Sullivan & Cromwell Leads on Bank of Chongqing IPO
Sullivan & Cromwell is advising Bank of Chongqing Co. Ltd. on its upcoming $593 million initial public offering in Hong Kong.
The regional bank, based in the southwestern city of Chongqing, will sell about 700 million shares at a maximum price of $0.84 apiece. The final price will be determined on Wednesday, with shares to begin trading on Nov. 6.
In its prospectus, Bank of Chongqing said it will use the money raised in order to strengthen its capital base and further grow its lending business.
Hong Kong partners William Chua and Kay Ian Ng and Beijing partner Gweng Wong are leading the Sullivan & Cromwell team advising the bank on Hong Kong and U.S. law. Nanjing-based Chinese firm C&T Partners is advising Bank of Chongqing on Chinese law.
Freshfields Bruckhaus & Deringer Hong Kong partners Richard Wang and Calvin Lai are representing joint global coordinators Goldman Sachs (Asia), Morgan Stanley Asia Ltd., and BOCOM International Securities Ltd, with Beijing firm Haiwen & Partners acting as Chinese counsel.