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Maggie Zhang

WuXi AppTec, the mainland’s leading biotechnology firm, has announced a plan to sell shares in Hong Kong, just two months after it went public in Shanghai via a fast-tracked listing.
The board has approved a plan for a listing on the main board of the Hong Kong stock exchange, and the new shares will account for 10 per cent to 15 per cent of its enlarged share total, the company said in a filing to the Shanghai Stock Exchange on Sunday.
Chinese biotech firm Ascletis first to apply for Hong Kong IPO under new rules
WuXi said the specific fundraising scale, including pricing and the exact volume of shares to be sold, would be determined later. It would also choose a proper time window for the listing, which is dependent on regulatory approval and market conditions.

Wuxi AppTec was taken private in a US$3.3 billion deal in 2015, delisting from New York before a flotation in Shanghai on May 8.
The company has already raised 2.25 billion yuan (US$340 million) in Shanghai to replenish working capital and fund its expansion of research strength, labs and manufacturing capabilities.
It has become one of the most sought-after pharmaceutical firms on the mainland. Its shares closed at 94.95 yuan in Shanghai on Friday, more than quadruple its issuing price of 21.6 yuan.
“A listing in an established financial hub like Hong Kong is good for its global awareness and corporate governance,” said Dai Ming, a fund manager at Hengsheng Asset Management in Shanghai, who added that a dual listing made sense.
Why Hong Kong is in a sweet spot to harness Chinese biotech listings
The Hong Kong stock exchange’s recent changes to its listing rules, which indicated a willingness to embrace new economy firms, could give Wuxi impetus, he said.
A flurry of new listings this year would help Hong Kong claw its way back to a top-three spot in global rankings, up from its No 5 spot in the first half of the year, accounting major Deloitte said.
WuXi, which was founded in 2000, is a contract research organisation that helps drug makers shorten their discovery and development procedures.
It took just 50 days to gain approval for a float in Shanghai, a sharp contrast to the normal regulatory approval process which takes an average of 519 days, according to Shenwan Hongyuan Group.
Its affiliate WuXi Biologics went public in Hong Kong in June 2017, raising HK$3.98 billion.


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After fast track Shanghai listing, mainland biotech firm WuXi AppTec set for Hong Kong IPO

WuXi, which was founded in 2000, is a contract research organisation that helps drug makers shorten their discovery and development procedures. Photo: Public domain

Ascentage Pharma is the latest mainland biotech firm to pick Hong Kong for fundraising

HKEX is aiming to overtake New York’s Nasdaq when it comes to the number of Chinese biotech company listings and market capitalisation. Photo: Reuters

Yang Dajun, chairman of anti-tumour drugs developer Ascentage Pharma, a Suzhou-based biotechnology firm that will seek a stock market listing in Hong Kong. He was speaking at the China Healthcare Investment Conference in Shanghai.

NEW YORK, NY - APRIL 23: The Nasdaq composite index is viewed in Times Square on April 23, 2015 in New York City. The Nasdaq rose 21 points Thursday to close at new record high of 5056. Spencer Platt/Getty Images/AFP == FOR NEWSPAPERS, INTERNET, TELCOS & TELEVISION USE ONLY ==

Biotech firms the latest to respond to serenade by city’s bourse to raise capital in Hong Kong

A scientist works at Zai Lab's drug development facility in Shanghai, China October 18, 2017. To match Insight CHINA-BIOTECH/ REUTERS/Adam Jourdan

*** Photo source UNKNOWN, PLEASE CLEAR THE COPYRIGHTS BEFORE REUSE*** Christina Lee, Baker & McKenzie

HK Biotech

China fast tracks IPO by leading biotech firm WuXi AppTec, in race as Asia’s hub for fundraising

Wuxi AppTec’s listing is expected to raise more than 5.7 billion yuan (US$907 million), which will be used to expand its research facilities and build new plants. Photo: Shutterstock

***ONE TIME USE ONLY*** DNA Swab Sitting on Results . Daily Features, Health, 30OCT2013

Chinese biotech company Ascletis seeks third round of funding that could exceed US$100 million

Wu Jinzi, founder and chief executive of Hangzhou-based biotechnology company Ascletis. Photo: Handout

Chinese biotech firm Genscript’s shares jump by a third on US$350m Johnson & Johnson unit tie-up

Genscript shares surged almost a third to finish Friday at HK$21.3. Photo: AP

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