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BeiGene, CANbridge, Dizal IPOs Set China Biotech Fundraising Record But Share Prices Disappoint

 
• By Dexter Jie Yan

BeiGene’s $3.5bn Shanghai IPO and CANbridge’s Hong Kong listing, as well as Dizal’s offering on the STAR market and five financing rounds totaling $508.5m help set a record for Chinese biotech fundraising in the last month of 2021.

fund raising
Chinese biotechs set to close the year with IPOs of record size • Source: Alamy

The first three weeks of December saw Chinese biotechs raise record amounts of new funding, with Beijing-based BeiGene, Ltd. smashing the record for an initial public offering (IPO) on Shanghai’s STAR Market. However, share performances after the listings have disappointed in several cases.

BeiGene, which debuted on STAR on 15 December, had seen its shares tumble by 19.2% as of 20 December. The company grossed CNY22.2bn ($3.5bn) by selling 115.1 million new shares at CNY192.6 each, raising a record amount of proceeds for any biotech through an IPO on the exchange

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