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China Biotech Finance Watch: Luzhu Bags $43.5m In Hong Kong IPO

 
• By Dexter Jie Yan

In the private market, eight Chinese biotechs raised a combined $116m in deals backed by venture capital and private equity firms over the past few weeks.

funding
Luzhu Biotech became the first biotech in 2023 to complete an IPO in Hong Kong • Source: Shutterstock

Shares of Beijing Luzhu Biopharmaceutical Co Ltd (Luzhu Biotech) were listed on the Hong Kong Stock Exchange on 8 May, making the Chinese developer of vaccines and monoclonal and bispecific antibodies the first biotech to go public on the bourse in 2023.

Through the initial public offering, Luzhu Biotech grossed HKD340.7m ($43.5m) by selling a total of 10.4 million new shares at HKD32.8 per share, according to the company’s stock filings. The...

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