Hong Kong Stock Exchange in Hong KongCleary, Clifford Chance, Advise on Chinese Drugmaker's $1BN Hong Kong IPO
Hansoh Pharmaceutical is the latest in a string of Chinese biotech and healthcare companies preparing to list in Hong Kong.
June 03, 2019 at 04:38 PM
3 minute read
Cleary Gottlieb Steen & Hamilton and Clifford Chance have the lead roles on Chinese drugmaker Hansoh Pharmaceutical Group Co. Ltd's upcoming initial public offering in Hong Kong.
Hansoh Pharmaceutical is aiming to raise as much as $1 billion from the IPO, according to a prospectus. Based in Lianyungang, Jiangsu province, Hansoh is one of the largest drugmakers for cancer and neurological diseases. The company said it has secured nine cornerstone investors, including Singaporean sovereign wealth fund GIC Pte. Ltd. Proceeds will be used for research and development, investment in production facilities, marketing and working capital.
The listing would make it the third largest in Hong Kong so far this year, after Belgian beer giant Anheuser-Busch InBev SA/NV's upcoming $5 billion spin-off of its Asia-Pacific business, and Beijing-based securities brokerage house Shenwan Hongyuan Group Co. Ltd.'s $1.16 billion listing in April.
Hansoh Pharmaceutical is also the latest Chinese biotech and healthcare company preparing to list in Hong Kong. At least 10 other similar companies have filed to list in the city since December, according to the stock exchange.
The Hong Kong stock exchange has made efforts to attract biotech companies, as well as technology companies, from China to list across the border in Hong Kong. In April last year, the bourse changed its listing rules to allow pre-revenue biotech companies to list in Hong Kong. Hansoh Pharmaceutical, however, is already profitable, having made about $275 million in net profit last year, according to its prospectus.
Cleary Hong Kong partner Freeman Chan is leading a team advising Hansoh Pharmaceutical with support from Hong Kong partner Shuang Zhao. Hong Kong firm Li & Partners' Shenzhen office is serving as Chinese counsel.
Clifford Chance Hong Kong partner Amy Lo and Singapore partner Jean Thio are leading a team advising Morgan Stanley and Citigroup Inc. as the joint sponsors, with support from partners Christine Xu and Fang Liu in Hong Kong and Tim Wang in Beijing.
The Magic Circle firm was also involved in Shenwan Hongyuan's listing and AB InBev's proposed spinoff, as issuer's and joint sponsors' counsel, respectively. Tian Yuan Law Firm is advising the banks on Chinese law.
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Sullivan & Cromwell, Freshfields on $5BN Hong Kong Listing of AB InBev's Asia Unit
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