DeHeng Advised Yunnan Baiyao on Merging

with Baiyao Holdings and Listing through Merger



On July 3, Yunnan Baiyao Group Co., Ltd. (hereinafter referred to as "Yunnan Baiyao") merged with Yunnan Baiyao Holdings Co., Ltd. (hereinafter referred to as Baiyao Holdings) through absorption of the latter and successfully went public. After the merger, Yunnan Baiyao once again sees its market value exceeding RMB 100 billion, with a total of 1.277 billion shares and a total market value of RMB 106.3 billion. 

Through the mixed ownership reform, Baiyao Holdings has increased its increase of more than RMB30 billion. The RMB 54.48 billion merger transaction (the "Transaction") is by far the largest completed M&A transaction in the A-share market since 2018, and the largest M&A transaction among A-share listed pharmaceutical companies in the past decade. DeHeng provided full legal services for the Transaction. 

After the mixed ownership reform of Baiyao Holdings completed in 2017, Yunnan Baiyao has created a "Baiyao model" featuring a state-owned stockholder and a private stockholder being equally the largest shareholders, attracting extensive attention and praise. This model was preserved in the Transaction. After the Transaction, Yunnan Baiyao will further expand its product portfolio and business layout in orthopedics, gynecology, wound care and other fields by means of new product R&D, patent authorization, strategic cooperation or merger and acquisition in order to establish new competitive advantages and growth points, and to gradually build up a comprehensive platform covering the entire health care supply chain. It aspires to become a major modern pharmaceutical group with global competitiveness and influence.    

As the legal adviser for the Transaction, the DeHeng Kunming team, headed by chief director Wu Zhixu and partner Li Zechun, with primary support from attorneys Wang Xiaolei, Yang Zhenghui and Li Qingqian and legal assistant Li Yanli, offered professional, comprehensive and premium legal services for the Transaction and won high praises from the client and partners.  

Relevant Lawyer

  • Zhixu WU


    Tel:+86 871 6317 2192


QR Code

Scan QR Code
Share With My Friends