China/Hong Kong
Herbert Smith Freehills and Sullivan & Cromwell are advising China Merchants Bank Co. on a newly announced $5.7 billion rights issue. The Shenzhen-based bank plans to sell a total of 3.8 billion A and H shares on the Shanghai and Hong Kong stock exchanges, respectively. The money raised will be used to increase the bank’s capital reserves to protect against risk, according to a regulatory filing. Herbert Smith Freehills Beijing partner Thomas Chau is advising the bank on Hong Kong law matters. Sullivan & Cromwell confirmed that it is serving as U.S. law counsel to CMB but declined to name the partners leading its team. Freshfields Bruckhaus Deringer Beijing partner Richard Wang and Hong Kong partner Calvin Lai are representing joint global coordinators and lead underwriters China International Capital Corp. Ltd., Citigroup Global Markets Asia Ltd., Goldman Sachs (Asia), and UBS AG. [Read full story]
