Fangda advised InnoCare Pharma Limited (stock code: 688428, “InnoCare”) on its successful listing on the Shanghai Stock Exchange’s STAR Market on 21 September, 2022. InnoCare issued 264,648,217 shares, raising a total of about RMB2.9 billion.

Previously in March 2020, InnoCare had listed on the Hong Kong Stock Exchange. The listing on the SSE STAR market marks this overseas-listed red-chip company’s successful listing and trading in Hong Kong and in Chinese mainland.
 

• InnoCare is an innovative biopharmaceutical enterprise powered by its groundbreaking independent research and development capabilities. The company possesses comprehensive R&D and commercialization capabilities, focuses on developing drugs for the treatment of cancer and autoimmune diseases, and is committed to developing best-in-class and/or first-in-class drugs with breakthrough potentials across global markets. One of its main products, BTK inhibitor Orelabrutinib, was approved (with conditions) by the National Medical Products Administration for commercialization in December 2020, and another, Tafasitamab, has been approved for use in Bo’ao Super Hospital as an imported drug for use in clinical urgency. The company has more than 10 other products that are in Phase I/II/III clinical trials and pre-clinical stages.
• InnoCare was co-founded by Dr. Jisong Cui and Dr. Yigong Shi. The management team comprises seasoned industry executives from multinational pharmaceutical companies, bringing InnoCare with their valuable insight in drug R&D, production and commercialization.

Fangda acted as legal counsel to InnoCare on its SSE STAR market A-share issuance and listing, advising at all stages of the transaction. Fangda has extensive practical experience of red chip companies returning to the A-share market, as well as simultaneous listings on other key markets. The team advised and assisted on legal research and regulatory communication related to multimarket-listed red-chip companies’ listing on the STAR Market, the design and coordination of corporate governance, the composition of the listing application, and cross-border intermediary agency communication. The Fangda team was led by partners Jeffrey Ding and Yvette Liu, and supported by Quan Hou, Shirley Li, Nan Cao, Travis Xu, Cassie Chang, Yuan Fang, Anna Wu and Chunyuan Zheng.