29 March 2019

King & Wood Mallesons Advised on Aosaikang’s Successful Backdoor Listing

On 11 March 2019, Beijing New Oriental Star Petrochemical Engineering Co., Ltd. (the "New Oriental Star", stock code: SZ002755) officially changed its stock abbreviation to "Aosaikang ", declaring the   complete victory of the project of Jiangsu Aosaikang Pharmaceutical Co., Ltd. ( the “Aosaikang”) backdoor listing on A-shares capital market via New Oriental Star. The preliminary plan of Aosaikang’s backdoor listing was announced in July 2018, pioneering an unprecedented direct disclosure of major assets restructuring plan without trade suspension. The transaction was approved unconditionally in November 2018 by the Review Board for Merger, Acquisition and Restructuring of Listed Companies of the China Securities Regulatory Commission (the “CSRC”). In December 2018, the official approval was obtained from CSRC and the transaction was closed, which took less than five months. The project progress and the regulatory review efficiency ranked top among the A-shares backdoor listing projects in recent years.

Founded in 2003, Aosaikang has mainly engaged in research and development, production and sales of gastrointestinal, antitumor and other medicines. It is one of the largest PPI (proton-pump inhibitor) injectable manufacturers in China. The transaction plan of this project consists of major asset replacement and  shares issuance for asset purchase, the overall pricing of Aosaikang is RMB7.65 billion, of which RMB580 million is in exchange for equivalent New Oriental Star's assets, and the remaining RMB7.07 billion is paid by the New Oriental Star by way of issuing shares.

As the legal counsel for this major asset restructuring, various departments such as the securities department and pharmaceutical compliance team of the Beijing, Shanghai and Nanjing offices of KWM worked together closely throughout the whole transaction, successfully conquering each legal issue encountered in the process. In this project, the professionalism and dedication of KWM team were highly praised by clients and other intermediary agents involved in the project.

The leading partners of KWM in this project are Jiang Yifeng, Zhang Mingyuan, Shen Chengmin, Xiong Jian and Zhang Yunwei.

Media contact

Share on LinkedIn Share on Facebook Share on Twitter
    You might also be interested in

    On September 15, 2021, the People’s Bank of China (PBOC) and Hong Kong Monetary Authority (HKMA) jointly announced that the cooperation in southbound bond market access between Mainland China and...

    18 September 2021

    KWM won 11 awards in the second IFLR1000 China Awards, including “FIRM OF THE YEAR”, “LAWYER OF THE YEAR”, “RISING STAR OF THE YEAR” and “DEALS OF THE YEAR”.

    20 August 2021

    On 20 August 2021, China Telecom Corporation Limited (China Telecom, stock code 601728) was successfully listed on the main board of Shanghai Stock Exchange.

    20 August 2021

    China Machinery Engineering Group Corporation (CMEGC, formerly known as China SUMEC Automotive Industry Consulting Development Co., Ltd.).

    13 August 2021

    This site uses cookies to enhance your experience and to help us improve the site. Please see our Privacy Policy for further information. If you continue without changing your settings, we will assume that you are happy to receive these cookies. You can change your cookie settings at any time.

    For more information on which cookies we use then please refer to our Cookie Policy.