Davis Polk advised CITIC Securities Corporate Finance (HK) Limited (CITIC) on the $473.2 million rights offering of China Communications Services Corporation Limited. The rights offering consisted of a public offering of H shares (shares listed on the Hong Kong Stock Exchange) and a public offering of domestic shares (unlisted shares) in the PRC. CITIC was the sole bookrunner and underwriter of the rights offering.

China Communications Services Corporation Limited is a leading telecommunications, media and technology service provider in the PRC, which is listed on the Hong Kong Stock Exchange (stock code: 552). 

The Davis Polk corporate team included partners Bonnie Y. Chan, Paul Chow and James C. Lin and associates Christine Xu and Yang Chu. Counsel William B. Hoffman and associates Susan Hutner and Jeanine P. McGuinness provided advice relating to OFAC matters. Jenah Pei Jiang and Jenny Zeng were the legal assistants on the transaction. Members of the Davis Polk team are based in the Hong Kong, Beijing and Washington DC offices. 

CITIC was advised by Haiwen & Partners as to PRC law. China Communications Services Corporation Limited was advised by Freshfields Bruckhaus Deringer as to Hong Kong law and Jingtian & Gongcheng as to PRC law.