International law firm Freshfields Bruckhaus Deringer has advised the joint lead underwriters and joint lead bookrunners on the US$938m rights issue of PICC Property and Casualty Company Limited (PICC P&C).

PICC P&C, the Chinese state-controlled and China’s leading non-life insurer, has issued 418.2 million H-shares at HK$5.38 per share and 930 million domestic shares at RMB4.3 per share. PICC P&C has raised a total of RMB5.7bn (US$938m) from the rights issue and will use the proceeds to strengthen its capital base.

The Freshfields global capital markets team was led by corporate partner Richard Wang in Beijing and US corporate partner Calvin Lai in Hong Kong.

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