Llinks, Zhong Lun assist RMB11bn IPO in biggest Star Market listing

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Llinks, Zhong Lun assist RMB11bn IPO in biggest Star Market listing

United Imaging Healthcare debuted with an RMB11 billion (USD1.6 billion) IPO on 22 August, the biggest listing on the SSE’s Star Market and the third largest in China so far this year. Llinks Law Offices and Zhong Lun Law Firm were advisers.

The deal is also the third largest IPO following SMIC and BeiGene since the launch of the Star Market in 2019.

Llinks Law Offices advised United Imaging Healthcare, while Zhong Lun Law Firm acted as counsel to the main underwriters, CITIC Securities and CICC.

Partners Chen Yiwen and Chen Yuan led Zhong Lun’s team, with support from partner Kong Wei.

United Imaging Healthcare is the leading diagnostic imaging equipment manufacturer in China, which competes with overseas peers, such as General Electric, Siemens and Philips.

The company has turned a revenue slump during the pandemic to post a net profit increase by 56.96% in 2021.

Ulrike Glueck, the managing partner of CMS China, told China Business Law Journal that the localisation of medical devices was one of the most active legal areas in China, as “the Chinese government is increasingly encouraging the purchasing of domestic medical devices instead of imported ones in government procurement”.