The shares are listed on the HKEX

Davis Polk advised the underwriters in connection with WuXi XDC Cayman Inc.’s spinoff, initial public offering and listing on the Hong Kong Stock Exchange and an international offering in reliance on Rule 144A / Regulation S. The gross proceeds from the offering were approximately HK$3.68 billion prior to the exercise of the over-allotment option.

WuXi XDC is a leading contract research, development and manufacturing organization (CRDMO) focused on the global antibody-drug conjugate (ADC) and broader bioconjugate market and dedicated to providing integrated and comprehensive services. It is the second largest CRDMO for ADCs and other bioconjugates globally in terms of revenue in 2022. Prior to the spinoff, WuXi XDC was a subsidiary of WuXi Biologics (Cayman) Inc., a company listed on the Hong Kong Stock Exchange (stock code: 2269) and a global leading open-access biologics CRDMO offering end-to-end solutions for biologics discovery, development and manufacturing. 

The Davis Polk corporate team included partners Yang Chu and Xuelin (Steve) Wang, counsel – registered foreign lawyer Jennifer (Yujia) Jiang, associates Jenny Ho and Sarah Shi and registered foreign lawyers Xin (Sheen) Xu and Cecilia Chen. Counsel Alon Gurfinkel and associates Kelli A. Rivers and Ya Sheng Lin provided tax advice. Members of the Davis Polk team are based in the Hong Kong and London offices.