GenFleet Therapeutics (Shanghai) completed its initial public offering and listing on the Hong Kong Stock Exchange, achieving a market capitalization of $934 million and raising gross proceeds of $233 million. This is the largest initial public offering under the Chapter 18A biotech listing regime on the Hong Kong Stock Exchange since 2022 based on gross proceeds.
S&C acted as Hong Kong and U.S. counsel to the sole sponsor, CITIC Securities (Hong Kong) Limited, and the underwriters, including CLSA Limited, BOCOM International Securities Limited, Fosun International Securities Limited, ABCI Securities Company Limited, China Renaissance Securities (Hong Kong) Limited, CCB International Capital Limited and GF Securities (Hong Kong) Brokerage Limited.
GenFleet is a China-based biopharmaceutical company focused on developing novel treatment options in oncology and autoimmune and inflammatory diseases.
The S&C team was led by Kay Ian Ng, Gwen Wong and Ching-Yang Lin, and included associates Guanlin Wang, Brian Hu, Mengli Wan and Yang Liu. Jeff Hochberg, Saul Brander and Julia Fleurantin advised on U.S. tax matters.