International law firm Freshfields Bruckhaus Deringer has advised the underwriters on PICC Property & Casualty Company Limited’s domestic share and H-share rights issue.

PICC is the first PRC-incorporated company listed on the Main Board of the Hong Kong Stock Exchange to complete a simultaneous domestic share and H-share rights issue. This is also the first H-share rights issue by a Chinese insurance company. 

PICC raised approximately US$788m million through this rights issue. The proceeds will be used to strengthen PICC’s capital base and improve its solvency margin. 

The underwriters were CICC, HSBC and Goldman Sachs. 

Richard Wang commented: “We are delighted to assist the underwriters in this landmark transaction by China’s largest property insurer. Our congratulations to all involved.” 

The Freshfields global capital markets team was led by partners Richard Wang on Hong Kong law and Calvin Lai on US law. The deal team included associates Constance Chou, Zhiyao Li and Feifei Xu as well as legal consultant Jenny Yin.