Latham & Watkins has advised Bank of Gansu on its $761 million initial public offering in Hong Kong, with Paul Hastings advising the joint sponsors.

Bank of Gansu is the only provincial city commercial bank in the Gansu province, a region that occupies a key position in northwest China, including for the Belt and Road Initiative projects.

The Latham team was led by Hong Kong partners Cathy Yeung and Allen Wang.

The Paul Hastings team was led by Hong Kong partner and chair of Greater China Raymond Li, and partners Zhaoyu Ren and Bonnie Yung. It advised the joint sponsors CMB International Capital, CCB International Capital, Huatai Financial Holdings, Guotai Junan Capital and BOCI Asia.

Four cornerstone investors – Hong Kong Dasheng Investment Holdings, Huaxun International Group, China Create Capital and Huarong Rongde (Hong Kong) Investment Management Company – invested a total of $400 million in the offering.