Hangzhou Jiuyuan Gene Engineering Launches Up to HK$570 Million Hong Kong IPO

MT Newswires Live11-20

Hangzhou Jiuyuan Gene Engineering (HKG:2566) launched its initial public offering in Hong Kong Wednesday, seeking to raise up to HK$570.2 million from the deal.

The genetic engineering company is offering up to 45,398,800 shares expected to be priced between HK$11.48 and HK$12.56 per share, according to a Wednesday filing with the Hong Kong Exchange.

Jiuyuan Gene Engineering expects to determine the IPO price on Nov. 26 and disclose allocation results on Nov. 27. Shares will begin trading on the stock exchange on Nov. 28.

The genetic engineering company intends to use the proceeds for continuing research and development, marketing of existing and near-commercialized products, collaborations, construction and upgrade of production facilities, and working capital.

Hangzhou Jiuyuan Gene Engineering attracted Heda Jinyuan (HK), Shanghai Fosun Pharmaceutical (HKG:2196, SHA:600196) subsidiary Fosun Industrial, Nanjing King-Friend Biochemical Pharmaceutical (SHA:603707) subsidiary Hong Kong King-Friend Industrial, Alibaba Health (HKG:0241) subsidiary Alibaba Health (Hong Kong) Technology, Jointown Pharmaceutical (SHA:600998) subsidiary Jointown International Group, shareholder Wu Qiyuan, and Delta Capital Hong Kong, as cornerstone investors.

Huatai Financial Holdings (Hong Kong), CLSA, CMB International Capital, Ruibang Securities, and Patrons Securities, are the joint bookrunners and lead managers of the IPO.

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