International law firm Freshfields Bruckhaus Deringer has advised the underwriters on the US$1.17bn rights issue of PICC Property and Casualty Company Limited (PICC P&C).
PICC P&C, the Chinese state-controlled and China’s leading non-life insurer, has issued around 397.8m H-shares at HK$7.46 per share and 844.6m domestic shares at RMB5.92 per share. PICC P&C has raised a total of RMB7.24bn (US$1.17bn) from the rights issue.
Freshfields advised the underwriters, CICC, HSBC and Goldman Sachs, on the Hong Kong and US law aspects of the transaction.
The Freshfields capital markets team was led by corporate partner Richard Wang in Beijing and US corporate partner Calvin Lai in Hong Kong.
Source: www.freshfields.com
