Recbio Technology, a Jiangsu-based innovative vaccine maker, raised HKD765 million (USD97.7 million) ) from its IPO on the main board of HKEX. The Temasek and Sequoia-backed company issued 30.85 million shares at HKD24.80 each in the chapter 18A listing.
Founded in 2012, Recbio has a portfolio of 12 vaccine candidates, including a recombinant HPV 9-valent vaccine to prevent cervical cancer and two covid-19 vaccines.
Recbio’s pre-IPO attracted high-profile investors such as Lake Bleu Capital, Temasek, Legend Capital, LYFE Capital, Sequoia and CMB International. Its cornerstone investors included Yangtze River Hong Kong, Harvest, SCHP and Sequoia Capital China Growth.
Kirkland & Ellis advised the issuer on Hong Kong and US law, while Zhong Lun Law Firm advised on PRC law. For the joint sponsors and underwriters, Clifford Chance acted as the Hong Kong and US legal counsel, and Commerce & Finance Law Offices acted as the PRC legal counsel. Morgan Stanley, CMB International Capital, and CLSA Capital Markets were the joint sponsors.
The Kirkland team was led by capital markets partners Mengyu Lu, Samantha Peng and Kelvin Chu, with assistance from registered foreign lawyer Bill Feng and associate Ryan Choi. The Zhong Lun team was led by partner Guo Kejun along with partners Jia Chen, Wei Haitao and Ding Wenhao.
Clifford Chance China co-managing partner Tim Wang and partners Fang Liu and Christine Xu co-led the deal with support from consultant Queenie Tong, senior associate Emma Bao, associates Tao Yang and Yuan Cao, and trainee solicitor Xiao Yu.
