Since the Hong Kong stock exchange revised its IPO rules last year, allowing unprofitable biotech firms to list, the city has become the world’s second largest biotech fundraising center. This is according to Wilfred Yiu, head of markets at HKEX.
Speaking at the Asia Venture Capital Forum in Hong Kong yesterday, Yiu said 84 new stocks were listed in the first half through HKEX, raising HK$70 billion. Seven were biotech companies. According to KPMG, Hong Kong also benefits from proximity to a large pharmaceutical market with growing demand for healthcare services.
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