Latham & Watkins and King & Wood Mallesons are advising China’s Huishang Bank Corp. on its $1.2 billion initial public offering in Hong Kong.
The lender, based in the central province of Anhui, yesterday priced 2.61 billion shares at $0.46 apiece, according to Bloomberg, who cited sources familiar with the matter. The shares are expected to begin trading on the Hong Kong Stock Exchange Nov. 12.
Huishang serves corporate and retail clients through 199 branches in Anhui, as well as nearby Nanjing in Jiangsu province. The bank is raising the money in order to strengthen its capital base so it can further grow its business, according to a prospectus.
Latham & Watkins Hong Kong partners Eugene Lee and Cathy Yeung are advising Huishang on Hong Kong and U.S. law aspects of the offering, with King & Wood Mallesons acting as Chinese counsel.
Clifford Chance Hong Kong partner Cherry Chan advised underwriters CITIC Securities International, UBS AG, J.P. Morgan, Morgan Stanley, and BOC International. The banks were advised by Grandall Law Firm on Chinese law.