Freshfields Bruckhaus Deringer and Paul Hastings have had the lead roles on two recent Hong Kong listings by mid-sized Chinese commercial banks that raised $2.6 billion in total.
In the largest initial public offering so far this year in Hong Kong, China’s Zheshang Bank Co. Ltd. raised $1.69 billion on March. 21. Based in the same city of Hangzhou in eastern China as ecommerce giant Alibaba Group Holdings Ltd., Zheshang Bank has attracted a $30 million investment from Alibaba affiliate Alipay (Hong Kong) Investment Ltd. as one of the five cornerstone investors. According to a filing to the Hong Kong Stock Exchange, Zheshang Bank had $154 billion in total asset as of the end of September 2015.
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