Ryan Choi

Kirkland & Ellis represented ADICON Holdings Limited (“ADICON”) (HKSE: 9860) on its initial public offering and listing on the Hong Kong Stock Exchange. The offering took place on June 30, 2023. Morgan Stanley Asia Limited and Jefferies Hong Kong Limited are the joint sponsors. Founded in 2004 and based in Hangzhou, China, ADICON owns and operates more than 30 diagnostic laboratories that offer health care testing services. Currently, ADICON has more than 200 patents, provides over 4,000 testing items and serves approximately 19,000 customers. According to Frost & Sullivan, ADICON is one of the top three independent clinical laboratory service providers in China in terms of total revenue for the past three years ended December 31, 2022. ADICON’s success and prospects have attracted a number of reputable pre-IPO and cornerstone investors. Read ADICON’s listing document The Kirkland team was led by capital markets partners Mengyu Lu and Steve Lin, with assistance from capital markets partner Ryan Choi. The team also included capital markets registered foreign lawyers Emily Wu and Anita Wu.

Jun 30

1 min

Kirkland & Ellis represented the joint sponsors, including Morgan Stanley Asia Limited, CITIC Securities (Hong Kong) Limited and Goldman Sachs (Asia) L.L.C., on the initial public offering of Muyuan Foods Co., Ltd. (Muyuan, SZ: 002714, HKEX: 2714) on the Main Board of The Stock Exchange of Hong Kong Limited on February 6, 2026. Muyuan, a leading pork company pioneering smart hog farming, successfully offered 273,951,400 H Shares at an initial public offering price of HK$39.00 per share and raised approximately HK$10.68 billion prior to the exercise of the 15% over-allotment option. According to Frost & Sullivan, Muyuan has ranked first globally in the hog farming industry in terms of production capacity and sales volume of hogs for four consecutive years since 2021. The Kirkland team included capital markets lawyers Mengyu Lu, Brian Ho, George Zheng, Ryan Choi, Qingyu Wu, Rock Liu, Luna Wang and Kelly Chan.

Feb 6

1 min

Kirkland & Ellis is advising NetDragon Websoft Holdings Limited (HKSE: 777), a global leader in building internet communities, on the spin-off of its core overseas education business through its subsidiary, and the merger of its subsidiary with Gravitas Education Holdings, Inc. (NYSE: GEHI). The proposed transaction is expected to close by the end of the third quarter of 2023, subject to customary closing conditions. Read NetDragon’s announcement The Kirkland team was led by transactional partner Joey Chau, with support from capital markets partners Steve Lin and Ryan Choi, transactional registered foreign lawyer Sherry Fu and associate Joyce Chiu.

Apr 19

1 min

Kirkland & Ellis represented ZX Inc. (HKSE: 9890), a leading online game products publisher in China, on its global offering and listing on the Hong Kong Exchanges and Clearing Limited on September 28, 2023. The joint sponsors are China International Capital Corporation Hong Kong Securities Limited and China Securities (International) Corporate Finance Company Limited. According to Frost & Sullivan, ZX Inc. is the fifth largest company for publishing mobile game products in terms of revenue in China. In addition to game products, ZX Inc. has developed their own consumer product brands in new consumption scenarios, and provides marketing services in relation to online literature products. Read ZX Inc.’s listing document The Kirkland team was led by capital markets partner Mengyu Lu, transactional partner Brian Ho and capital markets partners Ming Kong and Ryan Choi.

Sep 28

1 min

Kirkland & Ellis acted as counsel to the sole sponsor, Huatai Financial Holdings (Hong Kong) Limited, and the underwriters, and as lead counsel drafting the prospectus, in connection with the H-share listing of Shanghai Iluvatar CoreX Semiconductor Co., Ltd.  (Iluvatar CoreX) (HKEX: 9903) on the Main Board of The Stock Exchange of Hong Kong. Since its inception, Iluvatar CoreX has garnered support from leading investment firms including Centurium Capital, Hainan Shuxin, Cedarlake Capital, Focustar Capital and HOPU Investments. This landmark IPO raised approximately HK$ 3.7 billion (equivalent to approximately US$476 million) , with the Hong Kong public offering tranche was oversubscribed by over 400 times. The significant interest from leading industry investors and top-tier investment funds reflects strong market confidence in Iluvatar CoreX’s leadership and growth potential. As a leading player in China’s general-purpose GPU industry, Iluvatar CoreX is dedicated to providing core computing infrastructure for AI-driven digital transformation. With AI technologies advancing rapidly and being deployed across a wide range of applications, general-purpose GPUs have become a cornerstone for driving AI computing power. The successful listing of Iluvatar CoreX underscores the international capital market’s recognition of the rise of Chinese hard-tech innovators. Throughout the transaction, Kirkland played a critical role, including drafting key sections of the prospectus, addressing complex legal issues related to sanctions and export controls and counseling on regulatory communications. The Kirkland team included capital market lawyers Mengyu Lu, Brian Ho, Ryan Choi, Qingyu Wu, Jiawei Zhao, Yan Liang and Qianqian Yu.

Jan 8

1 min