Paul Hastings and Dentons have advised China’s Weihai City Commercial Bank on its $365.3 million IPO on the Hong Kong Stock Exchange, with Freshfields Bruckhaus Deringer and King & Wood Mallesons advising the joint sponsors and the underwriters.
Weihai City Commercial Bank is the only city commercial bank with outlets covering all prefecture-level cities in Shandong province that offers corporate financial services for high-net-worth clients.
The offering is part of a recent flurry of IPOs and secondary listings worth at least $4.5 billion currently being launched in Hong Kong, with Reuters reporting that 2020 is on track to be the second-busiest year for equity capital markets in the city. Recently, Chinese companies Yum China Holdings, Zai Lab and ZTO Express undertook successful secondary listings on HKEX while Ming Yuan Cloud Group and biopharmaceutical companies JHBP (CY) Holdings and Everest Medicines went public in Hong Kong.
The Freshfields team was led by partners Calvin Lai and Jason Xu.
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