O’Melveny Worldwide

O’Melveny Represents Sipai Health in its Hong Kong IPO

December 23, 2022



HONG KONG, DECEMBER 23, 2022 — O’Melveny recently represented Sipai Health Technology Co., Ltd. (0314.HK) (“Sipai Health”) in its initial public offering and listing of shares on the Main Board of the Hong Kong Stock Exchange.  O’Melveny advised Sipai Health as to U.S. and Hong Kong laws and drafted the prospectus.

Sipai Health is a leading med-tech and health management company in China. It connects and delivers clear values to patients, doctors, medical institutions, pharmaceutical companies and payers across China’s healthcare system through its technology platform and data-enabled operational capabilities. Its three business lines span specialty pharmacy, physician research assistance (supporting pharmaceutical companies in their R&D processes), and health insurance services. According to CIC, Sipai Health operates the largest privately owned specialty pharmacy in China, and runs the largest oncology site management organization (SMO) in China, both measured by 2021 revenue. As of June 30, 2022, Sipai Health’s health insurance service provider network connected over 1,200 Class III Grade A hospitals, over 55,000 doctors, and over 500 physical examination institutions in over 150 major cities across China.

The O’Melveny team for this transaction was led by corporate partners Ke Geng, Ke Zhu and Ye Sun, with support from counsel Wei Liu and Ella Ge, associate Rita Deng, and legal consultants Yirong Du, Chaoran Chen, Michelle Luo and Madlyn Li. Associates Cherry Ma and Ensin Tong, and trainee solicitor Ann Marie Choy also provided valuable support.

O’Melveny also represented and advised Asia Ventures III and ERVC Healthcare (both of whose general partner is Eight Roads GP) and F-Prime Capital (an affiliate of Fidelity Investments) as on Hong Kong and U.S. laws in the transaction. F-Prime, together with its sister fund Eight Roads, are pre-IPO investors in Sipai Health.

The O’Melveny team representing Eight Roads and F-Prime was led by corporate partner Edwin Kwok and associate Yuki Tsang.

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Shannon Lynch
O’Melveny & Myers LLP
+1 212 326 2218

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