Sidley advised on the initial public offering (IPO) of Raily Aesthetic Medicine International Holdings Limited (HKEX:2135) (Raily Aesthetic) on the Main Board of the Stock Exchange of Hong Kong (HKEX). The offering raised approximately HK$137 million (US$17.8 million), subject to exercise of right of the overallotment option. The Sidley team acted as Hong Kong legal counsel for the sole sponsor, Innovax Capital Limited, and underwriters in the offering. Underwriters included Innovax Securities Limited, Elstone Securities Limited, BOCOM International Securities Limited, Essence International Securities (Hong Kong) Limited, First Fidelity Capital (International) Limited, Kingkey Securities Group Limited, Kirin Securities Limited, Realord Asia Pacific Securities Limited, and Sun International Securities Limited.
Raily Aesthetic received strategic investments from cornerstone investors, Haohai Healthcare and Tu Yi HK. Raily Aesthetic is a leading aesthetic medical service provider in Zhejiang Province, China. According to the Frost & Sullivan Report, based on sales revenue in 2019, Raily Aesthetic is ranked fourth in Hangzhou and fifth in Zhejiang Province among all private aesthetic medical service providers.
The Sidley team was led by partner Gloria Lam. Other team members included senior associate Jenny Ho, associates Dennis Chan and Shuwen Yu, and legal assistant Natalie Ho.
Sidley remains the number one legal adviser in the Hong Kong IPO league table by deal volume in the past 24 months (December 2018 to November 2020), according to the most recent data compiled by Ryanben Capital.