Forget Nasdaq. China’s biotechs with blockbuster IPO dreams are switching focus to Hong Kong
On Monday, the Hong Kong exchange is set to open its doors and listings to companies with no revenue, and a lineup of biotech unicorns are paying rapt attention.
This morning Reuters is reporting that two big Chinese upstarts — Innovent Biologics and Ascentage Pharma — have switched focus from New York to the Hong Kong bourse, looking to raise about $800 million.
“We were already ready to file (an IPO application) in the United States, but we have shifted to Hong Kong for listing as the HKEX opens its doors to us,” Ascentage chairman Yang Dajun told Reuters. “This is great news for biotech firms which are based in China and want to tap more Chinese and Asian investors.”
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