Hong Kong Capital Markets Update – Issue 2, May 2020
Hong Kong Capital Markets Update – Issue 2, May 2020
HKEX’s updated guidance materials for pre-revenue biotech companies
On 29 April 2020, the Stock Exchange of Hong Kong Limited (‘the Exchange’) published new and updated guidance materials for pre-revenue biotech companies.
Since introducing a new listing regime two years ago for pre-revenue biotech companies, the Exchange has seen heightened interest from global institutions and the retail market in these firms.
The new and updated guidance materials include enhanced disclosures to help retail investors better understand the biotech company, its core products and the risks associated with their investment. The materials also provide additional guidance on the flexible use of IPO proceeds for biotech companies at a later stage of development as well as on special cases identified by the Exchange over the past two years.
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