15 December, China Securities Regulatory Commission (the “CSRC”) approved the non-public issuance of H Shares in Hong Kong by the China Everbright Bank Company Limited (“CEB Bank”, 06818.HK) . In this transaction, CEB Bank issued no more than a total of 5.81 billion H-shares of common stock, with a par value of RMB 1. The issue price is HKD 5.3283 per share, representing a 48% premium to the closing price on the announcement date. The volume of the transaction is about HKD 31 billion, the world’s largest follow-on offering by Chinese-Funded banks in the last five years.

Before this transaction, in March of this year, KWM advised CEB Bank on issuing six-year A-share convertible bonds with a total consideration of RMB 30 billion, the largest convertible bond issuance globally in 2017. This non-public issuance of H-share is  another major breakthrough CEB Bank issued in the equity capital market.

Founded in 1992, CEB Bank is a listed bank on the Shanghai and Hong Kong Stock Exchange, and also a long-time client of KWM. Over the past ten years, as the legal counsel of CEB Bank, KWM fully participated in many of its significant projects, including restructuring of CEB Bank, A-share IPO, H-share IPO, preference shares, A-share convertible bonds and all financial bonds, subordinated bonds, tier 2 bonds and asset securitization.

Since the project was officially launched and approved by CSRC, KWM, serving as the PRC legal counsel, provided comprehensive, professional and efficient legal services to the client, and gained recognition and praise from the client and other agencies. The responsible partners in this non-public issuance of H-share and previous convertible bond issuance are Yang Xiaolei, Su Zheng and Jiang Zhihui.