Bakers and Latham prepare Chinese investment bank for $2bn HK IPO
Baker & McKenzie and Latham & Watkins have taken lead roles for Chinese investment bank CITIC Securities on its $2bn (£1.3bn) Hong Kong listing, reports The Asian Lawyer. CITIC Securities, a subsidiary of state-owned investment company CITIC Group, is already listed on the Shanghai Stock Exchange. The bank received regulatory approval from China's financial regulator, the China Securities Regulatory Commission, for a Hong Kong listing on 1 September.
September 07, 2011 at 08:36 AM
2 minute read
Baker & McKenzie and Latham & Watkins have taken lead roles for Chinese investment bank CITIC Securities on its $2bn (£1.3bn) Hong Kong listing, reports The Asian Lawyer.
CITIC Securities, a subsidiary of state-owned investment company CITIC Group, is already listed on the Shanghai Stock Exchange. The bank received regulatory approval from China's financial regulator, the China Securities Regulatory Commission, for a Hong Kong listing on 1 September.
According to its prospectus, CITIC Securities is planning to issue up to 10% of its stock in Hong Kong. The proceeds of the offering will be used for expansion of the firm's cross-border operations.
Bakers, Latham and Beijing's Jiayuan Law Firm are listed in the prospectus as advising CITIC Securities on Hong Kong, US, and Chinese law respectively.
The Bakers team was led by partners Pui Hong Chik in Beijing and Rossana Chu in Hong Kong. The firm previously represented CITIC Securities as one of the underwriters to Metallurgical Corp of China's $2.5bn (£1.6bn) initial public offering (IPO) in 2009.
Jiayuan was counsel to CITIC Securities in talks over a proposed $1bn (£626m) investment in Bear Stearns in 2008. The deal was scuttled as the financial crisis worsened, and Bear Stearns was ultimately sold to JPMorgan Chase & Co.
Latham & Watkins and Jiayuan declined to comment on the CITIC transaction.
The underwriters of CITIC Securities' IPO are Citic Securities International, CCB International and ICBC International. Their legal advisors were not listed in the prospectus.
The Asian Lawyer is a US affiliate title of Legal Week.
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