Harneys advises Cutia Therapeutics on its Hong Kong IPO
Harneys acted as Cayman Islands counsel to Cutia Therapeutics on its Hong Kong initial public offering, with an offering size of HK$465 million (approximately US$59 million). Its shares were listed and commenced trading 12 June 2023.
Cutia Therapeutics, founded in 2019, has operations across Beijing, Hong Kong, Shanghai, and Wuxi. Aiming to provide a comprehensive suite of safe and effective solutions for skin and scalp diseases, its CATAME® technology platform is at the forefront of its current research and development, continuously bringing out various self-developed, in-licensed products to the market.
The Harneys team was led by Shanghai Counsel Jessie Xu with support from Shanghai Partner Calamus Huang. The firm’s associated corporate and private wealth services business, Harneys Fiduciary, acted as the registered office and principal share registrar for Cutia Therapeutics, providing the client with a seamless integrated service.
Davis Polk & Wardwell provided Hong Kong and US legal advice and Zhong Lun Law Firm acted as PRC counsel to Cutia Therapeutics. Herbert Smith Freehills and CM Law Firm advised the sole sponsor and the underwriters.
Commenting on the IPO, Jessie said, “We are happy to have assisted Cutia Therapeutics in achieving this milestone. We wish them every success in their upcoming business initiatives.” Calamus supplemented, “Our recent successful IPOs demonstrated our strong ability to deliver impactful work on tight deadlines by leveraging our quick responsiveness and flexible approach to deal with complex situations.”
The Corporate team at Harneys advises on complex cross-border transactions involving the British Virgin Islands, Cayman Islands, Luxembourg, and Cyprus corporate vehicles. The team’s significant track record includes advising on high-profile private equity transactions, landmark IPOs, public and private M&A, and joint ventures. The firm’s 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, and the Luxembourg Stock Exchange.