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.
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。