30 March, 2016, King & Wood Mallesons (KWM) advised China Zheshang Bank Co Ltd (Zheshang Bank) on its successful listing on the main board of Hong Kong Stock Exchange. Zheshang Bank issued approximately 3.3 billion H shares, pricing its shares at HK$3.96 per share, and the Bank will raise approximately HK$11.591billion (before exercising the over-allotment option). The deal is the first public offering over HK$ 10 billion this year in Hong Kong.

Zheshang Bank is one of the twelve national joint-stock commercial banks in China. This is an ice-breaking deal for any national joint-stock commercial banks in China as the latest IPO since 2010. Furthermore, the Zheshang Bank IPO secured HK$7.54billion in commitments from five cornerstone investors, which is approximately 60% of its overall financing capital.

KWM acted as the PRC legal counsel to the underwriters, advising on China law issues for the project. The KWM legal team was led by partners Yang Xiaolei, Li Yuanyuan and Liu Dongya.