Bank of Gansu is the only provincial city commercial bank in Gansu province, a region that occupies a key position in Northwest China.
Latham & Watkins has advised Bank of Gansu Co., Ltd. (Bank of Gansu) on its approximate HK$6 billion initial public offering on the Main Board of The Stock Exchange of Hong Kong Limited.
The offering consists of 2,212,000,000 H shares (subject to the over-allotment option) sold at an offer price of HK$2.69 per share. Four cornerstone investors -- Hong Kong Dasheng Investment Holdings Company Limited, Huaxun International Group Limited, China Create Capital Limited, and Huarong Rongde (Hong Kong) Investment Management Company Limited -- have invested a total of US$400 million in the offering. Bank of Gansu intends to use the proceeds to strengthen its capital base to support the sustainable growth of its business.
CMB International Capital Limited, CCB International Capital Limited, Huatai Financial Holdings (Hong Kong) Limited, Guotai Junan Capital Limited, and BOCI Asia Limited acted as joint sponsors for the offering.
Cathy Yeung, global Co-chair of the firm's Capital Markets Practice and Chair of the firm's Greater China Practice, commented: "Bank of Gansu is one of the fastest growing city commercial banks in China. We are proud to have delivered this important IPO, which marks the latest chapter in the bank's exciting growth story."
Hong Kong corporate partner Allen Wang added "We are delighted to have advised Bank of Gansu on its Hong Kong listing. The transaction underscores the firm's track-record advising PRC banks on high-profile listings on The Stock Exchange of Hong Kong."
Bank of Gansu is the only provincial city commercial bank in Gansu province, a region that occupies a key position in Northwest China and benefits from a number of national strategic initiatives, including the "One Belt, One Road" and "Western Development" projects.
The Latham & Watkins team was led by Hong Kong partners Cathy Yeung and Allen Wang, with Hong Kong counsel Terris Tang and associates Wei Wei and George Zheng.
