Leading international law firm Herbert Smith Freehills and its joint operation partner Kewei have advised global healthcare company Sanofi on its participation in the initial public offering and listing of ClouDr in Hong Kong as a cornerstone investor, a Chinese technology solutions services provider for healthcare companies listed on the Stock Exchange of Hong Kong on 6 July. This transaction is the first time Sanofi participates in a Hong Kong IPO as a cornerstone investor.
Sanofi is one of the largest pharmaceutical companies in Europe, listed on EURONEXT (SAN) and NASDAQ (SNY). Sanofi made an investment of US$15 million into ClouDr as a cornerstone investor in its global offering.
"We are delighted to have advised Sanofi on this landmark transaction," said Kewei international partner Gavin Guo. "Healthcare is a priority sector for both Herbert Smith Freehills and Kewei, and we are advising a growing number of clients in this sector on both corporate matters and disputes."
"Congratulations to Sanofi on this successful cornerstone investment in Hong Kong, where is now a leading hub for healthcare investors," said Hong Kong partner Jeremy Shen, "We are delighted to have assisted in this high-profile investment, which reflects the continued depth and breadth of the investor pool in the Hong Kong market."
Gavin led a Kewei team advising on PRC legal issues relevant to the investment target, supported by senior consultant Angela Zhao and associate Alvin Zheng. Jeremy led a Hong Kong team advising the client, from regulatory requirements relevant to its investment as cornerstone investor in a Hong Kong IPO to negotiating the cornerstone investment agreement. Senior associate Jaime Fong and associate Bryan Cheung provided support.