Kirkland & Ellis represented ADICON Holdings Limited (“ADICON”) (HKSE: 9860) on its initial public offering and listing on the Hong Kong Stock Exchange. The offering took place on June 30, 2023. Morgan Stanley Asia Limited and Jefferies Hong Kong Limited are the joint sponsors.
Founded in 2004 and based in Hangzhou, China, ADICON owns and operates more than 30 diagnostic laboratories that offer health care testing services. Currently, ADICON has more than 200 patents, provides over 4,000 testing items and serves approximately 19,000 customers. According to Frost & Sullivan, ADICON is one of the top three independent clinical laboratory service providers in China in terms of total revenue for the past three years ended December 31, 2022.
ADICON’s success and prospects have attracted a number of reputable pre-IPO and cornerstone investors.
The Kirkland team was led by capital markets partners Mengyu Lu and Steve Lin, with assistance from capital markets partner Ryan Choi. The team also included capital markets registered foreign lawyers Emily Wu and Anita Wu.