A trio of law firms guided Chinese online pharmacy platform Dingdang Health in its Hong Kong IPO of HKD12 per share, raising HKD402.4 million (USD51 million).
CICC and CMB International Capital were the joint sponsors and the underwriters in this transaction, advised by Paul Hastings on Hong Kong and US laws, while CM Law Firm gave guidance on PRC law.
Global partner and chair of Greater China Raymond Li led the Paul Hastings team with corporate partners Vincent Wang and Chaobo Fan.
Since Dingdang Health’s inception in 2014, the e-pharmacy platform has been dedicated to medicine delivery, online health consultations, treatment for chronic diseases and health management.
According to a Frost & Sullivan report, Dingdang Health was the third-biggest provider in China’s digital retail pharmacy industry in terms of 2021 revenue, with a market share of 1%, while the market share of the first and second ranked service providers, JD Health and Alibaba Health, were 10% and 6.5%, respectively.