Kangji Medical’s $404 Million IPO

Sidley Austin LLP represented Kangji Medical Holdings Limited as Hong Kong and U.S. legal counsel in its initial public offering (IPO) on the Main Board of The Stock Exchange of Hong Kong.

Chinese surgical instruments manufacturer Kangji Medical is set to raise up to $404 million through its initial public offering (IPO) in Hong Kong. The company joins a growing list of Chinese firms now taking advantage of increased investor interest in medical-related stocks in Hong Kong. Goldman Sachs (Asia) LLC, CLSA Capital Markets Limited, and Merrill Lynch Far East Limited acted as joint sponsors for the transaction.

Kangji Medical received strategic pre-IPO investments from TPG Capital and LYFE Capital. Cornerstone investors included Fidelity Investments, BlackRock Funds, Lake Bleu Prime, Hillhouse Capital Group, Cormorant, OrbiMed Capital LLC, and Oaktree Capital Management. The Hong Kong public offering was oversubscribed by 988.22 times.

Established in 2004, Kangji Medical is the largest domestic minimally invasive surgical instruments and accessories platform in China. It offers physicians and hospitals one-stop and tailored surgical solutions for four primary surgical specialties (i.e., obstetrics and gynecology), general surgery, urology, and thoracic surgery).

The Sidley team was led by Mengyu Lu (picture) and Meng Ding, along with counsel Angela Zhang, senior associate Samantha Peng, legal managers Sierra Tao and Jingwen Dong, associates Guanlin Wang, Jenny Han, and Bill Feng, China advisor Eason Qu, and legal assistant Xinyang Li.

Involved fees earner: Meng Ding – Sidley Austin LLP; Jingwen Dong – Sidley Austin LLP; Bill Feng – Sidley Austin LLP; Jenny Han – Sidley Austin LLP; Mengyu Lu – Sidley Austin LLP; Samantha Peng – Sidley Austin LLP; Eason Qu – Sidley Austin LLP; Guanlin Wang – Sidley Austin LLP; Angela Zhang – Sidley Austin LLP;

Law Firms: Sidley Austin LLP;

Clients: Kangji Medical Holdings Limited;

Author: Michael Patrini