Sidley represented Kangji Medical Holdings Limited (HKEX: 9997) (Kangji Medical) as Hong Kong and U.S. legal counsel in its initial public offering (IPO) on the Main Board of The Stock Exchange of Hong Kong. The offering raised net proceeds of US$404 million (approximately HK$3.13 billion). Goldman Sachs (Asia) LLC, CLSA Capital Markets Limited, and Merrill Lynch Far East Limited acted as joint sponsors for the transaction.
Kangji Medical received strategic pre-IPO investments from TPG Capital and LYFE Capital. Cornerstone investors included Fidelity Investments, BlackRock Funds, Lake Bleu Prime, Hillhouse Capital Group, Cormorant, OrbiMed Capital LLC, and Oaktree Capital Management. The Hong Kong public offering was oversubscribed by 988.22 times.
Frances Chen, Chief Financial Officer of Kangji Medical said: “As foreign legal counsel of this Hong Kong IPO, the Sidley team placed an enormous amount of time and effort in the project. Facing a tight timeframe, and in particular during this extraordinary pandemic, the team’s collaboration has been highly efficient and effective. With their professional expertise, experience, wisdom as well as dedication to excellence, they guided us through the successful completion of this project. We are highly appreciative of the Sidley team’s excellent service and look forward to working together in the future.”
Established in 2004, Kangji Medical is the largest domestic minimally invasive surgical instruments and accessories platform in China. It offers physicians and hospitals one-stop and tailored surgical solutions for four primary surgical specialties (i.e., obstetrics and gynecology), general surgery, urology, and thoracic surgery).
The Sidley team included partner Meng Ding, with the support of associate Guanlin Wang, China advisor Eason Qu, and others.
About Sidley’s Hong Kong IPO Practice
Since the launch of Hong Kong’s new listing regime in April 2018, we have advised on six life sciences IPO projects under Chapter 18A, including Kangji Medical, Alphamab Oncology, Shanghai Henlius Biotech Inc., Viva Biotech Holdings, CanSino Biologics Inc., and Ascletis Pharma Inc. According to the most recent data compiled by RyanBen Capital, Sidley remains the number 1 legal adviser in the Hong Kong IPO league table by deal volume over the past 24 months (June 2018 to May 2020).