Norton Rose Fulbright has advised Dawn State Limited on the subscription of approximately 1.9 billion new H shares of Haitong Securities Co., Ltd. by seven investors, at the subscription price of HK$15.62 per new H share.

Haitong Securities is a dual listed company with A shares listed on the Shanghai Stock Exchange and H shares listed on the Hong Kong Stock Exchange. The subscription amounted to a total consideration of approximately HK$29.9 billion (approximately US$3.86 billion), which is more than doubling the size of Haitong Securities’ Hong Kong listing.

Dawn State is wholly owned by Haixia Industrial Investment Fund (Fujian) Limited Partnership, a fund founded and managed by Haixia Capital. Haixia Capital is a Chinese state-owned fund jointly established by SDIC Capital Holdings Co., Ltd., Fujian Investment & Development Group Co., Ltd. and Fubon Xingji Investment Co., Ltd. It principally engages in investment in energy, equipment manufacturing and finance industries enterprises and provision of related management and consulting services. The other investors are Maunakai, Vogel, Insight, Amtd, Marshall Wace and NCA.

Upon completion of the subscription, Dawn State will have interest in approximately 569.4 million new H shares of Haitong Securities, representing approximately 16.7 per cent of the total issued H shares and approximately 4.95 per cent of the total issued shares of Haitong Securities immediately following the subscription.

The team was led in Hong Kong by corporate partner Psyche Tai, who was assisted by senior associate Doris Ng and associate Patrick Wong.