Ping An-Dapeng International Bio-Valley, a joint venture between Ping An Urban Tech and the Dapeng district government, has recently teamed up with the Kotler Marketing Corp., a consulting firm based in Washington, DC, to cooperate on building the incubator base as well as raising a startup fund for biotech innovation.Continue reading Ping An boosts biotech incubator
Foshan’s Shunde district has signed a contract with the University of Bradford from the UK to establish a biotech and healthcare innovation center at Shunde’s Sanlongwan hi-tech zone.
The China-UK iBridge project aims to develop technologies to tackle neuro diseases for the elderly, such as Alzheimer’s and Parkinson’s. Shunde currently has more than 600 biotech and medical equipment companies.
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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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Shenzhen-based integrated biotech company Chipscreen is one of the first three companies to be listed on the new tech board in Shanghai, which officially launched today. The Nasdaq-style STAR Market follows a registration-based IPO system and is the mainland’s first exchange-run board listing firms that are not yet profitable.
The country’s chief stock regulator warned, however, that it would take time for the new board to settle down. It needs to balance a less cumbersome IPO system with quality of listed companies, while the absence of government guidance in pricing could result in lofty IPO prices, Yi Huiman, Chairman of the China Securities Regulatory Commission (CSRC), said.
The Nobel and Turing Laureates Hong Kong Summit took place yesterday, attracting more than 500 professionals and experts from the fields of biotech, computer science, mathematics, and finance, as well as – you guessed it – recipients of the Nobel Prize, Turing Prize, and Fields Medal.
Hong Kong’s Finance Secretary, Paul Chan, took the opportunity to boast that the government had put HK$100bn into “innovation and technology” in the past two years. It had also established a biotech platform at the Hong Kong Science and Technology Park. Ba Shusong of the Hong Kong Stock Exchange noted that nine biotech companies had listed on HKEX, and ten others have applied to be listed.
The summit was the first event of the International Innovation and Technology Hub Forum, which was launched by the Greater Bay Area Homeland Investments Limited, manager of a government-backed RMB100 billion private equity fund aimed at supporting high-tech industries in the Greater Bay Area.
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