Baker McKenzie assisted ZhongAn Online P & C Insurance Co., Ltd. ("ZhongAn Insurance") (Stock Code: 6060) in raising approximately HKD 3.9238 billion (equivalent to approximately USD 500 million) through the placement of new shares.
The net proceeds from the share sale and placement will be used to supplement the company's capital, support its investment in fintech innovations, and for general corporate purposes. Please refer to the company's announcement for further details about the deal.
Partner and Co-chair of Asia Pacific Capital Markets Practice Christina Lee led the Baker McKenzie team, with support from Special Counsel Anthony Pang and Associate Michael Chau.
Commenting on the deal, Christina said: "This transaction provides our client with additional funding for their future investment in fintech innovations. We are pleased to have had the opportunity to contribute to ZhongAn Insurance's commitment to developing innovative insurance products by leveraging our expertise in capital markets transactions."
J.P. Morgan Securities (Asia Pacific) Limited, China International Capital Corporation Hong Kong Securities Limited, and Morgan Stanley Asia Limited acted as the overall coordinators and placing agents for the transaction.
Baker McKenzie is one of the leading firms for complex transactions, providing strategic advice on deals involving the world's leading financial institutions and multinational companies. The Firm regularly advises target companies, offerors, selling shareholders and financial advisers on the acquisition and disposal of companies listed on stock exchanges in key major financial centers, as well as issuers on their proposed listing and fundraising activities in different jurisdictions. With many of its lawyers enjoying established working relationships with local regulators in Hong Kong and other key markets, the Firm is well-positioned to guide clients through every stage of the process — providing valuable insights on regulatory developments that may affect the value and feasibility of cross-border transactions, as well as on ongoing compliance matters. The team also assists listed companies in the restructuring of shareholdings, the use of stock as consideration, and the execution of block trades. Moreover, the team has extensive experience in advising clients on cross-border capital fundraising through various schemes, including the Shanghai-London Stock Connect and the China-Switzerland Stock Connect.