Morrison & Foerster is representing Shanghai Fosun Pharmaceutical (Group) Co., Ltd. in its US$512 million initial public offering on the Hong Kong Stock Exchange today. Fosun Pharma is the third largest Hong Kong IPO deal this year, and the first significant successful new listing since July. UBS AG, China International Capital Corp., J.P. Morgan and Deutsche Bank AG acted as the joint global coordinators in the deal.
Cornerstone investors in the Fosun Pharma IPO include Prudential Insurance Co. of America investing US$50 million and International Finance Corp., the private-sector lending arm of the World Bank, investing US$25 million.
Morrison & Foerster partners Gregory Wang, Ven Tan and John Moore led the Hong Kong- and U.S.-based team representing Fosun Pharma.
“We are delighted to represent our major client, Fosun Pharma, in completing one of the largest HK IPO deals this year and in very challenging market conditions,” said Ven Tan, managing partner of Morrison & Foerster’s Hong Kong office. “The MoFo team led by our partner Greg Wang was exemplary in every aspect and worked around the clock during the last few weeks to get this deal done. I am proud to have such capable attorneys as my colleagues.”
The Fosun Pharma IPO follows Morrison & Foerster’s representation of Sinopharm’s US$1.2 billion IPO on the Hong Kong Stock Exchange in 2009, two of the three largest China-related pharmaceutical IPOs to date. In the next decade, China’s pharmaceutical market is poised to become one of the largest in the world. Fosun Pharma is a leading pharmaceutical manufacturer in China that went public on the Shanghai Stock Exchange in 1998.
