Tuesday, January 28, 2020
Martin Hennecke

Fosun biotech unit launches $3.7b IPO
Shanghai Henlius Biotech, backed by conglomerate Fosun International (0656), today launches a Hong Kong initial public offering of up to HK$3.74 billion, the city's first major listing after three months of political unrest. The loss-making biotech company has set the price at HK$49.60 to HK$57.80 each with 100 shares per lot, indicating a minimum investment of HK$5,838.20. The company's net loss for the first three months of this year widened 57 percent year-on-year to HK$158 million. The company said one of its drugs has been delivered to its commercial partner in June, and it expects its profitability prospects to improve after commercialization. The spinoff from Fosun International and Fosun Pharmaceutical (2196) has attracted four cornerstone investors to subscribe shares worth US$140 million (HK$1.09 billion). Among the four, AI-Rayyan Holding from Qatar subscribed US$90 million and a mainland company Zhejiang Staidson Investment subscribed US$10 million. It is scheduled to start trading from September 25. On Tuesday, the Hong Kong and Shanghai-listed Guangzhou Baiyunshan Pharmaceutical (0874) announced plans to spin off Guangzhou Pharmaceuticals Corporation through a listing in Hong Kong. Elsewhere, Hong Kong-listed Chongqing Rural Commercial Bank (3619) is set to conduct price consultation next Tuesday for its proposed IPO in Shanghai.

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