Bank of Qingdao Co., Ltd. (“BQD”) has recently successfully completed its A + H Shares Rights Issue, raising RMB 4.196 billion. Among them, RMB 2.502 billion was from A Share Rights Issue, and RMB 1.695 billion from H Share Rights Issue. This transaction marks the first time in recent years that a bank, as an issuer, has conducted the A + H Shares Rights Issue in China's securities markets. It may serve as good reference for other future A + H Share listed banks.
Founded in November 1996, BQD is headquartered in Qingdao and has 16 branches in the major cities in Shandong Province. The successful A + H Shares Rights Issue will lead BQD into a new stage of high-quality development by replenishing the core Tier 1 capital.
As the PRC counsel for the issuer, King & Wood Mallesons (KWM) has been fully engaged in this transaction, from application for administrative permission, responses to the CSRC acceptance notices, to public offering. This is another time that KWM advised BQD on its capital market financing, following our representation in its H-share IPO in 2015, offshore preferred shares issuance in 2017 and A-share IPO in 2019. In this transaction, the KWM team, relying on its outstanding expertise and in-depth understanding of the client, provided practical and effective advice and solutions, receiving wide recognition from the client and other intermediaries.
This project was led by partners Gong Mulong, Li Yuanyuan and Huang Xiaoxue, with support from Zhang Jia, Li Ruojin and Zeng Weixi.
