China biotech InnoCare raises $288 mln in Hong Kong IPO - sources

Jiumaojiu International Holdings

16/03/2020 10:26

HONG KONG, March 16 (Reuters) - Chinese cancer drug
developer InnoCare Pharma  9969.HK  has priced its Hong Kong
initial public offering at the top end of its marketing range to
raise $288 million, said two sources, in the city's biggest
float over the last two months.
    The deal is the first major IPO to proceed in Hong Kong
since restaurant chain operator Jiumaojiu International
Holdings'  9922.HK  $326 million listing in January. 
    The coronavirus pandemic has drawn a positive investment
appetite for the biotech and pharmaceutical sectors despite
recent volatility in global financial markets, said the people
with direct knowledge of the matter.
    The company has priced the deal at HK$8.95, the top end of a
marketing range of HK$8.18 to HK$8.95 per share, they added.
    InnoCare decline to comment.

 (Reporting by Scott Murdoch and Julie Zhu in Hong Kong, editing
by Louise Heavens)
 ((Scott.Murdoch@thomsonreuters.com;))