HK biotech IPOs exhibit symptoms of overvaluation

By Jonathan Breen
09 Aug 2018

Hong Kong saw its second biotechnology listing this week, as BeiGene floated on the city’s stock exchange. But two days after listing it was under water and was followed by a double-digit dive by Ascletis Pharma, the sector’s debut issuer. The state of both stocks are a warning sign for future biotech issuers to rein in valuations, say ECM bankers. Jonathan Breen reports.

Chinese drug manufacturer BeiGene listed on the Hong Kong Stock Exchange on Wednesday through a HK$7.1bn ($904.5m) follow-on offering. The firm also trades on the Nasdaq and ...

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