Clifford Chance and Freshfields Bruckhaus Deringer advise on Chinese pharma giant’s HK IPO

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Clifford Chance and Freshfields Bruckhaus Deringer (Freshfields) have acted in the US$1.8 billion (about $2.4bn) IPO and listing of China Resources Pharmaceutical Group (CR Pharma) on the Hong Kong Stock Exchange.
Clifford Chance advised CR Pharma while Freshfields advised the transaction’s consortium of 14 bookrunners.
CR Pharma is the second largest pharmaceutical manufacturer and pharmaceutical distributor in China.
The company which is engaged in the research and development, manufacturing, distribution and retail of an extensive range of pharmaceutical and other healthcare products is the largest over-the-counter drugs manufacturer in China.
The Clifford Chance team was led by partners Amy Lo, Fang Liu and Tim Wang who were supported by senior associates Corey Zhang and Liao Yufei, associates Lawrence Zhang, Jennie Lau, Queenie Tong and Lu Erxin and paralegal Vicky Zheng.
The Freshfields team which acted as US and Hong Kong counsel to the underwriters of the deal was led by corporate partners Teresa Ko, Calvin Lai and Richard Wang.
The joint sponsors on the deal – the second largest IPO to take place in Hong Kong during 2016 which contained 1,543,141,500 shares at a price of HK$9.1 per share – are CCBI, CICC, Goldman Sachs and Merrill Lynch.
Clifford Chance previously advised on the listing of China Resources Cement in 2009.
The integrated pharmaceutical company which also has three listed subsidiaries in the PRC plans to primarily use the net proceeds to make strategic acquisitions globally, as well as improving its existing logistics network, said Freshfields.

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