Clifford Chance

Clifford Chance advises on biggest IPO globally for 2012

Leading international law firm Clifford Chance has advised Haitong Securities Company Limited on its US$1.68 billion H share offering, the largest IPO listing on the Hong Kong Stock Exchange this year. Haitong International, JP Morgan, Credit Suisse, Deutsche Bank, Citigroup and UBS acted as joint global coordinators and joint bookrunners on the global offering. HSBC, Nomura, ICBC International, Standard Chartered and BoCom International, were also joint book runners.

Hong Kong partner Cherry Chan said, "Although the global initial public offering market was quiet during the first part of 2012, here in Asia investors are enthusiastic about companies with strong business growth and an Asia-focused strategy. We were delighted to assist Haitong and our team looks forward to working on more of these deals as market conditions continue to improve."

Cherry and Beijing partner Tim Wang led the team advising on Hong Kong securities law along with Hong Kong partner Virginia Lee. They were supported by Beijing counsel Jean Yu, Shanghai associates Lorna Lu and Samia Qian and trainee Kevin Wu, and Hong Kong associate Yazhe Liu. Shanghai partner Jean Thio advised on US securities law with assistance from Shanghai senior associate Eli Gao and Hong Kong associates Corey Zhang and Jane Yin.

Haitong Securities is based in Shanghai and according to the Securities Association of China, among all securities firms in China, Haitong Securities ranked second in terms of total assets and net assets as of December 31, 2011 and second in terms of total revenue in 2011.