Credit: Shutterstock.comO'Melveny & Myers, Davis Polk Advised on Returned Hong Kong IPO Application
The application, filed by Chinese biotech company Akeso Inc., was jointly sponsored by Morgan Stanley and J.P.Morgan.
January 30, 2020 at 02:43 AM
2 minute read
O'Melveny & Myers and Davis Polk & Wardwell advised on a listing application that was returned in December by the Hong Kong Stock Exchange.
The application, filed by Chinese biotech company Akeso Inc., was jointly sponsored by Morgan Stanley and J.P.Morgan. This is the first time either bank has a sponsored main board listing application rejected by the stock exchange. In 2016, a Growth Enterprise Market listing application sponsored by J.P.Morgan was also returned.
According to the application, O'Melveny & Myers represented Akesobio on Hong Kong law and U.S. law matters. Commerce & Finance Law Offices advised on Chinese law while Campbells was Cayman Islands counsel.
Davis Polk & Wardwell acted for Morgan Stanley and J.P.Morgan on Hong Kong and U.S. law while Tian Yuan Law Firm served as Chinese counsel to the sponsors.
According to sources familiar with the matter, the stock exchange's disapproval stems from issues related to a waiver that allows issuers to be exempted from a mandatory release of financial statements. The stock exchange rules require applicants to report consolidated financial statements results for the three years immediately preceding the issue of the prospectus; the stock exchange allows for wavier of this requirement if the applicant has to issue a prospectus shortly after its financial year ends.
But in order to qualify for the waiver, an issuer must list within three months after its financial year ends. Akesobio's financial year ends on Dec. 31, which means it has to list on or before March 31 in order to meet the waiver requirements.
An O'Melveny spokesperson declined to comment. Davis Polk could not immediately be reached for comment.
Based in Zhongshan, Guangdong province, Akeso develops antibody drugs and recently closed a Series-D round, raising $150 million from a consortium led by Shanghai-based venture firm Loyal Valley Capital and state-controlled Sino Biopharmaceutical Co. Ltd. The company planned to use the proceeds for clinical trials and commercialization of its drugs as well as developing manufacturing facilities.
According to stock exchange rules, a returned application can be refiled after eight weeks. Akeso's application was returned on Dec. 5, 2019.
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Paul Hastings, Latham on J.P. Morgan's Returned Hong Kong Listing Application
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