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Trend Revising? Biotech IPOs Slow Sharply In HK While Shanghai's STAR Shines

 
• By Brian Yang

Just one year ago, biotechs were queuing up to list in Hong Kong following a relaxation of rules, but now many are postponing plans or simply shifting away, impacted by the market's low valuations, fast-changing environment and surprisingly strong competition from a new Shanghai trading section.  

Hong Kong
CHINESE BIOTECHS POSTPONE HONG KONG IPOS AMID LOW VALUATIONS, SHANGHAI COMPETITION • Source: Shutterstock

In June, Tasly Pharmaceutical Co. Ltd. made an official filing for an initial public offering in Hong Kong, the plan being to list Tasly Biologics, a subsidiary of the major Chinese traditional medicines maker, which has 14 assets in its pipeline including three core products in clinical development.

The Tianjin-based biologics firm noted in the filing that funds raised through the planned IPO would be used towards

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