Shearman & Sterling advised Goldman Sachs (Asia) L.L.C., CLSA Limited, UBS AG Hong Kong Branch and Guotai Junan Securities (Hong Kong) Limited as underwriters on the US$110 million global offering and initial public offering of Hua Medicine Ltd (Hua Medicine) on the Main Board of The Stock Exchange of Hong Kong Limited (the Exchange). The offering was one of the first [three] biotech company deals admitted for listing under the Chapter 18A regime recently introduced by the Stock Exchange in April 2018.

Sidley has advised on the initial public offering of China Chunlai Education Group Co., Ltd. (China Chunlai Education) (HKEX: 1969) on the Main Board of the Stock Exchange of Hong Kong Limited. Our clients were CLSA Capital Markets Limited as sole sponsor, CLSA Limited, AMTD Global Markets Limited, Yuanyin Securities Limited and First Capital Securities Limited as the underwriters in the transaction. The total offering amount was HK$552.6 million (approximately US$70.4 million).

The Firm represented the underwriters, J.P. Morgan Securities LLC, Citigroup Global Markets Inc., Jefferies LLC and Leerink Partners LLC, in connection with an offering by Zai Lab Limited (“Zai Lab”) of 7,500,000 American depositary shares (“ADSs”), each representing one ordinary share of Zai Lab, at a public offering price of $20 per ADS. Zai Lab received approximately $141 million in net proceeds from the offering. The offering closed on September 10, 2018. The underwriters have a 30-day option to purchase up to 1,125,000 additional ADSs.

Global law firm White & Case LLP has advised Air France-KLM on its tender offer on its EUR 600 million undated subordinated bonds issued in 2015.

Bonds for a nominal amount of EUR 194.5 million, representing approximately one third of the outstanding bonds, were presented and accepted for repurchase.

With this transaction, the Company continues to optimize its financing costs and actively manage its balance sheet structure.

Firm harnessed a cross-border, interdisciplinary team to advise the underwriters in the high-profile transaction.

O’Melveny advised Hua Medicine in its US$110 million initial public offering on the Main Board of the Hong Kong Stock Exchange. This listing represented the third biotech company to successfully complete an IPO under the new biotech chapter 18A of the Hong Kong listing rules. Goldman Sachs and CLSA are the joint sponsors of the IPO.

Hua Medicine is a Shanghai-based drug development company focusing on developing a global first-in-class oral diabetes drug called Dorzagliatin for the treatment of type 2 diabetes, which represents 95% of all diabetes cases worldwide.

Cooley advised Endava on its $145.8 million initial public offering of 7,291,000 American Depositary Shares, each representing one Class A ordinary share of Endava, including the full exercise of the underwriters’ option to purchase additional shares. Partners Nicole Brookshire, Darren DeStefano and Ed Lukins led the Cooley team advising the company on this dual-class IPO.

International law firm Ashurst is advising EnQuest PLC on its £107 million rights issue and in relation to two class 1 transactions. EnQuest is one of the largest independent UK oil producers in the UK North Sea with production from offshore fields in the UKCS and Malaysia. Its shares are listed on the London Stock Exchange and NASDAQ Stockholm.

Orrick advised Ringmetall AG and ODDO BHF AG on the preemptive rights capital increase and the listing of the new shares on the regulated market (General Standard) of the Frankfurt Stock Exchange.