Tian Yuan Law firm and Commerce & Finance Law Offices have led on two new health sector initial public offerings of Hygeia Healthcare and Hepalink Pharma in Hong Kong. They’ve advised the issuers and joint sponsors respectively in both deals.

Tian Yuan's Hong Kong associate firm William Ji & Co., O'Melveny & Myers, and Clifford Chance also advised in the Hygeia deal, and the Hepalink deal includes Davis Polk & Wardwell, Hogan Lovells, and Sullivan & Cromwell.

Hygeia Healthcare raised $282 million in the IPO. Founded in 2009 in Shanghai, it’s the largest oncology healthcare group in China with a nationwide footprint of oncology-focused hospitals and radiotherapy centres.

Meanwhile, Hepalink raised $490 million in the IPO. Founded in 1998, the Shenzhen-based company is the third largest manufacturer and supplier of enoxaparin finished doses globally. Its market share in Europe was 17.8 percent in 2019. Hepalink was listed in Shenzhen back in 2010.

Morgan Stanley was the sponsor in both deals, with Haitong International Securities and Goldman Sachs acting as the other joint sponsors for Hygeia and Hepalink, respectively.

Harneys was offshore legal counsel in the Hygeia project, the team was led by partner Raymond Ng.

Tian Yuan’s partners Nan Li, Charles Wang, Fu Siqi, Xu Ping, Yang Yuyi and Wang Dandan, and Clifford Chance’s partners Fang Liu, Xiang Tianning have participated in the Hygeia deal;

Davis Polk’s partners He Li, Chu Yang, and Sullivan's partners Gwen Wong, Lin Ching-Yang led the Hepalink deal.


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