China Development Bank Financial Leasing Co., Ltd. HK$6 Billion (US$776 Million) Initial Public Offering

Davis Polk advised the joint global coordinators on the initial public offering and listing on the Main Board of The Stock Exchange of Hong Kong Limited and an international offering in reliance on Rule 144A and Regulation S of China Development Bank Financial Leasing Co., Ltd. The gross proceeds from the global offering amounted to approximately HK$6 billion (US$776 million) prior to any exercise of the over-allotment option.

China Development Bank Financial Leasing Co., Ltd. is a pioneer and a leader in China’s leasing industry. It is the sole leasing business platform and one of the key strategic business segments of China Development Bank Corporation, dedicated to providing comprehensive leasing services to high-quality customers. Its main business segments include aircraft leasing, infrastructure leasing and ship, commercial vehicle and construction machinery leasing business. China Development Bank Financial Leasing Co., Ltd. was the largest CBRC-regulated leasing company in the PRC in terms of total revenue in 2013, 2014 and 2015.

The Davis Polk corporate team included partners Bonnie Y. Chan, Antony Dapiran and Li He, counsel Terrence R. O’Donnell, associates Lillian Lian and Mun Bbill Tang and registered foreign lawyer Han (Annie) Shen. Counsel Alon Gurfinkel and associate Nicholas A. Machen provided tax advice. Counsel Jeanine P. McGuinness provided OFAC advice. Members of the Davis Polk team are based in the Hong Kong, Beijing, London, New York and Washington DC offices.