Jiangsu Hengrui Pharmaceuticals Co. Ltd. (Hengrui Pharma) has successfully listed its H shares on the Hong Kong Stock exchange (HKSE) through a global offering valued at approximately HK$9.9 billion (assuming no exercise of the over-allotment option). Cleary Gottlieb represented Hengrui Pharma in the transaction.

The listing is anticipated to be the second-largest on the HKSE by a Mainland China-listed company and the largest in the healthcare sector for 2025.

Morgan Stanley Asia Limited, Citigroup Global Markets Asia Limited, and Huatai Financial Holdings (Hong Kong) limited served as joint sponsors, overall coordinators, joint global coordinators, joint bookrunners, and joint lead managers. UBS AG Hong Kong Branch also acted as an overall coordinator, joint global coordinator, joint bookrunner, and joint lead manager. BOCI Asia Limited, CLSA Limited, and GF Securities (Hong Kong) Brokerage Limited were joint bookrunners and joint lead managers.

The offering was priced on May 21, 2025, and officially closed on May 23, 2025, with H shares commencing trading on the Main Board of the HKSE on the same day.

Key investors in the offering included GIC,Invesco Advisers,UBS AM Singapore,Boyu capital,Hillhouse,Millennium Capital,and Oaktree Capital,all participating as cornerstone investors.

According to Frost & Sullivan, Hengrui Pharma holds a leading position among Chinese pharmaceutical companies regarding revenue from new molecular entity (NME) drugs in 2023 and the number of NME drug candidates in clinical or later stages as of the latest practicable date. Hengrui pharma is actively expanding its global presence through overseas clinical trials, product commercialization, and out-licensing transactions.

“Hengrui Pharma has been accelerating its global expansion to unlock and maximize the potential of its product matrix and technology platforms.”

Understanding Pharmaceutical Listings and Global Expansion