PRC law firm Fangda Partners and U.S. law firm Wilson Sonsini Goodrich & Rosati have advised Chinese medical research group WuXi XDC on its $470 million Hong Kong IPO, the third-largest new share sale in the city in 2023. Davis Polk & Wardwell and Jingtian & Gongcheng acted for the underwriters.

WuXi XDC is a joint venture between WuXi Biologics and WuXi STA that provides end-to-end contract research services covering antibodies and other biologics intermediates, Reuters reported. It added that investor interest in the biotech sector globally meant demand for WuXi XDC's IPO was among the strongest this year for a larger-sized deal in Hong Kong, where investor appetite for new share sales overall has been weak.

The Fangda team was led by partners Colin Law, Arman Lie, Jeffrey Ding, Diana Li, Hao Zhang and Jianbo Wei, while the Wilson Sonsini team was helmed by partners Weiheng Chen, Winfield Lau and Myra A. Sutanto Shen.

The Davis Polk team was headed by partners Yang Chu and Xuelin (Steve) Wang.