Five law firms advised on Chinese biotechnology company Laekna’s HKD791 million chapter 18A offering, which is the largest such IPO to date this year.
Under chapter 18A of the Hong Kong Listing Rules, biotechnology companies without revenue or profits can list.
Davis Polk advised Laekna on Hong Kong and US law, led by partners Steve Wang, Chu Yang and Jason Xu, while Jingtian & Gongcheng counselled on PRC law.
Counsel Jessie Xu in the Shanghai office led the Harneys team, with support from partner Calamus Huang, who counselled on Cayman Islands law.
China International Capital Corporation is the sole sponsor of this offering, with six other brokers as underwriters. Partners Michael Yu and Yiming Liu led the Cooley team, who acted as Hong Kong and US law counsel. Commerce & Finance Law Offices advised on PRC law.
As of June 29, more than 90 companies are awaiting hearings at Hong Kong Exchanges and Clearing, among which more than 20% are biopharmaceutical companies.
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