On March 17, 2015, an announcement was made by Ping An Bank Co., Ltd. (stock code: 000001; Stkname: Ping An Bank) that on March 16, the Stock Issuance Examination Committee of China Securities Regulatory Commission has reviewed and approved the bank’s application of non-public offering of A-shares.
A Dacheng team composed of Beijing-based senior partners Duan Aiqun, Zhang Gang and associate Yan Huiyi advised Ping An Bank on the share issuance. They were responsible for structuring the issuance plan, conducting due diligence, amending articles of association, improving the company’s internal governance structure and drafting relevant legal documents. Their quality, effective and comprehensive services won recognition from the client and participating intermediaries, including CITIC Securities Co., Ltd. (the sponsor) and PriceWaterHouseCoopers China (the auditor).
The issuance raised RMB19bln, the largest capital market financing deal by a public company yet advised by Dacheng. It is also the first public bank refinancing deal advised by Dacheng.
Since the Wall Street financial crisis, Chinese regulators have set higher requirements on commercial banks’ capital adequacy and governance, as exhibited in Administrative Measures for the Capital of Commercial Banks, formulated and promulgated on the basis of Basel III. Therefore, additional regulatory and legal service procedures should be applied to public banks’ refinancing endeavors, compared with non-financial public companies. The requirements of the service are also more complex.
The Dacheng team led by Duan Aiqun took full advantages of their interdisciplinary expertise in law, finance and accounting and coordinated with top-notch finance intermediaries to deliver the best professional legal services.
Ping An Bank is the renamed entity following a merge between the former Shenzhen Development Bank Co., Ltd. and Ping An Bank Co., Ltd.. Headquartered in Shenzhen, it is the first national joint stock commercial bank in China that has offered shares to the public and gone public. Ping An Bank is a pioneering financial innovator in China.
Beijing Dacheng Law Offices, LLP ("大成") is an independent law firm, and not a member or affiliate of Dentons. 大成 is a partnership law firm organized under the laws of the People’s Republic of China, and is Dentons' Preferred Law Firm in China, with offices in more than 50 locations throughout China. Dentons Group (a Swiss Verein) ("Dentons") is a separate international law firm with members and affiliates in more than 160 locations around the world, including Hong Kong SAR, China. For more information, please see dacheng.com/legal-notices or dentons.com/legal-notices.
