Herbert Smith Freehills has advised UBS AG, China International Capital Corporation, J.P. Morgan Securities (Asia Pacific) Limited, Deutsche Bank AG, Agricultural Bank of China International and Haitong International as underwriters on the HK$3.97 billion (US$509 million) initial public offering (IPO) of Shanghai Fosun Pharmaceutical Group Co. Ltd (“Fosun Pharma”) on the main board of the Hong Kong Stock Exchange and Rule 144A/Regulation S global offering on 30 October, 2012. The deal marks one of the largest IPOs in the world’s pharmaceutical industry since June 2011 and one of the few recent significant new listings in Hong Kong since July this year.
Headquartered in Shanghai, Fosun Pharma is a leading healthcare company in the PRC. The company has been listed on the Shanghai Stock Exchange since 1998.
Fosun Pharma intends to use the IPO proceeds for, amongst others, acquisitions of pharmaceutical companies both in China and overseas, as well as funding existing research and development projects.
The Herbert Smith Freehills Hong Kong team was led by corporate partner Gary Lock, who was assisted by senior associate Michelle Zhou and associates Eugene Lau and Steven Hsu. The US securities team was led by corporate partner Kevin Roy and associates Jackie Chen, Bijun Huang and Cassie Zhang.
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