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First Pre-Revenue Biotech IPO Rejection By 'China’s Nasdaq'

More Focus On Innovation?

 
• By Dexter Jie Yan

The STAR Market of the Shanghai Stock Exchange has called a halt to the potentially third-largest biotech IPO this year in an apparent deterrent to the in-licensing model.

In-licensing model faces barriers
in-licensing model becomes apparent barrier to biotech IPOs in China. • Source: Alamy

The STAR Market of the Shanghai Stock Exchange, a Nasdaq-style bourse for pre-revenue startup companies, has rejected one biotech’s application for an initial public offering for the first time since STAR's inception in 2019.

Shanghai-based Shanghai HaiHe Pharmaceutical Co., Ltd was officially turned away after a listing committee meeting called by the Shanghai Stock Exchange questioned the bioventure’s business model, which is built on in-licensing and joint drug development, the exchange said on 22 September

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