NAME: Asymchem Laboratories’ Hong Kong IPO Listing

LAW FIRM: CYL & Partners, DeHeng Law Offices, Jun He Law Offices, Cooley, Latham & Watkins

JURISDICTION: China

PRACTICE AREAS: Capital Markets

INDUSTRY SECTORS: Pharmaceuticals and Life Sciences

Asymchem Laboratories’ Hong Kong IPO and secondary listing is our deal of the month for December.

DeHeng Law Offices, together with Cooley and its affiliate firm CYL & Partners, advised Tianjin-based company Asymchem Laboratories (Asymchem) on an $878 million IPO listing in Hong Kong. Its initial IPO was on the Shenzhen Stock Exchange in 2016.This deal marks the largest health and biotech IPO in Hong Kong in 2021.

Joint sponsors Goldman Sachs and CLSA were represented by Latham & Watkins and Jun He Law Offices. BOCOM International Securities, Citigroup, CLSA, Credit Suisse, and Guotai Junan Securities were also underwriters.

Announced on December 10, the listing made 18,415,400 H shares tradeable on the Hong Kong Stock Exchange. Asymchem plans to use funds raised to expand and increase capabilities, and further invest in research and development, particularly in small molecule drug development and production.

The DeHeng team was led by Xu Jianjun, Sun Yanli and Ji Shujuan. Other core team members were Zhang Xiaotong, Fu Fayu and Di Shuang.