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Kirkland & Ellis advised CF PharmTech, Inc. (CF PharmTech, HKEx: 2652) on its global offering and listing on the Main Board of the Hong Kong Stock Exchange. The joint sponsors for the listing were CITIC Securities (Hong Kong) Limited and CMB International Capital Limited.

CF PharmTech raised approximately HK$607.7 million from its global offering, which has attracted strong interest and overwhelming demand from the capital markets. The Hong Kong public offering tranche was oversubscribed by approximately 6,700 times, ranking among the top three most oversubscribed IPOs on the HKEx in 2025. The international offering tranche was also oversubscribed by approximately 12.74 times, drawing participation from numerous well-known institutional investors and high-quality long-term capital. The enthusiastic response reflects strong market confidence in CF PharmTech’s growth potential and business prospects.

CF PharmTech primarily focuses on the R&D, manufacturing and commercialization of inhalation technologies and inhalation drugs, with a focus on treating respiratory diseases. It has developed a product portfolio with a broad coverage of patients, medical specialties and therapeutic areas. CF PharmTech intends to apply the proceeds to fund the ongoing R&D and clinical development of its established inhalation formulation product candidates, both domestically and internationally, its pre-clinical R&D across multiple other pipeline programs and technologies, expansion and upgrade of its manufacturing facilities, equipment procurement, and production management systems and working capital and other general corporate purposes.

Kirkland & Ellis’s Asia capital markets team continues to deepen its focus on the life sciences sector, and the CF PharmTech’s IPO represents another milestone transaction in this space.

The Kirkland team included capital markets lawyers Mengyu Lu, Samantha Peng, George Zheng, and Yuchen Han; registered foreign lawyers Bill Feng, Jiawei Zhao, Ashley Sun and Qianqian Yu.