Maples Group Advises QuantumPharm on Pioneering Hong Kong Chapter 18C Listing
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Maples and Calder, the Maples Group’s law firm, is pleased to have advised QuantumPharm Inc. (“QuantumPharm “), in relation to its initial public offering (“IPO”) of 187,373,000 shares and its listing on the Hong Kong Stock Exchange (‘HKEX”). The offering, which closed on 13 June 2024, raised approximately HK$989.3 million. QuantumPharm is the first specialist technology company listed in Hong Kong under Chapter 18C, a new regime introduced by the HKEX in March 2023.
The reform of the Chapter 18C listing regime for specialist technology companies aims to drive growth in talent and investment across five frontier industries including, new generation information technology, advanced hardware and software, advanced materials, new energy and environmental protection, and new food and agricultural technology industries. This is aimed at attracting high-growth, emerging, and innovative technology enterprises to list in Hong Kong.
QuantumPharm is a Shenzhen-based company that offers quantum physics-based first-principles calculation, advanced AI, high-performance cloud computing, and scalable and standardized robotic automation for pharmaceutical material, and other fields.
A team of lawyers based in the firm’s Hong Kong and Singapore offices, led by Partner and head of the Asia Corporate practice, Matt Roberts and assisted by Corporate of counsel, Jessica Zhan acted as Cayman Islands counsel to QuantumPharm. The Group’s Fund Services business, with a team comprising Eastern Fong, Regional Head of Fund Services – Asia and Senior Vice President, Christy Poon, acted as the Cayman Islands Share Registrar.
Commenting on the transaction, Matt said: “We are delighted to have advised QuantumPharm on their groundbreaking listing on the HKEX. As the first specialist technology company to list in Hong Kong, this is a significant milestone for the Hong Kong capital markets. Impressively, QuantumPharm’s IPO was the third-largest stock sale in Hong Kong so far this year. This demonstrates the strong support from investors for high-growth, emerging and innovative technology companies listing on the HKEX.”
Sidley Austin acted as Hong Kong legal advisor and Fangda Partners acted as PRC legal advisor to QuantumPharm.