Orrick, Herrington & Sutcliffe LLP advised Biostime International Holdings Limited (Biostime) on a HK$1.64 billion (US$212 million) initial public offering on the Main Board of the Hong Kong Stock Exchange, with a Rule 144A/Regulation S placement to global investors. The offering, which took place on December 17, 2010, was underwritten by HSBC Holdings PLC.
A team of Hong Kong- and U.S.-qualified capital markets lawyers from Orrick’s Hong Kong and Paris offices, led by partners Edwin Luk, Allen Shyu and Phoebus Chu, advised Biostime on the Hong Kong and global offering.
Based in Guangzhou, Southern China, Biostime manufactures pediatric nutrition, baby-care and probiotic supplement products. The company imports the main ingredients for its probiotic supplements from France. It also distributes infant formulas and dried baby products imported directly from France and the United States under license. Orrick’s China capital markets team worked closely with the firm’s Paris-based team to successfully complete the offering.
Edwin Luk, Orrick’s Asia Corporate Group leader, commented: “Biostime’s global offering has been well received in Hong Kong and around the globe. The success of the deal reflects the growing sophistication of the Chinese consumer market and an increasing demand for globally-sourced consumer goods in China.”
He added: “Orrick has a strong Hong Kong, U.S. and English capital markets track record, having raised over US$4 billion over the last three years for Chinese issuers at the cutting edge of China’s economic evolution. We expect to see a growing number of global companies like Biostime emerging from China in the coming years.”
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