Ashurst advised Luye Pharma Group on its global offering and listing on the Hong Kong Stock Exchange. The Hong Kong IPO raised approximately US$760 million, making it the largest pharmaceutical IPO globally in over three years. UBS, Citi and CLSA acted as joint global coordinators on the transaction.

Luye Pharma Group, a specialty pharmaceutical company, is engaged in the research and development, production and sale of natural drugs, new formulations and biotechnology products in Mainland China and internationally. Luye Pharma Group delisted from the Singapore Stock Exchange in 2012 through a private-equity backed privatisation transaction.

The Ashurst team was led by Hong Kong-based corporate partner Lina Lee, assisted by senior associates Tracy Li and Chin Yeoh and solicitor Sarah Lee. Partner Stuart Rubin led the Ashurst US securities team, assisted by associate Li Jiang. New York-based partner David Nirenberg and associate Amanda Goehring advised on US tax matters.

Commenting on the transaction, Lina Lee said:

"The Luye Pharma IPO reinforces Ashurst's market leading position in the PRC healthcare sector, where we have been continuously active on both capital markets and M&A transactions since we opened our Hong Kong office five years ago."

Stuart Rubin added:

"Luye Pharma is one of a relatively limited number of previously overseas listed PRC companies that have successfully executed plans to relist in Hong Kong. We have acted on a number of these types of transactions, and we expect relistings of PRC companies to remain a prominent feature of our Hong Kong IPO practice going forward."