DeHeng Advised Shanghai Kindly Medical Instruments
on Spinoff IPO on Stock Exchange of Hong Kong
2019-11-08
On November 8, 2019, Shanghai Kindly Medical Instruments Co., Ltd. ("Kindly Medical", stock code: 1501) was successfully listed on the main board of the Stock Exchange of Hong Kong. DeHeng acted as the PRC Counsel and provided whole-process legal services for the issuer of this IPO.
Founded in 2006, Kindly Medical is a controlled subsidiary of Kindly Group (stock code: 603987.SH), a listed company on Shanghai Stock Exchange. Therefore, this IPO was to list a spinoff subsidiary of a domestic A-share company on the Stock Exchange of Hong Kong.
Kindly Medical is one of China's leading manufacturers of intracardiac interventional devices. With a comprehensive product line, innovative technology, strong R&D capabilities, strict quality control and extensive distribution networks, in recent years, it has been growing robustly in medical instruments sales and financial performance. It is committed to becoming a world-renowned implant medical device group driven by technology innovation.
OrbiMed Partners Master Fund Limited and Worldwide Healthcare Trust PLC. It was approved to issue 40,000,000 H shares (no more than 6,000,000 shares for the overallotment option) at a price of HK$20.80 per share. After the deduction of underwriting fees, commissions and other expenses, the IPO raised approximately HK$750 million (prior to the exercise of the overallotment option). Cornerstone investors were OrbiMed Partners Master Fund Limited and Worldwide Healthcare Trust PLC.
DeHeng's partnership with the Kindly Group has lasted for more than a decade. It advised the latter on its IPO in the A-share market in November 2016. From January this year, the DeHeng team, led by partner & lawyer Shen Hongshan, with primary support from lawyers Zhu Liang, Tang Sijie and Xu Ankun, worked closely with other intermediaries for several months, to ensure the successful IPO of the Kindly Medical Instruments on the Hong Kong Stock Exchange. DeHeng lawyers' down-to-earth working attitude, professional services, teamwork spirit and commitment to common growth with the client have won high recognition and trust from the client and other intermediary agencies.
