Kirkland & Ellis represented Sihuan Pharmaceutical Holdings Group Ltd. (Sihuan Pharm, HKSE: 460) and Xuanzhu Biopharmaceutical Co., Ltd. (Xuanzhu Biopharm, HKSE: 2575) on the spin-off, the global offering and separate listing of Xuanzhu Biopharm, a subsidiary of Sihuan Pharm, on the Main Board of the Hong Kong Stock Exchange. The sole sponsor in Xuanzhu Biopharm's IPO is China International Capital Corporation Hong Kong Securities Limited.

Xuanzhu Biopharm's IPO marks the largest spin-off listing of a biotech company under Chapter 18A of the Hong Kong Listing Rules in the past three years. It is also the first transaction of its kind since the introduction of the China Securities Regulatory Commission's new filing regulations.

Xuanzhu Biopharm, an innovative company deeply engaged in the biopharmaceutical sector, has been always focusing on the R&D, production and commercialization of innovative drugs. The company has established a dual-track R&D system driven by large and small molecules, with a precise focus on three core therapeutic areas, including digestive diseases, oncology, and non-alcoholic steatohepatitis (NASH).

The Kirkland team included capital markets lawyers Mengyu Lu, Samantha Peng, George Zheng, Yuchen Han, Chuanwen Wang, Derek Zheng and Wanli Ma.