Linklaters and Freshfields Bruckhaus Deringer had the lead roles on Chinese insurer PICC Property & Casualty Co. Ltd.’s $938 million rights issue.

The company, a subsidiary of state-owned The People’s Insurance Co. (Group) of China Ltd., issued 1.35 billion rights shares on the Hong Kong Stock Exchange. The money raised will be used to bolster PICC P&C’s capital base and to improve its solvency margin.

Linklaters acted for PICC on the deal. The partners leading the firm’s advisory team were not available at press time.

Freshfields Hong Kong partner Calvin Lai and Beijing partner Richard Wang advised joint lead underwriters China International Capital Corp. Ltd., The Hongkong and Shanghai Banking Corp., and Goldman Sachs.