Hong Kong – Morrison & Foerster Completes China CITIC Bank’s USD4bn A+H Share Rights Issue.


August 3, 2011


Morrison & Foerster advised China International Capital Corp (CICC) and CITIC Securities as joint H-share underwriters in the A+H share rights issue of China CITIC Bank Corporation Limited.  Notwithstanding difficult market conditions, China CITIC Bank Corporation Limited raised approximately US$4 billion from the A+H share rights issue. 


China CITIC Bank Corporation Limited is China’s seventh-largest lender in terms of total assets, and its largest shareholder is China’s largest financial conglomerate, CITIC Group. 


The completion of this deal is a true testament to the determination and perseverance of all the parties involved in this offering.  I am happy that the Morrison & Foerster team was able to draw upon our legal acumen and extensive Hong Kong capital markets experience to assist the underwriters and the company to complete the deal despite the difficult market conditions,” noted Charles Chau, Morrison & Foerster’s lead partner for the transaction. 


“This is a great transaction not only for our clients but also for Morrison & Foerster, as it once again demonstrates our strong capital markets practice in Hong Kong,” said Ven Tan, Managing Partner of the Hong Kong Office.  The firm was also involved in the first-ever A+H dual rights issue in 2007 by Angang Steel Company Limited. 


Morrison & Foerster advised on both the Hong Kong and U.S. law aspects of the transaction.