26 April 2020

KWM advises Luoxin Pharmaceutical on its backdoor listing, making it the first domestic company in China’s A-share capital market after privatization of its H-shares

On 8 April 2020, Zhejiang Doyin Pump Industry Co., Ltd. (“Doyin”, 002793.SZ) completed the offering of additional shares to 33 shareholders of Shandong Luoxin Pharmaceutical Group Co., Ltd. (“Luoxin Pharmaceutical”), marking the successful backdoor listing of Luoxin Pharmaceutical and making it the first domestic company in China’s A-share capital market after privatization of its H-shares.

Established in 2001, Luoxin Pharmaceutical is a large pharmaceutical conglomerate integrating drug development and research, manufacturing, sales and medical and health services, and its main products are digestive and respiratory drugs. The company has been continuously ranked among the Top 100 Enterprises in Chinese Pharmaceutical Industry since 2006, the Top 100 Enterprises in Chinese Chemical Pharmaceutical Industry since 2009, and the Best Industrial Enterprise of Chinese Pharmaceutical Research and Development Product Lines since 2011.

As the counsel for the major asset restructuring, King & Wood Mallesons (KWM) developed relevant plans, conducted legal due diligence, advised on compliance, and drafted and reviewed the transaction documents. Apart from these, KWM also provided professional, efficient, and high-quality services to the client in respect of various complex and challenging legal issues, including confirmation of compliance through historical evolution, equities categorizing, horizontal competition and business restructuring, compliance of H-share privatization and disposal of leftover shares, anti-commercial bribery, identification of foreign strategic investors. Meanwhile, KWM leveraged its resources across the KWM platform and achieve collaboration across practices. At KWM, the Securities team worked with the Tax, Dispute Resolution, Pharmaceutical Compliance, and Antitrust teams to render comprehensive, one-stop legal services for the client and ensure the smooth and efficient progress of the project, receiving acclaim and recognition from the client and intermediary teams. This is another landmark project on which KWM advises Luoxin Pharmaceutical after privatization of its H shares in 2017, and also another KWM advised backdoor listing of a large pharmaceutical enterprise in China.

The project was led by partners Chen Fuan and Xu Hui, and counsel Yang Zhenhua, and supported by Tax partner Bill Ye, Dispute Resolution partner Jane Wang, Pharmaceutical Compliance partners Mark Zhang and Yang Fan, and Antitrust partner Chai Zhifeng together with their teams.

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