Clifford Chance has advised Ping An Good Doctor, China’s largest online healthcare platform, on its $1.12 billion initial public offering in Hong Kong, with Davis Polk & Wardwell advising the underwriters, which included Citigroup and JPMorgan.
The issuer is backed by Ping An Insurance, which turned to DLA Piper for advice. Chinese firms Haiwen & Partners and Grandall Law Firm acted as legal advisors to the issuer and underwriters, respectively, on PRC law. Offshore firm Maples and Calder was also involved in the deal, advising the issuer on Cayman Islands law.
Ping An Good Doctor has a nationwide network of healthcare service providers covering 3,100 hospitals, 1,100 health check-up centers, 500 dental clinics and 7,500 pharmacy outlets.
Its debut comes at a time when Hong Kong is implementing new rules to attract more tech and biotech IPOs to the city. Hong Kong is set to see a slew of blockbuster tech IPOs over the coming months, including smartphone and smart device maker Xiaomi. Clifford Chance and Maples and Calder are also involved in the upcoming Xiaomi IPO, advising the joint sponsors and the issuer, respectively.
The Clifford Chance team was led by China co-managing partner Tim Wang and Hong Kong-based partners Amy Lo and Fang Liu, while the Davis Polk team was led by Hong Kong-based partners Bonnie Chan and Li He.
Shanghai-based senior partner Roy Chan and Hong Kong-based partner Christina Loh led the deal for DLA Piper.
