. For Hong Kong law, ABC turned to a Freshfields Bruckhaus Deringer team led by Teresa Ko and Antony Dapiran. Davis Polk & Wardwell provided the US advice to ABC.
The four underwriters for ABC's A-share IPO, China International Capital Corporation (CICC), Citic Securities, Guotai Junan Securities and China Galaxy Securities, were represented by a King & Wood Beijing team led by Yang Xiaolei, Tang Lizi and Su Zheng.
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