Slaughter and May advised Sunshine Lake Pharma Co., Ltd. (“Sunshine Lake Pharma”) on its listing on the Main Board of the Hong Kong Stock Exchange (the “Exchange”) by way of introduction.
In conjunction with the listing, Slaughter and May also advised Sunshine Lake Pharma on the privatisation of its Hong Kong listed subsidiary, YiChang HEC ChangJiang Pharmaceutical Co., Ltd. (“YiChang HEC”). The privatisation was effected by way of merger by absorption of YiChang HEC by Sunshine Lake Pharma, under which new H shares of Sunshine Lake Pharma were offered as consideration to acquire the H shares held by the relevant shareholders of YiChang HEC. The privatisation and listing were inter-conditional, upon completion of which YiChang HEC was delisted and Sunshine Lake Pharma was listed on the Exchange with the YiChang HEC shareholders in the privatisation becoming Sunshine Lake Pharma’s shareholders by way of share exchange.
The proposal for privatisation was announced on 10 May 2024 and the listing application was submitted to the Stock Exchange on 11 December 2024. The privatisation was approved by YiChang HEC shareholders on 21 July 2025. YiChang HEC was delisted on 5 August 2025 and Sunshine Lake Pharma was listed on 7 August 2025.
Sunshine Lake Pharma is a vertically integrated pharmaceutical company engaging in research and development, production and commercialisation of pharmaceutical products with a focus on innovative drugs and are also involved in modified new drugs, generic drugs and biosimilars. YiChang HEC was a pharmaceutical manufacturing company that focused on the production, sales and development of pharmaceutical products in the therapeutic areas of anti-infectives, endocrine and metabolism.
China International Capital Corporation Hong Kong Securities Limited acted as the sole sponsor in connection with the listing and as the financial advisor to Sunshine Lake Pharma in connection with the privatisation.
Benita Yu, lead partner, comments, “This was the first ever listing by introduction of an issuer which simultaneously privatises and delists by way of a merger by absorption of its Hong Kong listed subsidiary YiChang HEC, which presented a unique set of challenges. We are pleased to have successfully assisted Sunshine Lake Pharma in navigating uncharted legal territories and addressing novel issues to achieve a smooth listing and privatisation, having originally advised on the Hong Kong listing of YiChang HEC. We wish to offer our heartfelt congratulations to our client on the successful implementation of the deal, which marks an important landmark in its long-term development.”
Yee Yan Ng / Trainee, Tiffany Ruan / Trainee, Thomas Wong / Trainee, Electa Yeung, Trainee