On March 20, 2024, Qyuns Therapeutics Co., Ltd. (“Qyuns”, stock code: 02509.HK) issued 12,046,400 H shares worldwide and was listed on the Main Board of the Stock Exchange of Hong Kong. Qyuns is the first biopharmaceutical company focused on biotherapies for autoimmune and allergic diseases to be listed on the Hong Kong capital market. It is also the first Chapter 18A biopharmaceutical company to be listed in Hong Kong since completing record-filing with the China Securities Regulatory Commission (CSRC) pursuant to the Tentative Administrative Measures for Overseas Issuance and Listing of Securities by Domestic Enterprises (the “New Rules for Overseas Listing”) after the implementation of the New Rules for Overseas Listing.
Qyuns was established in 2015 and focuses on the research and development, industrialization and commercialization of antibody drugs for autoimmune and allergic diseases. The company has built a comprehensive pipeline, with indications covering the four major disease areas of skin, respiratory, digestive, and rheumatism. It aims to improve drug accessibility and affordability.
JunHe advised Qyuns as its PRC legal counsel on its PE financing, initial public offering and intellectual property rights matters and provided the client with comprehensive legal services. They advised Qyuns on its Series Crossover equity financing by participating in the design of the transaction structure, the drafting, negotiation and execution of the transaction documents, and closing. JunHe advised Qyuns on its IPO, assisted in its conversion into a company limited by shares and formulate its employee stock incentive plan, issued PRC legal opinions, and reviewed and revised the prospectus and the other IPO-related application and issuance documents. Qyuns was one of the first companies to submit filing applications to the CSRC after the New Rules for Overseas Listing became effective. JunHe assisted the company in preparing and issuing a full set of legal documents for the filing of its overseas listing with the CSRC and actively responded to questions raised by the CSRC, the Securities and Futures Commission and the Stock Exchange of Hong Kong with respect to the PRC laws. JunHe advised Qyuns as its patent counsel by providing advice on patent-related matters and issuing intellectual property due diligence investigation reports.
The IPO project was successfully completed on schedule amid a challenging market environment, specifically, (1) the project was the first IPO project on the Hong Kong stock market of a biopharmaceutical company exclusively focused on biotherapies for autoimmune and allergic diseases; (2) It was a pharmaceutical IPO project with the highest subscription multiple on the Hong Kong stock market since 2022; (3) Qyuns was the first biopharmaceutical company listed in 2024 in accordance with Chapter 18A of the Hong Kong Listing Rules; and (4) It was the first biopharmaceutical company approved for the filing of an overseas listing after the New Rules for Overseas Listing became effective in 2023.
The private equity financing and IPO project team was led by partners TAO, Xudong and XU, Shengao (Shaun), with partner ZHOU, Fang being the internal check partner. The patent team was led by partner WANG, Zhaohui (Zoe).