Jiangsu Hengrui Pharmaceuticals in HK$9.9 Billion IPO

Cleary Gottlieb represented Jiangsu Hengrui Pharmaceuticals Co. Ltd. (Hengrui Pharma) in its approximately HK$9.9 billion (assuming no exercise of the over-allotment option) global offering and listing of its H shares on the Hong Kong Stock Exchange (HKSE).

This deal is expected to be the second-largest offering and listing on the HKSE by a Mainland China listed company and the largest offering and listing on the HKSE in the health care sector in 2025.

Morgan Stanley Asia Limited, Citigroup Global Markets Asia Limited, and Huatai Financial Holdings (Hong Kong) Limited acted as joint sponsors, overall coordinators, joint global coordinators, joint bookrunners, and joint lead managers; UBS AG Hong Kong Branch acted as an overall coordinator, joint global coordinator, joint bookrunner, and joint lead manager; and BOCI Asia Limited, CLSA Limited, and GF Securities (Hong Kong) Brokerage Limited acted as joint bookrunners and joint lead managers.

The offering was priced on May 21, 2025, and closed on May 23, 2025. The H shares began trading on the Main Board of the HKSE on May 23, 2025.

GIC, Invesco Advisers, UBS AM Singapore, Boyu Capital, Hillhouse, Millennium Capital, and Oaktree Capital participated in the offering as cornerstone investors.

Hengrui Pharma is a leading innovative global pharmaceutical company rooted in China. As a strong validation of its innovation results, Hengrui Pharma has a leading position among Chinese pharmaceutical companies, in terms of revenue from new molecular entity (NME) drugs in 2023 and the number of NME drug candidates in clinical or later stages of development as of the latest practicable date, according to Frost & Sullivan. In recent years, through overseas clinical trials, product commercialization in overseas markets and out-licensing transactions, Hengrui Pharma has been accelerating its global expansion to unlock and maximize the potential of its product matrix and technology platforms.