14 September 2016
Clifford Chance advises on Postal Savings Bank of China's US$8 billion IPO, the largest this year globally
Leading international law firm Clifford Chance is advising the underwriters, including China International Capital Corporation, Morgan Stanley, Bank of America Merrill Lynch, Goldman Sachs, JP Morgan, as the Joint Sponsors on the US$8 billion listing on the Hong Kong Stock Exchange of Postal Savings Bank of China Co., Ltd. (PSBC). This is the largest share offering globally thus far for 2016. PSBC is a leading retail bank in China with the largest distribution network and largest customer base.
Hong Kong-based US partner Fang Liu said, "This offering is the largest HK IPO since 2010 and is a testament to Clifford Chance's expertise in the financial services sector and capabilities in executing the most complex and high profile deals."
The team is led by partners Tim Wang, Amy Lo and Fang Liu. They are supported by partner Jean Thio, consultant Tianning Xiang, senior associate Hao Wu, associates Gehuan Liu, Janet Tang and Qingyu Wu, trainee Hongzhou Chen, paralegal supervisor Kevin Ng and paralegal Datong Wang.
So far this year, the Greater China team has advised on a number of headline Hong Kong IPOs including China Everbright Securities' for US$1.11 billion, Bank of Tianjin's for US$991 million and CDB Leasing's for US$800 million. In 2015, the team advised on nine Hong Kong IPOs, more than any other non-PRC legal advisor, raising a total of approximately US$13.535 billion.
Tim Wang, China Co-Managing Partner said, "The combination of our experience, diversity and highly collaborative culture has continued to deliver the best results for our clients. It has been very exciting for our team to advise a wide range of clients on these historic offerings."