Clifford Chance advises PICC and China Re on share issuances under China's financial sector recapitalisation programme
30 September 2026
Clifford Chance advises PICC and China Re on share issuances under China's financial sector recapitalisation programme
Global law firm Clifford Chance has acted as the international legal counsel to The People’s Insurance Company (Group) of China Limited (PICC) and China Reinsurance (Group) Corporation (China Re) on their respective share issuances.
- PICC issued A shares to the Ministry of Finance of the People’s Republic of China (Ministry of Finance), raising gross proceeds of RMB15 billion. The Ministry of Finance subscribed in cash for all shares issued. After deducting the relevant issuance expenses, the net proceeds will be used entirely to replenish PICC’s capital.
- China Re issued domestic shares to the Ministry of Finance, raising gross proceeds of RMB3 billion. The Ministry of Finance subscribed in cash for all shares issued. After deducting the relevant issuance expenses, the net proceeds will be used entirely to increase China Re’s core Tier 1 capital.
The two transactions form part of the recent capital replenishment programme for central state-owned financial institutions. Through the issuance of RMB300 billion in special government bonds, the Ministry of Finance in China is supporting eight central state-owned financial institutions, including PICC and China Re, to replenish their core Tier 1 capital and further strengthen their operational resilience, risk-bearing capacity and ability to serve the real economy.
Chair of China Practice and the lead partner on both transactions, Tim Wang said, “Our substantial involvement in these high-profile transactions demonstrates our capability in advising on significant and complex transactions involving major state-owned and central enterprises.”
The team advising PICC included counsel Jing Jing, trainee solicitor Carson Lin* and legal analysts Wang Fei and Sun Xuan.
The team advising China Re included counsel Cai Yuanyuan and associate Wang Zhao.
Clifford Chance previously advised capital replenishment initiatives of major Chinese banks such as Postal Savings Bank of China and China Construction Bank on the issuance of A-shares totalling RMB235 billion.
* From Shanghai He Ping Law Firm. Clifford Chance LLP and Shanghai He Ping Law Firm have established a Joint Operation in the China (Shanghai) Pilot Free Trade Zone under the name Clifford Chance LLP and Shanghai He Ping Law Firm (FTZ) Joint Operation Office with the approval of the Shanghai Bureau of Justice.
Press contact: Fenix Wong
高伟绅为中国人保和中国再保股份发行提供境外法律服务
国际律师事务所高伟绅近期为中国人民保险集团股份有限公司（“中国人保”）和中国再保险（集团）股份有限公司（“中国再保”）的股份发行提供境外法律服务。
中国人保向中华人民共和国财政部（“财政部”）发行A股股票，募集资金总额150亿元人民币。财政部以现金方式认购本次发行的全部股份，募集资金扣除相关发行费用后全部用于补充中国人保资本。
中国再保向财政部发行内资股，募集资金总额30亿元人民币。财政部以现金方式认购本次发行的全部股份，募集资金扣除相关发行费用后全部用于增加中国再保核心一级资本。
此次两项交易是近期中央金融企业资本补充工作的一部分。财政部通过发行3000亿元特别国债，支持包括中国人保和中国再保在内的8家中央金融企业补充核心一级资本，进一步巩固提升其稳健经营能力、风险抵御能力和服务实体经济能力。
两项交易由高伟绅中国业务主席王彦峰律师牵头。王彦峰律师表示："我们深度参与这些备受瞩目的交易，彰显了我们在为涉及大型国有企业及中央企业的重大复杂交易提供咨询方面所具备的卓越能力。”
- 中国人保项目团队成员包括经晶、林柱浩*、王斐和孙萱。
- 中国再保项目团队成员包括蔡元圆和王钊。
高伟绅曾就中国大型银行的资本补充项目提供法律服务，例如中国邮政储蓄银行和中国建设银行总值不超过2,350亿人民币的股票发行。
*任职于上海市和平律师事务所。高伟绅与上海市和平律师事务所经上海市司法局批准在中国（上海）自由贸易试验区设立了上海市和平律师事务所与高伟绅律师事务所（自贸试验区）联营办公室。
