International law firm Freshfields Bruckhaus Deringer has advised the sole placing agent and sole global coordinator in relation to CITIC Securities’ private placement of new H Shares and the subscription of H Shares by China’s National Council for Social Security Fund (NSSF).

The transactions have a combined value of US$5bn, and subject to approvals, form the largest equity follow-on offering in Asia during 2015 to date.

In addition to the US$1.5bn subscription from the NSSF, a US$3.5bn placement of 1,100,000,000 new H Shares will take place, allocated across ten investors.

The Freshfields team advising on the transaction was led by corporate partner Richard Wang, US corporate partner Ken Martin and counsel Yan Chen.