Trend Revising? Biotech IPOs Slow Sharply In HK While Shanghai's STAR Shines
Just one year ago, biotechs were queuing up to list in Hong Kong following a relaxation of rules, but now many are postponing plans or simply shifting away, impacted by the market's low valuations, fast-changing environment and surprisingly strong competition from a new Shanghai trading section.
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Shares of China’s Shanghai Henlius Biotech will debut on the Hong Kong stock exchange later this week after the company collected $410m in an IPO that was priced at the bottom end of the targeted range.
The latest development over the licensing arrangement for the anticancer drug may deal a further blow to BeiGene’s oncology commercial efforts in China.