Hong Kong clears way for pre-revenue biotech IPOs, plans to accept listing applications by May
A much anticipated rule change in Hong Kong’s stock exchange will take effect at the end of this month, marking a new era where qualified biotechs can list on the bourse before earning revenue.
Hong Kong Exchange and Clearings will start accepting listing applications under new rules on April 30, chief executive Charles Li told local reporters Friday, on the heels of consultation results expected to come out on April 24. That will officially remove a major impediment for biopharma companies looking to raise capital in the public market, which had previously led BeiGene to list in New York rather than closer to home.
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