Sidley represented MicroPort NeuroTech Limited (HKEX:2172) (MicroPort NeuroTech) as Hong Kong and U.S. counsel in the company’s initial public offering (IPO) and listing on the Main Board of The Stock Exchange of Hong Kong (HKEX). The offering raised net proceeds of HK$278.1 million. J.P. Morgan and CICC acted as the joint sponsors in the transaction. The public offering was oversubscribed by 45.3 times, at a valuation of HK$14.4 billion, making it the most oversubscribed and most valuable medical device company listed on the HKEX this year.
MicroPort NeuroTech is a China-based company in the neuro-interventional medical device industry, dedicated to providing innovative solutions for physicians and patients. It offers a comprehensive portfolio of approved therapeutic products covering all three major areas of neurovascular disease: hemorrhagic stroke, cerebral atherosclerotic stenosis, and acute ischemic stroke (AIS). Since its first product approval in 2004, it has amassed a total of 30 assets in its portfolio, including ten therapeutic products and three access products approved and commercialized in China and 17 product candidates under development.
The Sidley team was led by partners Sherlyn Lau, a member of the Executive Committee and deputy head of China Corporate and Finance group, and Oliver Zhong. Other team members included counsel Eva Tsui; managing associate Sophie Gu; associates Grace Hua, Weiya Mu, Robin Liu, and Siyuan Fang; China advisor Jiefei Yao and senior legal assistant Jie Lian. New York-based counsel Carla Teodoro provided U.S. Investment Company Act advice, and partner Nicholas Brown, managing associate Christian Molander-Barraza, and associate John Jee provided U.S. tax advice.
The listing is the third completed Hong Kong spinoff and separate listing from the issuer’s parent company, MicroPort Scientific Corporation (HKEX:0853). Sidley acted as Hong Kong and U.S. counsel in both prior spinoff listings of Shanghai MicroPort MedBot (Group) Co., Ltd. (HKEX:2252) in November 2021 and MicroPort CardioFlow Medtech Corporation (HKEX:2160) in February 2021.
Sidley has one of the largest Hong Kong IPO teams in the region, with more than 100 lawyers and legal professionals. It remains the No. 1 legal adviser in the Hong Kong IPO league table by deal count in the past 24 months (until June 2022), according to Ryanben Capital. Sidley is also the only Band One firm ranked by Chambers & Partners for life sciences in Greater China for 13 consecutive years. Combining strengths in both fields, Sidley is highly recognized in life science IPOs and has completed a number of high-profile transactions in recent years.
Sidley’s China Life Sciences practice is an integrated part of the firm’s Global Life Sciences practice, which has more than 200 dedicated lawyers worldwide. Sidley advises clients along the full business lifecycle, from company formation, corporate governance (including incentive plans) and compliance operations for the startup phase; to product collaboration, licensing, commercialization, and regulatory filing matters in the business development phase; to initial public offerings, refinancings and debt issuances in the capital raising phase; to further significant transactions including domestic and cross-border mergers and acquisitions, asset restructurings, and privatizations, as well as dispute resolution.