Campbells acted as Cayman Islands and British Virgin Islands legal counsel for Peijia Medical Limited ("Peijia Medical") on the second largest IPO on the Hong Kong Stock Exchange this year, raising HK$2.34 billion (US$301 million) (and up to $2.69 billion (US$346 million) upon exercise of the over-allotment option). This IPO had locked up approximately HK$280 billion of funds from retail investors, which was over-subscribed approximately 1200 times. This sets the highest recorded amount under Hong Kong's listing regime for biotechnology firms under Chapter 18A of the Listing Rules and among the companies listed on the Hong Kong Stock Exchange this year.

O'Melveny & Myers and Hengtai Law Offices acted as Hong Kong and PRC legal counsel, respectively, to Peijia Medical. Herbert Smith Freehills and Huatai Financial Holdings (Hong Kong) Limited acted as Hong Kong and PRC legal counsel, respectively, to Morgan Stanley Asia Limited and Huatai Financial Holdings (Hong Kong) Limited (being the joint sponsors) and the underwriters (including Morgan Stanley Asia Limited, Morgan Stanley & Co. International plc, Huatai Financial Holdings (Hong Kong) Limited, BOCI Asia Limited, UBS AG Hong Kong Branch, CMB International Capital Limited and Guotai Junan Securities (Hong Kong) Limited).

Peijia Medical is a leading domestic player in both the transcatheter valve therapeutic medical device market and the neurointerventional procedural medical device market in China, focusing on the high-growth interventional procedural medical device market in China. It has a comprehensive portfolio of interventional procedural medical device products and product candidates focusing in these two fields. It has developed six registered products and has an additional 20 product candidates in various stages of development.

Originally published 15 May 2020.

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