King & Wood Mallesons (KWM) has advised Fosun International Limited as its Hong Kong and US legal advisor in relation to a USD1.5 billion rights issue. Fosun International Limited is one of China’s largest investment companies. Its primary businesses include insurance, industrial operations, investment, and asset management.

This transaction is Hong Kong’s largest rights issue to date in 2015. Despite the recent volatility in the capital markets, the rights issue received 119.21% oversubscription. The company has said it intends to utilise the net proceeds of the rights issue for mergers and acquisitions in the banking and insurance industry and repayment of loans.

The KWM team was led by partners Gary Lock, advising on Hong Kong law; Christine Chen, advising on US law aspects of the transaction; and Richard Mazzochi, advising on bank financing. The other members of the team were Eugene Lau, Gloria Wong, Kareen Wang, Heidi Chiu and Tiffany Sze-to.

Commenting on the deal, KWM lead partner, Gary Lock, said “We are delighted to have been able to support Fosun International on another major capital-raising transaction. We acted for Fosun International on its USD1.2 billion placement and top-up transaction in May this year.”

CMB International Capital Limited and Hani Securities (H.K.) Limited acted as joint global coordinators, joint bookrunners and financial advisers.