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Maples Group Advises First Chinese Company to Successfully Launch US IPO by Obtaining CSRC Filing

13 Oct 2023


Maples and Calder, the Maples Group's law firm, is pleased to have advised Adlai Nortye Ltd. ("Adlai") in relation to its initial public offering of a total of 2,500,000 American depositary shares ("ADSs") on Nasdaq Global Market ("Nasdaq"). The offering, which closed on 3 October 2023, raised approximately US$57.5 million. Adlai is the first Chinese company to successfully launch a US IPO by obtaining a China Securities Regulatory Commission ("CSRC") filing, a new regulation adopted in March 2023, for overseas listings of Chinese enterprises.

Adlai is a global clinical-stage biotechnology company focused on the discovery and development of innovative cancer therapies for patients.

A team of lawyers based in the firm's Hong Kong office, led by Corporate Partner, Everton Robertson and assisted by Associate, Jessica Zhan acted as Cayman Islands and British Virgin Islands counsel to Adlai. The Group's Fund Services business acted as the Cayman Islands Share Registrar, and the team comprising Eastern Fong, Regional Head of Fund Services – Asia and Senior Vice President, Christy Poon.  

Commenting on the transaction, Everton said: "This IPO represents a significant milestone. It is the first capital markets transaction for China and the US, approved by CSRC and the U.S. Securities and Exchange Commission, following the establishment of CSRC's Trial Administrative Measures of Overseas Securities Offering and Listing by Domestic Companies. We're delighted to have supported Adlai's Nasdaq debut and we look forward to seeing more of these listing transactions in the future."

Matt Roberts, Asia Head of Corporate commented: "This important IPO reinforces the significant investment opportunities represented by great Chinese business growth stories such as Adlai to Chinese, US and global capital markets investors and the Maples Asia Corporate team look forward to supporting further CSRC and SEC approved capital markets transactions both in China and the US".

Adlai was represented by O’Melveny & Myers LLP as to United States federal securities and New York State law and by Han Kun Law Offices as to PRC law. Cantor Fitzgerald & Co, the underwriter was represented by Latham & Watkins LLP as to United States federal securities and New York State law and by Zhong Lun Law Firm as to PRC law.

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