Herbert Smith Freehills advises underwriters on Hengrui's Hong Kong IPO

Leading international law firm Herbert Smith Freehills has advised Morgan Stanley Asia Limited, Citigroup Global Markets Asia Limited, Huatai Financial Holdings (Hong Kong) Limited, UBS AG Hong Kong Branch and other underwriters of Jiangsu Hengrui Pharmaceuticals Co., Ltd. (01276.HK)'s H share listing on the Main Board of the Hong Kong Stock Exchange.

The listing comes as Hong Kong’s IPO market shows renewed momentum, with Hengrui becoming the second billion-dollar listing in a single week and marking the largest pharmaceutical IPO in Hong Kong in the past five years.

"This IPO showcases our cross-office collaboration and regional and global expertise, particularly on A+H listings," said Hong Kong partner Jeremy Shen. "Our integrated team has the experience and expertise to guide China businesses through capital markets transactions worldwide."

Hengrui is a leading innovative global pharmaceutical company rooted in China. The company strategically focuses on comprehensive therapeutic areas with significant unmet medical needs and growth potential including oncology, metabolic and cardiovascular diseases, immunological and respiratory diseases, and neuroscience. It has been ranked as one of the global Top 50 pharmaceutical companies by Pharm Exec for six consecutive years. Hengrui's A shares are listed and traded on the Shanghai Stock Exchange (600276.SS).

Hengrui raised HK$9.9 billion (US$1.3 billion) and listed on the Hong Kong Stock Exchange on 23 May 2025. With this IPO, Hengrui solidifies its position as the largest Chinese pharmaceutical company by market capitalisation.

"We congratulate Hengrui on its successful listing on the Hong Kong Stock Exchange," said Hong Kong partner Matt Emsley. "Our track record in advising healthcare companies on Hong Kong IPOs reflects our deep sector expertise. We are proud to support innovators such as Hengrui as it expands its global presence and contributes to advancements in healthcare."

Herbert Smith Freehills is a leading Hong Kong IPO adviser for healthcare companies. In the past 5 years, the firm has advised on 25 healthcare company listings on the Hong Kong Stock Exchange, including QuantumPharm Inc. (02228.HK), Lepu ScienTech Medical (02291.HK), Biocytogen Pharmaceuticals (02315.HK), CARsgen Therapeutics (02171.HK), Abbisko (02256.HK), Simcere (02096.HK), among others.

Partners Matt Emsley, Jeremy Shen and Jin Kong* jointly led a cross-office team advising the underwriters, assisted by Maise Ko, Sean Ji, Kaiwen Sun, Haiyun Chen, Mia Zheng, Shawna Peng and Susan Zou. Partners Stanley Xie and Dinesh Banani also provided assistance.

Legal manager Marine Jin led Herbert Smith Freehills Kewei Joint Operation’s Digital Legal Delivery business to provide high-efficiency solutions for verification and other document-intensive processes during the listing, assisted by legal specialist Jean Zhou, senior legal analyst Chloe Hu, and legal analyst Chunqin Li.

*According to regulatory requirements, Jin Kong's official title is Senior Registered Foreign Lawyer in Hong Kong.