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JunHe Assisted Nanjing Well Pharmaceutical Co., Ltd. in its IPO Project

2019.02.18

On January 30th 2019, Nanjing Well Pharmaceutical Co., Ltd. (stock code: 603351, “Well Pharm”) was successfully listed on the SHEx. Well Pharm issued 16,666,700 ordinary shares, issuing price was RMB 35.50 per share, raising funds of RMB 591660000 in total. JunHe acted as legal counsel to the issuer and participated in the listing project.


Since its establishment, the company has been focusing on the R&D, production, and sales of pharmaceutical auxiliary materials, and synthetic lubricating base oil, and other products. In terms of pharmaceutical auxiliary materials, its manufacturing capacity of polysorbate 80 (for injection use) is identified to be “reaching global leading status” by JSEIC, its DMF identification in the U.S and CEP identification in Europe are also underway. Seven pharmaceutical auxiliary materials (for injection use) of Well Pharm have been recorded in the(2015 published version), accounting for more than half of the pharmaceutical auxiliary materials recorded. It main clients are the world-leading health care groups, and its sub groups such as CR SANJIU, SHINEWAY, BUCHANG PHARMA, Pfizer and Johnson & Johnson. 


In terms of synthetic lubricating base oil and other products, its synthetic lubricating base oil is identified as top rank by API. Its synthetic lubricating base oil and other products perform well under high-temperature, low-temperature, high-pressure, and high-wet working environment, and can be used in the high-tech fields of aerospace, seafaring, wind power, and robots. Its fire resistant hydraulic fluid with ester base oil, water soluble polymer polyether for nonflammable hydraulic fluid, ether base oil for high pressure ethylene compressor oil were identified as “reaching global leading status” by JSEIC. The firm is vendor to RAVO Group, TAKEMOTO, Sinopec Group, CNPC, and their subsidiaries, some of their products have been identified by the vending chain system of compressor factory owned by GREE.


JunHe, as legal counsel to the issuer, have provided a series of legal services to Well Pharm since 2016, assisting Well Pharm in its restructure, share right incentive plan, listing application, and other major legal issues. What is worth mentioning is, the listing verifying process Well Pharm met within the replacing period of IEC, and since the end of 2017, the new shares verifying principles of the new generational IEC varied significantly, which resulted in a verifying deflation. Facing this severe situation, JunHe cooperated closely with other intermediaries, conducted detailed responses, and explanation to the issues of IEC’s concerns such as direct investment by securities firms, horizontal competitions and share-based payment, and finally assisted Well Pharm to pass the examine of IEC. The JunHe team’s solid working attitude, and professional serving capacity were highly recognized by the client and other intermediaries. 


The leading partners were Ms. ZHAO, Jun, and the undertaking partner Mr. JIANG, Wenjun (Kelvin).


JunHe is the only Chinese law firm to be admitted as a member of Lex Mundi and Multilaw, two international networks of independent law firms. JunHe and selected top law firms in major European and Asian jurisdictions are “best friends.” Through these connections, we provide high quality legal services to clients doing business throughout the world.