Mega Genomics raises HKD215.3m on debut

Mega Genomics raises HKD215.3m on debut

China’s largest consumer genetic testing platform Mega Genomics raised HKD215.3 million (USD27.6 million) from its IPO on the HKEX. Paul Hastings, King & Wood Mallesons and Appleby were advisers.

The genetic testing company was backed by the Chinese renowned Meinian OneHealth alongside three cornerstone investors including Maccura Biotechnology.

Paul Hastings advised the issuer on Hong Kong and US law, King & Wood Mallesons advised on PRC law, and Appleby acted as Cayman Islands counsel.

The Paul Hastings team was led by co-chairs of the Shanghai and Beijing offices Yan Jia and David Wang, and corporate partner Samuel Ng.

Partner Ma Tianning led King & Wood Mallesons’ team.

Sidley Austin and Jia Yuan Law Offices advised the sole sponsor China Securities International on the law in Hong Kong, the US and in the PRC.

Sidley’s team was led by partners Claudia Yu and Ding Meng, while Jia Yuan was led by senior partner Zhang Wen and partner Sun Di.

Although Mega Genomics’ net profit did not grow last year amid the pressure on margins, according to its IPO prospectus, it remained the only profitable company in the industry in China.