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Ascletis and BeiGene Trade Lower Following Hong Kong IPOs

publication date: Aug 10, 2018

So far, two young China biopharmas have debuted on the Hong Kong exchange, encouraged by the much-heralded new IPO rules for pre-revenue companies. Unfortunately, the market's response has been lukewarm. Ascletis raised $400 million, about the middle of its projected range, but after a week and a half of trading, the company's new shares have declined 15%. BeiGene raised $900 million, pricing the offering at the bottom of the range (and a small discount to its NASDAQ quote). It has declined 5% from its offering price in three trading sessions. There are six other pre-revenue China biopharmas that have filed for Hong Kong IPOs and several more planning to do so. The post-IPO performance of the first two could dampen the pricing of these offerings. More details....

Stock Symbols: (HK: 1672) (NSDQ: BGNE; HK: 6160)

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