12 November 2019

KWM advises Haier Biomedical on its listing on the Sci-Tech innovation board

On 25 October 2019, Qingdao Haier Biomedical Co., Ltd. (“Haier Biomedical”) started trading publicly by issuing A shares on the Sci-Tech innovation board (or “STAR board”) of the Shanghai Stock Exchange under stock symbol 688139. SH. Haier Biomedical issued 79,267,900 shares at RMB15.53 per share and raised a total of RMB1.231 billion, with the IPO price-earnings ratio approaching 89.05 times. Haier Biomedical is the first IoT ecosystem brand that goes public on the STAR board and the first company listing on the board in Qingdao, Shandong Province. This marks Haier Eco Brand’s debut on the A-share market.

As part of Haier Group’s co-creating and win-win IoT community-driven ecosystem, Haier Biomedical was founded in October 2005 to focus on design, manufacturing, marketing and sales of low temperature storage equipment for biomedical samples. Using the concept of IoT, the company has become a provider of comprehensive solutions for various biotechnological challenges. Operating globally, Haier Biomedical provides complete storage solutions for biological sample banks, blood safety, vaccine safety, medical supplies and reagent safety, as well.

As the legal counsel for the issuer, King & Wood Mallesons (KWM) has provided a comprehensive, systematic, professional and efficient legal service for Haier Biomedical. The project was launched in March 2019, KWM has since fully engaged in the whole listing process, conducted due diligence and assisted Haier Biomedical in dealing with some important but tricky issues, including connected transactions, horizontal competition and independence. KWM’s rigorous attitude, extensive experience and professional dedication help the firm win high acclaim from its clients and other intermediaries.

This project is led by partner Song Yanyan, Li Qiang and Shi Xin.

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