Latham & Watkins Advises the BookRunners in Hong Kong Listing of Asymchem
Latham & Watkins LLP advised the underwriters in the H shares listing of Asymchem Laboratories (Tianjin) Co., Ltd (Asymchem), a leading drug contract development and manufacturing organization (CDMO), on the Main Board of The Stock Exchange of Hong Kong Limited (HKEX).
Asymchem’s offering consisted of approximately 18.42 million H shares (subject to the over-allotment option) valued at HK$388 per share, for a total offering of HK$7.145 billion (approx. US$917 million). The company intends to use the proceeds for business expansion, research and development, and to meet working capital needs. This is the largest biotech listing in Hong Kong in 2021.
The firm advised the Joint Sponsors, Goldman Sachs (Asia) L.L.C. and CLSA Capital Markets Limited, and the Joint Bookrunners, Credit Suisse (Hong Kong) Limited, Citigroup Global Markets Asia Limited, Guotai Junan Securities (Hong Kong) Limited, and BOCOM International Securities Limited, in the transaction.
The deal team was led by Hong Kong partners Cathy Yeung, Terris Tang, and Allen Wang, with counsel Wei Wei. Additional advice was provided by Beijing associate Fan Wang and Hong Kong associate Jonathan Leung.
Asymchem is a technology-driven CDMO providing comprehensive solutions throughout the drug development and manufacturing process. According to Frost & Sullivan, it is the fifth largest drug substance CDMO globally, and the largest China-based commercial stage chemical drug CDMO, with a market share of 22.0%, as measured by revenue in 2020. The company been listed on the Shenzhen Stock Exchange (stock code: 002821.SZ) since November 2016.