King & Wood Mallesons (KWM) advised CCB International Capital Limited and ICBC International Capital Limited as the Joint Sponsors, and CCB International Capital Limited and ICBC International Securities Limited as Overall Coordinator and Joint bookrunners, as well as 8 other underwriters on the listing of Yibin City Commercial Bank Co., Ltd (Yibin Bank, SEHK Stock Code: 2596) on the global offering and listing of its H Shares on the Main Board of The Stock Exchange of Hong Kong Limited (SEHK) on 13 January 2025.
The global offering comprised a total of 688,400,000 shares (subject to exercise of the over-allotment option). Priced at HK$2.59 per share, the listing raised gross proceeds of approximately HK$1.78 billion, assuming the over-allotment option is not exercised.
Yibin City Commercial Bank was incorporated in 2006 and as of 31 December 2023, they are the largest bank in Yibin in terms of total assets, according to the NAFR Yibin Office, and the second largest city commercial bank in Sichuan Province in terms of registered capital, according to the NAFR Sichuan Office. The Bank provides tailored financial services to meet the specific needs of local businesses and residents and their service network is intertwined with the dynamic economic mechanisms of Sichuan Province and the Chengdu—Chongqing Dual-city Economic Circle.
KWM HK acted as the Joint Sponsors and Underwriters counsel. The Hong Kong office team was led by partner John Baptist Chan, with support from Alan Wong, Kevin Ng, May Cui, Charlie Man and Tristen Li.
Yibin Bank’s listing is the Hong Kong ECM Team’s first successful listing since January 2025 who has completed after 6 listings in 2024. KWM Hong Kong ECM Team has successfully assisted 5 City and Rural commercial Banks IPOs, including Yibin City Commercial Bank Co., Ltd (SEHK Stock Code: 2596) in 2025; Listing of H shares of Dongguan Rural Commercial Bank (SEHK Stock Code: 9889) in 2021; Listing of Guangzhou Rural Commercial Bank (SEHK Stock Code: 1551) in 2017; Listing of Bank of Zhengzhou (SEHK Stock Code: 6196) in 2017; and Listing of Bank of Qingdao (SEHK Stock Code: 3866) in 2015. Among which, KWM Hong Kong and PRC teams worked seamlessly in 3 listings to offer one-stop-shop support in respect of Hong Kong, the PRC and the US laws.
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".
