4 May 2018
- Amy Lo, Tim Wang, Liu Fang, Christine Xu, Claire Cao, Janet Tang, Samson Chan, Emma Bao, Hongzhou Chen, Jun Peng, Frank Yuen, Yan Yuan
- Clifford Chance, Hong Kong
Clifford Chance advises Ping An Good Doctor on US$1.12 billion IPO
Leading international law firm Clifford Chance advised Ping An Healthcare and Technology Company Limited (Ping An Good Doctor) on its US$1.12 billion initial public offering on the Hong Kong Stock Exchange. The IPO received an oversubscription of 654 times in the retail tranche and a list of reputable cornerstone investors with an over-subscribed international placing tranche. Clifford Chance also advised Ping An Good Doctor in SoftBank Vision Fund's US$400 million pre-IPO investment.
Ping An Good Doctor operates China's largest internet healthcare platform delivering medical and wellness services such as online family doctors and health mall services. Its nationwide network of healthcare service providers covers 3,100 hospitals, 1,100 health check-up centres, 500 dental clinics and 7,500 pharmacy outlets.
The IPO team was led by partners Amy Lo, Tim Wang and Fang Liu, who were supported by consultant Christine Xu, senior associates Claire Cao and Lawrence Zhang, associates Janet Tang, Samson Chan, Emma Bao, Hongzhou Chen and Jun Peng, and trainees Alex Feng and Grace Fung. The pre-IPO investment team was led by partners Amy Lo and Frank Yuen, who were assisted by consultant Yuan Yan and senior associate Yilin Huang.
Partner Amy Lo said, "We are very honoured to have acted on the first ever spin-off by the Ping An Group. The IPO was technically very challenging and demanding and, in the end, we managed to come up with creative solutions acceptable to the company and the regulators."
"We are quite fortunate to be involved in this very first, landmark IPO following the introduction of the HKSE's game-changing regime for listing of 'New Economy Companies,'" offered partner Fang Liu.