NEWS

Weihai City Commercial Bank Completes US$365 Million Hong Kong IPO

October 12, 2020

Hong Kong – Paul Hastings, a leading global law firm, announced today that it has advised Weihai City Commercial Bank Co., Ltd. on its US$365 million global offering and listing of its H Shares on the Main Board of the Hong Kong Stock Exchange. Huatai Financial Holdings (Hong Kong) Limited, China International Capital Corporation Hong Kong Securities Limited and CMB International Capital Limited acted as the joint sponsors for the listing.

Weihai City Commercial Bank is the only city commercial bank with outlets that cover all prefecture-level cities in Shandong Province in China. Engaged in both corporate banking business and retail banking business, the bank aims at developing a technology-driven “Bi-Focus Retail Banking” business model.

Paul Hastings, a market leader in advising on Chinese banks in recent years, has previously represented Chinese nationwide joint-stock commercial bank and Chinese city commercial banks on a number of H-share listings in Hong Kong, including China Bohai Bank, Jinshang Bank, Luzhou City Commercial Bank, Jiangxi Bank, Zhongyuan Bank, and Bank of Tianjin. Paul Hastings has also represented underwriters for H-share listing in Hong Kong of Bank of Gansu.

The Paul Hastings team was led by Raymond Li, global partner and chair of Greater China, corporate partners Vincent Wang and Chaobo Fan, with support from associates Eric Wong and Jessica Lam.

At Paul Hastings, our purpose is clear — to help our clients and people navigate new paths to growth. With a strong presence throughout Asia, Europe, Latin America, and the U.S., Paul Hastings is recognized as one of the world’s most innovative global law firms.