Davis Polk advised China Galaxy Securities Co., Ltd (“China Galaxy Securities”) in connection with its initial public offering and listing on the Hong Kong Stock Exchange and an international offering in reliance on Rule 144A and Regulation S. The gross proceeds from the offering amounted to approximately HK$8.3 billion ($1.1 billion) without the exercise of the over-allotment option. This is the largest offering in Hong Kong since the PICC Group raised $3.6 billion in its initial public offering in December 2012.
Headquartered in Beijing, China Galaxy Securities is a leading integrated financial services provider in the PRC securities industry. China Galaxy Securities provides comprehensive securities services, including brokerage, sales and trading, investment banking and investment management. It is one of the largest brokerage service providers in the PRC by revenue, clients and network coverage.
Goldman Sachs, J.P. Morgan and China Galaxy International acted as joint sponsors for the Hong Kong offering. Goldman Sachs, J.P. Morgan, China Galaxy International, ABCI and Nomura acted as joint global coordinators for the global offering. Goldman Sachs, J.P. Morgan, China Galaxy International, ABCI, Nomura, UBS, CCB International, Deutsche Bank, Standard Chartered, ICBCI, Credit Suisse, Haitong International, CITIC, Guotai Junan, Essence International, Merrill Lynch, BOCI, HSBC, Citigroup, BOCOM International and EBS International acted as joint bookrunners and joint lead managers for the global offering.
The Davis Polk corporate team included partners Bonnie Y. Chan, Antony Dapiran and Li He and associates Bate Yu, Lillian Lian and Lulu Lin. Partner John D. Paton and counsel Alon Gurfinkel provided tax advice. Counsel Jeanine P. McGuinness provided OFAC advice. Counsel Catherine L. Martin provided 1940 Act advice. Members of the Davis Polk team are based in the Hong Kong, Beijing, London, Washington DC and New York offices.
The underwriting syndicate was advised by Clifford Chance LLP with respect to U.S. and Hong Kong laws. Grandall Law Firm advised the Company, and Commerce & Finance Law Offices advised the underwriting syndicate with respect to PRC law.
