At 9:30a.m. on July 22, 2019, the Science and Technology Innovation Board (STIB) of Shanghai Stock Exchange was officially launched. Shanghai MicroPort Endovascular MedTech Co., Ltd. (hereinafter "MicroPort Endovascular MedTech") was among the first 25 companies to have their IPOs on the STIB, and DeHeng acted as its issuer's attorney for the IPO.
p>Through the IPO, MicroPort Endovascular MedTech issued 18 million shares at a price of RMB 46.23 per share and raised RMB 832.14 million in total. The funds raised will be used for the industrialization, research and development of interventional aortic and peripheral arterial devices, and for building the marketing network and the IT infrastructure.
MicroPort Endovascular MedTech specializes in the production and R&D of interventional aortic and peripheral arterial devices. Its Castor branched aortic stent-graft system is the first to expand TEVAR indications to aortic arch lesions and also the world's first branched aortic stent-graft system approved for sale. The company owns the only approved stent-graft system for use in thoracic aortic dissection surgery in China.
MicroPort Endovascular MedTech is a subsidiary of MicroPort Company (00853.HK. This IPO was the first spin-off IPO on STIB. During the process, MicroPort Endovascular MedTech not only met the registration requirements of the China Securities Regulatory Commission (CSRC) and the Shanghai Stock Exchange for A-share IPO, but also complied with the rules of the Hong Kong Stock Exchange (HKEX) regarding the listing of a spin-off at the same time. This made the IPO a special case and particularly challenging. Its success has offered a model case of spin-off IPO for the STIB and even for the whole A-share market. The business stripping and restructuring between MicroPort Endovascular MedTech and its parent company MicroPort also offered useful experience for dealing with independence requirement in the spin-off IPO projects.
The DeHeng team actively assisted the issuer in obtaining the approval from HKEX for the spin-off IPO, conducted due diligence on the issuer and its more than 100 domestic and overseas affiliated parties, and coordinated attorneys in Hong Kong, BVI, Cayman and Japan to conduct overseas legal due diligence and issue specific opinions. DeHeng attorneys also prepared work reports and legal opinions, responded to the feedback from Shanghai Stock Exchange and CSRC, and provided efficient legal services for the entire process of the IPO.
As the issuer's attorney, the DeHeng team was led by partner Wang Yuwei, who was also one of the signing attorneys. Other signing attorneys were Li Zhihong, Shen Hongshan and Wang Xian'an. The team also included attorneys Wang Wei, Hu Haotian, Wei Kang, Sun Junwei, Yang Yong, Yu Zhou and Pan Leiyang.