China Minsheng Banking Corp. Ltd. has appointed Clifford Chance as lead counsel on its $1.4 billion sale of shares to bolster its capital base in advance of new capitalization rules being introduced in China. Beijing partner Tim Wang is leading Clifford Chance’s team acting for Minsheng, along with Shanghai partner Jean Thio. Freshfields Bruckhaus Deringer Hong Kong partner Calvin Lai and Beijing partner Richard Wang are advising the underwriters–UBS A.G. and Haitong Securities Co. Ltd. [Read full story]
Clifford Chance is advising Kunlun Energy Co. Ltd., a Hong Kong-based natural resources company, on a $1.35 billion share placement. Kunlun, which is controlled by Chinese state-owned energy company PetroChina Co. Ltd., will use the proceeds of the offering to expand its LNG activities, as part of a government plan to reduce China’s dependency on oil. Clifford Chance Hong Kong partners Amy Lo and Virginia Lee are acting for Kunlun. The underwriters of the placement have turned to a Sullivan & Cromwell team comprising Hong Kong partners Kay Ian Ng, Gwen Wong and Will Chua. [Read full story]
