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Clifford Chance advises on China Pacific Insurance's US$1.8 billion offering and London GDR listing

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17 June 2020

Clifford Chance advises on China Pacific Insurance's US$1.8 billion offering and London GDR listing

Leading international law firm Clifford Chance has advised UBS and Huatai International (as joint global coordinators) and HSBC, CICC, Morgan Stanley and J.P. Morgan (as joint bookrunners) on China Pacific Insurance (Group) Co., Ltd. (CPIC)'s US$1.8 billion offering and listing of global depositary receipts (GDRs) on the Shanghai-London Stock Connect segment of the London Stock Exchange.

Pricing of the transaction was announced yesterday with conditional trading on the London Stock Exchange commencing today. Once unconditional trading occurs (expected on 22 June 2020), the transaction will be the largest capital raising via an admission to the London Stock Exchange in 2020 to date, and CPIC will become the first Shanghai, Hong Kong and London listed insurance company and only the second Chinese company to list GDRs in London under the Shanghai-London Stock Connect programme.

A cross-border team advised on the deal, led by partners Simon Thomas and Chris Roe (London), Tim Wang (Beijing) and Jean Thio (Singapore). They were supported by consultant Corey Zhang (Hong Kong), counsel Lorna Lyu (Shanghai), senior associate James Spencer (London), and associates James Zhang (Beijing), Phoebe Richardson (London) and Emma Bao (Hong Kong).

Tim Wang commented, "CPIC's London GDR listing will help strengthen the trading links between the two countries, and help attract more Chinese companies to consider London as a venue for global capital raising."

Chris Roe said, "We are delighted to have advised on a listing of such significance to both the Shanghai and London markets, utilising our market-leading know-how on Shanghai-London Stock Connect transactions and our leading equity capital markets teams in the UK and Asia."

The firm has advised on many of the market's recent leading listings, including having advised Huatai Securities on its landmark London GDR listing in June 2019, the first London GDR listing under the Shanghai-London Stock Connect programme.
 

国际领先律师事务所高伟绅参与中国太平洋保险(集团)有限公司(“中国太保”)按“沪伦通”交易机制在伦敦证券交易所上市(“伦交所”)的18亿美元全球存托凭证(GDR)的发行上市项目,并担任联席全球协调人瑞银和华泰证券以及联席账簿管理人汇丰银行、中金公司、摩根士丹利和摩根大通的国际法律顾问。

本次发行交易的定价已于昨日宣布,并于今日开始有条件交易。本次发行预计将于2020年6月22日上市并开始无条件交易,有望成为今年迄今为止通过伦交所募集资金规模最大的交易。中国太保亦将成为首家“沪港伦”三地上市的保险企业和第二家根据“沪伦通”交易机制进行 GDR上市的中国企业。

本项目的高伟绅跨境法律服务团队由伦敦办公室合伙人Simon Thomas律师、Chris Roe律师、中国区联席管理合伙人王彦峰律师及新加坡办公室合伙人张珮真律师牵头负责,律师团队还包括张可畏、吕娜、James Spencer、张南、Phoebe Richardson和包宸。

王彦峰律师表示:“中国太保的伦敦GDR发行上市将有助于加强中英两国间的证券交易往来,并吸引更多的中国企业考虑在伦敦进行海外融资。”

Chris Roe 律师表示:“高伟绅在中国及英国拥有顶尖的股权资本市场团队,凭借我们在‘沪伦通’交易领域市场领先的执业能力,我们很高兴能够为此次上海和伦敦两地市场间的重大上市项目提供法律服务。”

高伟绅近期参与了众多市场领先的上市交易,包括华泰证券按“沪伦通”交易机制下于2019年6月在伦交所的首单具有里程碑意义的GDR发行上市项目。