King & Wood Mallesons advises CICC on its A-share listing

On 2 November 2020, China International Capital Corporation Limited ("CICC", stock code: 601995) launched its A-share IPO on the Shanghai Stock Exchange by issuing 458,589,000 shares at a price of RMB 28.78 per share, raising RMB 13,198,191,420 in total.

Founded in 1995, CICC is the first joint venture investment bank in China, providing integrated, one-stop and comprehensive investment banking services to domestic and overseas enterprises, institutions and individuals.

CICC has adopted a market-based pricing mechanism in this A-share IPO and introduced 17 strategic investors, including national teams such as China Structural Reform Fund Co., Ltd., National Social Security Fund and Reform Investment Corporation Ltd., as well as top foreign sovereign funds including the Abu Dhabi Investment Authority and the Brunei Investment Agency. This A-share IPO, the completion of which coincides with CICC's 25th anniversary, marks a significant milestone in the journey to become a world-class financial institution with global influence.

In this project, King & Wood Mallesons acted as the issuer's counsel, advising on its capital market financing once again following CICC's overall restructuring and H-share listing in 2015, the integration with CICC Wealth Management Securities Company Limited in 2017, the issuance of H-shares in 2018 to introduce Tencent as a strategic investor and its H-share follow-on offering in 2019.

This project was led by partners Su Zheng and Huang Xiaoxue, and supported by Ye Shengjie, Cong Qunji, Zhang Danfang, Zeng Weixi, Lin Xiaoshi, Liu Yang and Zhang Xiang.

Su Zheng quoted, "We are delighted to participate in CICC's A-share IPO, another strategically important project. KWM has advised on several important financing projects of CICC in the past, navigating it through complex legal issues with quality legal services. Being a long-standing client of KWM, CICC has been assisted by KWM on many landmark projects in the capital market. KWM always takes a partnership approach in working with clients, focusing not only on what they want, but also on how to help them continuously achieve their strategic goals with innovative ideas and insights into the industry."