Hilda Li

Hilda’s practice focuses on US and Hong Kong capital markets and other corporate matters. She has advised industry‑leading companies and investment banks on a wide range of capital markets transactions, including U.S. and Hong Kong IPOs, de‑SPAC listings, follow‑on offerings, ATM offerings and PIPEs, across the life sciences, AI, blockchain, consumer and other sectors. She has been actively involved in several high‑profile listings, including those of Insilico Medicine, WeRide, Duality Biologics, Bitdeer and Gracell Biotechnologies. She also regularly advises public companies on compliance and U.S. securities law matters.

Prior to joining Cooley, Hilda has worked at the Hong Kong and New York offices of two other international law firms. 

Representative Matters:

US Capital Markets

• Bitdeer Technologies Group in its US$400 million convertible senior notes offering, $148.4 million registered direct offering
• Bitdeer Technologies Group in its US$330 million Rule 144A private placement of convertible senior notes due 2031
• Bitdeer Technologies Group in its US$400 million Rule 144A private placement of convertible senior notes due 2029
• Bitdeer Technologies Group in its US$150 million registered offering of convertible senior notes due 2029
• PSI Group Holding Ltd, a freight forwarding service provider headquartered in Hong Kong, in its deSPAC listing on Nasdaq
• Bitdeer Technologies Group in its up to US$150 million private placement financing from Tether International Limited
• Vietnam Sunergy Joint Stock Company (TOYO Solar), a Vietnam solar solution company originating from the Bloomberg Tier 1 listed solar module producer, Vietnam Sunergy Joint Stock Company (VSUN), in its deSPAC listing on Nasdaq
• Bitdeer Technologies Group in its up to US$150 million committed equity financing in the United States
• Bitdeer Technologies Group in its subscription agreement with Tether International Limited for a private placement financing of up to US$150 million
• Gracell Biotechnologies in its up to US$150 million private placement financing in the United States joined by syndicate of premier healthcare investors
• Bitdeer Technologies Group in its US$1.18 billion merger with Blue Safari (SPAC) and deSPAC listing on Nasdaq
• Summit Healthcare Acquisition Corporation in its US$849 million merger with YS Biopharma and the deSPAC listing of YS Biopharma on Nasdaq
• Gracell Biotechnologies, a global clinical-stage biopharmaceutical company dedicated to discovering and developing breakthrough cell therapies, in its $50 million at-the-market program
• Futu Holdings, a leading online brokerage firm in its US$1.4 billion follow-on offering
• Gracell Biotechnologies in the US$209 million IPO and listing on Nasdaq

Hong Kong Capital Markets

• Morgan Stanley, CICC and GF Securities as joint sponsors in the HK$2.28 billion IPO and listing of Insilico Medicine, a global AI-driven drug discovery and development company, on the Hong Kong Stock Exchange, this deal represents the largest Hong Kong IPO in the biotech industry
• WeRide, a global leader in autonomous driving technology, in its HK$2.91 billion dual primary listing on the Hong Kong Stock Exchange
• Innogen Pharmaceutical, a science-driven biopharmaceutical company dedicated to the research and development of innovative and affordable medicines for metabolic disease patients, in its HK$682.87 million IPO and listing on the Hong Kong Stock Exchange
• CICC and Huatai International as placing agent for the placing of existing shares in Black Sesame International Holding Limited in the amount of HK$1.24 billion. Black Sesame International is an investment holding company, provides autonomous driving system on chip (SoC) and SoC based solutions listed on the Hong Kong Stock Exchange
• Morgan Stanley, Jefferies, CITIC Securities, CICC and CMB International Securities as joint sponsors in the IPO and listing of Duality Biologics, a clinical-stage biotech company dedicated to the discovery and development of next-generation ADC to treat cancer and autoimmune diseases, on the Hong Kong Stock Exchange
• VISEN Pharmaceuticals, a late-stage, near-commercialized biopharmaceutical company, focusing on providing potentially optimal or first-class innovative therapeutic solutions in specific endocrine fields with large unmet medical needs and favorable medical and health policies in Greater China, in its US$101 million IPO and listing on the Hong Kong Stock Exchange 
• Huatai, UBS and CICC in the US$224 million IPO and listing of Kintor Pharmaceutical Limited, a Chinese clinical-stage novel drug developer engaged in the research and development of drugs for prostate cancer, breast cancer and other androgen receptor (AR)-related diseases, on the Hong Kong Stock Exchange 
• Haitong and DBS in the US$80 million IPO and listing of Beijing Enterprises Urban Resources Group Limited, a Chinese integrated waste management solution provider, on the Hong Kong Stock Exchange
• Morgan Stanley, CMBI, BOCI and Citigroup in the US$151 million dual primary listing and global offering of shares of Yancoal Australia Ltd on the Hong Kong Stock Exchange. (December 2018) Yancoal Australia is the first dual-primary listed company on the Australian Securities Exchange and on the Hong Kong Stock Exchange. This deal was awarded Equity Securities Deal of the Year 2019 by China Law & Practice Awards
• Placing agents, including Goldman Sachs, Credit Suisse, Citigroup, CICC, Macquarie, CLSA, in a number of secondary placing and/or top-up placing of shares in Hong Kong-listed companies

M&A and Private Equity

• Inmagene Biopharmaceuticals, a clinical stage biotechnology company dedicated to developing disease-modifying treatments for immunological/autoimmune and inflammatory (“I&I”) diseases, in its successful merger with Ikena Oncology, resulting in the combined company's listing on Nasdaq, and its concurrent $75 million PIPE financing.
• Gracell Biotechnologies in its acquisition by AstraZeneca for a transaction value of up to US$1.2 billion
• PSI Group, a long-established global logistics service provider specialized in cross-border air freight services, in its successful merger with AIB Acquisition Corporation (SPAC)
• Vietnam Sunergy Cell Company Limited (TOYO Solar), a Vietnam solar solution company originating from the Bloomberg Tier 1 listed solar module producer, Vietnam Sunergy Joint Stock Company (VSUN), in its business combination with Blue World Acquisition Corporation (SPAC) and listing on the Nasdaq
• APRINOIA Therapeutics in its proposed business combination with Ross Acquisition Corp II (SPAC). APRINOIA Therapeutics is a global clinical-stage biotechnology company dedicated to the research and development of novel imaging-based diagnostic tools that improve the detection of neurological disease onset, progression and regression, as well as novel therapeutics that can improve the treatment of human neurological diseases
• Morgan Stanley, J.P. Morgan, Evercore and UBS in Grab’s $39.6 billion merger with Altimeter Capital’s SPAC. Grab is Southeast Asia’s most valuable startup and leading superapp provider and this transaction marks the largest SPAC merger in history and the biggest US equity offering to date by a Southeast Asia- based company
• BVCF Management, as a Series B investor, in the US$325 million upsized series B financing in BioNTech SE, a Germany-based clinical-stage biotechnology company (one of the largest single private funding rounds for a biotechnology company in Europe) (July 2019)
• Endo International plc (NASDAQ: ENDP) in its proposed acquisition of Somerset Therapeutics, LLC, a New Jersey based specialty pharmaceutical company, and the business of its Indian based affiliate Wintac Limited (April 2018)
  
   

Compliance

• Gracell Biotechnologies Inc.
• Summit Healthcare Acquisition Corp (SPAC)
• Bitdeer Technologies Group
• WeRide
• LakeShore Biopharma