On July 15, 2022, MicroPort NeuroTech Limited (“MicroPort NeuroTech™” or the “Company”) issued 13,700,000 shares globally (excluding over-allotment options) and was listed on the main board of the HKEx with the stock code 2172. A total of roughly HKD 278.1 million was raised (prior to the exercise of over-allotment options) through the issuance, at a price of HKD 24.64 per share. The offering was significantly oversubscribed and aroused great interest among investors. JunHe acted as the Chinese legal counsel to the joint sponsors J.P. Morgan and CICC in the project.
MicroPort NeuroTech™ is a subsidiary of MicroPort Scientific Corporation (00853.HK). It is a medical device company providing neuro-interventional products in China, and is committed to providing innovative solutions for doctors and patients. Since its first product approval in 2004, MicroPort NeuroTech™ now has a total of 30 commercialized products and product candidates in its portfolio. The company has a comprehensive approved product portfolio covering all the three major areas of neurovascular disease, namely hemorrhagic stroke, cerebral atherosclerotic stenosis and acute ischemic stroke (“AIS”). MicroPort NeuroTech™ has developed and commercialized eight self-developed Class III medical devices, including the Apollo™ Intracranial Arterial Stent System, which was the first cerebrovascular stent used in the neuro-interventional field in China, the Willis™ Intracranial Stent Graft System, which was the first intracranial stent graft, and the Tubridge™ Flow-diverting Stent, which was the first Chinese-developed flow-diverting stent.
In this offering, JunHe acted as the Chinese legal counsel to the joint sponsors and assisted them in conducting domestic legal due diligence in accordance with the Hong Kong listing rules and reviewed and revised the prospectus as well as the application and offering documents related to the listing. They issued Chinese legal opinions, replied to legal questions regarding the spin-off which were of particular concern to the HKEx and other questions concerning laws in mainland China. JunHe’s team communicated and cooperated efficiently with the other intermediaries throughout the project, and ultimately helped MicroPort NeuroTech™ obtain the approval and consent of the CSRC and the HKEx for its listing application. JunHe made a large contribution to the successful debut of MicroPort NeuroTech™ in the capital markets.
The project was led by Mr. ZHENG, Ziwei and internally reviewed by Ms. DENG, Lin.