China’s largest bank issues USD5.65 billion equivalent 6.00% AT1 preference shares in three currencies

The Industrial and Commercial Bank of China Ltd. (ICBC), China’s largest lender, issued USD5.65 billion equivalent in aggregate of Basel III-compliant Additional Tier 1 preference shares. Allen & Overy advised ICBC International as Sole Global Coordinator and ICBC International, Goldman Sachs, UBS and Bank of America Merrill Lynch as joint lead managers and joint bookrunners on ICBC’s debut offshore AT1 preference share offering.

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Freshfields advises on US$1.17bn PICC P&C rights issue

International law firm Freshfields Bruckhaus Deringer has advised the underwriters on the US$1.17bn rights issue of PICC Property and Casualty Company Limited (PICC P&C).

PICC P&C, the Chinese state-controlled and China’s leading non-life insurer, has issued around 397.8m H-shares at HK$7.46 per share and 844.6m domestic shares at RMB5.92 per share. PICC P&C has raised a total of RMB7.24bn (US$1.17bn) from the rights issue.

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Shearman & Sterling Advises on CGN Power’s US$3.2 Billion Hong Kong IPO

Shearman & Sterling advised CGN Power Co., Ltd. (“CGN Power”), the largest nuclear power producer in China, in connection with its primary listing on the Main Board of The Stock Exchange of Hong Kong Limited and global offering with a size of approximately HK$24.5 billion (US$3.2 billion) (or HK$28.0 billion if the over-allotment option is fully exercised).

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Davis Polk Advises China Cinda Asset Management Co., Ltd. on Its US$230 Million Notes Offering

Davis Polk advised China Cinda Asset Management Co., Ltd. (China Cinda) in connection with a private placement of US$230 million Regulation S guaranteed senior notes issued by China Cinda’s wholly owned subsidiary, China Cinda Finance (2014) II Limited. The notes are guaranteed by China Cinda (HK) Holdings Company Limited, a wholly owned subsidiary of China Cinda, and are supported by a keepwell deed and a deed of equity interest purchase, investment and liquidity support undertaking from China Cinda.

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Alibaba Group Completes Its Debut US$8 Billion Senior Unsecured Notes Offering

The Hong Kong and Palo Alto offices of the Firm represented Alibaba Group Holding Limited (“Alibaba Group”) in connection with its debut offering of US$8 billion aggregate principal amount of senior unsecured notes, consisting of US$300 million floating rate notes due 2017, US$1 billion 1.625% notes due 2017, US$2.25 billion 2.5% notes due 2019, US$1.5 billion 3.125% notes due 2021, US$2.25 billion 3.6% notes due 2024 and US$700 million 4.5% notes due 2034. The notes are rated A1 by Moody’s, A+ by Standard & Poor’s and A+ by Fitch.

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Appleby Advised EGL Tours On Its Hong Kong Listing

Appleby acted as Cayman counsel for EGL Company Holdings Limited (EGL Tours) in relation to its listing on the Main Board of the Hong Kong Stock Exchange on 28 November 2014, with net proceeds of approximately HK$114.5 million.

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Appleby Advised On Cofco Land Holdings’ US$800m Notes Issuance

Appleby acted as Bermuda counsel for COFCO Land Holdings Limited (COFCO Land Holdings) and BVI counsel for Double Rosy Limited (Double Rosy) in relation to the issuance of US$800 million 3.625% guaranteed notes due 2019. Double Rosy is a wholly-owned subsidiary of COFCO Land Holdings.

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