Davis Polk is advising China Cinda Asset Management Co., Ltd. in connection with its placing of new H shares to COSCO SHIPPING Financial Holdings Co., Limited. Pursuant to the terms of the subscription agreement, China Cinda has conditionally agreed to issue new H shares to COSCO SHIPPING Financial Holdings Co., Limited for an aggregate consideration of approximately RMB5.49 billion (equivalent to approximately HK$6.15 billion). The subscription, which is subject to a number of conditions precedent, will give COSCO SHIPPING approximately 4.999% interest in the total share capital of China Cinda.

China Cinda is an asset management company in China whose H shares are listed on the Hong Kong Stock Exchange. It is principally engaged in distressed asset management and provides customized financial solutions and differentiated asset management services to its clients through its diversified business platforms. COSCO SHIPPING is a non-listed overseas investment platform for China COSCO Shipping Corporation Limited.

The Davis Polk team includes partners Paul Chow and Li He, associates Yang Chu and Nicholas Cheung and registered foreign lawyer Yazhe Liu. Members of the Davis Polk team are based in the Hong Kong and Beijing offices.