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Chinese biotech firm InnoCare plans Hong Kong IPO
[HONG KONG] Beijing InnoCare Pharma Tech, which is developing treatments for cancer and autoimmune diseases, is planning a Hong Kong initial public offering (IPO), people with knowledge of the matter said.
The company has been interviewing potential advisers and aims to list as soon as this year, said the people, asking not to be identified because the information is private. InnoCare could seek around US$250 million from the offering, though it hasn't set a precise fundraising target yet, one of the people said.
InnoCare's backers include 3H Health Investment, Jianxin Capital and Loyal Valley Capital. The company raised a combined US$215 million from two funding rounds last year, according to a statement. Its latest financing round valued InnoCare at about US$800 million, the people said.
Chinese biotech firms have raised more than US$4 billion from Hong Kong IPOs since the city's exchange overhauled its rules in April 2018 to lure most fast-growing companies, data compiled by Bloomberg show. Early listings including Ascletis Pharma and Hua Medicine are trading below their offer prices. More recent deals have performed better, with CanSino Biologics jumping 73 per cent since its March debut.
InnoCare operates research and production facilities in Beijing, Nanjing and Guangzhou, its website shows. Deliberations about the offering are at an early stage, and details of the deal could change, the people said. A representative for InnoCare declined to comment.