Chinese medicine player Tasly considers Hong Kong IPO for its biotech arm: report
The biotech arm of a high-profile traditional Chinese medicine maker is reportedly planning a $1 billion dollar IPO — exactly the kind of money regulators wanted to see when they decided to open up Hong Kong’s stock exchange to pre-revenue biotechs. And it’s coming after regulators in China sent signals that they are concerned about overheated market conditions on the exchange.
Shanghai Tasly Pharmaceutical — the wholly-owned subsidiary of Tianjin-based and Shanghai-listed Tasly Pharmaceutical Group — aims to be listed in the second half of 2018, sources told Reuters. The firm is working with advisers on the proposed share sale, though details on the valuation, the type of shares to be sold and the exact percentage of the company to be floated weren’t available.
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