Herbert Smith Freehills has advised Chinese conglomerate Fosun International Limited on its HK$4.88 billion (US$629.5 million) rights issue in Hong Kong.
Fosun International offered 500,884,371 rights shares at the subscription price of HK$9.76 per share. The offering will commence trading on the Hong Kong Stock Exchange on 23 May 2013.
Based in Shanghai and listed in Hong Kong, Fosun and its subsidiaries primarily invests in four sectors— industrial operations, investment, asset management and insurance. Fosun International is a long-standing client of Herbert Smith Freehills. In 2011, the firm acted for Fosun on its US$300 million Rule 144A/Regulation S offering of high-yield notes.
The Herbert Smith Freehills team on the company’s latest offering was led by Hong Kong partner Gary Lock, who was supported by senior associate Sherry Lai, and associates Jackie Chen and Jessica Leung.
Gary commented:
“We are delighted to have advised our long-term client Fosun International on another of its major offerings and certainly look forward to assisting them in their future deals. Hong Kong-traded companies have recently been very active with a number of them offering stock or convertible securities to their shareholders as part of fund-raising. Strong equity market prospects have definitely spurred investor interests and I expect that trend is set to continue.”
UBS AG was financial advisor to Fosun International on the transaction.
