Harneys advises YSB Inc. on its Hong Kong IPO
Harneys acted as Cayman Islands counsel to YSB Inc., a Chinese digital pharmaceutical platform, on its Hong Kong initial public offering, with an offering size of HK$316 million (approximately US$40 million). Its shares were listed and commenced trading on 28 June 2023.
Founded in 2015 and backed by investments from leading Chinese companies such as Baidu and Fosun Pharma, YSB is an online pharmaceutical platform dedicated to producing quality medicines, which are easily accessible to the public. It aims to serve businesses in the out-of-hospital pharmaceutical market, including pharmaceutical companies, drug distributors, pharmacies, and primary care institutions.
The Harneys team based in the law firm’s Shanghai office was led by Counsel Jessie Xu with support from Partner Calamus Huang. Skadden, Arps, Slate, Meagher & Flom LLP provided Hong Kong and US legal advice and Fangda Partners acted as PRC counsel to YSB. Freshfields Bruckhaus Deringer and Commerce & Finance Law Offices advised the sole sponsor and the underwriters.
This is the third Hong Kong IPO closed by the team in the past four weeks. Other IPOs include Chinese IT service provider Edianyun Limited in late May 2023 and Chinese pharmaceutical firm Cutia Therapeutics in mid-June 2023.
Jessie commented, “We are pleased to have acted for YSB in this IPO as they actively embrace the trend of digitalisation in the pharmaceutical industry. We wish them every success in their upcoming business initiatives.” Adding to that, Calamus said, “The Harneys team is pleased to have had the privilege of assisting YSB in its successful Hong Kong listing. We believe more companies from different sectors will opt for Hong Kong listings even during these challenging times.”
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.