Antengene is a clinical-stage Asia-Pacific biopharmaceutical company focused on innovative oncology medicines. The company offers industry-leading R&D capabilities and a differentiated strategic approach to developing novel oncology therapies.

The IPO was over-subscribed more than 264 times at the Hong Kong public offering, raised over HK$2.6 billion (US$335 million), and listed on 20 November 2020. The offering attracted 10 cornerstone investors that subscribed to shares worth approximately HK$1.39 billion in total (approximately US$179 million).

“This year has been notable for the wave of healthcare listings in Hong Kong,” said Hong Kong partner Matt Emsley. “It is encouraging to see repeated healthcare listings attract investors, since the introduction of the Listing Rules’ Chapter 18A biotech/pharma changes in 2018.”

“We are delighted to have advised Goldman Sachs and JP Morgan on this IPO, congratulate Antengene on its IPO, and look forward to its continued success,” said Herbert Smith Freehills Kewei joint operation partner Stanley Xie. “This is one of nearly a dozen Hong Kong IPOs on which Herbert Smith Freehills Kewei Joint Operation Office has assisted since its establishment just over one year ago.”

Herbert Smith Freehills has now advised on a number of healthcare listings since the Hong Kong exchange introduced its new regime for biotech listings in 2018, including listings by Shanghai Junshi Biosciences (01877.HK), TOT BIOPHARM (01875.HK), SinoMab Bioscience Limited (03681.HK), Peijia Medical (09996.HK) and Simcere Pharmaceutical (02096.HK).

Matt and Stanley led the team advising the sponsors, assisted by senior associates Jin Kong and Maisie Ko, associates Jaime Fong, Tracy Lee and Karen Liu, legal manager Jeffrey Lee in Hong Kong, and associate Sean Ji from Herbert Smith Freehills Kewei. Hong Kong trainees Rachel Lam, Joyce Chan and Troy Song, as well as paralegal Jessica Sun from Herbert Smith Freehills Kewei, also provided support.

Senior legal specialist Joanna Hu led Herbert Smith Freehills Kewei Joint Operation’s Alternative Legal Services businesses to provide high-efficiency solutions for document-intensive processes during the offering, assisted by senior legal analysts Selina Wang and Yuanyuan Yin as well as legal analyst Shawna Peng. Senior legal analyst Ellie Mao, lawyer Helen Liang and legal specialist Yilin Li also provided support. The Alternative Legal Services businesses are the only operations of their kind in mainland China.