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.

Hua Medicine priced its offering at HK$8.28 (approximately US$1.05) per offer share and offered 104,756,000 global offering shares, subject to the overallotment option.

Founded in 2011, Shanghai-based Hua Medicine is a leading, innovative development company, currently focused on developing a global first-in-class oral drug, Dorzagliatin or HMS5552, for the treatment of Type 2 diabetes, and mGLUR5, a potential novel drug candidate for the treatment of Parkinson’s disease levodopa-induced dyskinesia (PD-LID).