Freshfields Bruckhaus Deringer has advised Chinese conglomerate Citic Ltd. on a $6.9 billion share placement to fund its $36.5 billion acquisition of assets from parent Citic Group.

The acquisition, which closed last week, was part of a new round of state-owned enterprise reform in China. The deal involved Citic Group transferring $36.8 billion of business—mainly in the banking, construction and energy sectors—to its Hong Kong-listed subsidiary, Citic Pacific. Hong Kong-based Citic Pacific will be renamed Citic Ltd. on Sep. 1 and become the headquarters of the group.

To fund the transaction, Citic has raised $6.9 billion by selling shares to 27 Chinese and international investors, who will together hold 15.87 percent of the company. Chinese state-owned enterprise including China National Tobacco Corp., China’s National Social Security Fund, China Life Insurance Co. Ltd. and Industrial and Commercial Bank of China Ltd. collectively contributed $4.8 billion of the total sum. Other major investors include Thailand’s Charoen Pokphand Group, Chinese internet giant Tencent Holdings Ltd., AIA Co. Ltd. and Singaporean sovereign fund Temasek Holdings Ltd.

Freshfields Hong Kong partners Teresa Ko and Calvin Lai and Beijing partner Richard Wang led a team acting for Citic on both the restructuring and the share placement. Beijing-based Jia Yuan Law Firm advised the company on Chinese law.

Underwriters, Citic Securities Corporate Finance Ltd., BOCI Asia Ltd., ABCI Securities Co. Ltd., CCB International Capital Ltd., ICBC International Capital Ltd., Mizuho Securities Asia Ltd. Morgan Stanley Asia Ltd. and China Securities Corporate Finance Co. Ltd., didn’t retain external counsel.