Follow us

Leading global law firm Herbert Smith Freehills has advised Morgan Stanley and CICC as joint sponsors of medical device manufacturer Acotec Scientific Holdings Limited (06669.HK)'s mainboard listing on the Stock Exchange of Hong Kong.

Acotec Scientific has developed a suite of interventional medical devices for the treatment of vascular diseases, notably in the fields of drug-coated balloons (DCB) and thrombus aspiration catheters.

The IPO raised over HK$1.529 billion (approximately US$196 million), and listed on 24 August 2021.

"We are delighted to have worked with Acotec on its successful listing on the HKEx," said Beijing partner Zhong Wang. “We helped CPE acquire 100% of Acotec back in 2018 and have since provided legal services regarding Acotec's management buy-back, corporate governance, various technological collaborations with third parties around the world and crossover round financing. We feel privileged for having accompanied Acotec in its remarkable journey, overcoming challenges and cultivating growth. Today we share its joy in this fantastic achievement. We wish Acotec continued success."

Herbert Smith Freehills has advised on a number of biotech listings since the Hong Kong exchange introduced its new regime for biotech listings in 2018, including those by Shanghai Junshi Biosciences (01877.HK), TOT BIOPHARM (01875.HK), SinoMab Bioscience Limited (03681.HK), Peijia Medical (09996.HK), Antengene Corporation Limited (06996.HK), CARsgen Therapeutics (02171.HK), Brii Biosciences (02137.HK) and Shanghai HeartCare Medical (06609.HK).

"Acotec Scientific is the second offering by medical device manufacturers on which we have advisedin the past two weeks. This mandate demonstrates our capability in advising healthcare and biotech companies on high-profile capital market transactions,” said Beijing partner Isaac Chen. "We congratulate Acotec Scientific and the sponsors on this successful IPO."

Acotec Scientific launched the first peripheral DCB product in China in 2016, achieving approximately 86.9% domestic market share in terms of revenue generated in 2020. The DCB product market in China increased from RMB26.9 million in 2015 to RMB1.0 billion in 2019 at a CAGR of 150.5%, and is expected to further increase to RMB6.0 billion in 2024 at a CAGR of 41.5% from 2019 to 2024.

Zhong and Isaac jointly led the team advising the joint sponsors, assisted by senior associate Sherry Lai in Hong Kong, associates Yuchen Zhu, Robert Li, Daina Wang, Brian Ge and Bryan Zhu, and legal assistants Yuanyuan Yin and Emma Chen in Beijing. London-based partner and head of US Securities Tom O'Neil and Hong Kong-based of counsel George Wu provided US securities law advice.

Associate director Lucy Yao led Herbert Smith Freehills Kewei Joint Operation’s Alternative Legal Services business to provide high-efficiency solutions for verification and other document-intensive processes during the offering, assisted by senior lawyer Helen Liang, legal specialist Selina Wang and legal analyst Shawna Peng.

全球领先的律师事务所史密夫斐尔作为医疗器械公司先瑞达医疗科技控股有限公司(06669.HK)联席保荐人摩根士丹利和中金的境外律师,为其在香港联交所主板上市提供法律服务。

先瑞达医疗开发了一系列用于血管疾病治疗的介入医疗器械,特别是在药物涂层球囊(DCB)领域以及血栓抽吸导管领域。

先瑞达医疗在首次公开募股中融资超过15.29亿港元(约合1.96亿美元),于2021年8月24日开始在香港联交所交易。

史密夫斐尔北京办公室合伙人王重(Zhong Wang)表示:“我们非常荣幸为先瑞达在港交所上市提供助力。我们自2018年协助中信产业基金收购先瑞达100%股权后,就先瑞达的管理层回购、公司治理、全球范围内的科技合作以及Crossover轮融资等事宜提供法律服务。我们因陪伴先瑞达走过这段难忘旅程而心怀感激,并分享今天公司上市成功的喜悦。祝先瑞达百尺竿头,更进一步!”

自港交所于2018年放宽生物技术公司上市条件以来,史密夫斐尔已为多家公司在港上市提供法律服务,包括君实生物(01877.HK)、东曜药业(01875.HK)、中国抗体(03681.HK)、沛嘉医疗(09996.HK)、德琪医药(06996.HK)、科济药业(02171.HK)、腾盛博药(02137.HK)和心玮医疗(06609.HK)。

北京办公室合伙人陈敏(Isaac Chen)表示:“先瑞达是我们在过去两周为其上市提供法律服务的第二家医疗器械制造商。这显示出我们为医疗保健和生物技术公司就备受瞩目的资本市场交易提供咨询的能力。衷心向先瑞达和保荐人表示祝贺。”

先瑞达医疗于2016年推出了中国首款外周DCB产品,以2020年产生的收益计,约占到国内市场86.9%的市场份额。中国DCB医疗器械市场从2015年的2690万元增长到2019年的10亿元,复合年均增长率为150.5%,预计2024年将进一步增长至60亿元,2019年至2024年复合年均增长率为41.5%。

合伙人王重和陈敏率领律师团队为此次联席保荐人提供法律服务。主要团队成员包括香港办公室黎翠芬(Senior Associate)、北京办公室朱雨辰(Associate)、李超(Associate)、王黛娜(Associate)、葛轶(Associate)、朱步凡(Associate)、尹圆圆(Legal Assistant)和陈阿婷(Legal Assistant)。伦敦办公室合伙人、美国证券法主管合伙人Tom O'Neil 以及香港办公室资深顾问吴卓人就该笔交易的美国证券方面事宜提供咨询。

姚硕(Associate Director)率领的科伟史密夫斐尔联营办公室替代性法律服务(ALT)联合团队在发行期间为招股书验证及其他文件密集型工作提供高效率的解决方案,主要成员包括梁琳(Senior Lawyer)、王思颖(Legal Specialist)和彭祺程(Legal Analyst)。

 


Media contact

For further information on this article please contact

Sally Greig

Head of Communications, Asia

Hong Kong

Media contact

For further information on this article please contact

Vivian Huang

Communications Manager, China

Beijing