June 6, 2018

Hua Medicine Planning Hong Kong IPO

Diabetes company Hua Medicine Ltd. (Shanghai, China) filed for an IPO on the Hong Kong stock exchange underwritten by Goldman Sachs and CLSA Capital Markets.

Hua is the second biotech company to file for a Hong Kong listing since Hong Kong Exchanges and Clearing Ltd. (HKEX) opened a new prerevenue biotech chapter on April 30. Antiviral play Ascletis Pharma Inc. (Hangzhou, China) is also planning a listing, with Goldman Sachs among its underwriters (see BioCentury Extra, May 7).

Hua initially contemplated a U.S. IPO, but reconsidered based on the HKEX changes. EVP and CFO George Lin told BioCentury in January that Hua was aiming to raise $150 million in an IPO in 2H18. The company subsequently declined to comment on reports that it would seek $400 million in the listing (see BioCentury, Jan. 25).

Read more

Back to News