Shanghai HeartCare Medial Technology Corporation Limited’s HK$1.13 Billion Hong Kong Initial Public Offering

Herbert Smith Freehills has advised Shanghai HeartCare Medial Technology Corporation Limited (06609.HK) on its mainboard listing on the Stock Exchange of Hong Kong. O’Melveny & Myers represented Goldman Sachs (Asia) L.L.C. and China International Capital Corporation Hong Kong Securities Limited and other underwriters.

Shanghai HeartCare Medical focuses on reducing the mortality rate and improving the prognosis of stroke. Since founding in 2016, the company has commercialised four products and has a total of 19 approved products and product candidates covering all major stroke subtypes and surgical pathways in the neuro-interventional field, with ischemic stroke prevention product candidates to capture demand from the cardiac market.

The IPO raised approximately HK$1.13billion (US$143 million), and listed on 20 August 2021.

Zhong Wang (Picture) and Isaac Chen jointly led the HSF team advising the issuer, assisted by senior associate Sherry Lai in Hong Kong, associates Kathy Zhang, Yuchen Zhu, Robert Li and Bryan Zhu, and legal assistants Yuanyuan Yin, Ted Zhang, Emma Chen and Aiye Jia in Beijing. London-based partner and head of US Securities Tom O’Neil and Hong Kong-based of counsel George Wu provided US securities law advice.

Associate director Lucy Yao led Herbert Smith Freehills Kewei Joint Operation’s Alternative Legal Services business to provide high-efficiency solutions for verification and other document-intensive processes during the offering, assisted by senior lawyer Helen Liang, legal specialist Selina Wang and legal analyst Shawna Peng.

The O’Melveny team was led by corporate partners Ke Geng and Ke Zhu, and included counsel Ye Sun and Wendy Kan, associates Katherine Wang, Edward Poon, and Hilda Leung, trainee solicitor Julianna Chan, legal consultant Ningzhi Chen, as well as legal consultant intern Elle Mei. Partner Luc Moritz, counsel James M. Harrigan, Billy Abbott, Qianyu Hu, and Xueyin Zhong, and associate Dawn Lim also provided valuable support.

Involved fees earner: Isaac Chen – Herbert Smith Freehills; Sherry Lai – Herbert Smith Freehills; Robert Li – Herbert Smith Freehills; Tom O’Neill – Herbert Smith Freehills; Zhong Wang – Herbert Smith Freehills; George Wu – Herbert Smith Freehills; Kathy Zhang – Herbert Smith Freehills; Yuchen Zhu – Herbert Smith Freehills; Bryan Zhu – Herbert Smith Freehills; Billy Abbott – O’Melveny & Myers LLP; Ke Geng – O’Melveny & Myers LLP; James Harrigan – O’Melveny & Myers LLP; Qianyu Hu – O’Melveny & Myers LLP; Wendy Kan – O’Melveny & Myers LLP; Hilda Leung – O’Melveny & Myers LLP; Dawn Lim – O’Melveny & Myers LLP; Luc Moritz – O’Melveny & Myers LLP; Edward Poon – O’Melveny & Myers LLP; Ye Sun – O’Melveny & Myers LLP; Katherine Wang – O’Melveny & Myers LLP; Xueyin Zhong – O’Melveny & Myers LLP; Ke Zhu – O’Melveny & Myers LLP;

Law Firms: Herbert Smith Freehills; O’Melveny & Myers LLP;

Clients: China International Capital Corporation Hong Kong Securities Limited; Goldman Sachs & Co.; Shanghai HeartCare Medical Technology Corporation Limited;

Sonia Carcano

Author: Sonia Carcano