BRIEF: Sichuan Biokin launches Hong Kong IPO, eyes Stock Connect program entry

Biopharmaceutical company Sichuan Biokin Pharmaceutical (2615.HK; 688506.SH) launched its Hong Kong IPO on Friday, aiming to raise up to HK$3.36 billion ($432 million) by selling 8.63 million shares for between HK$347.50 and HK$389 each. Subscriptions will close on Nov. 12, with a Hong Kong trading debut set for Nov. 17.

The company is already listed on China’s domestic A-share market in Shanghai, meaning it’s eligible for inclusion in the Hong Kong Stock Connect program that could make its newly listed shares available to Mainland China-based investors as early as the day of their trading debut. The program allows investors on the Chinese Mainland and in Hong Kong to trade stocks in each other’s markets.

The developer of innovative large-molecule oncology therapies, including antibody-drug conjugates (ADCs), likened to “biological missiles” against cancer, has been a strong performer on Shanghai’s Nasdaq-style STAR Market since it went public there in early 2023. Its stock has risen more than tenfold since that time.

Biokin said the Hong Kong listing will help accelerate its international strategic development, including expanding its fundraising channels and rapidly advancing global clinical trials of its R&D pipelines and commercialization.

The Hong Kong listing’s cornerstone investors include major names like strategic partner Bristol-Myers Squibb (BMY.US), as well as top investment institutions like OrbiMed, GL Capital, Athos Capital and Fullgoal Fund. Its underwriters include top investment banks Goldman Sachs, JPMorgan and CITIC Securities.

By Teri Yu

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