October 31, 2018

China’s Innovent Biologics Makes 5 Percent Gain in Hong Kong Debut

HONG KONG, Oct 31 (Reuters) – Innovent Biologics climbed 5 percent in a Hong Kong debut closely watched as a test of investor appetite for Chinese biotechs after three rivals saw their shares slide post-listing.

The Chinese biotech – backed by mutual fund giant Fidelity and Singapore state investor Temasek Holdings – was trading at HK$14.7 on Wednesday morning, above its IPO price of HK$13.98.

Shanghai and Suzhou-based Innovent raised $421 million in its IPO, making it the largest Hong Kong biotech offering this year.

Hong Kong implemented the new rules allowing biotech firms with no revenue or profit to list in the city in April, hoping to woo new-economy firms away from centres such as New York.

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