Herbert Smith and MoFo line up on closely-watched HK$4bn pharma IPO
Herbert Smith Freehills and Morrison & Foerster (MoFo) have both acted on the HK$3.97bn (£318m) initial public offering (IPO) of Shanghai-based Fosun Pharmaceutical Group, in one of the largest listings in the region this year. Herbert Smith advised the underwriters - UBS, China International Capital Corporation, JP Morgan Securities, Deutsche Bank, Agricultural Bank of China International and Haitong International - led by Hong Kong corporate partner Gary Lock and Asia head of US securities Kevin Roy.
October 31, 2012 at 12:30 PM
2 minute read
Herbert Smith Freehills and Morrison & Foerster (MoFo) have both acted on the HK$3.97bn (£318m) initial public offering (IPO) of Shanghai-based Fosun Pharmaceutical Group, in one of the largest listings in the region this year.
Herbert Smith advised the underwriters – UBS, China International Capital Corporation, JP Morgan Securities, Deutsche Bank, Agricultural Bank of China International and Haitong International – led by Hong Kong corporate partner Gary Lock and Asia head of US securities Kevin Roy.
China's Grandall Law Firm advised the underwriters on local law.
Meanwhile, US firm MoFo took the lead role for Fosun with a team led by Hong Kong corporate partner Gregory Wang, with Chinese outfit Chen & Co advising on local law. The IPO launched on the Hong Kong Stock Exchange yesterday (30 October).
Fosun plans to use the proceeds from the IPO to acquire other pharmaceutical companies, both in China and overseas, as well as to fund existing research and development projects. Fosun was established in 1994 and has been listed on the Shanghai Stock Exchange since 1998.
Roy said: "This was an exciting and significant deal that got done in a remarkably tough market. I'm sure a lot of people are hoping it does well and re-opens the IPO market."
The listing comes as Zhengzhou Coal Mining Machinery Group is currently preparing to raise $500m (£308m) on the Hong Kong Stock Exchange. Baker & McKenzie is advising Zhengzhou.
Capital markets activity has significantly dropped off in Hong Kong this year following high volumes of work in the Asia IPO arena across 2010 and 2011. The slump has seen a number of UK and US firms suffer in the country after growing their footprints in the region aggressively during the busy period.
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