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China’s Fosun Pharma eyes spin-off listing of vaccine unit in hot Hong Kong IPO market
Fosun Adgenvax (Chengdu) joins an IPO wave that raised more than US$1.5 billion last year for biotech companies
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The board of Shanghai Fosun Pharmaceutical approved the spin-off and Hong Kong listing of its vaccine unit, aiming to bolster the business as biotechnology shares continue to outperform in the city’s stock market.
The board cleared the proposed spin-off of Fosun Adgenvax (Chengdu) Biopharmaceutical for a Hong Kong initial public offering (IPO) on Thursday, according to a late filing by Fosun Pharma, whose shares are listed in Shanghai and Hong Kong. The filing did not disclose the planned IPO size, valuation or schedule.
The proposed spin-off listing coincides with a wave of Chinese pharmaceutical companies pushing innovative drugs into global markets and drawing foreign investor attention, against the backdrop of a booming biotech sector in Hong Kong’s primary and secondary markets.
Last year, biotech companies raised over US$1.5 billion on Hong Kong’s new-share markets, taking the total to more than US$17 billion since 2018, when the Hong Kong stock exchange introduced the Chapter 18A listing rule that allowed pre-revenue biotech listings.
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