International law firm Freshfields Bruckhaus Deringer has advised China Communications Services Corporation Limited (CCS) on its domestic share and H-share rights issue.

CCS is the first Chinese telecommunications company to launch an H-share rights issue. CCS has raised US$472 million through this rights issue and will use the funds for overseas expansion, development in non-telecommunications operator business, acquisitions and joint venture opportunities as well as research and development. 

Freshfields’ Beijing-based corporate partner Richard Wang commented: “We are delighted to have assisted China Communications Services in this important transaction. CCS is the second Mainland Chinese Main Board-listed company to have completed a simultaneous domestic share and H-share rights issue after PICC and we are proud that Freshfields has advised on both deals. We hope to see more Chinese companies tapping into the Hong Kong market.” 

The Freshfields team was led by corporate partner Richard Wang and was supported by senior associate Shuangjuan Wei, associates Zhiyao Li and Can Yin, legal consultant David Yi as well as international legal consultant Wei Liu.