Go to content
${facet.Name} (${facet.TotalResults})
${item.Icon}
${ item.ShortDescription }
${ item.SearchLabel?.ViewModel?.Label }
See all results
${facet.Name} (${facet.TotalResults})
${item.Icon}
${ item.ShortDescription }
${ item.SearchLabel?.ViewModel?.Label }
See all results

Harneys closes two Hong Kong pharmaceutical IPOs

10 Dec 2021

Harneys acted as Cayman Islands counsel to CANbridge Pharmaceuticals Inc. (CANbridge) and Gushengtang Holding Limited (Gushengtang) on the listing of their shares on the Main Board of the Stock Exchange of Hong Kong Limited (the Hong Kong Stock Exchange), raising approximately US$200 million in net proceeds (assuming over-allotment options are exercised in full).

Established in 2012, CANbridge is a global biopharmaceutical company leveraging its foundation in China to develop and deliver therapeutics for rare diseases and rare oncology worldwide. Qualified as a “biotech company” as defined in the Rules Governing the Listing of Securities on the Stock Exchange of Hong Kong Limited, CANBridge became the 18th company to be successfully listed on the Hong Kong Stock Exchange this year under Chapter 18A. Raymond Ng, Co-head of our global Corporate practice, Shanghai-based Partner Calamus Huang, and Senior Associate Lily Zhang advised on the project, alongside Davis Polk & Wardwell (Hong Kong counsel to CANbridge), King & Wood Mallesons (PRC counsel to CANbridge), Kirkland & Ellis (Hong Kong counsel to the joint sponsors) and Tian Yuan Law Firm (PRC counsel to the joint sponsors).

Gushengtang is a traditional Chinese medicine healthcare service provider which operates offline medical institutions and online healthcare platforms to cater for medical and healthcare management needs. It was one of the top ten private traditional Chinese medicine healthcare service providers in China in 2020. Raymond Ng and Hong Kong-based Legal Manager Nicholas Fong led the project, with a working group consisting of Tian Yuan Law Firm LLC (Hong Kong counsel to Gushengtang), O’Melveny & Myers LLP (United States counsel to Gushengtang), Tian Yuan Law Firm (PRC counsel to Gushengtang), Linklaters (Hong Kong counsel to the joint sponsors) and Zhong Lun Law Firm (PRC counsel to the joint sponsors).

Raymond commented: “We are grateful to be involved in the successful IPOs of CANBridge and Gushengtang. It has been a hugely successful year for pharmaceutical companies to raise funds in the Hong Kong equity market, and we expect the trend to continue through 2022.” Calamus added: “Our Asia Corporate team continues to provide top-notch service to clients across a variety of industries and sectors, including biotech and SPACs. It is testament to the strength of our team - with strong local presence in Hong Kong, Shanghai and Singapore - that clients are seeking to use Harneys on their landmark projects.”

The Corporate team at Harneys advises on complex cross-border transactions involving the British Virgin Islands, Cayman Islands, Luxembourg and Cyprus corporate vehicles. The firm’s significant track record includes advising on high-profile private equity transactions, landmark IPOs, as well as public and private M&A and joint ventures. The firm’s Shanghai-based team allows China-based clients to easily access their full range of incorporation, formation, fiduciary, directorship, and trustee and trust administration services.

Authors

Raymond Ng Harneys front portrait image on a grey background
Calamus Huang Harneys front portrait image on a grey background
Lily Zhang Harneys front portrait image on a grey background
Nicholas Fong Harneys front portrait image on a grey background

Contact us
For further information, please contact the Harneys team at Byfield Consultancy.