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”.

Media contact

Share on LinkedIn Share on Facebook Share on Twitter
    You might also be interested in

    We were delighted to speak at Macao Legal and Judicial Training Centre's “Hong Kong Debt Capital Markets Know-How” webinar.

    22 November 2021

    We advised on the first e-commerce financing securitisation of its kind in Hong Kong.

    17 November 2021

    We advised CICC on Jiaye Property's H share listing.

    10 November 2021

    We advised on Chinasoft's HK$1.99 billion placing of new shares.

    21 October 2021

    You may also be interested in...

    Legal services for your business

    This site uses cookies to enhance your experience and to help us improve the site. Please see our Privacy Policy for further information. If you continue without changing your settings, we will assume that you are happy to receive these cookies. You can change your cookie settings at any time.

    For more information on which cookies we use then please refer to our Cookie Policy.