The IPO is the first life sciences U.S. IPO of 2025 and the first life sciences company listed on the HKEX to complete a U.S. listing

Davis Polk is advising the underwriters on the SEC-registered initial public offering of 7,325,000 American depositary shares (ADSs) of Ascentage Pharma Group Limited, with total gross proceeds of approximately $126.4 million. Each ADS represents four ordinary shares of the company. The company has granted the underwriters an option to purchase up to an additional 1,098,750 ADSs. The ADSs are listed on the Nasdaq Global Market under the symbol “AAPG.”

The IPO is the first life sciences U.S. IPO of 2025 and the first life sciences company listed on the HKEX to complete a U.S. listing.

Ascentage Pharma is a global, integrated biopharmaceutical company engaged in discovering, developing and commercializing therapies to address global unmet medical needs primarily in hematological malignancies. It has been listed on the Main Board of the HKEX with the stock code 6855.HK since October 2019.

The Davis Polk corporate team included partners Xuelin (Steve) Wang and Yasin Keshvargar and registered foreign lawyer Xin (Sheen) Xu. Partner Jason Xu and associate Calvin Lam provided HKEX listing rules advice. Partner David R. Bauer and associate Adrian Rabin Provided intellectual property advice. Counsel Alon Gurfinkel and associates Dmitry Dobrovolskiy and Valentin Van de Walle provided tax advice. Members of the Davis Polk team are based in the Hong Kong, Beijing, London and New York offices.

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