News

WongPartnership is pleased to have acted as issuer counsel to China Medical System Holdings Limited ("CMS") in its successful secondary listing by way of introduction on the Main Board of the SGX-ST. The matter was led by our Head of China Practice, Chong Hong Chiang, and supported by Senior Associate Lim Jun Wei, Associates Xia Mian and Huang Xianxi. 
 
CMS commenced trading on the SGX-ST on 15 July 2025, with its share price rising 11.2% on debut and achieving a market capitalisation exceeding S$4.5 billion. Listed on the Main Board of the Hong Kong Stock Exchange since 2010, CMS is a leading pharmaceutical company with a focus on first-in-class and best-in-class innovative products across key therapeutic areas, including cardio-cerebrovascular, central nervous system, gastroenterology, and ophthalmology. This secondary listing marks a pivotal milestone in CMS’ regional expansion strategy, with Singapore serving as its regional headquarters for its Southeast Asia and Middle East business operations. 
 
As issuer’s counsel, we advised CMS on all Singapore law aspects of the secondary listing – from working with them on listing eligibility and on regulatory and disclosure requirements under the SGX-ST framework, to drafting the Introductory Document and supporting CMS’s engagement with the SGX-ST. We also worked alongside PRC and international counsel to coordinate cross-border legal and regulatory workstreams. Notably, the matter was among the first secondary listings on the SGX-ST to complete the mandatory filing process introduced in 2023 by the China Securities Regulatory Commission, requiring close regulatory dialogue with authorities in Singapore, the PRC, and Hong Kong. 
 
Click here to read the Introductory Document. For more information about our China Practice, click here.