Baker McKenzie recently advised 3SBio Inc. (“3SBio”), a leading Chinese biotechnology company listed on the Hong Kong Stock Exchange, on the spin-off application of its subsidiary, Sunshine Guojian Pharmaceutical Shanghai Co., Ltd. ("Sunshine Guojian"), for its proposed listing on the STAR market on the Shanghai Stock Exchange.
The spin-off listing of Sunshine Guojian on the STAR market and the offering of its securities have been completed. The shares of Sunshine Guojian commenced trading on the STAR market on 22 July 2020.
The STAR market is a new trading platform that was launched in July 2019 for the listing and trading of securities of science and technology companies in China. Since its launch, the STAR market has attracted many Chinese technology companies to list their shares, and has received strong media attention.
The Baker McKenzie team was led by partner Ivy Wong, who heads the Firm's Asia Pacific Capital Markets Practice, with support from associates William Cho and Karen Wong in Hong Kong, Daisy Chen in Shanghai, legal assistant Albert Tang in Beijing and paralegal Audrey Ng in Hong Kong.
Commenting on the deal, Ivy said, “We are pleased to have the opportunity to act as the Hong Kong legal advisor to 3SBio on the proposed spin-off and assisted our client to successfully obtain approval from the Hong Kong Stock Exchange. Not only does it demonstrate the depth and breadth of our knowledge and capabilities in capital markets transactions, but also our long-term support and strong commitment to our clients such as 3SBio in optimizing their continuous business growth and capitalizing on new fundraising opportunities in the market.”
Dr. Lou Jing, Chairman of 3SBio, said, "We are pleased to have achieved another major milestone for the group. We value our long-term relationships with Baker McKenzie who has provided us with the critical legal support we need in achieving our goals. We look forward to continuing to work with Baker McKenzie as we pursue further growth opportunities, particularly in the pharmaceutical and healthcare sectors."
3SBio Inc. is a leading biotechnology company in China with extensive expertise in developing, manufacturing and commercializing biopharmaceuticals.
Sunshine Guojian is a non-wholly owned subsidiary of the company which is principally engaged in the development, manufacturing and sale of monoclonal antibody therapeutics in China.