Hong Kong – December 10, 2025 – Cooley advised Shanghai Bao Pharmaceuticals, a biopharmaceutical company focusing on the industrialization and commercialization of recombinant protein and antibody-based therapeutics, on its HK$1 billion initial public offering (IPO). Bao Pharma offered 37,911,700 H shares globally priced at HK$26.38 per share. The company’s shares began trading on the Hong Kong Stock Exchange on December 10, 2025, under stock code 2659.

CITIC Securities and Guotai Haitong Securities acted as joint sponsors, overall coordinators, joint global coordinators, joint bookrunners and joint lead managers for the offering. West Bull Securities and BOCOM International acted as joint global coordinators, joint bookrunners and joint lead managers.

Lawyers Michael Yu, Yiming Liu, Kaiting Yang, Yiying Wang and Yunxiang Xu led the Cooley team advising Bao Pharma.

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