Clifford Chance

Clifford Chance advises on Ascentage Pharma's IPO under HKEX's new listing regime for biotech companies

Leading international law firm Clifford Chance has advised the joint sponsors Merrill Lynch and Citigroup and the underwriters on the US$53.5 million initial public offering (IPO) and listing on the Hong Kong Stock Exchange (HKEX) of Ascentage Pharma Group International (Ascentage Pharma), under Chapter 18A of the HKEX's new listing regime for biotech companies. The IPO received exceptionally strong demand with the retail tranche being more than 755 times oversubscribed, making it one of the most oversubscribed deals in Hong Kong in 2019.

Suzhou-headquartered Ascentage Pharma is a globally-focused, clinical-stage biotechnology company engaged in developing novel therapies for cancers, hepatitis B virus and age-related diseases.

Partners Amy Lo and Fang Liu led on the deal and were supported by senior associates Ryan Wong, Janet Tang, Sheng Chen, Gehuan Liu, legal assistant Jason Liu, and trainees Anson Wong, Beanka Chiang and Karen Jiang.

Amy said, "This transaction is a testament to our market-leading IPO practice's work in support of HKEX's strategic initiatives and new listing reforms, which aims to develop the attractiveness of Hong Kong's capital markets for technology and biotech companies."

Fang Liu said, "This deal highlights our deep understanding of the life sciences and biotech sectors' regulatory and commercial challenges. We are thrilled to be involved in this significant public fund raising that further enhances Ascentage Pharma's ability to develop innovative and important therapies for cancer and other diseases."

Clifford Chance also recently advised on Hansoh Pharmaceutical's US$1 billion IPO, as well as Ping An Good Doctor's US$1.12 billion IPO in 2018.