IPO

Chinese biotech's $53m IPO joins flurry of HK market activity

Even if Hong Kong's social landscape remains fractured, biotech firms continue to be lured to the HKEX, with Ascentage Pharma the latest to float.

Suzhou-based biotech firm Ascentage Pharma has raised HK$410m $53 million in a Hong Kong IPO according to a deal term sheet, as trendy biotech listings prevail amid social tensions.

The developer of cancer and hepatitis treatments has sold 12.2 million shares, or 5.9% of the enlarged share capital, at the top of the HK$32.20 to HK$34.20 indicative range. There is also a greenshoe option of 1.8 million shares.

Sino Biopharm has come in as a cornerstone investor with a $20 million allocation.

Ascentage Pharma is the 16th Hong Kong IPO to launch this month double the number of listings in September....

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