AIM Vaccine Shrinks Its IPO But Gives Chairman a Mega Paycheck

China’s second-largest maker of non-Covid vaccines has finally crossed the IPO finish line and will list its shares next Thursday Key Takeaways: AIM Vaccine is finally landing on the Hong Kong Stock Exchange at its third attempt, but has only issued 0.8% of its total share capital, raising a net HK$70 million The company issued equity incentives worth a whopping 900 million yuan to its chairman before going public, and swung from profit to loss last year By Molly Wen The biopharma sector has been one of the biggest casualties…

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Betters Medical Looks Ailing Going Into Hong Kong IPO

The medical equipment maker faces several risks, including reliance on a single product type and potential liability for failing to meet terms of an investor agreement Key Takeaways: Betters Medical has launched a Hong Kong listing, relying on high-margin microwave ablation needles as its major revenue contributor The company could face liability of tens of millions of yuan for failing to meet terms of an agreement with one of the investors in its Series C funding, though the agreement will be cancelled if the company lists successfully By Molly Wen…

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Lepu ScienTech Revives IPO After Policy Move Brightens Its Prospects

China’s leading supplier of congenital heart disease devices made its third filing earlier this month for a Hong Kong IPO Key Takeaways: After taking its Lepu Biopharma unit public in February, Lepu Medical is pressing ahead with a third attempt at listing is Lepu ScienTech unit in Hong Kong China’s healthcare regulator has said it won’t include innovative medical equipment in its bulk purchase programs, which should help Lepu ScienTech’s profitability Emily Chan Hong Kong’s stock market may be slumping, and the U.S.-China tech war may be spilling over into…

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Fosun International Sells Assets as Short-Term Cash Crunch Looms

Moody’s downgraded the Shanghai-based financial conglomerate last month, saying it could have difficulty repaying its ‘sizable debt’ maturing over the next 12 months Key Takeaways: Fosun has sold down its stake in New China Life, its latest move to raise cash as it faces large debt maturing in the next 12 months The company is also selling down stakes in its Fosun Tourism unit, owner of the Club Med resort chain, and appears to be selling shares in its core Fosun Pharma holding By Doug Young A group of Chinese…

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Lacking Revenue, Jenscare Scientific Hopes IPO Investors Take Heart in Its Potential

The maker of devices to treat structural heart disease hopes to have its first product approved in the second half of next year as it prepares to list in Hong Kong Key Takeaways: Jenscare Scientific is preparing to raise a reported $30 million in a Hong Kong IPO, even though it doesn’t expect to earn any product-related revenue until the latter half of next year at earliest The company’s valuation reached $1.36 billion last year, but could possibly dive by the time it debuts due to weak overall market sentiment…

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Neusoft Medical Sets Sights Again on HK IPO, With Business Risks in Focus

Neusoft Medical Systems, a leading Chinese provider of medical imaging equipment, has filed to list on the Hong Kong Stock Exchange for a third time Key Takeaways: Neusoft Medical has taken several twists and turns on the IPO road, reversing out of an earlier bid to join Shanghai’s STAR Market and now making a third attempt to list shares in Hong Kong The company’s business picture is dotted with risks from falling R&D spending in relation to revenue, rapidly rising sales costs, and a reliance on distributors By Ellie Si…

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Junshi Biosciences Hits Revenue Roadblock Amid Covid Drug Delay

Junshi Biosciences is facing business headwinds. Its key cancer drug has not sold as well as competing products and the company has yet to file a marketing application for its eagerly awaited Covid-19 oral drug. Key Takeaways: The company logged a revenue fall of 55% in the first half of the year and posted a loss of $131 million Phase 3 clinical trials for its Covid-19 oral drug wrapped up in May but the company has still not yet filed an application to market the product   By Molly Wen…

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No Early Relief for JW Therapeutics from Cancer Wonder Drug

The biotech company logs revenue of 66 million yuan from its cutting-edge cancer therapy, but losses jump more than 50% to nearly 430 million yuan. Key Takeaways: JW Therapeutics prices its new cancer therapy at around a million yuan, with the high production costs hard to bring down.  Large-scale market expansion is not going to be easy  The company is undervalued compared with its peers pending further progress in commercializing its products By Molly Wen A medical breakthrough is only one milestone on a long and uncertain road to mass…

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Everest Medicines Descends to New Depths on String of Bad News

The drug maker’s shares hit all-time lows after it announced the loss of a key product, poor financial results and the resignation of its CEO Key Takeaways: The CEO of Everest Medicines resigned two days after the company announced its loss grew sharply in the first half of the year The company also lost an important potential new revenue source after transferring rights for one of its core products to another company By Emily Chan Everest Medicines Ltd. (1952.HK) may share the name with the world’s tallest mountain, but lately…

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MingMed Biotech Joins Queue of Revenue-less Drug Startups Seeking IPO Cash

It has seven drugs under development but none on the market yet. But one thing MingMed Biotech has plenty of is losses Key Takeaways: With no drug revenues and growing R&D costs, MingMed Biotechnology plans to feed its cash-burning machine with a Hong Kong IPO Company has seven drugs in development, including six in the clinical stages By Ellie Si Despite nary a penny to their top line, a steady string of money-hemorrhaging Chinese innovative drug makers have lined up to list in Hong Kong since the city permitted the…

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