Hangzhou Tigermed gets HKEX approval, paving the way for Asia’s largest health care listing this year
- Shenzhen-listed Hangzhou Tigermed Consulting could raise about US$1 billion from Hong Kong offering, say sources
- Hong Kong has become a popular fundraising destination for biotech firms
Chinese clinical research service provider Hangzhou Tigermed Consulting 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 Tigermed could start gauging investor demand for the offering as soon as next week, the people said, asking not to be identified as the information is private. Tigermed’s shares have risen about 70 per cent in Shenzhen this year amid a broader rally in health care stocks.
Tigermed joins a growing number of health care and pharmaceutical companies seeking to sell shares at a record rate in Asia as the sector is the second-best performer of the year and the coronavirus pandemic stokes investor interest in companies developing everything from better cancer detection and treatment to eye therapies.
South Korea’s SK Biopharmaceutical raised US$784 million in June in the largest health care IPO so far this year in Asia and has almost quadrupled from its offer price.
Deliberations on Tigermed’s share sale are ongoing and details including size and timeline could still change, the people said. An external representative for Tigermed declined to comment.