Slaughter and May, Cravath, Swaine & Moore, King & Wood Mallesons, Sullivan & Cromwell and Haiwen & Partners have advised on China Reinsurance (Group) Corporation’s $2 billion IPO on the Hong Kong Stock Exchange.

The IPO, which was the second largest in Hong Kong this year, saw cornerstone investors take almost 56 percent of the deal. China Re said that demand from retail investors was around 94 times more than the number of shares on offer, while the institutional tranche was also significantly over-subscribed.

Slaughter and May advised China Re on matters concerning Hong Kong and U.S. law, as well as EU sanctions law and United Nations Security Council resolutions. Aspects related to U.S. sanctions law were handled by Cravath, Swaine & Moore. A team from King & Wood Mallesons, headed by Beijing-based partners Yuan Min, Yang Xiaolei and Li Yuanyuan, acted on issues involving Chinese law.

The IPO’s joint sponsors and underwriters tapped Sullivan & Cromwell for advice on U.S. and Hong Kong laws, with Hong Kong-based partners Chun Wei, Kay Ian Ng and Gwen Wong taking the lead. Haiwen & Partners provided guidance on Chinese law.

China Re’s IPO comes days after a $2.3 billion offering from debt-clearing agency China Huarong Asset Management. Next week, China International Capital Corp (CICC), the country's leading local investment bank, is expected to make its debut on the Hong Kong stock market with an IPO worth up to $810 million.