Zhongyuan Bank Co., Ltd. Completes Second-Largest Initial Public Offering and Listing on Hong Kong Stock Exchange of 2017 Year-to-Date

July 19, 2017

Zhongyuan Bank Co., Ltd., the largest city commercial bank in Henan Province in terms of total assets, completed the listing of its H shares on the Hong Kong Stock Exchange and an initial public offering, raising gross proceeds of approximately $1.037 billion (before any exercise of the over-allotment option). It was the second-largest IPO and listing on the Hong Kong Stock Exchange in 2017 year-to-date. Zhongyuan Bank Co., Ltd. is the only city commercial bank directly administered by the provincial government in Henan Province. Henan Province is located in the heart of the Central Plains of China and is the hub for rail and road transportation and logistics connecting various regions of China. Henan is also known as China's most populous province with more than 100 million people.
 
The global offering consisted of a Rule 144A offering in the United States, a Regulation S offering outside the United States and a public offering and listing in Hong Kong. S&C advised the underwriters on both Hong Kong and U.S. law matters.
 
The S&C team is led by Kay Ian Ng and Garth Bray, along with Kung-Wei Liu, Alan Zhang and Pengwei Liu. Donald Toumey and Elizabeth Davy advised on OFAC and AML regulatory matters. In addition, Tracey Russell advised on blue sky matters, and Jeffrey Hochberg, Eric Wang, Saul Brander and David Simins advised on U.S. tax matters. Vincent Lee also provided valuable assistance.