8 August, 2020
Davis Polk advised Hangzhou Tigermed Consulting Co., Ltd. in connection with its initial public offering and listing on the Hong Kong Stock Exchange and an international offering in reliance on Rule 144A and Regulation S. The gross proceeds from the offering amounted to approximately HK$10.7 billion (US$1.37 billion) prior to any exercise of the over-allotment option. This is the largest biopharmaceutical IPO in Asia and the largest Hong Kong offering by an A-share listed company so far in 2020.
Tigermed is a leading China-based provider of comprehensive biopharmaceutical R&D services, with an expanding global presence. With its industry leading capabilities supporting the biopharmaceutical R&D process, Tigermed helps both Chinese and multinational biopharmaceutical companies design, manage and execute their clinical development projects, accelerate their development process, and reduce their R&D risks. Tigermed has been listed on the ChiNext market of the Shenzhen Stock Exchange since August 2012.
The Davis Polk corporate team included partners Li He and Yang Chu, registered foreign lawyer Kevin Zhang, associates Kai Sun and Jessica Ng. Associate Omer Harel provided tax advice. Members of the Davis Polk team are based in the Hong Kong and London offices.
The announcement above is not offer for sale of securities in the United States. The securities referred to herein (the "Securities") have not been registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”), and may not be sold in the United States absent registration or an exemption from registration under the Securities Act. The issuer of the Securities does not intend to register any part of the offering in the United States or to conduct a public offering of the Securities in the United States.
