29 September 2021

KWM advises on Hong Kong listing of H shares of Dongguan Rural Commercial Bank Co., Ltd.

King & Wood Mallesons (KWM) advised Dongguan Rural Commercial Bank Co., Ltd. (DRC Bank, SEHK Stock Code: 9889) on the listing of its H shares on the Main Board of The Stock Exchange of Hong Kong Limited (SEHK) on 29 September 2021.

The listing was priced at HK$7.92 per H share and comprised a total of approximately 1.15 billion H shares. The offer size was approximately HK$9.1 billion. The net proceeds from the offering will be used to strengthen its capital base by supplementing core tier-one capital and enhancing capital adequacy indicators to support sustainable business growth.

DRC Bank is the fifth largest rural commercial bank in China with a distinctive geographic advantage in the Greater Bay Area (GBA), and is the largest among commercial banks in Dongguan. Its core business focuses on retail and industrial finance, SME and inter-bank financing as well as digital financing.

KWM acted for the issuer in respect of the laws of the Hong Kong SAR and the US. This closing adds to over 20 Hong Kong listings completed by the KWM Hong Kong team in the past three years. The KWM International Center leverages the firm’s Shenzhen, Guangzhou, Sanya, Haikou and Hong Kong offices to provide an integrated service for clients across the GBA as they explore opportunities in the region.

Partners Candy Chan and Kanne Leung, with support from Owen Ow, Chester Li, Hon Ting Tsoi and Kevin Ng advised on the Hong Kong law aspect of the listing. The US law aspect was led by partner Yu Wang, with support from Jericho Jiang and Regina Lo.


Any reference to “Hong Kong” or “Hong Kong SAR” shall be construed as a reference to “Hong Kong Special Administrative Region of the People’s Republic of China”.

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