Magic Circle Firms on $938 Million PICC Rights Issue

Linklaters and Freshfields Bruckhaus Deringer had the lead roles on Chinese insurer PICC Property & Casualty Co. Ltd.’s $938 million rights issue.

The company, a subsidiary of state-owned The People’s Insurance Co. (Group) of China Ltd., issued 1.35 billion rights shares on the Hong Kong Stock Exchange. The money raised will be used to bolster PICC P&C’s capital base and to improve its solvency margin.

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