HONG KONG/SAN FRANCISCO (Reuters) – Biotech startups can expect more measured valuations should they list in Hong Kong, investors and bankers said, after shares of the first such firm to take advantage of rules allowing listings from pre-profit biotechs dropped 44 percent in the first month. FILE PHOTO: Ascletis Pharma Inc. Marketing Director Frank Huang, Chairman and CEO Jinzi J. Wu and Vice President Chen Yi attend a news conference on the IPO of the company in Hong Kong, China July 19, 2018. REUTERS/Bobby Yip/File Photo Hong Kong Exchanges and Clearing Ltd (0388.HK), operator of the city’s bourse, revised rules this year for dual-class share structures, secondary listings and early-stage biotech firms to attract so-called new-economy companies from mainland China. At least 10 more mostly Chinese biotechs plan to go public in the city this year, with some even dropping plans for U.S. share sales in favor of listing closer to home due to new rules for pre-revenue, pre-profit biotechs that took effect in April. Maiden applicant Ascletis Pharma Inc (1672.HK), a pre-profit biotech developing Hepatitis C and HIV treatments, was valued at $2 billion after its initial public offering (IPO) priced at the middle of an indicative range. Its… Read full this story
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