O’Melveny Advises Peijia Medical in its US$300+ Million Hong Kong IPOMay 15, 2020
FOR IMMEDIATE RELEASE
HONG KONG—May 15, 2020—O’Melveny advised Peijia Medical Limited in its recent IPO and listing on the Hong Kong Stock Exchange. The IPO offering size was approximately HK$2.343 billion (US$302 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$2.694 billion (US$348 million). The stock price rose by over 70% at market opening.
The Hong Kong public offering has been oversubscribed by approximately 1,200 times, making it the most popular offering by funds frozen so far in 2020, surpassing that of Akeso Biopharma, in which O’Melveny also served as issuer’s counsel. Peijia Medical’s IPO is the second largest IPO in Hong Kong year-to-date in size, after Akeso.
Peijia Medical focuses on the high-growth interventional procedural medical device market in China. It is a leading domestic player in the transcatheter valve therapeutic medical device market, as well as the neurointerventional procedural medical device market.
“Today’s successful listing in Hong Kong is an important milestone for the company’s development,” said Dr. Yi Zhang, company founder and Chairman. “O’Melveny was tremendously helpful to Peijia during the listing process. Their deep experience with the biotech industry, precise understanding of the Chapter 18A listing rules, and ability to efficiently handle complicated restructuring issues is most impressive. Great thanks to the O’Melveny team.”
Morgan Stanley and Huatai International were the joint sponsors and lead underwriters. The joint global coordinators also included BOC International and UBS.
The O’Melveny team was led by partners Ke Geng and Ke Zhu, with support from counsel Ye Sun and Wendy Kan, and associates Claire Huang, Xiaoyu Xu, and Katherine Wang.
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