26 October, 2015, King & Wood Mallesons (KWM) advised China Reinsurance (Group) Corporation (China Re) on its successful listing on the main board of the Hong Kong Stock Exchange (Stock Code: 1508). The listing saw China Re issue 5.769 billion H shares (before exercising the over-allotment option), with approximately 90% of shares offered internationally, and the remaining 10% available in the Hong Kong (HK) market. Pricing its shares at HK$2.79 per share, the Group raised approximately HK$15.6 billion, making it the second-largest IPO in Hong Kong this year.

China Re is Asia’s largest reinsurer, and is the eighth largest globally based on reinsurance premium income. As China’s sole state-owned reinsurance group, the completion of its listing in HK is an important step towards the internationalization of China’s insurance industry.

KWM acted as the PRC lawyer to the issuer, providing legal advice on all aspects of the HK listing. The project was led by partners Yang Xiaolei, Yuan Min and Li Yuanyuan.

The deal is KWM’s seventh consecutive successful listing of a PRC insurance company on the HK stock market. Prior to China Re, we advised on the IPOs of PICC Property and Casualty Co. Ltd., China Life Insurance Co. Ltd., Ping An Insurance (Group) Company of China, Ltd., China Pacific Insurance (Group) Co., Ltd. and New China Life Insurance Co., Ltd., People's Insurance Company (Group) of China Ltd., China Reinsurance (Group) Corporation.