Mega-IPO for last of the state-owned banks

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 mega-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.

Herbert Smith acted as Hong Kong counsel to CICC, Goldman Sachs, Morgan Stanley, Deutsche Bank, JP Morgan, Macquarie and ABCI Securities as the joint sponsors, joint bookrunners and joint lead managers. The legal team was led by Tom Chau and John Moore. US counsel to the international underwriters was Allen & Overy. The team was led by Hong Kong partners David Johnson, Mark Roppel and Linda Lee. Haiwen & Partners served as PRC counsel to the joint sponsors, joint bookrunners and joint lead managers.