Davis Polk Advises Haitong UniTrust International Leasing Co., Ltd. on Its HK$2.32 Billion (US$297.74 Million) Initial Public Offering

Davis Polk advised Haitong UniTrust International Leasing Co., Ltd. in connection with its spinoff from Haitong Securities Co., Ltd. (dual listed on the Hong Kong Stock Exchange and the Shanghai Stock Exchange) by way of an initial public offering (including a public offering in Hong Kong and an international offering in reliance on Rule 144A and Regulation S) and separate listing on the Hong Kong Stock Exchange. The gross proceeds from the global offering amounted to approximately HK$2.32 billion (US$297.74 million) prior to any exercise of the over-allotment option.

Founded in 2004, Haitong UniTrust is a large and fast-growing financial leasing company in China that offers financial leasing, operating leasing, factoring, entrusted loans and other financial services to customers across a wide range of industries. Haitong UniTrust ranked third among foreign-funded financial leasing companies under MOFCOM’s regulations in terms of total revenue in 2017 and total assets as of December 31, 2017.

The Davis Polk corporate team included partners Bonnie Y. Chan and Li He and associates Lillian Lian and Lydia Leung. Counsel Alon Gurfinkel and associates Veronica Davis and Omer Harel provided tax advice. Counsel Sarah E. Kim and associate J. Taylor Arabian provided 1940 Act advice. Counsel Jeanine P. McGuinness provided regulatory advice. Members of the Davis Polk team are based in the Hong Kong, London, New York and Washington DC offices.