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Tigermed gets HKEX green light for US$1b listing

[HONG KONG] Chinese clinical research service provider Hangzhou Tigermed Consulting has won approval from the Hong Kong stock exchange (HKEX) for its second listing, which could raise about US$1 billion, according to people familiar with the matter.

Shenzhen-listed Tigermed could start gauging investor demand for the offering as soon as next week, the people said, asking not to be identified as the information is private. Tigermed's shares have risen about 70 per cent in Shenzhen this year.

Tigermed joins a growing number of healthcare and pharmaceutical companies seeking to sell shares at a record rate in Asia as the sector is one of the best performers of the year and the coronavirus pandemic stokes investor interest.

Deliberations are ongoing and details of the share sale including size and timeline could still change, the people said. An external representative for Tigermed declined to comment.

Hong Kong in particular has seen a parade of biotech firms list in the city with stunning returns and investors clamoring to get stock. Health-care companies have raised US$3 billion through first-time share sales in the city this year, data compiled by Bloomberg show.

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Bank of America Corp, Haitong International, CLSA and China International Capital Corp are joint sponsors for Tigermed's listing, according to a preliminary prospectus.

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