Biotech BeiGene ready for listing in Hong Kong

China-based biotech BeiGene, listed in the US Nasdaq, has announced it pursues a listing in the Hong Kong stock market too. According to BeiGene’s management, this second listing should fetch the company at least $903m. The biotech will offer 65 million shares. The capital raised will be used to develop novel cancer therapies. BeiGene was established in Beijing 8 years ago and already has a $9.8bn capitalization, thanks to its pipeline including 6 investigational drugs, all undergoing clinical trials. The management has chosen Hong Kong since HK Stock Exchange authorities have recently issued new regulations under which even biotech companies not delivering sales at the moment can be listed.

(Source: BeiGene)