JOINN Laboratories’ $844 Million Initial Public Offering

Davis Polk advised JOINN Laboratories on the deal.

JOINN Laboratories (China) Co., Ltd. finalized its initial public offering and listing on the Hong Kong Stock Exchange and a global offering in reliance on Rule 144A and Regulation S. The gross proceeds from the offering amounted to HK$6.5 billion (US$844 million) prior to any exercise of the over-allotment option. This is the largest biopharmaceutical IPO in Greater China and the largest Hong Kong offering by an A-share listed company since Davis Polk advised Tigermed on its IPO in 2020.

JOINN Laboratories is a non-clinical CRO focused on drug safety assessment, with an expanding portfolio of R&D services covering discovery, pre-clinical and clinical trial stages in the drug R&D service chain. The A shares of JOINN Laboratories have been listed on the Shanghai Stock Exchange (stock code: 603127) since August 2017.

The Davis Polk corporate team included partners Li He (Picture) and Yang Chu, counsel – registered foreign lawyer Kevin Zhang, counsel Kai Sun and associate Edwin Lee. Associate Veronica Davis provided tax advice.

Involved fees earner: Yang Chu – Davis Polk & Wardwell; Veronica Davis – Davis Polk & Wardwell; Li He – Davis Polk & Wardwell; Edwin Lee – Davis Polk & Wardwell; Kai Sun – Davis Polk & Wardwell; Kevin Zhang – Davis Polk & Wardwell;

Law Firms: Davis Polk & Wardwell;

Clients: JOINN Laboratories;

Sonia Carcano

Author: Sonia Carcano