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Clifford Chance advises on China Taiping Insurance's US$1.74 billion top-up placement

8 May 2015

Clifford Chance advises on China Taiping Insurance's US$1.74 billion top-up placement

International law firm Clifford Chance has advised the placing agents, The Hongkong and Shanghai Banking Corporation Limited, Citigroup Global Markets Limited, UBS AG, Hong Kong Branch, CCB International Capital Limited, China International Capital Corporation Hong Kong Securities Limited and CMB International Capital Limited, on the US$1.74 billion top-up placement of China Taiping Insurance Holdings Company Limited (China Taiping Insurance). The parent company of China Taiping Insurance sold 486 million shares of China Taiping Insurance at HK$27.74 per share on the Hong Kong Stock Exchange, or 13.52 percent of the share capital after the placement.

Corporate partner Tim Wang led on the deal and said, "We were very pleased to advise on one of the biggest top-up placements to date. We've seen a steady flow of Chinese companies tapping the equity markets for funds due to very favourable market conditions."

Tim was supported by counsel John Baptist Chan, associates Wu Hao and Claire Cao, and trainee Huan Yusheng. Partner Jean Thio and associate Gehuan Liu advised on the US law aspects of the transaction.

China Taiping Insurance is a China insurance conglomerate and headquartered in Hong Kong, which is controlled by a Chinese state-owned financial and insurance group. The proceeds from the placement are intended to be applied for the general working capital of the CTIH and its subsidiaries and to the investment to further develop and support the company’s insurance businesses.

The Corporate and Capital Markets teams recently advised on GF Securities' $3.5 billion IPO and Haitong Securities Co., Ltd. on its proposed issue of 1.92 billion new H-shares at HK$15.62 each aiming to raise a total of US$3.86 billion in a private placement to seven institutional investors.