On February 26, JOINN Laboratories (China) Co. Ltd. completed its global offering and listing of its H shares on the Hong Kong Stock Exchange, raising US$839 million, before exercising the over-allotment option. It is one of the largest H share initial public offerings by an A-share listed company in recent years.
JOINN Laboratories is a leading non-clinical contract research organization focused on drug safety assessment. Its A shares have been listed on the Shanghai Stock Exchange since 2017. The offering consisted of a Rule 144A offering and a Regulation S offering, with a public offering and listing in Hong Kong.
S&C advised the sole sponsor and the underwriters on Hong Kong and U.S. law matters. CLSA is the sole sponsor, and CLSA, BofA Securities and CICC are the joint global coordinators of the global offering.
The S&C team was led by Gwen Wong in Beijing and Ching-Yang Lin in Hong Kong. Jeffrey Hochberg and Saul Brander advised on U.S. tax matters.
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