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Herbert Smith Freehills advises first H-share issuer to list under Hong Kong Stock Exchange's biotech rules/ 史密夫斐尔律师事务所向首家实现新三板及H股上市的3+H公司提供法律服务

24 December 2018 | Asia
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Leading global law firm Herbert Smith Freehills has advised the banking syndicate involved in China drug developer Shanghai Junshi Biosciences Co., Ltd.'s US$394 million IPO and listing on the Hong Kong Stock Exchange. 全球领先的国际律师事务所史密夫斐尔就中国创新驱动型生物制药公司上海君实生物医药科技股份有限公司在香港交易所的3.94亿美元首次公开发行及上市提供法律服务。

CICC was the sole sponsor for the transaction, with Citibank, Credit Suisse, Fosun Hani, China International Securities and Caitong International Securities acting as joint bookrunners and lead managers.

Junshi is the first H-share issuer and first National Equities Exchange and Quotations-listed firm to take advantage of the exchange's newly relaxed listing rules for early-stage biotech companies.  

"Investing in early-stage companies of any kind on any exchange requires a long-term view and a field of sophisticated investors," said partner Jason Sung, who led the team advising Junshi.

"In an already record year for the Hong Kong IPO market, the biotech rules have attracted a new pipeline of listings as well as investment from the world's leading biotech and pharma funds."

Founded in 2012, Junshi has 13 drugs in development, largely for immuno-oncology, autoimmune and metabolic disease treatments. Headquartered in Shanghai and Suzhou, it also has two research centres in the United States.

Announced in April 2018, the exchange's new rules provide a listing regime waiver for early-stage biotech companies without established revenue streams. Junshi is the fifth biotech company to take advantage of the regime.

In a record year for Hong Kong listings, this is just one of a number of IPOs on which the firm's equity capital markets team is working on at the moment.

Jason, Wang Zhong in Beijing and Siddhartha Sivaramakrishnan in Singapore were the partners leading the transaction.  They were assisted by senior associates George Wu, Lawrence Cheng, Justin Seto, associates Ian Ng, Sophia Tan and Bu Qingqing, paralegal Iris Zhu and legal specialist Kathy Zhang.

全球领先的国际律师事务所史密夫斐尔就中国创新驱动型生物制药公司上海君实生物医药科技股份有限公司在香港交易所的3.94亿美元首次公开发行及上市提供法律服务。

君实早先在全国中小企业股份转让系统挂牌,此次成功在港上市使其成为首家利用港交所新近放宽的早期生物科技公司上市规则发行H股的公司,也是首家实现新三板及H股上市的“3+H”公司。

为君实提供法律服务的史密夫斐尔团队牵头合伙人宋子淳律师指出,“在任何交易所投资任何类型的早期公司更需要成熟的投资者对企业的长远发展作出判断。”

“今年是港股IPO创纪录的一年,生物科技公司上市条件的放宽吸引了一系列的新上市申请以及来自全球顶尖生物科技和制药基金的投资。”

君实成立于2012年,目前有13项在研生物药品,主要用于肿瘤免疫疗法、自身免疫性疾病及代谢疾病治疗。该公司总部位于上海和苏州,在美国设有两个研发中心。

港交所于2018年4月公布新规,对未有收益的早期生物科技公司豁免主板上市的盈利要求。君实是第五家得益于新规的生物科技公司。

史密夫斐尔团队由香港办公室合伙人宋子淳、北京办公室合伙人王重和新加坡办公室合伙人Siddhartha Sivaramakrishnan领导,高级律师吴卓人、郑汉明、司徒德森律师吴家希、Sophia Tan、卜青青和律师助理朱梓萱、张凯西提供支持。

2018年港交所IPO数目创下新的纪录,史密夫斐尔股权资本市场团队目前就多个IPO项目提供法律服务。

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