CC and Linklaters lead on Harbin Bank's planned $1bn Hong Kong IPO
Clifford Chance (CC) and Linklaters have landed lead roles on the planned Hong Kong IPO of Harbin Bank, estimated to be worth around $1bn in value. The commercial lender, headquartered in Harbin in the north east of China, is expected to list in the city in the second quarter of this year if it receives approval from the Hong Kong Stock Exchange, reports have said.
February 25, 2014 at 01:57 AM
2 minute read
Clifford Chance (CC) and Linklaters have landed lead roles on the planned Hong Kong IPO of China's Harbin Bank, estimated to be worth around $1bn in value.
The commercial lender, headquartered in Harbin in the north east of China, is expected to list in Hong Kong in the second quarter of this year if it receives approval from the Hong Kong Stock Exchange, reports have said.
The deal comes amid a wave of Hong Kong IPOs by midsized Chinese banks in recent months – all looking to raise capital amid tight credit conditions on the mainland.
Others to have listed in the city include China's Huishang Bank, which raised $1.2bn in November, and Huirong Financial and Bank of Chongqing, which raised $106m and $546m respectively in October.
CC is advising the issuer on the transaction, with a team being led by two corporate partners, Amy Lo in Hong Kong and Tim Wang in Beijing.
Linklaters is meanwhile acting for the sponsors, with Beijing corporate partner Pui Hong Chik, who specialises in IPO and post-listing compliance of Hong Kong-listed Chinese companies, leading a team.
The banks are thought to include ABC International Holdings, BOC International Holdings and China International Capital Corp, according to a report by Bloomberg.
Both magic circle firms declined to comment.
Harbin Bank has 15 branches and employs 7,000 people in China. According to its website it had RMB294.1bn of assets by 30th of June 2013.
CC also acted on the IPO of China's Huishang Bank opposite Latham & Watkins, again led by corporate partner Tim Wang and also Cherry Chan in Hong Kong.
The Huirong Financial listing was led by Paul Hastings and King & Wood Mallesons, whilst Freshfields Bruckhaus Deringer and Sullivan & Cromwell advised on that by Bank of Chongqing.
Related: CC and Latham advise on Hong Kong IPO of China's Huishang Bank
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