Norton Rose Fulbright has advised China Taiping Insurance Holdings Company Limited (“China Taiping”) on a US$1.74 billion private placement of shares. China Taiping is a large state-owned financial institution and is listed on the main board of the Hong Kong Stock Exchange.

The top-up placing and subscription of 486,000,000 shares, at the placing price of HK$27.74 per share, raised approximately HK$13.48 billion (approximately US$1.74 billion) before expenses. The money raised will be used to grow the company’s current insurance businesses as well as to potentially make new investments.

This is the largest insurance sector placement in 2015 YTD across Asia (excluding Japan) and the second largest share placement in Hong Kong in 2015 YTD.

The mandate involved a placing, underwriting and subscription agreement entered into between China Taiping, China Taiping Insurance Group (HK) Company Limited (“TPG HK”), The Hongkong and Shanghai Banking Corporation Limited, Citigroup Global Markets Asia Limited, UBS AG, Hong Kong Branch and CCB International Capital Limited as the placing agents and China International Capital Corporation Hong Kong Securities Limited and CMB International Capital Limited as the co-placing agents for the placing of the existing shares owned by TPG HK and the issuance of new shares (equivalent to the number of the placing shares) by China Taiping to TPG HK at the placing price.

China Taiping is a renowned insurer whose principal businesses (carried out through its subsidiaries) includes underwriting of direct life insurance business in China, direct property and casualty insurance business in China, Hong Kong and overseas, pension and group life business, and all classes of global reinsurance business.

The Norton Rose Fulbright team was led by Hong Kong partners Psyche Tai and Allan Yee, assisted by Rachel Chan and Jaycen Liao. Clifford Chance advised the placing agents.