The newly issued shares will represent 16.6 percent of the company’s enlarged Hong Kong-listed shares. Proceeds will be used to increase capital and for business development.
GIC is looking to boost its stake in the Chinese insurer from 2.3 percent to 10.6 percent by paying $700 million for more than half of the 462 million new shares issued.
Freshfields Hong Kong partner Calvin Lai led his firm’s work on the deal. King & Wood Mallesons Beijing partners Yang Xiaolei and Su Zheng advised China Pacific on Chinese law.
Both Freshfields and the former King & Wood were legal advisors to China Pacific Insurance when it launched its Hong Kong initial public offering and raised $3 billion in 2009.
In February, Clifford Chance also advised GIC on a $30 million investment in Chinese athletic wear manufacturer Li Ning Co. Ltd. GIC also engaged Clifford Chance as counsel on a $179 million investment in Hangzhou-based Intime Department Store (Group) Co. Ltd. last year.