Golden Flag assists Kelun-Biotech Biopharmaceutical on its H-Share Placing

Golden Flag International Law Firm represented the placing agents, including Goldman Sachs (Asia) L.L.C., Citigroup Global Markets Limited and J.P. Morgan Securities (Asia Pacific) Limited, in connection with the H-share placing (the “H-Share Placing”) of Sichuan Kelun-Biotech Biopharmaceutical Co., Ltd (“Kelun-Biotech”). The H-Share Placing was announced on May 8, 2024 and completed on May 16, 2024.  Kelun-Biotech has also entered into a share subscription agreement with Sichuan Kelun Pharmaceutical Co., Ltd. (“Kelun Pharmaceutical”), its controlling shareholder, pursuant to which Kelun Pharmaceutical has conditionally agreed to subscribe for, and Kelun-Biotech has conditionally agreed to allot and issue certain domestic shares of Kelun-Biotech. Completion of such subscription is still subject to the satisfaction of the conditions precedent in the relevant agreement.

The net proceeds from the H-Share Placing (after deducting all fees, costs and expenses incurred by Kelun-Biotech) amounted to approximately HK$541.4 million.

Kelun-Biotech is a biopharmaceutical company committed to the research and development, manufacturing and commercialization of novel drugs in oncology, immunology and other therapeutic areas.

The Golden Flag team was led by capital markets partner Mengyu Lu, with support from capital markets partners Samantha Peng and George Zheng.