Henlius Biotech braves political turmoil with $477m IPO

Shanghai Henlius Biotech launched a Hong Kong SAR listing on Wednesday, becoming the first issuer to test the market after earnings season and while protests continue to rip through the city.

  • By Jonathan Breen
  • 11 Sep 2019

Parent Shanghai Fosun Pharmaceutical is spinning off Henlius and is vying for a market capitalisation of anywhere from HK$26.7bn ($3.4bn) to HK$31.2bn.

While most issuers would use a price-to-earnings or price-to-book valuation, Henlius is yet to make a profit so “investors are more focused on the market cap”, ...

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