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5.22.26
Wilson Sonsini Advises WuXi AppTec on Issuance of RMB6,780 Million USD Settled Zero Coupon Convertible Bonds Due 2027
On May 21, 2026, all the conditions precedent under the subscription agreement dated May 14, 2024, entered into between WuXi AppTec Co., Ltd. (WuXi AppTec), Morgan Stanley Asia Limited, Citigroup Global Markets Limited, and Goldman Sachs (Asia) L.L.C. have been fulfilled and the issuance of the RMB6,780 million USD settled zero coupon convertible bonds due 2027 (the Bonds) in an aggregate principal amount of RMB6,780 million was completed. The net proceeds from the subscription of the Bonds, after deducting the managers’ commissions and expenses in connection with the offering, will be approximately US$1,023 million, and will be utilized in the following manner: (a) approximately 90 percent will be used for global capacity and capability expansion and (b) approximately 10 percent will be used for general corporate purposes. A formal application has been made to the Vienna Stock Exchange for the listing of the Bonds on the Vienna Stock Exchange.
Client Highlights
1.28.26
Wilson Sonsini Advises Boyu Capital on $110 Million Convertible Bond Investment in Gushengtang
On January 26, 2026, Gushengtang Holdings Limited (Gushengtang) announced that it had entered into a subscription agreement with an investment vehicle of Boyu Capital for the issuance and subscription of convertible bonds of Gushengtang in the aggregate principal amount of $110 million.
Client Highlights
11.13.25
Wilson Sonsini Advises Huanxi Media on Strategic AI Cooperation with Stepfun
On November 11, 2025, Huanxi Media Group Limited announced that it has entered into a strategic framework agreement with Shanghai Stepfun Intelligent Technology Co., Ltd. to establish a joint venture aimed at leveraging artificial intelligence and large model technologies.
Client Highlights
10.28.25
Wilson Sonsini Advises WuXi AppTec on Sale of China-Based Clinical Research Services Business to Hillhouse
On October 24, 2025, WuXi AppTec Co., Ltd. (WuXi AppTec), a leading global provider of R&D and manufacturing-enabling services in the pharmaceutical, biotechnology, and medical device industries, announced that its wholly owned subsidiary has entered into a sale and purchase agreement to sell its two subsidiaries, WuXi Clinical Development Services (Shanghai) Co., Ltd. (WuXi Clinical) and WuXi MedKey Med-Tech Development (Shanghai) Co., Ltd. (WuXi MedKey), to Hillhouse Investment Management (Hillhouse), one of the world’s leading global private asset managers focusing on sectors such as healthcare, manufacturing, green energy, hard technology, and consumer technology. WuXi Clinical and WuXi MedKey are the operating entities of WuXi AppTec engaged in China-based clinical research services.
Wilson Sonsini Goodrich & Rosati advised WuXi AppTec on the transaction. The Wilson Sonsini team includes:
Wilson Sonsini Goodrich & Rosati advised WuXi AppTec on the transaction. The Wilson Sonsini team includes:
Client Highlights
7.31.25
Wilson Sonsini Advises WuXi AppTec on $980 Million H Shares Placing
On July 31, 2025, WuXi AppTec Co., Ltd. (WuXi AppTec) announced that it has entered into a placing agreement with Morgan Stanley Asia Limited, Citigroup Global Markets Limited, Goldman Sachs (Asia) L.L.C., and The Hongkong and Shanghai Banking Corporation Limited (the Placing Agents), pursuant to which WuXi AppTec has agreed to appoint the Placing Agents and the Placing Agents have severally (but not jointly, nor jointly and severally) agreed to act as the agents of WuXi AppTec and to use their best efforts to procure certain investors to subscribe for a total of 73,800,000 new H Shares at HK$104.27 per placing share to be issued by WuXi AppTec under the general mandate upon the terms and subject to the conditions set out in the placing agreement (the Placing). The Placing is expected to raise $980 million to support WuXi AppTec’s global expansion.
Client Highlights
3.25.25
Wilson Sonsini Advises 9fin on Acquisition of Bond Radar
Wilson Sonsini’s London-based M&A team advised 9fin, a leading AI-powered analytics platform for debt capital markets, on the acquisition of UK-based Bond Radar. The strategic acquisition of Bond Radar, a premier intelligence and data provider for the international bond and loan markets, will enhance 9fin’s offering with Bond Radar’s deep historical data and broad market reach, particularly within investment-grade debt and emerging markets.
Client Highlights
1.28.25
Wilson Sonsini Advises Ascentage Pharma on U.S. Initial Public Offering and Nasdaq Listing
On January 28, 2025, Ascentage Pharma Group International announced the closing of its U.S. initial public offering of 7,325,000 American depositary shares (ADSs) at a public offering price of $17.25 per ADS, before underwriting discounts and commissions. Each ADS represents four ordinary shares of Ascentage Pharma. The gross proceeds from the offering, before deducting underwriting discounts and commissions and other offering expenses payable by Ascentage Pharma, were approximately $126.4 million. In addition, Ascentage Pharma has granted the underwriters a 30-day option to purchase up to an additional 1,098,750 ADSs at the initial public offering price, less underwriting discounts and commissions. The ADSs began trading on the Nasdaq Global Market on January 24, 2025.
Client Highlights
10.22.24
Wilson Sonsini Advises WuXi AppTec, WuXi HK on Completed Issuance of US$500,000,000 Zero Coupon Guaranteed Convertible Bonds Due 2025
On October 21, 2024, all the conditions precedent under the subscription agreement dated October 7, 2024, entered into between WuXi AppTec Co., Ltd. (WuXi AppTec), WuXi AppTec (HongKong) Limited (WuXi HK), and Citigroup Global Markets Limited have been fulfilled and the issue of the US$500,000,000 zero coupon guaranteed convertible bonds due 2025 (the Bonds) in an aggregate principal amount of US$500,000,000 was completed. The net proceeds from the subscription of the Bonds, after the deduction of fees, commissions and expenses, will be approximately US$494.4 million, and will be utilized in the following manner: (a) approximately 70 percent will be used for global expansion; (b) approximately 20 percent will be used for refinancing indebtedness; and (c) approximately 10 percent will be used for general corporate purposes. The listing of and permission to deal in the Bonds on The Stock Exchange of Hong Kong Limited will become effective from October 22, 2024.
Client Highlights
10.08.24
Wilson Sonsini Advises WuXi AppTec on the Proposed Issuance of US$500 Million Zero Coupon Convertible Bonds Due 2025
On October 7, 2024 (after trading hours), WuXi AppTec (HongKong) Limited (WuXi HK), WuXi AppTec Co., Ltd (WuXi AppTec), and Citigroup Global Markets Limited entered into a subscription agreement in connection with the proposed issuance and subscription of US$500 million zero coupon guaranteed convertible bonds due 2025. Such bonds are convertible at the option of the holder thereof into the Hong Kong-listed H Shares of WuXi AppTec (Proposed Bond Issue) at a conversion price of HK$80.02 per share. WuXi AppTec will unconditionally and irrevocably guarantee the due payment of all sums expressed to be payable by WuXi HK under the Proposed Bond Issue.
Client Highlights
6.21.24
Wilson Sonsini Advises Ascentage Pharma on HK$585.77 Million (US$75 Million) Equity Investment from Takeda International in Connection with the Exclusive Global License for HQP1351 (olverembatinib)
Ascentage Pharma Group International (Ascentage Pharma) and Takeda Pharmaceuticals International AG (Takeda International) entered into an exclusive option agreement on June 14, 2024, where Takeda International is granted with an exclusive option to enter into an exclusive license agreement for HQP1351 (olverembatinib), a core drug candidate of Ascentage Pharma. In connection with such exclusive global arrangement, Ascentage Pharma and Takeda International also entered into a securities purchase agreement, pursuant to which Takeda International made a HK$585.77 million (US$75 million) equity investment in Ascentage Pharma to subscribe 24,307,322 shares of Ascentage Pharma at a purchase price of HK$24.09850 per share. The closing of such equity investment took place on June 20, 2024.
Client Highlights
11.09.22
Firm Advises ScienTech Medical on US$83.4 Million IPO
On November 8, 2022, LEPU ScienTech Medical Technology (Shanghai) Co., Ltd. (ScienTech Medical) successfully listed on the Main Board of the Stock Exchange of Hong Kong, raising approximately HK$654.6 million (US$83.4 million) from a global offering of 22,455,000 H shares, or approximately HK$752.7 million (US$95.9 million) if the underwriters fully exercise their over-allotment option to purchase 3,368,000 additional H shares. Wilson Sonsini Goodrich & Rosati acted as U.S. and Hong Kong counsel to ScienTech Medical in the global offering and listing.
Client Highlights
11.20.20
Wilson Sonsini Advises Major Shareholder, Buyer Group in China Biologic’s US$4.76 Billion Going-Private Transaction
On November 19, 2020, China Biologic Products Holdings, Inc., a leading fully integrated plasma-based biopharmaceutical company in China, announced that it has entered into a definitive agreement and plan of merger, pursuant to which China Biologic will merge with a special-purpose vehicle that shall, at the effective time of the merger, be beneficially owned by a buyer group consisting of Centurium Capital, CITIC Capital, Mr. Marc Chan, Hillhouse Capital, V-Sciences Investments Pte Ltd, and Mr. Joseph Chow (CEO and chairman of the board of directors of China Biologic). The proposed transaction implies an equity value of China Biologic of approximately US$4.76 billion. In connection with China Biologic’s going-private transaction, on October 26, 2020, PW Medtech Group Limited, a major shareholder of China Biologic and a member of the buyer group, entered into definitive agreements for the sale of 5,321,000 shares of China Biologic in the aggregate at a price of US$120.00 per share to three entities controlled by CITIC Capital and Mr. Joseph Chow, respectively. PW Medtech will cease to be a member of the buyer group upon closing of the share sale transaction. CBPO’s going-private transaction is expected to close during the first half of 2021, subject to customary closing conditions, including the approval by shareholders of China Biologic.