Yidu Tech Inc.’s US$531 Million Global Offering And Listing


Slaughter and May, Hong Kong, advised the joint sponsors, the joint global coordinators, the joint bookrunners, the joint lead managers and the underwriters.

Yidu Tech Inc. (Yidu or the Company) offered and listed on the Main Board of the Hong Kong Stock Exchange, raising approximately HK$4.1 billion (approximately US$531 million) before exercise of the over-allotment option. Goldman Sachs (Asia) L.L.C. (Goldman Sachs) and China International Capital Corporation Hong Kong Securities Limited (CICC) acted as the joint sponsors, and Goldman Sachs, CICC and Citigroup Global Markets Asia Limited (Citi) acted as the joint global coordinators. Goldman Sachs, CICC, Citi (in relation to the Hong Kong public offering only) and Citigroup Global Markets Limited (in relation to the international offering only) acted as the joint bookrunners. Goldman Sachs, CICC, Citi (in relation to the Hong Kong public offering only), Citigroup Global Markets Limited (in relation to the international offering only) and China Merchants Securities (HK) Co., Limited acted as the joint lead managers.

The Hong Kong retail tranche of the global offering was very significantly over-subscribed by approximately 1,633.84 times, and the international tranche of the global offering was significantly over-subscribed by approximately 33.4 times. Dealings in the shares of Yidu commenced on the Hong Kong Stock Exchange on 15 January 2021.

Yidu is a Chinese healthcare solutions provider built on big data and artificial intelligence (AI) technologies. The Company serves and partners with key healthcare industry participants, including hospitals, pharmaceutical, biotech and medical device companies, research institutions, insurance companies, doctors and patients, as well as regulators and policy makers. The Company ranked No. 1 in terms of revenue among all healthcare big data solution providers in China in 2019 with a market share of 5.0% in the healthcare big data solutions market in China.

Slaughter and May’s team included John Moore (Picture), Partner, Clara Choi, Partner, Jianhao Zheng, Counsel, Edward Lau, Associate, Jiayi Li, Associate, Anthony Sze, Associate, Yitian Jin, Associate, Jonathan Kwok, Associate, Michelle Tsang, Trainee and Xiaolu Yin, Trainee.

Involved fees earner: Clara Choi – Slaughter and May; Yitian Jin – Slaughter and May; Jonathan Kwok – Slaughter and May; Edward Lau – Slaughter and May; Jiayi Li – Slaughter and May; John Moore – Slaughter and May; Anthony Sze – Slaughter and May; Jianhao Zheng – Slaughter and May;

Law Firms: Slaughter and May;

Clients: China International Capital Corporation Limited (CICC); China Merchants Securities ; Citigroup Global Markets Asia Limited; Goldman Sachs; Goldman Sachs & Co.;

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Author: Michael Patrini