DEALS
Zhong Lun Law Firm assits Vanke to complete the issuance of new H shares, raising funds of approximately HKD7.81 billion
Zhong Lun Law Firm assits Vanke to complete the issuance of new H shares, raising funds of approximately HKD7.81 billion
On 4 April 2019, the board of directors of China Vanke Co., Ltd (A shares:000002, H shares:022022, “Vanke") was pleased to announce that after obtaining the grant of approval by China Securities Regulatory Commission for the issuance of overseas -listed foreign shares, the placing of newly issued H shares (“the issuance") has been completed. An aggregate of 262,991,000 new H shares, has been successfully allotted and issued by Vanke at the placing price of HK$29.68 per H share. The aggregate gross proceeds from the issuance are approximately HK$7.81 billion.
The issuance is the largest refinancing project this year in the capital market of Hong Kong and is also the first time in the past three years for enterprise in the Chinese real estate industry to complete an H-share placement. The issuance has been actively subscribed by domestic and foreign institutional investors including sovereign funds, international long-term and Chinese-funded institutional investors.
Founded in 1984, Vanke is a leading domestic urban and rural construction and living service provider. In 2016, Vanke was ranked among the Fortune Global 500, ranking 356th on the list. In 2017 and 2018, Vanke ranked the 307th and 332th respectively. As of 27 March 2019, the market value of Vanke reached HK$370 billion (US$47 billion).
The global coordinator of the issuance is CLSA, and the co-global coordinators are CICC and UBS. The placing agents also include CMB International.
Zhong Lun Law Firm acted as the PRC counsel to the placing agents on the issuance. The project team was led by partners Jack Lai, Hui Yang, and Victor Chen, with support from associates Tina Lan, Jiayun Guo and Yuxin Li.
