Skadden Advises The underwriters On InnoCare Pharma's HK$ 2.2 billion Hong Kong IPO.
Legal News & Analysis - Asia Pacific - Hong Kong - Capital Market
24 March, 2020
Skadden advised Morgan Stanley and Goldman Sachs (joint sponsors), UBS, China Merchants Securities, CMBI and SPDBI as the underwriters of InnoCare Pharma's HK$ 2.2 billion (US$ 288 million) initial public offering on the Hong Kong Stock Exchange. InnoCare is a Beijing-based clinical stage biopharmaceutical company which is committed to developing innovative therapies for the treatment of cancer and autoimmune diseases for patients worldwide. The IPO’s retail tranche was over-subscribed by almost 300 times. Trading commenced 23 March after the first virtual listing ceremony at the Hong Kong Stock Exchange was held in the morning.
The Skadden team was led by Hong Kong partners Julie Gao, Paloma Wang and Christopher Betts, with associates Nicole Yuen, Paul Mok, Lu Ma (all Hong Kong), Xueyin Zhong (Beijing), and trainee solicitor Nigel Pang (Hong Kong).