Slaughter and May and Freshfields Bruckhaus Deringer have advised on a billion-dollar dual initial public offering (IPO) for China's third-largest life insurance company.

New China Life Insurance expects to raise $1.9bn (£1.2bn) through the dual listing on the Hong Kong and Shanghai exchanges. The headline deal was announced 2 December with the shares going live on the exchanges today (15 December).

The deal saw Freshfields acting for the Chinese insurance giant, while Slaughters advised the underwriter consortium. The key banks underwriting the deal included China International Capital Corporation Hong Kong Securities Limited (CICC), UBS and Goldman Sachs, with Slaughters' team led by Hong Kong corporate partner Benita Yu. Sullivan & Cromwell advised the banks on US law aspects of the deal led by Wei Chun, while King & Wood took the PRC law advisory role on the deal, led by Yang Xiaolei.

On the issuer side, Freshfields floated a team led by capital markets partner Teresa Ko. Wall Street firm Davis Polk & Wardwell took the US law role, led by He Li and Chinese law firm Commerce & Finance advised on PRC law led by Wu Gang.

PRC-based New China Life Insurance provides a broad range of life insurance products and services to individual and institutional customers. The company was the third-ranked life insurance company in the PRC in terms of gross premium income last year.