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Clifford Chance

Clifford Chance
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Clifford Chance advises Lepu Medical on its Swiss GDR listing

21 September 2022

Clifford Chance advises Lepu Medical on its Swiss GDR listing

Leading international law firm Clifford Chance has advised Lepu Medical Technology (Beijing) Co., Ltd, as issuer’s counsel, on its offering and listing of global depositary receipts (GDRs) on the SIX Swiss Exchange in reliance on Rule 144A and Regulation S. The GDR offering is expected to raise gross proceeds of approximately US$224.2 million.

Partners Fang Liu and Jean Thio jointly led the deal, with support from a Greater China team including counsel Lorna Lyu, senior associate Emma Bao, associates Yuan Cao, Meng Mao and transaction support officers Menglin Liang and Cecilia Chen. London-based partner Chris Roe and senior associate Anjaneya Das advised on the depositary agreement and partner Nicola Hemsley advised on the tax implication of the offering.

Fang Liu commented, “We are proud to advise on this landmark Swiss listing by Lepu Medical Technology, which builds on our firm’s strong track record advising on cross-border GDR offerings and listings. The transaction highlights the attractiveness of the expanded Stock Connect scheme for innovative Chinese companies in strategic sectors, including pharmaceutical and healthcare, seeking access to international capital markets.” 

The firm has been at the forefront of advising on GDR offerings under the Shanghai-London Stock Connect scheme and the expanded China-Europe Stock Connect scheme, including three pioneer Swiss GDR listings.

Lepu Medical is a leading medical device and pharmaceuticals company in China, specialised in the development, manufacturing and distribution of medical equipment. The firm previously advised Lepu Biopharma on its Hong Kong IPO and Listing.

高伟绅助力客户乐普医疗在瑞士发行全球存托凭证

国际领先律师事务所高伟绅作为发行人乐普(北京)医疗器械股份有限公司的法律顾问,就依据144A规则和S条例发行全球存托凭证(GDR)并在瑞士交易所上市提供法律服务。

此次发行的GDR总计募集约2.242亿美元的资金。本交易由合伙人方刘和张珮真共同领导,吕娜、包宸、曹嫄、毛檬、梁梦琳和陈岑在内的大中华区团队予以支持。

此外,本所伦敦办公室的合伙人Christopher Roe、Nicola Hemsley和团队成员Anjaneya Das为以上项目的存托协议和相关稅务安排提供了支持。

方刘律师表示:凭借高伟绅在为跨境GDR发行和上市提供法律服务的良好业绩,我们很荣幸能为乐普医疗在瑞士的这一里程碑式的上市提供法律服务。该交易凸显了扩容后的‘中欧通’计划对战略行业(包括医药和保健)的创新型中国企业寻求进入国际资本市场的吸引力。

本所在助力沪伦通以及扩容后的中欧通计划下的GDR发行方面一直处于领先地位,包括为首批四家中的三家中国新能源企业的瑞士GDR发行提供了法律服务。

乐普医疗是中国领先的医疗器械和制药公司,专门从事医疗设备的开发、制造和销售。本所先前曾为乐普生物的香港IPO和上市提供法律服务。