Hong Kong's first pre-profit biotech float Ascletis closes flat on debut

It sold 224 million shares with an IPO priced at the middle end.

Reuters reports that the first firm to take advantage of Hong Kong’s new rules for biotech listings, Ascletis Pharma Inc., closes flat on its debut after rising by as much as 6.4%.

Also read: Can Hong Kong successfully lure biotech firms from Nasdaq?

Ascletis, which is in the process of developing hepatitis C, HIV and liver cancer drugs, sold 224 million new shares in an IPO priced at the middle of a HK$12 to HK$16 range.

On Wednesday, Ascletis shares rose as high as $14.9 in early trade before ending unchanged from its IPO price at $14.

So far, more than 10 biotech firms, which includes US-based Stealth BioTherapeutics and Hua Medicine are eyeing Hong Kong listings after the bourse introduced sweeping reforms to its listing regime allowing biotech firms with no track record of profitability to list.

The biotech sector was chosen as initial focus in widening market access as they make up a majority of companies in the pre-revenue stage seeking a Main Board listing and activities like clinical trials tend to be highly regulated under the current regime.

Here’s more from Reuters:

Also Read

2024 Policy Address: HK expands investment scheme to include residential property assets

Hang Seng indexes to include Alibaba-W

Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

I want to download the media kit