By King & Wood Mallesons

On 9 December 2016, advised by King & Wood Mallesons (KWM), China Financial Co., Ltd. (CSC Financial, stock code: 6066) had its H shares listed on the main board of the Hong Kong Stock Exchange. CSC Financial issued a total of 1,130,293,500 H shares globally at HK$6.81 per share (including 53,823,500 shares from selling shareholders), and raised a total of approximately HK$7.697 billion, (after deducting the net proceeds from sales by the selling shareholders and the underwriting commissions and other estimated expenses in connection with the offering) including a net amount of HK$7.097 billion (before exercise of over-allotment option).

CSC Financial is a large comprehensive investment bank with leading capabilities in creating value in China, with one of the highest ratings in the securities industry. Ten cornerstone investors were involved in the listing, including Glasslake Holdings Limited, China Structural Reform Fund Co., Ltd., Taiping Life Insurance Co., Ltd., Daiwa Securities Group Inc., China Huadian Capital Holdings Company Limited. The joint sponsors were China Securities International, UBS Securities and ABC International. 20 institutions acted as underwriters, including China Securities International, UBS AG, ABC International and ICBC International.

KWM acted as PRC legal counsel for the joint sponsors and underwriters in the transaction, providing legal solutions and advice on CSC Financial’s listing. With extensive experience in overseas listing of financial institutions, KWM provided professional legal advice and effective solutions on various PRC legal issues during the course of the transaction. The project was led by partners Yang Xiaolei, Su Zheng and Gao Yimin.

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