Clifford Chance

Clifford Chance advises AIA Group on its US$2.638 billion automatic share buy-back programme

Global law firm Clifford Chance has advised AIA Group Limited (AIA) (1299.HK) on its US$2.638 billion (approximately HK$20.6 billion) automatic guaranteed discounted volume weighted average price (VWAP) share buy-back programme, which is under its US$10 billion ongoing on-market share buy-back programme announced in March 2022. This is the first guaranteed discounted VWAP share buy-back programme established by a Hong Kong listed company under new guidance published by the Hong Kong Stock Exchange in October 2023.

Partners Virginia Lee and Francis Edwards co-led the Clifford Chance team advising on the transaction, with support from counsel Lin Lu and associates Elaine Lau, Joanne Lau and Karen Jiang.

Virginia and Francis said, “We are proud to have been entrusted by AIA on its most recent share buy-back, which will optimise the buy-back programme administration and maximise the opportunities for AIA to implement its existing US$10 billion programme to the fullest extent. Bringing together our expertise in corporate and global financial markets, this deal demonstrates our ability to advise clients on their most significant capital markets transactions.”

AIA is the largest independent publicly listed pan-Asian life insurance group with presence in 18 markets. AIA offers a range of products and services including life insurance, accident and health insurance and savings plans.