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Harneys advises Cloudbreak Pharma Inc. on its Hong Kong IPO

07 Jul 2025
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Harneys acted as Cayman Islands counsel on the global offering of shares by Cloudbreak Pharma Inc., facilitating its successful listing on The Stock Exchange of Hong Kong Limited (HKEx). The shares began trading on HKEx on 3 July 2025, raising approximately HK$611 million.

Cloudbreak Pharma is a clinical-stage global biotechnology company dedicated to developing ophthalmic drugs for chronic eye diseases, many of which currently have limited treatment options.

The successful completion of its IPO and listing process underscores Harneys’ position as a trusted legal advisor for pharmaceutical and life sciences market leaders.

The Harneys team was led by Counsel Denise Chan and Legal Manager Jane Chan, with support from Partner Raymond Ng. Other firms advising on the matter included Hogan Lovells, which acted as Cloudbreak Pharma’s counsel, and Ashurst, which acted as counsel to the joint sponsors and underwriters. CCB International Capital Limited and Huatai Financial Holdings (Hong Kong) Limited acted as joint sponsors and overall coordinators. CCB International Capital Limited, Huatai Financial Holdings (Hong Kong) Limited, CMB International Capital Limited, and Quam Securities Limited acted as joint global coordinators, joint bookrunners, and joint lead managers. The firm's strategic alliance partner, Harneys Fiduciary, provides registered office and principal share registrar services to Cloudbreak Pharma.

Speaking about the deal, Raymond commented: “We are proud to have supported Cloudbreak Pharma in achieving this significant milestone. Their work in developing treatments for chronic eye diseases is inspiring, and we are grateful for the trust they placed in us to guide them through this process.”

The Corporate team at Harneys has a leading Equity Capital Markets (ECM) practice with substantial experience in all aspects of capital raising by offshore companies, including reverse mergers, IPOs and secondary offerings, rights issues, equity linked securities, including convertible and exchangeable bonds, SPACs, and business combinations, as well as private placements, take-privates, takeovers, and spin-offs. The firm’s ECM expertise lies in advising entities listed or listing on all major stock exchanges, including the New York Stock Exchange, NASDAQ, the London Stock Exchange, AIM, the Hong Kong Stock Exchange, the Shanghai Stock Exchange, the Luxembourg Stock Exchange, and the Singapore Stock Exchange.