SEC Puts US-Listed Chinese Biopharma Firms On Notice To Comply With 2020 Law
Non-Compliance Means Nasdaq De-Listing In 2024
Chinese companies publicly traded in the US – including BeiGene, HutchMed and Zai Lab – have three years to switch to accounting firms that can be investigated by the US government, or two years if a pending amendment is adopted.
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Cash is available for start-up, growth-stage and public companies through Texas Medical Center’s newly doubled venture fund, a pandemic preparedness initiative and new VC funds. In recent financings, Nutcracker closed a $167m series C round and 2Seventy raised $170m in a private placement.
US-listed Chinese biotechs face a potential double-whammy from US rules requiring accounting transparency at the risk of delisting, while other challenges loom from a general regulatory crackdown and economic softening in China, along with rising COVID-19 cases.
Latest option deal with Swiss major solidifies BeiGene’s front-runner position in PD-1 combination therapy with novel antibodies.