Shearman & Sterling advised Citigroup Global Markets Asia Limited, Citigroup Global Markets Limited, CITIC CLSA Capital Markets Limited and CLSA Limited as joint global sponsors, joint global coordinators and joint lead managers on the US$88 million H share initial public offering of Wenzhou Kangning Hospital Co., Ltd. (“Wenzhou Kangning Hospital”) on the Main Board of xThe Stock Exchange of Hong Kong Limited (“HKEx”). 

Following the success of Hong Kong's first-ever PRC specialty hospital group IPO by Harmonicare Medical Holdings (in which Shearman & Sterling was counsel to the issuer) in July 2015, the completion of Wenzhou Kangning Hospital’s primary listing marks the second such PRC specialty hospital group IPO on the HKEx. Having advised on both transactions, Shearman & Sterling has strengthened its market-leading position as the go-to law firm for healthcare industry IPOs in Hong Kong. 

Wenzhou Kangning Hospital is the largest private psychiatric healthcare group in China, with nine healthcare facilities in operation, including the only privately-owned Grade A Class III psychiatric specialty hospital in China. 

The Shearman & Sterling team included US Capital Markets partners Kyungwon Lee; associates Edward Bong, Stephen Luo, Shun Yip (all Hong Kong-Capital Markets), Yang Ge (Beijing-Capital Markets), and Chen Yuanjing (Shanghai-Capital Markets); special associate Jay Zhou (Shanghai-Capital Markets); and legal assistants Kelsey Hui (Beijing-Capital Markets) and Lisa Qin (Shanghai-Capital Markets). Other Shearman & Sterling lawyers involved in the transaction included Menlo Park Tax partner Laurence Crouch and associate Kyle Phillips (Menlo Park-Tax).