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QINGDAO TODAY
在线翻译:
szdaily -> Markets -> 
Hangzhou Tigermed gets nod for HK listing
    2020-07-21  08:53    Shenzhen Daily

CLINICAL research service provider Hangzhou Tigermed Consulting Co. has won approval from the Hong Kong stock exchange for its second listing, which could raise about US$1 billion in what would be Asia’s largest health care listing this year, according to people familiar with the matter.

Shenzhen-listed Hangzhou Tigermed could start gauging investor demand for the offering as soon as this week. Hangzhou Tigermed’s shares have risen about 70 percent in Shenzhen this year amid a broader rally in health care stocks.

Hangzhou Tigermed joins a growing number of health care and pharmaceutical firms seeking to sell shares at a record rate in Asia. The sector is this year’s second-best performer in the region as the coronavirus pandemic stokes investor interest in firms developing everything from better cancer detection and treatment to eye therapies.

South Korea’s SK Biopharmaceutical Co. raised US$784 million in June in Asia’s largest health care initial public offering so far in 2020, and the shares have almost quadrupled from their offer price.

Founded in 2004, Hangzhou Tigermed provides biopharmaceutical research and development services, offering health care companies clinical trials, statistical analysis and patient recruitment, according to its prospectus. It listed its U.S. unit, Frontage Holdings Corp., in Hong Kong last year.

Deliberations on Hangzhou Tigermed’s share sale are ongoing and details including size and timeline could still change, the people said.

Hong Kong in particular has seen a parade of biotech firms list with stunning returns and investors clamoring to get stock. Health care companies have raised US$3 billion through first-time share sales in the city this year. They have risen an average 57 percent from their offer prices, weighted by deal size, compared with a 27 percent gain for all listings in the financial hub.

Bank of America Corp., Haitong International, CLSA and China International Capital Corp. are joint sponsors for Hangzhou Tigermed’s listing.

(SD-Agencies)

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