Skadden acted as U.S. and Hong Kong counsel to China CITIC Bank Corporation Limited in its US$5.4 billion dual-listed initial public offering, the world's second-largest IPO in 2007. The IPO consisted of an offering of 4.9 billion H shares (listed on the Hong Kong Stock Exchange) valued at US$3.7 billion through a public offering in Hong Kong and a Rule 144A/Regulation S placement, and an offering of 2.3 billion A shares (listed on the Shanghai Stock Exchange) valued at US$1.7 billion through a domestic offering in China. This is only the second simultaneous Hong Kong/Shanghai Stock Exchange listing. China CITIC Bank is the seventh-largest bank in China based on assets. Skadden also represented China CITIC Bank when Spanish bank Banco Bilbao Vizcaya Argentaria S.A. acquired a stake in it shortly before the IPO.