Industrial Bank Co., Ltd. (SHSE:601166) announced that it intends to conduct a private placement on February 27, 2012.

On February 29, 2012, the company announced that it will issue shares for gross proceeds of at least CNY 25,000,000,000 to a couple of investors. The round will also include participation from returning investors PICC Asset Management Co. Ltd. and China Tobacco Corp. BOC International Holdings Ltd will serve as the lead underwriter for the transaction.

On March 1, 2012, the company announced that it will issue not more than 2,072,255,800 shares at CNY 12.73 per share for gross proceeds of not more than CNY 26,379,816,334. The company will issue shares to four investors, PICC Asset Management Co. Ltd., China Tobacco Corp., Beijing Infrastructure Investment Co., Ltd., and Shanghai Zheng Yang International Business Co., Ltd. PICC Asset Management Co. Ltd. will subscribe to 1,380,434,400 shares, China Tobacco Corp. will subscribe to 409,025,000 shares, Beijing Infrastructure Investment Co., Ltd. will subscribe to 157,109,100 shares, and Shanghai Zheng Yang International Business Co., Ltd. will subscribe to 125,687,300 shares. The securities issued will have a lock-up period of 36 months.

On March 2, 2012, the transaction was approved at the ninth session of the seventh directorate meeting.

On March 5, 2012, the company announced that the placement is subject to approval from Industrial Bank's shareholders and China's securities regulator. Existing investor, China Tobacco Corp. will hold 3.18% stake on closing of the transaction and PICC Asset Management will increase its stake in the company from 0.22% to 10.92%.

On March 6, 2012, the company announced that it will issue A-shares in the transaction.

On April 9, 2012, the company announced that it has received approval from its shareholders for the transaction.

On June 29, 2012, the company announced that the China Banking Regulatory Commission has approved to raise up to CNY 24,377,950,000. PICC Asset Management Co. Ltd. will subscribe to 1,380,000,000 shares, China Tobacco Corp. will subscribe to 409,000,000 shares, and Shanghai Zheng Yang International Business Co., Ltd. will subscribe to the remaining 126,000,000 shares.

On November 29, 2012, the company announced that it will now issue up to 1,920,000,000 A shares at CNY 12.36 per share for gross proceeds of up to CNY 23,731,200,000. The People's Insurance Company (Group) of China Limited, PICC Life Insurance Company Limited, and PICC Property and Casualty Co. Ltd. have agreed to subscribe for shares worth of CNY 17,000,000,000 and existing investor China Tobacco Corp. has agreed to subscribe for shares worth CNY 5,000,000,000. On the same day, the China Securities Regulatory Commission approved the transaction.

On December 31, 2012, the company issued a total of 1,380,000,000 shares for CNY 17,056,800,000, PICC Life Insurance Company Limited and PICC Property and Casualty Co. Ltd., each subscribed to 632,000,000 shares for CNY 7,811,520,000 representing 0.92% stake for each investor in the company. The People's Insurance Company (Group) of China Limited subscribed to 116,000,000 shares for CNY 1,433,760,000 representing 4.98% stake in the company. Shares issued in the transaction are subject to a hold period of 36 months.

On January 7, 2013, Industrial Bank Co., Ltd. closed the transaction. The company issued a total of 1,915,146,700 shares for CNY 23,671,213,212. The company received net proceeds of CNY 23,532,165,305.68 after deducting issuance expenses of CNY 139,047,906.32. The People's Insurance Company (Group) of China Limited invested for 116,434,400 shares for CNY 1,439,129,184, PICC Property and Casualty Co. Ltd. and PICC Life Insurance Company Limited subscribed to 632,000,000 shares each for CNY 7,811,520,000 each, China Tobacco subscribed to 409,025,000 shares for CNY 5,055,549,000, and Shanghai Zheng Yang International Business Co., Ltd. subscribed to 125,687,300 shares for CNY 1,553,495,028. Credit Suisse Founder Securities Ltd., Citic Securities Co., Ltd., Goldman Sachs Gaohua Securities Co., Ltd., and Hongta Securities Co., Ltd. served as lead underwriters to the company. Grandall Law Firm (Shanghai) served as legal advisor to the company. Deloitte Touche Tohmatsu Certified Public Accountants served as accountant to the company.