Clifford Chance

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.