ICBCIL Finance Co. Limited CNY1.5 Billion Notes Offering

Davis Polk advised the joint book-running managers and joint lead managers in connection with the Regulation S only offering by ICBCIL Finance Co. Limited of its CNY1.5 billion 3.90% notes due 2018 with the benefit of a keepwell and liquidity support deed and a deed of asset purchase undertaking provided by ICBC Financial Leasing Co., Ltd.(the “Company”).  

Incorporated on November 28, 2007 in Tianjin, the Company is a wholly-owned subsidiary of Industrial and Commercial Bank of China Limited (the “ICBC”) and was established as a key component in implementing ICBC’s comprehensive operating strategy and products offering. The Company has grown into one of the largest financial leasing companies in the PRC regulated by China Banking Regulatory Commission and the largest in terms of total consolidated assets according to quarterly statistics from the China Banking Association Financial Leasing Committee as of December 31, 2014. The Issuer is a wholly owned subsidiary of ICBC International Leasing Company Limited (“ICBCIL”), which is a primary overseas leasing platform of the Company for its offshore leasing business.     

The Davis Polk corporate team included partners Eugene C. Gregor and Paul Chow, counsel Margie Chan and registered foreign lawyer Ying Su. Counsel Alon Gurfinkel and associate Lena X. Qiu provided tax advice. Members of the Davis Polk team are based in the Hong Kong and London offices.