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Largest Hong Kong rights issue of the year kicks off

Largest Hong Kong rights issue of the year kicks off

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King & Wood Mallesons has advised Chinese investment company Fosun International in relation to a US$1.5 billion rights issue.

Firms: King & Wood Mallesons (Fosun International's Hong Kong and US legal adviser); Paul Hasting (underwriters, China Merchants Bank International)

Deal: Fosun International has made a US$1.5 billion rights issue.

Value: US$1.5 billion

Area: Banking and finance

Key players: The KWM team was led by partners Gary Lock (pictured), advising on Hong Kong law; Christine Chen, advising on US law aspects of the transaction; and Richard Mazzochi, advising on bank financing. The other members of the team were Eugene Lau, Gloria Wong, Kareen Wang, Heidi Chiu and Tiffany Sze-to.

Deal significance:

According to a release by KWM, this transaction is Hong Kong’s largest rights issue to date in 2015.

Fosun International Limited is one of China’s largest investment companies. Its primary businesses include insurance, industrial operations, investment, and asset management.

Fosun International intends to utilise the net proceeds of the rights issue for mergers and acquisitions in the banking and insurance industry and repayment of loans.

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