Broncus Holding’s HK$1.55 Billion Initial Public Offering

Davis Polk, Gleiss Lutz and Maples and Calder advised Broncus Holding Corporation, while Dentons Hong Kong advised Goldman Sachs and Haitong International Capital in the transaction. S&C acted for the underwriters, including Goldman Sachs, Haitong International, Credit Suisse, CMBI, Huatai, CISI and CNCB on both Hong Kong and U.S. law matters.

Broncus Holding Corporation finalized its initial public offering and listing on the Hong Kong Stock Exchange and an international offering in reliance on Rule 144A and Regulation S. The net proceeds from the offering amounted to approximately HK$1.55 billion (US$199 million) prior to exercise of the over-allotment option.

Founded in 2012, Broncus is a pioneer in the field of interventional pulmonology, providing innovative lung solutions in China and globally. Its integrated platform addresses the pain points of the existing diagnosis and treatment paradigms and significant unmet medical needs for lung diseases.

The Davis Polk corporate team included partners Yang Chu (Picture), Li He and Xuelin (Steve) Wang, associates Albert Li and Sophie Liu and registered foreign lawyers Jennifer (Yujia) Jiang, Bruce Wang and Mendtuvshin (Mendee) Enkhtaivan. Counsel Alon Gurfinkel and associate Omer Harel provided tax advice. 

The Dentons Hong Kong team was led by capital markets partner Gordon Ng and associate Ningxin Sun.

The S&C team was led by Ching-Yang Lin and Kay Ian Ng in Hong Kong, and Gwen Wong in Beijing. Jeffrey Hochberg advised on U.S. tax matters.

The Gleiss Lutz team included Dr Michael Burian (partner, Corporate/M&A), Dr Stephan Aubel (partner, Corporate and Capital Markets, both lead, Frankfurt), Dr Anselm Christiansen, Josefine Wiegand (both Corporate/M&A, Stuttgart), Dr Enno Burk (counsel), Dr Christina Fröb (both Healthcare, Berlin).

The Maples team included partner Derrick Kan, Eastern Fong and president Christy Poon.

Involved fees earner: Yang Chu – Davis Polk & Wardwell; Alon Gurfinkel – Davis Polk & Wardwell; Omer Harel – Davis Polk & Wardwell; Li He – Davis Polk & Wardwell; Jennifer Jiang – Davis Polk & Wardwell; Albert Li – Davis Polk & Wardwell; Sophie Liu – Davis Polk & Wardwell; Bruce Wang – Davis Polk & Wardwell; Xuelin Wang – Davis Polk & Wardwell; Gordon Ng – Dentons; Ningxin Sun – Dentons; Stephan Aubel – Gleiss Lutz; Michael Burian – Gleiss Lutz; Enno Burk – Gleiss Lutz; Anselm Christiansen – Gleiss Lutz; Christina Fröb – Gleiss Lutz; Josefine Wiegand – Gleiss Lutz; Eastern Fong – Maples and Calder; Derrick Kan – Maples and Calder; Christy Poon – Maples and Calder; Jeffrey Hochberg – Sullivan & Cromwell; Ching-Yang Lin – Sullivan & Cromwell; Kay Ian Ng – Sullivan & Cromwell; Gwen Wong – Sullivan & Cromwell;

Law Firms: Davis Polk & Wardwell; Dentons; Gleiss Lutz; Maples and Calder; Sullivan & Cromwell;

Clients: Broncus Holding Corporation; CMB International Capital Limited; CNCB (Hong Kong) Capital Limited; Credit Suisse; Goldman Sachs; Haitong International Capital Limited; Huatai Securities;