26 February 2021
We advised JOINN Laboratories on its IPO and HKEX listing.
Davis Polk advised JOINN Laboratories (China) Co., Ltd. in connection with its initial public offering and listing on the Hong Kong Stock Exchange and a global offering in reliance on Rule 144A and Regulation S. The gross proceeds from the offering amounted to HK$6.5 billion ($844 million) prior to any exercise of the over-allotment option. This is the largest healthcare IPO in Asia and the largest Hong Kong offering by an A-share listed company since the Davis Polk-advised Tigermed IPO in 2020.
JOINN Laboratories is a non-clinical CRO focused on drug safety assessment, with an expanding portfolio of R&D services covering discovery, pre-clinical and clinical trial stages in the drug R&D service chain. The A shares of JOINN Laboratories have been listed on the Shanghai Stock Exchange (stock code: 603127) since August 2017.
The Davis Polk corporate team included partners Li He and Yang Chu, counsel – registered foreign lawyer Kevin Zha`ng, counsel Kai Sun and Edwin Lee. Associate Veronica Davis provided tax advice. Members of the Davis Polk team are based in the Hong Kong and London offices.
