Linklaters was pleased to advise on the spin-off listing of Bank of China’s aircraft leasing business, BOC Aviation Limited.

“The deal represents Hong Kong’s biggest initial public offering so far this year,” said Robert Cleaver, Partner, Linklaters.

BOC Aviation Limited is the largest aircraft operating leasing company headquartered in Asia and the fifth largest globally.

“In a challenging equities market, the IPO was highly successful and was driven by the fact that the company has a high quality business with stable U.S. dollar denominated revenue. The public offering was 37.6 times over-subscribed,” Mr Cleaver added.

Linklaters acted for the underwriters BOCI Asia Limited, Goldman Sachs (Asia) LLC, Morgan Stanley Asia Limited, BNP Paribas Securities (Asia) Limited and Citi Global Markets Asia Limited.

The IPO was launched at a fixed price which is unusual in Hong Kong, reflecting the strong demand from cornerstone investors.

Linklaters acknowledges the work of Robert Cleaver (Partner), Pam Shores (Partner), Christopher Yip (Counsel), Christian Felton (U.S. Associate) and its Hong Kong IPO, U.S. capital markets and aircraft leasing teams in facilitating the transaction.