O’Melveny Worldwide

O’Melveny Advises Gushengtang in US$104 Million Hong Kong IPO

December 10, 2021



HONG KONG—DECEMBER 10, 2021—O’Melveny advised Gushengtang Holdings Limited in its recent IPO and listing on the Hong Kong Stock Exchange. The IPO offering size was approximately HK$808 million (US$104 million), prior to the exercise of the over-allotment option. Assuming full exercise of the over-allotment option, the offering size will be approximately HK$930 million (US$120 million).

Gushengtang is a traditional Chinese medicine (“TCM”) healthcare service provider in China. Through its offline medical institutions and online healthcare platforms, it provides customers with a comprehensive range of TCM healthcare services and products to address their diverse medical and healthcare management needs. Gushengtang is one of the largest private TCM healthcare providers in China. In 2020, Gushengtang ranked first in terms of revenue generated from providing healthcare solutions, among all private TCM healthcare providers in China with both offline and online medical service networks.

The O’Melveny team representing Gushengtang was led by partners Ke Geng and Ke Zhu, and included counsel Qianyu Hu and associate Wuxiao Liang. The firm’s San Francisco, Los Angeles, Silicon Valley and New York offices also supported the transaction.

BofA Securities and Haitong International were the joint sponsors and the leading underwriters.  O’Melveny advised Gushengtang on United States law. Tian Yuan Law Firm advised the company on Hong Kong and PRC law.

Our team also represented and advised Asia Ventures III and ERVC Healthcare (both whose general partner is Eight Roads GP) and F-Prime Capital (an affiliate of Fidelity Investments) on Hong Kong and U.S. law in the transaction.  F-Prime, together with its sister fund Eight Roads, are the largest pre-IPO investors in Gushengtang in terms of shareholding percentage.

The O’Melveny team representing Eight Roads and F-Prime was led by corporate partner Edwin Kwok and counsel Lillian Cheung.

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Christopher Rieck
O’Melveny & Myers LLP
+1 212 326 2218

Chris Schob
O’Melveny & Myers LLP
+86 21 2307 7000

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