United Imaging Healthcare debuted on Aug. 22 with an RMB 11 billion (US$1.6 billion) IPO, the largest listing on the SSE’s Star Market and the third-largest in China so far this year. Llinks Law Offices and Zhong Lun Law Firm were consultants.
The deal is also the third-biggest IPO, behind SMIC and BeiGene, since Star Market launched in 2019.
Llinks law firm advised United Imaging Healthcare, while Zhong Lun law firm acted as legal counsel for lead underwriters CITIC Securities and CICC.
Partners Chen Yiwen and Chen Yuan led Zhong Lun’s team with support from partner Kong Wei.
United Imaging Healthcare is the leading manufacturer of diagnostic imaging equipment in China, competing with foreign competitors such as General Electric, Siemens and Philips.
The company overcame a revenue slump during the pandemic to post a 56.96% increase in net income in 2021.
Ulrike Glück, managing partner of CMS China, told China Business Law Journal that medical device localization is one of the most active legal areas in China, as “the Chinese government is increasingly encouraging the purchase of domestic medical devices over imported ones in public procurement”.
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