Equity

The initial public offering of China CITIC Bank Corporation has completed. It is only the second-ever simultaneous dual listing on the Hong Kong and Shanghai stock exchanges, following ICBC last year. The listing benefited from similar retail appetite to ICBC, demonstrating the depth of the Chinese domestic market. The retail portion of the global offering was more than 220 times over-subscribed. Total proceeds from the IPO were $5.4 billion and will exceed $6.2 billion if the over-allotment option is exercised in full. Freshfields Bruckhaus Deringer acted as Hong Kong and US counsel to the underwriters China International Capital Corporation (CICC), CITIC Securities, Citigroup, HSBC and Lehman Brothers. Commerce & Finance Law advised the banks on Chinese law. Skadden Arps Slate Meagher & Flom advised the company on Hong Kong and US law, with King & Wood providing Chinese law advice.

Clifford Chance advised Saudi Basic Industries Corporation...