Davis Polk advised Agricultural Bank of China Limited in connection with its RMB80 billion (approximately $13 billion) offering of 800,000,000 shares of its non-cumulative perpetual convertible preferred stock. The preferred stock was issued in two equal tranches, has a fixed annual dividend rate of 6.00% (1st tranche) and 5.50% (2nd tranche) and is convertible into shares of common stock of Agricultural Bank of China Limited.
Headquartered in Beijing, China, Agricultural Bank of China Limited is one of the “big four” national commercial banks in China in terms of total assets, total loans, total deposits and total number of branch outlets.
The Davis Polk corporate team included partners Bonnie Y. Chan, Paul Chow and Antony Dapiran, and associate Jiaxiang Zhang. Members of the Davis Polk team are based in the Hong Kong and Beijing offices.